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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2014	Feb. 20, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	MACERICH CO
Entity Central Index Key	0000912242
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		158,160,241
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 9.3

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
ASSETS:
Property, net	$ 11,067,890	$ 7,621,766
Cash and cash equivalents	84,907	69,715
Restricted cash	13,530	16,843
Tenant and other receivables, net	132,026	99,497
Deferred charges and other assets, net	759,061	533,058
Loans to unconsolidated joint ventures	0	2,756
Due from affiliates	80,232	30,132
Investments in unconsolidated joint ventures	984,132	701,483
Total assets	13,121,778	9,075,250
Mortgage notes payable:
Related parties	289,039	269,381
Others	5,115,482	4,145,809
Total	5,404,521	4,415,190
Bank and other notes payable	887,879	167,537
Accounts payable and accrued expenses	115,406	76,941
Other accrued liabilities	568,716	363,158
Distributions in excess of investments in unconsolidated joint ventures	29,957	252,192
Co-venture obligation	75,450	81,515
Total liabilities	7,081,929	5,356,533
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 158,201,996 and 140,733,683 shares issued and outstanding at December 31, 2014 and 2013, respectively	1,582	1,407
Additional paid-in capital	5,041,797	3,906,148
Retained earnings (accumulated deficit)	596,741	(548,806)
Total stockholders' equity	5,640,120	3,358,749
Noncontrolling interests	399,729	359,968
Total equity	6,039,849	3,718,717
Total liabilities and equity	$ 13,121,778	$ 9,075,250

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	158,201,996	140,733,683
Common stock, shares outstanding	158,201,996	140,733,683

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Minimum rents	$ 633,571	$ 578,113	$ 447,321
Percentage rents	24,350	23,156	21,388
Tenant recoveries	361,119	337,772	247,593
Management Companies	33,981	40,192	41,235
Other	52,226	50,242	39,980
Total revenues	1,105,247	1,029,475	797,517
Expenses:
Shopping center and operating expenses	353,505	329,795	251,923
Management Companies' operating expenses	88,424	93,461	85,610
REIT general and administrative expenses	29,412	27,772	20,412
Depreciation and amortization	378,716	357,165	277,621
Total expenses before interest	850,057	808,193	635,566
Interest expense:
Related parties	15,134	15,016	15,386
Other	175,555	182,231	149,006
Total interest expense	190,689	197,247	164,392
Loss (gain) on early extinguishment of debt, net	9,551	(1,432)	0
Total expenses	1,050,297	1,004,008	799,958
Equity in income of unconsolidated joint ventures	60,626	167,580	79,281
Co-venture expense	(9,490)	(8,864)	(6,523)
Income tax benefit	4,269	1,692	4,159
Gain (loss) on sale or write down of assets, net	73,440	(78,057)	28,734
Gain on remeasurement of assets	1,423,136	51,205	199,956
Income from continuing operations	1,606,931	159,023	303,166
Discontinued operations:
Gain on disposition of assets, net	0	286,414	50,811
Income from discontinued operations	0	3,522	12,412
Total income from discontinued operations	0	289,936	63,223
Net income	1,606,931	448,959	366,389
Less net income attributable to noncontrolling interests	107,889	28,869	28,963
Net income attributable to the Company	$ 1,499,042	$ 420,090	$ 337,426
Earnings per common share attributable to Company—basic: (in dollars per share)
Income from continuing operations	$ 10.46	$ 1.07	$ 2.07
Discontinued operations	0.00	1.94	0.44
Net income attributable to common stockholders	10.46	3.01	2.51
Earnings per common share attributable to Company—diluted: (in dollars per share)
Income from continuing operations	10.45	1.06	2.07
Discontinued operations	0.00	1.94	0.44
Net income attributable to common stockholders	$ 10.45	$ 3.00	$ 2.51
Weighted average number of common shares outstanding: (in shares)
Basic	143,144	139,598	134,067
Diluted	143,291	139,680	134,148

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Shares	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests
Balance at Dec. 31, 2011	$ 3,164,651	$ 2,813,337	$ 1,321	$ 3,490,647	$ (678,631)	$ 351,314
Balance (in shares) at Dec. 31, 2011			132,153,444
Increase (Decrease) in Stockholders' Equity
Net income	366,389	337,426			337,426	28,963
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 offerings, net	$ 175,649	175,649	$ 30	175,619
Stock offerings, net (in shares)	2,961,903		2,961,903
Stock issued to acquire properties	$ 30,000	30,000	$ 5	29,995
Stock issued to acquire property (in shares)			535,265
Distributions paid	(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 interests 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
Increase (Decrease) in Stockholders' Equity
Net income	448,959	420,090			420,090	28,869
Amortization of share and unit-based plans	28,122	28,122	$ 0	28,122
Amortization of share and unit-based plans (in shares)			88,039
Exercise of stock options	99	99		99
Exercise of stock options (in shares)			2,700
Employee stock purchases	1,089	1,089		1,089
Employee stock purchases (in shares)			22,112
Stock offerings, net	$ 171,102	171,102	$ 25	171,077
Stock offerings, net (in shares)	2,456,956		2,456,956
Distributions paid	$ (329,155)	(329,155)			(329,155)
Distributions to noncontrolling interests	(31,202)					(31,202)
Contributions from noncontrolling interests	18,079					18,079
Other	(3,561)	(3,561)		(3,561)
Conversion of noncontrolling interests to common shares		12,984	$ 7	12,977		(12,984)
Conversion of noncontrolling interests to common shares (in shares)			656,866
Redemption of noncontrolling interests	(1,066)	(733)		(733)		(333)
Adjustment of noncontrolling interests in Operating Partnership		(18,817)		(18,817)		18,817
Balance at Dec. 31, 2013	$ 3,718,717	3,358,749	$ 1,407	3,906,148	(548,806)	359,968
Balance (in shares) at Dec. 31, 2013	140,733,683		140,733,683
Increase (Decrease) in Stockholders' Equity
Net income	$ 1,606,931	1,499,042			1,499,042	107,889
Amortization of share and unit-based plans	34,873	34,873	$ 2	34,871
Amortization of share and unit-based plans (in shares)			168,379
Employee stock purchases	1,231	1,231		1,231
Employee stock purchases (in shares)			25,007
Stock issued to acquire properties	1,161,274	1,161,274	$ 172	1,161,102
Stock issued to acquire property (in shares)			17,140,845
Distributions paid	(353,495)	(353,495)			(353,495)
Distributions to noncontrolling interests	(32,230)					(32,230)
Other	(97,216)	(3,858)		(3,858)		(93,358)
Conversion of noncontrolling interests to common shares		2,410	$ 1	2,409		(2,410)
Conversion of noncontrolling interests to common shares (in shares)			134,082
Redemption of noncontrolling interests	(236)	(157)		(157)		(79)
Adjustment of noncontrolling interests in Operating Partnership		(59,949)		(59,949)		59,949
Balance at Dec. 31, 2014	$ 6,039,849	$ 5,640,120	$ 1,582	$ 5,041,797	$ 596,741	$ 399,729
Balance (in shares) at Dec. 31, 2014	158,201,996		158,201,996

CONSOLIDATED STATEMENTS OF EQUITY (parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Stockholders' Equity [Abstract]
Distributions paid, per share (in dollars per share)	$ 2.51	$ 2.36	$ 2.23

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income	$ 1,606,931	$ 448,959	$ 366,389
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) on early extinguishment of debt, net	526	(1,432)	0
(Gain) loss on sale or write down of assets, net	(73,440)	78,057	(28,734)
Gain on remeasurement of assets	(1,423,136)	(51,205)	(199,956)
Gain on disposition of assets, net from discontinued operations	0	(286,414)	(50,811)
Depreciation and amortization	387,785	383,002	322,720
Amortization of net premium on mortgages, bank and other notes payable	(8,906)	(6,822)	(1,600)
Amortization of share and unit-based plans	29,463	24,207	12,324
Straight-line rent adjustment	(5,825)	(7,987)	(6,698)
Amortization of above and below-market leases	(9,083)	(6,726)	(5,405)
Provision for doubtful accounts	3,962	4,150	3,329
Income tax benefit	(4,269)	(1,692)	(4,159)
Equity in income of unconsolidated joint ventures	(60,626)	(167,580)	(79,281)
Co-venture expense	9,490	8,864	6,523
Distributions of income from unconsolidated joint ventures	2,412	8,538	29,147
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	(12,356)	(5,482)	(2,554)
Other assets	(15,594)	7,761	(17,094)
Due from affiliates	(1,770)	266	(1,181)
Accounts payable and accrued expenses	(123)	(747)	13,430
Other accrued liabilities	(24,735)	(5,682)	(5,093)
Net cash provided by operating activities	400,706	422,035	351,296
Cash flows from investing activities:
Acquisition of properties	(15,233)	(516,239)	(1,061,851)
Development, redevelopment, expansion and renovation of properties	(185,412)	(158,682)	(142,210)
Property improvements	(66,718)	(51,683)	(45,654)
Cash acquired from acquisitions	28,890	0	0
Proceeds from note receivable	4,825	8,347	0
Issuance of notes receivable	(65,130)	(13,330)	(12,500)
Proceeds from maturities of marketable securities	0	23,769	1,378
Deposit on acquisition of property	0	0	(30,000)
Deferred leasing costs	(28,019)	(27,669)	(30,614)
Distributions from unconsolidated joint ventures	78,222	618,048	322,242
Contributions to unconsolidated joint ventures	(336,621)	(97,898)	(95,358)
Collections of loans to unconsolidated joint ventures, net	2,756	589	650
Proceeds from sale of assets	320,123	416,077	136,707
Restricted cash	6,526	70,538	(6,164)
Net cash (used in) provided by investing activities	(255,791)	271,867	(963,374)
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	1,204,946	2,572,764	3,193,451
Payments on mortgages, bank and other notes payable	(853,080)	(3,051,072)	(2,371,890)
Deferred financing costs	(1,267)	(11,966)	(15,108)
Proceeds from share and unit-based plans	1,231	1,188	1,263
Proceeds from stock offerings	0	173,011	177,896
Payment of stock issuance costs	(5,503)	(1,909)	(2,247)
Exercise of stock warrants	0	0	(7,371)
Redemption of noncontrolling interests	(236)	(1,066)	(86)
Contributions from noncontrolling interests	0	4,140	379
Purchase of noncontrolling interest	(55,867)	0	0
Payment of contingent consideration	(18,667)	0	0
Dividends and distributions	(385,725)	(355,506)	(326,185)
Distributions to co-venture partner	(15,555)	(19,564)	(39,479)
Net cash (used in) provided by financing activities	(129,723)	(689,980)	610,623
Net increase (decrease) in cash and cash equivalents	15,192	3,922	(1,455)
Cash and cash equivalents, beginning of year	69,715	65,793	67,248
Cash and cash equivalents, end of year	84,907	69,715	65,793
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	186,877	195,129	174,089
Non-cash investing and financing activities:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	83,108	41,334	26,322
Acquisition of property by issuance of common stock	1,166,777	0	30,000
Conversion of Operating Partnership Units to common stock	2,410	12,984	26,991
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities	1,414,659	257,064	420,123
Mortgage notes payable settled in deed-in-lieu of foreclosure	0	84,000	185,000
Mortgage notes payable assumed by buyers in sales of properties	31,725	224,737	0
Note receivable issued in connection with sale of property	9,603	0	0
Acquisition of property in exchange for settlement of notes receivable	14,120	0	0
Acquisition of property in exchange for investment in unconsolidated joint venture	15,767	0	0
Contingent consideration in acquisition of property	10,012	0	0
Assumption of mortgage notes payable and other liabilities from unconsolidated joint ventures	0	54,271	0
Application of deposit to acquire property	$ 0	$ 30,000	$ 0

Organization:	12 Months Ended
Organization:	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization:	Organization: The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers (the "Centers") located throughout the United States. The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of December 31, 2014, the Company was the sole general partner of and held a 94% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado, LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies."

Summary of Significant Accounting Policies:

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

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 $5,825, $7,498 and $5,399 due to the straight-line rent adjustment during the years ended December 31, 2014, 2013 and 2012, 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 term of the related leases.

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

Property:

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 Corte Madera Village, LLC, the Company does not have a controlling financial interest in the joint venture as it shares management control with the partner in the joint venture and, therefore, accounts for its investment in the joint venture using the equity method of accounting.

Equity method investments are initially recorded on the balance sheet at cost and are subsequently adjusted to reflect the Company’s proportionate share of net earnings and losses, distributions received, additional contributions and certain other adjustments, as appropriate. The Company separately reports investments in joint ventures when accumulated distributions have exceeded the Company’s investment, as distributions in excess of investments in unconsolidated joint ventures. The net investment of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes charges for depreciation and amortization.

Acquisitions:

The Company allocates the estimated fair value 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 term 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 initial allocation of purchase price is based on management's preliminary assessment, which may change when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which does not exceed one year. The purchase price allocation is described as preliminary if it is not yet final. The use of different assumptions in the allocation of the purchase price of the acquired assets and liabilities assumed could affect the timing of recognition of the related revenues and expenses.

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

Remeasurement gains are recognized when the Company obtains control of an existing equity method investment to the extent that the fair value of the existing equity investment exceeds the carrying value of the investment.

Marketable Securities:

The Company accounted for its investments in marketable debt securities as held-to-maturity securities as the Company had the intent and the ability to hold these securities until maturity. Accordingly, investments in marketable securities were carried at their amortized cost. The discount on marketable securities was 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 their 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.

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 Code 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, 2014, 2013 or 2012.

Reclassifications:

During the year ended December 31, 2014, the Company reported gain on remeasurement of assets as a separate line item in its consolidated statements of operations. The Company reclassified the amounts from the years ended December 31, 2013 and 2012 previously reported in gain (loss) on remeasurement, sale or write down of assets, net line item to conform to the 2014 presentation.

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:

On April 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2014-08, which amends the definition of discontinued operations and requires additional disclosures for disposal transactions that do not meet the revised discontinued operations criteria. ASU 2014-08 is required to be adopted for fiscal years beginning after December 15, 2014, with early adoption permitted. The Company's early adoption of this pronouncement on January 1, 2014 did not have a material impact on the Company's consolidated financial statements (See Note 14—Dispositions).

Earnings Per Share ("EPS"):

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

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):



	2014			2013			2012
Numerator
Income from continuing operations	$	1,606,931		$	159,023		$	303,166
Income from discontinued operations	—			289,936			63,223
Net income attributable to noncontrolling interests	(107,889		)	(28,869		)	(28,963		)
Net income attributable to the Company	1,499,042			420,090			337,426
Allocation of earnings to participating securities	(1,576		)	(397		)	(577		)
Numerator for basic and diluted earnings per share—net income attributable to common stockholders	$	1,497,466		$	419,693		$	336,849
Denominator
Denominator for basic earnings per share—weighted average number of common shares outstanding	143,144			139,598			134,067
Effect of dilutive securities (1)
Stock warrants	—			—			63
Share and unit based compensation	147			82			18
Denominator for diluted earnings per share—weighted average number of common shares outstanding	143,291			139,680			134,148
Earnings per common share—basic:
Income from continuing operations	$	10.46		$	1.07		$	2.07
Discontinued operations	—			1.94			0.44
Net income attributable to common stockholders	$	10.46		$	3.01		$	2.51
Earnings per common share—diluted:
Income from continuing operations	$	10.45		$	1.06		$	2.07
Discontinued operations	—			1.94			0.44
Net income attributable to common stockholders	$	10.45		$	3.00		$	2.51

____________________________________


(1)	The convertible senior notes ("Senior Notes") are excluded from diluted EPS for the year ended December 31, 2012 as their effect would be antidilutive. The Senior Notes were paid off in full on March 15, 2012 (See Note 9— Bank and Other Notes Payable).

Diluted EPS excludes 179,667, 184,304 and 193,945 convertible preferred units for the years ended December 31, 2014, 2013 and 2012, respectively, as their impact was antidilutive.

Diluted EPS excludes 10,079,935 and 9,845,602 and 10,870,454 Operating Partnership units ("OP Units") for the years ended December 31, 2014, 2013 and 2012, respectively, as their effect was antidilutive.

Investments in Unconsolidated Joint Ventures:

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures:

The following are the Company's direct or indirect investments in various joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2014 was as follows:



Joint Venture	Ownership %(1)
443 Wabash MAB LLC	45.0	%
Biltmore Shopping Center Partners LLC	50.0	%
Candlestick Center LLC	50.1	%
Coolidge Holding LLC	37.5	%
Corte Madera Village, LLC	50.1	%
Gallery, The—Various Entities	50.0	%
Jaren Associates #4	12.5	%
Kierland Commons Investment LLC	50.0	%
Macerich Northwestern Associates—Broadway Plaza	50.0	%
North Bridge Chicago LLC	50.0	%
One Scottsdale Investors LLC	50.0	%
Propcor II Associates, LLC—Boulevard Shops	50.0	%
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	%
WMAP, L.L.C.—Atlas Park	50.0	%
WM Inland LP(2)	50.0	%

_______________________________________________________________________________

(1)

The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities 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.


(2)	On February 17, 2015, the Company acquired the remaining 50% ownership interest that it did not previously own (See Note 22—Subsequent Events).

The Company has made the following investments and dispositions in unconsolidated joint ventures during the years ended December 31, 2014, 2013 and 2012:

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 (loss) on 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 (loss) on 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 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. 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.

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 (loss) on 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 sold 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 (loss) on sale or write down of assets, net during the year ended December 31, 2012. The Company used the cash proceeds from the sale to pay down its line of credit.

On October 3, 2012, the Company acquired the remaining 75% ownership interest in FlatIron Crossing, a 1,434,000 square foot regional shopping center in Broomfield, Colorado, that it did not previously 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 of accounting. Since the date of acquisition, the Company has included FlatIron Crossing in its consolidated financial statements (See Note 13—Acquisitions).

On October 26, 2012, the Company acquired the remaining 33.3% ownership interest in Arrowhead Towne Center, a 1,198,000 square foot regional shopping center in Glendale, Arizona, that it did not previously 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 of accounting. Since the date of acquisition, the Company has included Arrowhead Towne Center in its consolidated financial statements (See Note 13—Acquisitions).

On May 29, 2013, the Company's joint venture in Pacific Premier Retail LP sold Redmond Town Center Office, a 582,000 square foot office building in Redmond, Washington, for $185,000, resulting in a gain on the sale of assets of $89,157 to the joint venture. The Company's share of the gain was $44,424, which was included in equity in income of unconsolidated joint ventures during the year ended December 31, 2013. The Company used its share of the proceeds from the sale to pay down its line of credit and for general corporate purposes.

On June 12, 2013, the Company's joint venture in Pacific Premier Retail LP sold Kitsap Mall, an 846,000 square foot regional shopping center in Silverdale, Washington, for $127,000, resulting in a gain on the sale of assets of $55,150 to the joint venture. The Company's share of the gain was $28,127, which was included in equity in income of unconsolidated joint ventures during the year ended December 31, 2013. The Company used its share of the proceeds from the sale to pay down its line of credit and for general corporate purposes.

On August 1, 2013, the Company's joint venture in Pacific Premier Retail LP sold Redmond Town Center, a 695,000 square foot community center in Redmond, Washington, for $127,000, resulting in a gain on the sale of assets of $38,447 to the joint venture. The Company's share of the gain was $18,251, which was included in equity in income of unconsolidated joint ventures during the year ended December 31, 2013. The Company used its share of the proceeds from the sale to pay down its line of credit and for general corporate purposes.

On September 17, 2013, the Company’s joint venture in Camelback Colonnade, a 619,000 square foot community center in Phoenix, Arizona, was restructured. As a result of the restructuring, the Company’s ownership interest in Camelback Colonnade decreased from 73.2% to 67.5%. Prior to the restructuring, the Company had accounted for its investment in Camelback Colonnade under the equity method of accounting due to substantive participation rights held by the outside partners. Upon completion of the restructuring, these substantive participation rights were terminated and the Company obtained voting control of the joint venture. This transaction is referred to herein as the "Camelback Colonnade Restructuring." Since the date of the restructuring, the Company included Camelback Colonnade in its consolidated financial statements (See Note 13—Acquisitions) until its sale on December 29, 2014 (See Note 14—Dispositions).

On October 8, 2013, the Company's joint venture in Ridgmar Mall, a 1,273,000 square foot regional shopping center in Fort Worth, Texas, sold the property for $60,900, resulting in a gain of $6,243 to the joint venture. The Company's share of the gain was $3,121, which was included in equity in income from joint ventures for the year ended December 31, 2013. The cash proceeds from the sale were used to pay off the $51,657 mortgage loan on the property and the remaining $9,243, net of closing costs, was distributed to the partners. The Company used its share of the proceeds from the sale to pay down its line of credit and for general corporate purposes.

On October 24, 2013, the Company acquired the remaining 33.3% ownership interest in Superstition Springs Center that it did not previously own for $46,162. The purchase price was funded by a cash payment of $23,662 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $22,500. Prior to the acquisition, the Company had accounted for its investment in Superstition Springs Center under the equity method of accounting. Since the date of acquisition, the Company has included Superstition Springs Center in its consolidated financial statements (See Note 13—Acquisitions).

On June 4, 2014, the Company acquired the remaining 49% ownership interest in Cascade Mall, a 589,000 square foot regional shopping center in Burlington, Washington, that it did not previously own for a cash payment of $15,233. The Company purchased Cascade Mall from its joint venture in Pacific Premier Retail LP. The cash payment was funded by borrowings under the Company's line of credit. Prior to the acquisition, the Company had accounted for its investment in Cascade Mall under the equity method of accounting. Since the date of acquisition, the Company has included Cascade Mall in its consolidated financial statements (See Note 13—Acquisitions).

On July 30, 2014, the Company formed a joint venture with Pennsylvania Real Estate Investment Trust to redevelop The Gallery, a 1,474,000 square foot regional shopping center in Philadelphia, Pennsylvania. The Company invested $106,800 for a 50% interest in the joint venture, which was funded by borrowings under its line of credit.

On August 28, 2014, the Company sold its 30% ownership interest in Wilshire Boulevard, a 40,000 square foot freestanding store in Santa Monica, California, for a total sales price of $17,100, resulting in a gain on the sale of assets of $9,033, which was included in gain (loss) on sale or write down of assets, net. The sales price was funded by a cash payment of $15,386 and the assumption of the Company's share of the mortgage note payable on the property of $1,714. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes.

On November 13, 2014, the Company formed a joint venture to develop a 500,000 square foot outlet center at Candlestick Point in San Francisco, California. In connection with the formation of the joint venture, the Company issued a note receivable for $65,130 to its joint venture partner that bears interest at LIBOR plus 2.0% and matures upon the completion of certain milestones in connection with the development of Candlestick Point (See Note 17—Related Party Transactions).

On November 14, 2014, the Company acquired the remaining 49% ownership interest that it did not previously own in two separate joint ventures, Pacific Premier Retail LP and Queens JV LP, which together owned five Centers: Lakewood Center, a 2,066,000 square foot regional shopping center in Lakewood, California; Los Cerritos Center, a 1,113,000 square foot regional shopping center in Cerritos, California; Queens Center, a 967,000 square foot regional shopping center in Queens, New York; Stonewood Center, a 932,000 square foot regional shopping center in Downey, California; and Washington Square, a 1,441,000 square foot regional shopping center in Portland, Oregon (collectively referred to herein as the "PPRLP Queens Portfolio"). The total consideration of $1,838,886 was funded by the direct issuance of $1,166,777 of common stock of the Company (See Note 12—Stockholders' Equity) and the assumption of the third party's pro rata share of the mortgage notes payable on the properties of $672,109. Prior to the acquisition, the Company had accounted for its investment in these joint ventures under the equity method of accounting. Since the date of acquisition, the Company has included the PPRLP Queens Portfolio in its consolidated financial statements (See Note 13—Acquisitions).

On November 20, 2014, the Company purchased a 45% interest in 443 North Wabash Avenue, a 65,000 square foot undeveloped site adjacent to the Company's joint venture in The Shops at North Bridge in Chicago, Illinois, for a cash payment of $18,900. The cash payment was funded by borrowings under the Company's line of credit.

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:



	2014			2013
Assets(1):
Properties, net	$	2,967,878		$	3,435,737
Other assets	208,726			295,719
Total assets	$	3,176,604		$	3,731,456
Liabilities and partners' capital(1):
Mortgage notes payable(2)	$	2,038,379		$	3,518,215
Other liabilities	195,766			202,444
Company's capital	489,349			(25,367		)
Outside partners' capital	453,110			36,164
Total liabilities and partners' capital	$	3,176,604		$	3,731,456
Investment in unconsolidated joint ventures:
Company's capital	$	489,349		$	(25,367	)
Basis adjustment(3)	464,826			474,658
	$	954,175		$	449,291
Assets—Investments in unconsolidated joint ventures	$	984,132		$	701,483
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(29,957		)	(252,192		)
	$	954,175		$	449,291

_______________________________________________________________________________


(1)	These amounts include the assets and liabilities of the following joint ventures as of December 31, 2014 and 2013:



	Pacific Premier Retail LP		Tysons Corner LLC
As of December 31, 2014
Total Assets	$	—	$	341,931
Total Liabilities	$	—	$	871,933
As of December 31, 2013
Total Assets	$	775,012	$	356,871
Total Liabilities	$	812,725	$	887,413


(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, 2014 and 2013, a total of $33,540 could become recourse debt to the Company. As of December 31, 2014 and 2013, the Company has an indemnity agreement from a joint venture partner for $16,770 of the guaranteed amount.

Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $606,263 and $712,455 as of December 31, 2014 and 2013, 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 $38,113, $31,549 and $43,732 for the years ended December 31, 2014, 2013 and 2012, 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 $5,109, $10,734 and $15,480 for the years ended December 31, 2014, 2013 and 2012, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:



	Pacific Premier Retail LP			Tysons Corner LLC		Other Joint Ventures		Total
Year Ended December 31, 2014
Revenues:
Minimum rents	$	88,831		$	64,521	$	235,011	$	388,363
Percentage rents	2,652			2,091		12,418		17,161
Tenant recoveries	40,118			47,084		99,539		186,741
Other	4,090			3,472		33,143		40,705
Total revenues	135,691			117,168		380,111		632,970
Expenses:
Shopping center and operating expenses	37,113			38,786		139,513		215,412
Interest expense	34,113			31,677		71,297		137,087
Depreciation and amortization	29,688			19,880		94,835		144,403
Total operating expenses	100,914			90,343		305,645		496,902
(Loss) gain on sale of assets	(7,044		)	—		10,687		3,643
Net income	$	27,733		$	26,825	$	85,153	$	139,711
Company's equity in net income	$	9,743		$	7,080	$	43,803	$	60,626

Year Ended December 31, 2013
Revenues:
Minimum rents	$	118,164		$	62,072	$	238,488	$	418,724
Percentage rents	4,586			2,057		12,946		19,589
Tenant recoveries	52,470			45,452		106,249		204,171
Other	5,882			3,110		36,635		45,627
Total revenues	181,102			112,691		394,318		688,111
Expenses:
Shopping center and operating expenses	53,039			36,798		139,981		229,818
Interest expense	43,445			15,751		86,126		145,322
Depreciation and amortization	39,616			18,139		89,554		147,309
Total operating expenses	136,100			70,688		315,661		522,449
Gain on sale of assets	182,754			—		7,772		190,526
Gain on early extinguishment of debt	—			14		—		14
Net income	$	227,756		$	42,017	$	86,429	$	356,202
Company's equity in net income	$	110,798		$	15,126	$	41,656	$	167,580



	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 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

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

Property:

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property:

Property at December 31, 2014 and 2013 consists of the following:



	2014			2013
Land	$	2,242,291		$	1,707,005
Buildings and improvements	9,479,337			6,555,212
Tenant improvements	600,436			537,754
Equipment and furnishings	152,554			152,198
Construction in progress	303,264			229,169
	12,777,882			9,181,338
Less accumulated depreciation	(1,709,992		)	(1,559,572		)
	$	11,067,890		$	7,621,766

Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $289,178, $269,790 and $216,447, respectively.

The gain on sale or write down of assets, net for the year ended December 31, 2014 includes the gain of $144,927 on the sales of Rotterdam Square, Somersville Towne Center, Lake Square Mall, South Towne Center, Camelback Colonnade and four former Meryvns' stores (See Note 14—Dispositions), $9,033 on the sale of Wilshire Boulevard (See Note 4—Investments in Unconsolidated Joint Ventures) and $1,257 on the sale of assets offset in part by a loss of $41,216 on impairment and $40,561 on the write-off of development costs. The impairment losses were due to the reduction in the estimated holding periods of the long-lived assets of several properties including Great Northern Mall, Cascade Mall, a property adjacent to Fiesta Mall and three former Mervyn's stores sold in 2014 (See Note 14—Dispositions).

The loss on sale or write down of assets, net for the year ended December 31, 2013 includes a loss of $82,197 on impairment and $1,250 on the write-off of development costs offset in part by a gain of $5,390 on the sale of assets. The loss on impairment was due to the reduction in the estimated holding periods of the long-lived assets of Promenade at Casa Grande, Rotterdam Square, Lake Square Mall and Somersville Towne Center.

The gain on sale or write down of assets, net for the year ended December 31, 2012 includes the gain of $48,484 on the sales of Chandler Village Center, Chandler Festival, Chandler Gateway and NorthPark Center (See Note 4—Investments in Unconsolidated Joint Ventures) offset in part by a loss of $19,360 on the write-off of development costs and $390 on the sale of assets.

Tenant and Other Receivables:	12 Months Ended
Tenant and Other Receivables:	Dec. 31, 2014
Loans and Leases Receivable Disclosure [Abstract]
Tenant and Other Receivables:	Tenant and Other Receivables: Included in tenant and other receivables, net is an allowance for doubtful accounts of $3,234 and $2,878 at December 31, 2014 and 2013, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $13,436 and $9,824 at December 31, 2014 and 2013, respectively, and a deferred rent receivable due to straight-line rent adjustments of $57,278 and $53,380 at December 31, 2014 and 2013, respectively. On March 17, 2014, in connection with the sale of Lake Square Mall (See Note 14—Dispositions), the Company issued a note receivable for $6,500 that bears interest at an effective rate of 6.5% and matures on March 17, 2018 ("LSM Note A") and a note receivable for $3,103 that bore interest at 5.0% and was to mature on December 31, 2014 ("LSM Note B"). On September 2, 2014, the balance of LSM Note B was paid in full. The balance of LSM Note A at December 31, 2014 was $6,436 and is collateralized by a trust deed on Lake Square Mall.

- 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 + Details

Deferred Charges and Other Assets, net:

12 Months Ended

Dec. 31, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Charges and Other Assets, net:

Deferred charges and other assets, net at December 31, 2014 and 2013 consist of the following:



	2014			2013
Leasing	$	239,955		$	223,038
Financing	47,171			51,695
Intangible assets:
In-place lease values(1)	298,825			205,651
Leasing commissions and legal costs(1)	72,432			50,594
Above-market leases	250,810			118,770
Deferred tax assets	35,625			31,356
Deferred compensation plan assets	35,194			30,932
Other assets	66,246			65,793
	1,046,258			777,829
Less accumulated amortization(2)	(287,197		)	(244,771		)
	$	759,061		$	533,058

_______________________________


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



Year Ending December 31,
2015	$	64,711
2016	45,990
2017	31,906
2018	25,760
2019	21,682
Thereafter	77,847
	$	267,896


(2)	Accumulated amortization includes $103,361 and $89,141 relating to in-place lease values, leasing commissions and legal costs at December 31, 2014 and 2013, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $52,668, $53,139 and $32,456 for the years ended December 31, 2014, 2013 and 2012, respectively.

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



	2014			2013
Above-Market Leases
Original allocated value	$	250,810		$	118,770
Less accumulated amortization	(59,696		)	(46,912		)
	$	191,114		$	71,858
Below-Market Leases(1)
Original allocated value	$	375,033		$	187,537
Less accumulated amortization	(93,511		)	(79,271		)
	$	281,522		$	108,266

_______________________________


(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
2015	$	26,591	$	37,808
2016	23,516		35,647
2017	19,413		29,931
2018	16,024		26,354
2019	13,210		23,595
Thereafter	92,360		128,187
	$	191,114	$	281,522

Mortgage Notes Payable:

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Mortgage Notes Payable:

Mortgage notes payable at December 31, 2014 and 2013 consist of the following:



	Carrying Amount of Mortgage Notes(1)
	2014				2013				Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Arrowhead Towne Center	$	—	$	228,703	$	—	$	236,028	2.76	%	$	1,131	2018
Camelback Colonnade(5)	—		—		—		49,120		—		—		—
Chandler Fashion Center(6)	—		200,000		—		200,000		3.77	%	625		2019
Danbury Fair Mall	114,265		114,264		117,120		117,120		5.53	%	1,538		2020
Deptford Mall	—		197,815		—		201,622		3.76	%	947		2023
Deptford Mall	—		14,285		—		14,551		6.46	%	101		2016
Eastland Mall	—		168,000		—		168,000		5.79	%	811		2016
Fashion Outlets of Chicago(7)	—		119,329		—		91,383		2.97	%	259		2017
Fashion Outlets of Niagara Falls USA	—		121,376		—		124,030		4.89	%	727		2020
Flagstaff Mall	—		37,000		—		37,000		5.03	%	151		2015
FlatIron Crossing	—		261,494		—		268,000		3.90	%	1,393		2021
Freehold Raceway Mall(6)	—		229,244		—		232,900		4.20	%	1,132		2018
Fresno Fashion Fair(8)	—		—		79,391		79,390		—		—		—
Great Northern Mall(9)	—		34,494		—		35,484		6.54	%	234		2015
Green Acres Mall	—		313,514		—		319,850		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		480,761		—		490,548		3.67	%	2,229		2019
Lakewood Center(10)	—		253,708		—		—		1.80	%	1,127		2015
Los Cerritos Center(11)	103,274		103,274		—		—		1.65	%	1,009		2018
Northgate Mall(12)	—		64,000		—		64,000		3.05	%	128		2017
Oaks, The	—		210,197		—		214,239		4.14	%	1,064		2022
Pacific View	—		133,200		—		135,835		4.08	%	668		2022
Queens Center(13)	—		600,000		—		—		3.49	%	1,744		2025
Santa Monica Place	—		230,344		—		235,445		2.99	%	1,004		2018
SanTan Village Regional Center	—		133,807		—		136,629		3.14	%	589		2019
South Plains Mall(14)	—		—		—		99,833		—		—		—
Stonewood Center(15)	—		111,297		—		—		1.80	%	640		2017
Superstition Springs Center(16)	—		68,079		—		68,395		1.98	%	138		2016
Towne Mall	—		22,607		—		22,996		4.48	%	117		2022
Tucson La Encantada	71,500		—		72,870		—		4.23	%	368		2022
Valley Mall	—		41,368		—		42,155		5.85	%	280		2016
Valley River Center	—		120,000		—		120,000		5.59	%	558		2016
Victor Valley, Mall of(17)	—		115,000		—		90,000		4.00	%	380		2024
Vintage Faire Mall(18)	—		—		—		99,083		—		—		—
Washington Square(19)	—		238,696		—		—		1.65	%	1,499		2016
Westside Pavilion	—		149,626		—		152,173		4.49	%	783		2022
	$	289,039	$	5,115,482	$	269,381	$	4,145,809


(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, 2014 and 2013 consist of the following:



Property Pledged as Collateral	2014			2013
Arrowhead Towne Center	$	11,568		$	14,642
Camelback Colonnade	—			2,120
Deptford Mall	(8		)	(14		)
Fashion Outlets of Niagara Falls USA	5,414			6,342
Lakewood Center	3,708			—
Los Cerritos Center	17,965			—
Stonewood Center	7,980			—
Superstition Springs Center	579			895
Valley Mall	(132		)	(219		)
Washington Square	9,847			—
	$	56,921		$	23,766


(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 December 29, 2014, in connection with the sale of the Company's 67.5% ownership interest in the consolidated joint venture in Camelback Colonnade (See Note 14—Dispositions), a third party assumed the existing loan on the property. As a result, the Company has been discharged from this non-recourse loan.


(6)	A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10—Co-Venture Arrangement).


(7)	The construction loan on the property allows for borrowings of up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At December 31, 2014 and 2013, the total interest rate was 2.97% and 2.96%, respectively.


(8)	On December 22, 2014, the Company paid off in full the loan on the property, which resulted in a loss of $5,796 on the early extinguishment of debt.


(9)	On January 1, 2015, this nonrecourse loan went into maturity default. The Company is working with the loan servicer, which is expected to result in a transition of the property to the loan servicer or a receiver.


(10)	On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Lakewood Center with a fair value of $254,880 that bears interest at an effective rate of 1.80% and matures on June 1, 2015.


(11)	On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Los Cerritos Center with a fair value of $207,528 that bears interest at an effective rate of 1.65% and matures on July 1, 2018.


(12)	The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At December 31, 2014 and 2013, the total interest rate was 3.05% and 3.04%, respectively.


(13)	On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Queens Center with a fair value of $600,000 that bears interest at an effective rate of 3.49% and matures on January 1, 2025.


(14)	On February 7, 2014, the Company paid off in full one of the two loans on the property, which resulted in a loss of $359 on the early extinguishment of debt. On November 10, 2014, the Company paid off in full the remaining loan on the property, which resulted in a loss of $163 on the early extinguishment of debt.


(15)	On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Stonewood Center with a fair value of $111,910 that bears interest at an effective rate of 1.80% and matures on November 1, 2017.


(16)	The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016. At December 31, 2014 and 2013, the total interest rate was 1.98% and 2.00%, respectively.


(17)	On August 28, 2014, the Company replaced the existing loan on the property with a new $115,000 loan that bears interest at an effective rate of 4.00% and matures on September 1, 2024. The replacement of the existing loan resulted in a loss of $47 on the early extinguishment of debt.


(18)	On December 22, 2014, the Company paid off in full the loan on the property, which resulted in a loss of $3,186 on the early extinguishment of debt.


(19)	On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Washington Square with a fair value of $240,341 that bears interest at an effective rate of 1.65% and matures on January 1, 2016.

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, 2014 and 2013, a total of $73,165 and $77,192, respectively, of the mortgage notes payable could become recourse to the Company.

The Company expects all loan maturities during the next twelve months, except Great Northern Mall, will be refinanced, restructured, extended and/or paid-off from the Company's line of credit or with cash on hand. The mortgage note payable on Great Northern Mall, which went into maturity default on January 1, 2015, is a non-recourse loan. The Company is working with the loan servicer and expects the property will be transferred to the loan servicer or a receiver.

Total interest expense capitalized during the years ended December 31, 2014, 2013 and 2012 was $12,559, $10,829 and $10,703, respectively.

Related party mortgage notes payable are amounts due to affiliates of NML. See Note 17—Related Party Transactions for interest expense associated with loans from NML.

The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2014 and 2013 was $5,455,453 and $4,500,177, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.

The future maturities of mortgage notes payable are as follows:



2015	$	397,325
2016	707,605
2017	353,370
2018	866,413
2019	603,090
Thereafter	2,419,797
	5,347,600
Debt premium, net	56,921
	$	5,404,521

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, 2014

Bank and Other Notes Payable:

Bank and Other Notes Payable:

Bank and other notes payable at December 31, 2014 and 2013 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%, were payable semiannually, were senior to unsecured debt of the Company and were guaranteed by the Operating Partnership. On March 15, 2012, the Company paid off in full the $439,318 of Senior Notes then outstanding.

Line of Credit:

The Company has a $1,500,000 revolving line of credit that initially bore interest at LIBOR plus a spread of 1.75% to 3.0%, depending on the Company's overall leverage levels, and was to mature on May 2, 2015 with a one-year extension option. The line of credit had the ability to 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.

On August 6, 2013, the Company's line of credit was amended and extended. The amended facility provides for an interest rate of LIBOR plus a spread of 1.38% to 2.0%, depending on the Company's overall leverage levels, and matures on August 6, 2018. Based on the Company's leverage level as of December 31, 2014, the borrowing rate on the facility was LIBOR plus 1.50%. In addition, the line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000 (without giving effect to the $125,000 unsecured term loan described below).

As of December 31, 2014 and 2013, borrowings under the line of credit were $752,000 and $30,000, respectively, at an average interest rate of 1.89% and 1.85%, respectively. The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2014 and 2013 was $713,989 and $28,214, 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 level, 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, 2014 and 2013, the total interest rate was 2.25% and 2.51%, respectively. The estimated fair value (Level 2 measurement) of the term loan at December 31, 2014 and 2013 was $119,780 and $120,802, 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. As a result of this transaction, the mortgage note payable was reclassified to bank and other notes payable. On September 1, 2013, the loan was paid off in full.

Prasada Note:

On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and matures on March 29, 2016. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At December 31, 2014 and 2013, the note had a balance of $10,879 and $12,537, respectively. The estimated fair value (Level 2 measurement) of the note at December 31, 2014 and 2013 was $11,178 and $13,114, respectively, based on current interest rates for comparable notes. 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, 2014 and 2013, the Company was in compliance with all applicable financial loan covenants.

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



2015	$	1,750
2016	9,129
2018	877,000
	$	887,879

Co-Venture Arrangement:	12 Months Ended
Co-Venture Arrangement:	Dec. 31, 2014
Co-Venture Arrangement: [Abstract]
Co-venture Arrangement Disclosure	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, a 1,668,000 square foot regional shopping center in Freehold, New Jersey, and Chandler Fashion Center, a 1,320,000 square foot regional shopping center in Chandler, Arizona. 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 12—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 its 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 $75,450 and $81,515 at December 31, 2014 and 2013, respectively.

Noncontrolling Interests:	12 Months Ended
Noncontrolling Interests:	Dec. 31, 2014
NonControlling Interests: [Abstract]
Noncontrolling Interests	Noncontrolling Interests: The Company allocates net income of the Operating Partnership based on the weighted-average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 94% and 93% ownership interest in the Operating Partnership as of December 31, 2014 and 2013, respectively. The remaining 6% and 7% limited partnership interest as of December 31, 2014 and 2013, 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, 2014 and 2013, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $877,184 and $587,917, 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.

Stockholders' Equity:	12 Months Ended
Stockholders' Equity:	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity: Stock 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 10—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, the 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 $3,923 in exchange for the portion of the warrant exercised. At-The-Market Stock Offering Program ("ATM Program"): On August 17, 2012, the Company entered into an equity distribution agreement ("2012 Distribution Agreement") with a number of sales agents (the "2012 ATM Program") 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 “2012 ATM Shares”). Sales of the 2012 ATM Shares, could have been 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 agreed to pay each sales agent a commission that was not to exceed, but could have been lower than, 2% of the gross proceeds of the 2012 ATM Shares sold through such sales agent under the 2012 Distribution Agreement. During the year ended December 31, 2012, the Company sold 2,961,903 shares of common stock under the 2012 ATM Program in exchange for aggregate gross proceeds of $177,896 and net proceeds of $175,649 after commissions and other transaction costs. During the year ended December 31, 2013, the Company sold 2,456,956 shares of common stock under the 2012 ATM Program in exchange for aggregate gross proceeds of $173,011 and net proceeds of $171,102 after commissions and other transaction costs. The proceeds from the sales were used to pay down the Company's line of credit. On August 20, 2014, the Company terminated and replaced the 2012 ATM Program with a new ATM Program (the "2014 ATM Program") to 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 "ATM Shares"). The terms of the 2014 ATM Program are substantially the same as the 2012 ATM Program. The Company did not sell any shares under the 2012 ATM Program or the 2014 ATM Program during the year ended December 31, 2014. As of December 31, 2014, $500,000 of the ATM Shares were available to be sold under the 2014 ATM Program. The unsold 2012 ATM Shares are no longer available for issuance. Actual future sales of the ATM Shares under the 2014 ATM Program 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 ATM Shares under the 2014 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 13—Acquisitions) for a value of $30,000, based on the closing price of the Company's common stock on the date of the transaction. On November 14, 2014, the Company issued 17,140,845 shares of common stock in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions) for a value of $1,166,777, based on the closing price of the Company's common stock on the date of the transaction.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ 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=26873400&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=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: 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=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
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+ Details

Acquisitions:

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Acquisitions

Acquisitions:

Fashion Outlets of Niagara Falls USA:

On July 22, 2011, the Company acquired the Fashion Outlets of Niagara Falls USA, a 686,000 square foot outlet center in Niagara Falls, New York. The purchase and sale agreement included contingent consideration payable to AWE/Talisman, the former owner of the property and a related party (See Note 17—Related Party Transactions), based on the performance of the Fashion Outlets of Niagara Falls USA from the acquisition date through July 21, 2014 that increased the purchase price above the initial $200,000. During the year ended December 31, 2014, the Company paid $18,667 in full settlement of the contingent consideration liability.

500 North Michigan Avenue:

On February 29, 2012, the Company acquired a 326,000 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.

FlatIron Crossing:

On October 3, 2012, the Company acquired the remaining 75% ownership interest in FlatIron Crossing that it did not previously 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 of accounting (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 of assets	$	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
Gain on remeasurement of assets	84,227
Less prior gain deferral	(26,067		)
Fair value of acquired net assets (at 100% ownership)	$	287,442

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.

Arrowhead Towne Center:

On October 26, 2012, the Company acquired the remaining 33.3% ownership interest in Arrowhead Towne Center that it did not previously 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 of accounting (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 of assets	$	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
Gain on remeasurement of assets	115,729
Fair value of acquired net assets (at 100% ownership)	$	208,351

Since the date of acquisition, the Company has included Arrowhead Towne Center in its consolidated financial statements.

Kings Plaza Shopping Center:

On November 28, 2012, the Company acquired Kings Plaza Shopping Center, a 1,191,000 square foot regional shopping center in Brooklyn, New York, for a purchase price of $756,000. The purchase price was funded by 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.

Green Acres Mall:

On January 24, 2013, the Company acquired Green Acres Mall, a 1,790,000 square foot regional shopping center in Valley Stream, New York, for a purchase price of $500,000. A purchase deposit of $30,000 was funded during the year ended December 31, 2012, and the remaining $470,000 was funded upon closing of the acquisition. The cash payment made at the time of closing was provided by the placement of a mortgage note payable on the property that allowed for borrowings of up to $325,000 and from borrowings under the Company's line of credit. Concurrent with the acquisition, the Company borrowed $100,000 on the loan. On January 31, 2013, the Company exercised its option to borrow the remaining $225,000 on the loan. The acquisition was completed to acquire another prominent shopping center in the New York metropolitan area.

The following is a summary of the allocation of the fair value of Green Acres Mall:



Property	$	477,673
Deferred charges	45,130
Other assets	19,125
Total assets acquired	541,928
Other accrued liabilities	41,928
Total liabilities assumed	41,928
Fair value of acquired net assets	$	500,000

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 Green Acres Mall in its consolidated financial statements.

Green Acres Adjacent:

On April 25, 2013, the Company acquired a 19 acre parcel of land adjacent to Green Acres Mall for $22,577. The payment was provided by borrowings from the Company's line of credit. The acquisition was completed to allow for future expansion of Green Acres Mall.

Camelback Colonnade Restructuring:

On September 17, 2013, the Company’s joint venture in Camelback Colonnade was restructured. As a result of the restructuring, the Company’s ownership interest in Camelback Colonnade decreased from 73.2% to 67.5%. Prior to the restructuring, the Company had accounted for its investment in Camelback Colonnade under the equity method of accounting due to substantive participation rights held by the outside partners. Upon completion of the restructuring, these substantive participation rights were terminated and the Company obtained voting control of the joint venture (See Note 4—Investments in Unconsolidated Joint Ventures).

The following is a summary of the allocation of the fair value of Camelback Colonnade:



Property	$	98,160
Deferred charges	8,284
Cash and cash equivalents	1,280
Restricted cash	1,139
Tenant receivables	615
Other assets	380
Total assets acquired	109,858
Mortgage note payable	49,465
Accounts payable	54
Other accrued liabilities	4,752
Total liabilities assumed	54,271
Fair value of acquired net assets (at 100% ownership)	$	55,587

The Company recognized the following remeasurement gain on the Camelback Colonnade Restructuring:



Fair value of existing ownership interest (at 73.2% ownership)	$	41,690
Carrying value of investment	(5,349		)
Gain on remeasurement of assets	$	36,341

Since the date of the restructuring, the Company has included Camelback Colonnade in its consolidated financial statements until its sale on December 29, 2014 (See Note 14—Dispositions).

Superstition Springs Center:

On October 24, 2013, the Company acquired the remaining 33.3% ownership interest in Superstition Springs Center that it did not previously own for $46,162. The purchase price was funded by a cash payment of $23,662 and the assumption of the third party's share of the mortgage note payable on the property of $22,500. Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of Superstition Springs Center. The acquisition was completed in order to gain 100% ownership and control over this asset.

The following is a summary of the allocation of the fair value of Superstition Springs Center:



Property	$	114,373
Deferred charges	12,353
Cash and cash equivalents	8,894
Tenant receivables	51
Other assets	11,535
Total assets acquired	147,206
Mortgage note payable	68,448
Accounts payable	119
Other accrued liabilities	7,637
Total liabilities assumed	76,204
Fair value of acquired net assets (at 100% ownership)	$	71,002

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



Fair value of existing ownership interest (at 66.7% ownership)	$	47,340
Carrying value of investment	(32,476		)
Gain on remeasurement of assets	$	14,864

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



Purchase price	$	46,162
Less debt assumed	(22,500		)
Carrying value of investment	32,476
Remeasurement gain	14,864
Fair value of acquired net assets (at 100% ownership)	$	71,002

Since the date of acquisition, the Company has included Superstition Springs Center in its consolidated financial statements.

Cascade Mall:

On June 4, 2014, the Company acquired the remaining 49% ownership interest in Cascade Mall that it did not previously own for $15,233. Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of Cascade Mall. The acquisition was completed in order to obtain 100% ownership and control over this asset.

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



Property	$	28,924
Deferred charges	6,660
Other assets	202
Total assets acquired	35,786
Other accrued liabilities	4,786
Total liabilities assumed	4,786
Fair value of acquired net assets (at 100% ownership)	$	31,000

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

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



Purchase price	$	15,233
Distributions in excess of investment	15,767
Fair value of acquired net assets (at 100% ownership)	$	31,000

Since the date of acquisition, the Company has included Cascade Mall in its consolidated financial statements. The property has generated incremental revenue of $4,458 and incremental earnings of $380 during the year ended December 31, 2014.

Fashion Outlets of Chicago:

On October 31, 2014, the Company purchased AWE/Talisman's ownership interest in its consolidated joint venture in Fashion Outlets of Chicago, for $69,987. The purchase price was funded by a cash payment of $55,867 and the settlement of the balance on the Talisman Notes of $14,120 (See Note 17—Related Party Transactions). The cash payment was funded by borrowings under the Company's line of credit. The purchase agreement includes contingent consideration based on the financial performance of Fashion Outlets of Chicago at an agreed upon date in 2016. The Company estimated the fair value of the contingent consideration as of December 31, 2014 to be $10,142, which has been included in other accrued liabilities. As a result of this acquisition, the noncontrolling interest of $76,141 was reversed.

PPRLP Queens Portfolio:

On November 14, 2014, the Company acquired the remaining 49% ownership interest in the PPRLP Queens Portfolio that it did not previously own for $1,838,886. The acquisition was completed in order to gain 100% ownership and control over this portfolio of prominent shopping centers. The purchase price was funded by the assumption of the third party's pro rata share of the mortgage notes payable on the property of $672,109 and the issuance of $1,166,777 in common stock of the Company. Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of the PPRLP Queens Portfolio.

The following is a summary of the preliminary allocation of the estimated fair value of the PPRLP Queens Portfolio:



Property	$	3,714,982
Deferred charges	152,250
Cash and cash equivalents	28,890
Restricted cash	5,113
Tenant receivables	5,438
Other assets	127,723
Total assets acquired	4,034,396
Mortgage notes payable	1,414,659
Accounts payable	5,669
Due to affiliates	2,680
Other accrued liabilities	230,210
Total liabilities assumed	1,653,218
Fair value of acquired net assets (at 100% ownership)	$	2,381,178

The purchase price allocation for the PPRLP Queens Portfolio is based on a preliminary measurement of fair value that is subject to change. The allocation for the PPRLP Queens Portfolio represents the Company's current best estimate of fair value. The Company determined that the purchase price represented the estimated fair value of the additional ownership interest in the PPRLP Queens Portfolio that was acquired.



Fair value of existing ownership interest (at 51% ownership)	$	1,214,401
Distributions in excess of investment	208,735
Gain on remeasurement of assets	$	1,423,136

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



Purchase price	$	1,838,886
Less debt assumed	(672,109		)
Distributions in excess of investment	(208,735		)
Gain on remeasurement of assets	1,423,136
Fair value of acquired net assets (at 100% ownership)	$	2,381,178

Since the date of acquisition, the Company has included the PPRLP Queens Portfolio in its consolidated financial statements. The property generated incremental revenue of $40,378 and incremental earnings of $4,285 during the year ended December 31, 2014.

Pro Forma Results of Operations:

The following unaudited pro forma total revenue and income from continuing operations for 2014 and 2013 assumes the 2013 and 2014 property acquisitions took place on January 1, 2013 and assumes that the 2013 and 2012 property acquisitions took place on January 1, 2012:



	Total revenue		Income from continuing operations
Supplemental pro forma for the year ended December 31, 2014(1)	$	1,287,904	$	1,605,975
Supplemental pro forma for the year ended December 31, 2013(1)	$	1,311,941	$	104,123
Supplemental pro forma for the year ended December 31, 2012(1)	$	1,094,559	$	92,193

____________________________________

(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, 2013 or 2012, 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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-Name Accounting Standards Codification
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+ Details

Dispositions:	12 Months Ended
Dispositions:	Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
Dispositions:	Dispositions: 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, 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. 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 on the sale of assets 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 assets of $407. The Company used the proceeds from the sale for general corporate purposes. On May 17, 2012, the Company sold Hilton Village, an 80,000 square foot community center in Scottsdale, Arizona, for $24,820, resulting in a gain on the sale of assets 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. 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 on the sale of assets of $7,844. The Company used the proceeds from the sale to pay down its line of credit. In December 2012, the Company recognized an impairment charge of $24,555 on Fiesta Mall, a 933,000 square foot regional shopping center in Mesa, Arizona, to write down the carrying value of the long-lived assets to their estimated fair value due to a reduction in the estimated holding period of the property. On September 30, 2013, the Company conveyed Fiesta Mall to the mortgage note lender by a deed-in-lieu of foreclosure. The mortgage loan was non-recourse. As a result of the conveyance, the Company recognized a gain on the extinguishment of debt of $1,252. On May 31, 2013, the Company sold Green Tree Mall, a 793,000 square foot regional shopping center in Clarksville, Indiana, for $79,000, resulting in a gain on the sale of assets of $59,767. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On June 4, 2013, the Company sold Northridge Mall, an 890,000 square foot regional shopping center in Salinas, California, and Rimrock Mall, a 603,000 square foot regional shopping center in Billings, Montana. The properties were sold in a combined transaction for $230,000, resulting in a gain on the sale of assets of $82,151. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. On September 11, 2013, the Company sold a former Mervyn's store in Milpitas, California for $12,000, resulting in a loss on the sale of assets of $2,633. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On October 15, 2013, the Company sold a former Mervyn's store in Midland, Texas for $5,700, resulting in a loss on the sale of assets of $2,031. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On October 23, 2013, the Company sold a former Mervyn's store in Grand Junction, Colorado for $5,430, resulting in a gain on the sale of assets of $1,695. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On December 4, 2013, the Company sold a former Mervyn's store in Livermore, California for $10,475, resulting in a loss on the sale of assets of $5,257. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On December 11, 2013, the Company sold Chesterfield Towne Center, a 1,016,000 square foot regional shopping center in Richmond, Virginia, and Centre at Salisbury, an 862,000 square foot regional shopping center in Salisbury, Maryland in a combined transaction for $292,500, resulting in a gain on the sale of assets of $151,467. The sales price was funded by a cash payment of $67,763, the assumption of the $109,737 mortgage note payable on Chesterfield Towne Center and the assumption of the $115,000 mortgage note payable on Centre at Salisbury. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. The Company has classified the results of operations and gain or loss on sale for all of the above dispositions as discontinued operations for the years ended December 31, 2013 and 2012. Revenues from discontinued operations were $54,752 and $94,406 for the years ended December 31, 2013 and 2012, respectively. Total income from discontinued operations, including the gain from disposition of assets, net was $289,936 and $63,223 for the years ended December 31, 2013 and 2012, respectively. On January 1, 2014, the Company adopted ASU 2014-08 (See Note 2—Summary of Significant Accounting Policies). The Company has determined that none of the disposals during the year ended December 31, 2014 represented discontinued operations. As a result, the following dispositions during the year ended December 31, 2014 have been included in gain on sale or write down of assets, net, from continuing operations: On January 15, 2014, the Company sold Rotterdam Square, a 585,000 square foot regional shopping center in Schenectady, New York, for $8,500, resulting in a loss on the sale of assets of $435. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On February 14, 2014, the Company sold Somersville Towne Center, a 348,000 square foot regional shopping center in Antioch, California, for $12,337, resulting in a loss on the sale of assets of $263. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On March 17, 2014, the Company sold Lake Square Mall, a 559,000 square foot regional shopping center in Leesburg, Florida, for $13,280, resulting in a loss on the sale of assets of $876. The sales price was funded by a cash payment of $3,677 and the issuance of two notes receivable totaling $9,603 (See Note 6—Tenant and Other Receivables). The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. On July 7, 2014, the Company sold a former Mervyn's store in El Paso, Texas for $3,560, resulting in a loss on the sale of assets of $158. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On August 28, 2014, the Company sold a former Mervyn's store in Thousand Oaks, California for $3,500, resulting in a loss on the sale of assets of $80. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On September 11, 2014, the Company sold a leasehold interest in a former Mervyn's store in Laredo, Texas for $1,200, resulting in a gain on the sale of assets of $315. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On October 10, 2014, the Company sold a former Mervyn's store in Marysville, California for $1,900, resulting in a loss on the sale of assets of $3. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On October 31, 2014, the Company sold South Towne Center, a 1,278,000 square foot regional shopping center in Sandy, Utah, for $205,000, resulting in a gain on the sale of assets of $121,873. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On December 29, 2014, the Company sold its 67.5% ownership interest in its consolidated joint venture in Camelback Colonnade, a 619,000 square foot community center in Phoenix, Arizona, for $92,898, resulting in a gain on the sale of assets of $24,554. The sales price was funded by a cash payment of $61,173 and the assumption of the Company's share of the mortgage note payable on the property of $31,725. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. As a result of the sale, the Company was discharged of the $47,946 mortgage note payable on the property and $17,217 of noncontrolling interest was reversed.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

+ Details

Future Rental Revenues:

12 Months Ended

Dec. 31, 2014

Future Rental Revenues [Abstract]

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,
2015	$	663,007
2016	572,304
2017	494,380
2018	424,747
2019	358,973
Thereafter	1,257,743
	$	3,771,154

Commitments and Contingencies:

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

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 lease rent expenses were $10,968, $10,579 and $8,681 for the years ended December 31, 2014, 2013 and 2012, respectively. No contingent rent was incurred for the years ended December 31, 2014, 2013 or 2012.

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



Year Ending December 31,
2015	$	15,449
2016	15,472
2017	15,457
2018	11,342
2019	9,821
Thereafter	309,369
	$	376,910

As of December 31, 2014, the Company was contingently liable for $18,388 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 relevant agreement. At December 31, 2014, the Company had $41,205 in outstanding obligations, which it believes will be settled in the next twelve months.

Related-Party Transactions:

12 Months Ended

Dec. 31, 2014

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:



	2014		2013		2012
Management fees	$	18,705	$	21,993	$	24,007
Development and leasing fees	11,822		10,859		13,165
	$	30,527	$	32,852	$	37,172

Certain mortgage notes on the properties are held by NML (See Note 8—Mortgage Notes Payable). Interest expense in connection with these notes was $15,134, $15,016 and $15,386 for the years ended December 31, 2014, 2013 and 2012, respectively. Included in accounts payable and accrued expenses is interest payable to this related party of $1,125 and $1,240 at December 31, 2014 and 2013, respectively.

The Company had loans to unconsolidated joint ventures to fund 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. Interest income associated with these notes was $164, $281 and $254 for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2013, the balance on these loans was $2,756. There were no loans outstanding at December 31, 2014.

Due from affiliates includes $3,869 and $3,822 of unreimbursed costs and fees due from unconsolidated joint ventures under management agreements at December 31, 2014 and 2013, respectively.

Due from affiliates at December 31, 2013 also included two notes receivable from principals of AWE/Talisman ("Talisman Notes") that bore interest at 5.0% and were to mature based on the refinancing or sale of Fashion Outlets of Chicago, a 529,000 square foot outlet center in Rosemont, Illinois, or certain other specified events. AWE/Talisman was considered a related party because it had a 40% noncontrolling ownership interest in Fashion Outlets of Chicago. On October 31, 2014, in connection with the Company's acquisition of AWE/Talisman's ownership interest in Fashion Outlets of Chicago, the balance of the Talisman Notes were settled (See Note 13—Acquisitions). The balance on these notes was $13,603 at December 31, 2013. Interest income earned on these notes was $516 and $625 for the years ended December 31, 2014 and 2013, respectively.

In addition, due from affiliates at December 31, 2014 and 2013 includes a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and matures on March 29, 2016. Interest income earned on this note was $614 and $525 for the years ended December 31, 2014 and 2013, respectively. The balance on this note receivable was $11,027 and $12,707 at December 31, 2014 and 2013, respectively. RED is considered a related party because it is a partner in a joint venture development project. The note is collateralized by RED's membership interest in a development agreement.

Also included in due from affiliates is a note receivable of $65,336 from Lennar Corporation that bears interest at LIBOR plus 2% and matures upon the completion of certain milestones in connection with the development of Candlestick Point (See Note 4—Investments in Unconsolidated Joint Ventures). Lennar Corporation is considered a related party because it has an ownership interest in Candlestick Point. Interest income earned on the note was $206 for the year ended December 31, 2014.

- 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 + Details

Share and Unit-Based Plans:

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share and Unit-Based Plans:

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, 2014, 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 the performance of 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, 2014, there were 3,602,672 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, 2014, 2013 and 2012:



	2014				2013				2012
	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	19,001		$	56.77	20,924		$	49.36	21,130		$	40.68
Granted	—		—		8,963		61.84		9,639		54.43
Vested	(9,812	)	54.45		(10,886	)	46.70		(9,845	)	35.69
Balance at end of year	9,189		$	59.25	19,001		$	56.77	20,924		$	49.36

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, 2014, 2013 and 2012:



	2014				2013				2012
	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	137,318		$	57.24	114,677		$	52.19	576,340		$	11.71
Granted	75,309		60.50		67,920		62.01		72,322		54.43
Vested	(68,253	)	55.14		(45,279	)	51.59		(533,985	)	8.80
Balance at end of year	144,374		$	59.94	137,318		$	57.24	114,677		$	52.19

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, 2014, 2013 and 2012:



	2014				2013				2012
	Units		Weighted Average Exercise Price		Units		Weighted Average Exercise Price		Units		Weighted Average Exercise Price
Balance at beginning of year	1,070,991		$	56.66	1,164,185		$	56.66	1,156,985		$	56.55
Granted	—		—		—		—		39,932		59.57
Exercised	(298,352	)	56.63		(93,194	)	56.63		(32,732	)	56.63
Balance at end of year	772,639		$	56.67	1,070,991		$	56.66	1,164,185		$	56.66

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 of the Company, or cash at the Company's option, on a one-unit for one-share basis. LTIP Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include both market-indexed awards and service-based awards.

The market-indexed LTIP Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per 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-indexed LTIP Units are 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.

On February 23, 2012, the Company granted 190,000 market-indexed LTIP Units at a grant date fair value of $37.77 per LTIP Unit. On April 16, 2012, the Company granted 10,000 market-indexed LTIP Units at a grant date fair value of $54.97 per LTIP Unit. The market-indexed LTIP Unit grants vested over a service period ending January 31, 2013. On September 1, 2012, the Company granted 20,000 LTIP Units at a fair value of $59.57 per LTIP Unit that were fully vested on the grant date. On February 11, 2013, the compensation committee determined that the market-indexed LTIP Units granted under the LTIP in 2012 had vested at the 100% level, based on the Company's percentile ranking in terms of Total Return per common stock share compared to the Total Return of a group of peer REITs during the period of February 1, 2012 to January 31, 2013. As a result, the 200,000 market-indexed LTIP Units vested as of January 31, 2013.

On February 15, 2013, the Company granted 332,189 market-indexed LTIP Units ("2013 LTIP Units") at a grant date fair value of $66.58 per LTIP Unit that vested over a service period ending December 31, 2013. On January 16, 2014, the compensation committee determined that the 2013 LTIP Units had vested at the 96% level, based on the Company's percentile ranking in terms of Total Return per common stock share compared to the Total Return of a group of peer REITs during the period of January 1, 2013 to December 31, 2013. As a result, 318,900 LTIP Units vested and 13,289 LTIP Units were forfeited as of December 31, 2013.

On January 1, 2014, the Company granted 70,042 LTIP Units with a grant date fair value of $58.89 that will vest in equal annual installments over a service period ending December 31, 2016. Concurrently, the Company granted 272,930 market-indexed LTIP Units ("2014 LTIP Units") at a grant date fair value of $45.34 per LTIP Unit that vested over a service period ending December 31, 2014. The 2014 LTIP Units were equally divided between two types of awards. The terms of both types of awards were the same, except one award had an additional 3% absolute Total Return requirement, which if it was not met, then such LTIP Units would not have vested. On January 12, 2015, the compensation committee determined that the 2014 LTIP Units had vested at a 150% level, based on the Company's percentile ranking in terms of Total Return per common stock share compared to the Total Return of a group of peer REITs during the period of January 1, 2014 to December 31, 2014. In addition, the compensation committee determined that the applicable 3% absolute Total Return requirement was exceeded. As a result, an additional 136,465 fully-vested LTIP Units were granted on December 31, 2014.

On March 7, 2014, the Company granted 246,471 LTIP Units at a fair value of $60.25 per LTIP Unit that were fully vested on the grant date.

The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2014, 2013 and 2012:



	2014				2013				2012
	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	—		$	—	200,000		$	38.63	190,000		$	43.30
Granted	725,908		51.71		332,189		66.58		315,000		40.53
Vested	(679,213	)	51.22		(518,900	)	55.81		(305,000	)	44.85
Forfeited	—		—		(13,289	)	66.58		—		—
Balance at end of year	46,695		$	58.89	—		$	—	200,000		$	38.63

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, 2014, 2013 and 2012:



	2014			2013				2012
	Options	Weighted Average Exercise Price		Options		Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Balance at beginning of year	10,068	$	59.57	12,768		$	54.69	2,700	$	36.51
Granted	—	—		—		—		10,068	59.57
Exercised	—	—		(2,700	)	36.51		—	—
Balance at end of year	10,068	$	59.57	10,068		$	59.57	12,768	$	54.69

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, 2014, there were 212,947 stock units available for grant under the Directors' Phantom Stock Plan.

The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2014, 2013 and 2012:



	2014				2013				2012
	Stock Units		Weighted Average Grant Date Fair Value		Stock Units		Weighted Average Grant Date Fair Value		Stock Units		Weighted Average Grant Date Fair Value
Balance at beginning of year	17,575		$	58.66	—		$	—	15,745		$	34.84
Granted	10,747		65.54		34,266		59.04		7,896		57.29
Vested	(19,053	)	62.69		(16,691	)	59.44		(22,179	)	45.24
Forfeited	—		—		—		—		(1,462	)	33.74
Balance at end of year	9,269		$	58.35	17,575		$	58.66	—		$	—

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 15% 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, 2014 was 540,318.

Compensation:

The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2014, 2013 and 2012:



	2014		2013		2012
Stock awards	$	365	$	497	$	598
Stock units	4,689		3,839		3,379
LTIP units	28,598		22,778		9,436
SARs	—		—		583
Stock options	16		16		21
Phantom stock units	1,205		992		953
	$	34,873	$	28,122	$	14,970

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 $5,410, $3,915 and $2,646 for the years ended December 31, 2014, 2013 and 2012, respectively.

The fair value of the stock awards and stock units that vested during the years ended December 31, 2014, 2013 and 2012 was $4,685, $3,516 and $30,454, respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2014 consisted of $2,751 from LTIP Units, $248 from stock awards, $2,843 from stock units, $43 from stock options and $541 from phantom stock units.

Employee Benefit Plans:	12 Months Ended
Employee Benefit Plans:	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans:	Employee Benefit Plans: 401(k) Plan: The Company has a defined contribution retirement plan that covers its eligible employees (the "Plan"). The Plan is a defined contribution retirement plan covering eligible employees of the Macerich Property Management Company LLC and participating affiliates. The Plan is qualified in accordance with section 401(a) of the 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 February 2013. 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, 2014, 2013 and 2012, these matching contributions made by the Company were $3,253, $3,017 and $3,094, 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 $845, $843 and $648 to the plans during the years ended December 31, 2014, 2013 and 2012, respectively. Contributions are recognized as compensation in the periods they are made.

Income Taxes:

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

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:



	2014				2013				2012
Ordinary income	$	1.92	76.5	%	$	1.02	43.3	%	$	0.74	33.2	%
Capital gains	0.16		6.4	%	1.24		52.5	%	1.13		50.7	%
Unrecaptured Section 1250 gain	0.05		2.0	%	0.10		4.2	%	0.36		16.1	%
Return of capital	0.38		15.1	%	—		—	%	—		—	%
Dividends paid	$	2.51	100.0	%	$	2.36	100.0	%	$	2.23	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 Code.

The income tax benefit (expense) of the TRSs for the years ended December 31, 2014, 2013 and 2012 are as follows:



	2014		2013			2012
Current	$	—	$	(142	)	$	—
Deferred	4,269		1,834			4,159
Income tax benefit	$	4,269	$	1,692		$	4,159

Income tax benefit of the TRSs for the years ended December 31, 2014, 2013 and 2012 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:



	2014		2013			2012
Book loss for TRSs	$	10,785	$	11,709		$	16,154
Tax at statutory rate on earnings from continuing operations before income taxes	$	3,667	$	3,981		$	5,493
Other	602		(2,289		)	(1,334		)
Income tax benefit	$	4,269	$	1,692		$	4,159

The net operating loss carryforwards are currently scheduled to expire through 2034, beginning in 2024. Net deferred tax assets of $35,625 and $31,356 were included in deferred charges and other assets, net at December 31, 2014 and 2013, respectively. The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2014 and 2013 are summarized as follows:



	2014		2013
Net operating loss carryforwards	$	24,698	$	26,394
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	8,201		3,673
Other	2,726		1,289
Net deferred tax assets	$	35,625	$	31,356

For the years ended December 31, 2014, 2013 and 2012 there were no unrecognized tax benefits.

The tax years 2010 through 2014 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.

Quarterly Financial Data:

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited):

The following is a summary of quarterly results of operations for the years ended December 31, 2014 and 2013:



	2014 Quarter Ended								2013 Quarter Ended
	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
Revenues	$	322,909	$	263,491	$	254,336	$	264,511	$	282,137	$	258,154	$	245,877	$	243,307
Net income attributable to the Company(1)	$	1,429,221	$	35,914	$	16,088	$	17,819	$	144,878	$	38,123	$	218,997	$	18,092
Net income attributable to common stockholders per share-basic	$	9.52	$	0.25	$	0.11	$	0.13	$	1.03	$	0.27	$	1.57	$	0.13
Net income attributable to common stockholders per share-diluted	$	9.51	$	0.25	$	0.11	$	0.13	$	1.03	$	0.27	$	1.57	$	0.13

_____________________

(1)

Net income attributable to the Company for the quarter ended December 31, 2014 includes the gain on remeasurement of assets of $1,423,136 from the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions). The net income attributable to the Company for the quarter ended December 31, 2013 includes the gain of $151,467 on the sale of Chesterfield Towne Center and Centre at Salisbury (See Note 14—Dispositions).

Subsequent Events:	12 Months Ended
Subsequent Events:	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events:	Subsequent Events: On January 30, 2015, the Company announced a dividend/distribution of $0.65 per share for common stockholders and OP Unit holders of record on February 20, 2015. All dividends/distributions will be paid 100% in cash on March 6, 2015. On February 17, 2015, the Company acquired the remaining 50% ownership interest in Inland Center, a 933,000 square foot regional shopping center in San Bernardino, California, that it did not previously own for $51,250. The purchase price was funded by a cash payment of $26,250 and the assumption of the third party's share of the mortgage note payable on the property of $25,000. Concurrent with the purchase of the joint venture interest, the Company paid off the $50,000 loan on the property. The cash payment was funded by borrowings under the Company's line of credit. On February 19, 2015, the Company closed a $280,000 loan on Vintage Faire Mall that bears interest at a rate of 3.49% and matures on March 6, 2026.

Schedule III-Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2014

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III-Real Estate and Accumulated Depreciation Disclosure



	Initial Cost to Company									Gross Amount at Which Carried at Close of Period
Shopping Centers/Entities	Land		Building and Improvements		Equipment and Furnishings		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Equipment and Furnishings		Construction in Progress		Total		Accumulated Depreciation		Total Cost Net of Accumulated Depreciation
Arrowhead Towne Center	$	36,687	$	386,662	$	—	$	5,593		$	36,687	$	390,949	$	587	$	719	$	428,942	$	23,749	$	405,193
Black Canyon Auto Park	20,600		—		—		11,448			32,046		—		—		2		32,048		—		32,048
Capitola Mall	20,395		59,221		—		12,593			20,392		70,286		1,226		305		92,209		30,432		61,777
Cascade Mall	19,253		9,671		—		(676		)	18,699		9,501		48		—		28,248		274		27,974
Chandler Fashion Center	24,188		223,143		—		14,269			24,188		232,306		5,106		—		261,600		82,644		178,956
Danbury Fair Mall	130,367		316,951		—		96,784			142,751		395,362		5,942		47		544,102		104,765		439,337
Deptford Mall	48,370		194,250		—		45,576			61,029		224,815		2,352		—		288,196		52,405		235,791
Desert Sky Mall	9,447		37,245		12		2,246			9,082		38,853		953		62		48,950		5,356		43,594
Eastland Mall	22,050		151,605		—		4,906			22,066		155,715		780		—		178,561		13,815		164,746
Estrella Falls	10,550		—		—		61,328			9,405		—		—		62,473		71,878		—		71,878
Fashion Outlets of Chicago	—		—		—		250,542			40,575		207,432		2,170		365		250,542		13,988		236,554
Fashion Outlets of Niagara Falls USA	18,581		210,139		—		99,001			27,681		273,148		1,103		25,789		327,721		26,073		301,648
Flagstaff Mall	5,480		31,773		—		16,874			5,480		47,951		696		—		54,127		16,510		37,617
The Marketplace at Flagstaff Mall	—		—		—		52,830			—		52,830		—		—		52,830		16,372		36,458
FlatIron Crossing	109,851		333,540		—		16,821			109,851		347,830		1,514		1,017		460,212		25,877		434,335
Freehold Raceway Mall	164,986		362,841		—		97,368			168,098		452,330		4,767		—		625,195		134,182		491,013
Fresno Fashion Fair	17,966		72,194		—		47,132			17,966		117,511		1,754		61		137,292		52,076		85,216
Great Northern Mall	12,187		62,657		—		(20,870		)	6,981		46,704		289		—		53,974		20,693		33,281
Green Acres Mall	156,640		321,034		—		41,084			156,640		331,971		3,222		26,925		518,758		24,260		494,498
Kings Plaza Shopping Center	209,041		485,548		20,000		43,955			209,041		522,896		21,903		4,704		758,544		34,229		724,315
La Cumbre Plaza	18,122		21,492		—		24,530			17,280		46,327		345		192		64,144		20,965		43,179
Lakewood Center	140,928		534,952		—		1,666			140,928		536,408		210		—		677,546		2,758		674,788
Los Cerritos Center	85,670		612,803		—		2,669			85,670		555,646		76		59,750		701,142		2,572		698,570
Macerich Management Co.	—		8,685		26,562		32,910			1,967		7,608		52,504		6,078		68,157		41,308		26,849
MACWH, LP	—		25,771		—		16,017			11,557		27,455		—		2,776		41,788		6,990		34,798
Northgate Mall	8,400		34,865		841		103,212			13,414		130,229		3,180		495		147,318		60,674		86,644
NorthPark Mall	7,746		74,661		—		5,917			7,885		79,986		441		12		88,324		8,141		80,183
Oaks, The	32,300		117,156		—		241,248			55,527		330,909		2,457		1,811		390,704		101,862		288,842
Pacific View	8,697		8,696		—		128,517			7,854		135,586		2,470		—		145,910		54,078		91,832
Panorama Mall	4,373		17,491		—		9,719			4,857		24,328		475		1,923		31,583		9,048		22,535
Paradise Valley Mall	24,565		125,996		—		42,492			35,921		154,362		2,297		473		193,053		57,816		135,237
See accompanying report of independent registered public accounting firm.



	Initial Cost to Company									Gross Amount at Which Carried at Close of Period
Shopping Centers/Entities	Land		Building and Improvements		Equipment and Furnishings		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Equipment and Furnishings		Construction in Progress		Total		Accumulated Depreciation		Total Cost Net of Accumulated Depreciation
Paradise Village Ground Leases	8,880		2,489		—		(6,876		)	3,870		623		—		—		4,493		281		4,212
Paradise Village Office Park II	1,150		1,790		—		3,222			2,300		3,583		279		—		6,162		2,158		4,004
Promenade at Casa Grande	15,089		—		—		84,999			8,851		91,170		67		—		100,088		32,259		67,829
Queens Center	251,474		1,039,922		—		243			251,474		1,039,424		104		637		1,291,639		4,476		1,287,163
Santa Monica Place	26,400		105,600		—		299,484			44,292		359,222		7,901		20,069		431,484		66,589		364,895
SanTan Adjacent Land	29,414		—		—		6,505			30,506		—		—		5,413		35,919		—		35,919
SanTan Village Regional Center	7,827		—		—		193,020			6,344		193,478		1,025		—		200,847		71,474		129,373
SouthPark Mall	7,035		38,215		—		11,901			7,479		43,276		260		6,136		57,151		3,554		53,597
South Plains Mall	23,100		92,728		—		34,152			23,100		124,678		1,732		470		149,980		54,543		95,437
Southridge Center	6,764		—		—		18,670			6,514		18,828		91		1		25,434		1,505		23,929
Stonewood Center	4,948		302,527		—		26			4,948		302,527		26		—		307,501		1,561		305,940
Superstition Springs Center	10,928		112,718		—		1,282			9,273		113,358		89		2,208		124,928		3,942		120,986
Superstition Springs Power Center	1,618		4,420		—		6			1,618		4,343		83		—		6,044		1,464		4,580
Tangerine (Marana), The Shops at	36,158		—		—		(9,591		)	16,922		—		—		9,645		26,567		—		26,567
The Macerich Partnership, L.P.	—		2,534		—		9,942			—		—		6,301		6,175		12,476		1,971		10,505
Towne Mall	6,652		31,184		—		3,796			6,877		34,308		447		—		41,632		11,668		29,964
Tucson La Encantada	12,800		19,699		—		55,378			12,800		74,580		497		—		87,877		36,868		51,009
Twenty Ninth Street	—		37,843		64		210,459			23,599		223,399		1,244		124		248,366		86,659		161,707
Valley Mall	16,045		26,098		—		6,829			15,616		32,996		330		30		48,972		3,133		45,839
Valley River Center	24,854		147,715		—		20,124			24,854		166,096		1,743		—		192,693		44,199		148,494
Victor Valley, Mall of	15,700		75,230		—		50,537			20,080		119,247		2,140		—		141,467		34,332		107,135
Vintage Faire Mall	14,902		60,532		—		55,147			17,647		111,432		1,502		—		130,581		56,694		73,887
Washington Square	89,659		652,310		—		454			89,886		650,155		151		2,231		742,423		3,016		739,407
Westside Pavilion	34,100		136,819		—		70,923			34,100		201,490		5,876		376		241,842		88,683		153,159
Wilton Mall	19,743		67,855		—		19,653			19,810		86,190		1,117		134		107,251		24,438		82,813
500 North Michigan Avenue	12,851		55,358		—		5,985			10,991		50,254		113		12,836		74,194		5,338		68,856
Mervyn's (former locations)	10,094		68,660		—		12,738			9,449		73,481		456		8,106		91,492		19,373		72,119
Other land and development properties	49,913		—		—		34,868			37,573		14,401		113		32,694		84,781		5,902		78,879
	$	2,105,538	$	7,923,288	$	47,479	$	2,701,577		$	2,242,291	$	10,079,773	$	152,554	$	303,264	$	12,777,882	$	1,709,992	$	11,067,890

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, 2014 are as follows:



	2014			2013			2012
Balances, beginning of year	$	9,181,338		$	9,012,706		$	7,489,735
Additions	4,042,409			943,159			1,909,530
Dispositions and retirements	(445,865		)	(774,527		)	(386,559		)
Balances, end of year	$	12,777,882		$	9,181,338		$	9,012,706

The aggregate gross cost of the property included in the table above for federal income tax purposes was $8,035,421 (unaudited) at December 31, 2014.

The changes in accumulated depreciation for the three years ended December 31, 2014 are as follows:



	2014			2013			2012
Balances, beginning of year	$	1,559,572		$	1,533,160		$	1,410,692
Additions	289,178			284,500			241,231
Dispositions and retirements	(138,758		)	(258,088		)	(118,763		)
Balances, end of year	$	1,709,992		$	1,559,572		$	1,533,160

See accompanying report of independent registered public accounting firm.

Summary of Significant Accounting Policies: (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Basis of Presentation:

Cash and Cash Equivalents and Restricted Cash:

Revenues:

Percentage rents are recognized and accrued when tenants' specified sales targets have been met.

The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers.

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:

Investment in Unconsolidated Joint Ventures:

Acquisitions:

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

Marketable Securities:

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:

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:

Income Taxes:

Segment Information:

Fair Value of Financial Instruments:

Concentration of Risk:

No Center or tenant generated more than 10% of total revenues during the years ended December 31, 2014, 2013 or 2012.

Reclassifications

Reclassifications:

Management Estimates:

Recent Accounting Pronouncements

Recent Accounting Pronouncements:

Summary of Significant Accounting Policies: (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Schedule of estimated useful lives of 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

Schedule of range of the terms of loan and lease agreements

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



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

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

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

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

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



	2014			2013			2012
Numerator
Income from continuing operations	$	1,606,931		$	159,023		$	303,166
Income from discontinued operations	—			289,936			63,223
Net income attributable to noncontrolling interests	(107,889		)	(28,869		)	(28,963		)
Net income attributable to the Company	1,499,042			420,090			337,426
Allocation of earnings to participating securities	(1,576		)	(397		)	(577		)
Numerator for basic and diluted earnings per share—net income attributable to common stockholders	$	1,497,466		$	419,693		$	336,849
Denominator
Denominator for basic earnings per share—weighted average number of common shares outstanding	143,144			139,598			134,067
Effect of dilutive securities (1)
Stock warrants	—			—			63
Share and unit based compensation	147			82			18
Denominator for diluted earnings per share—weighted average number of common shares outstanding	143,291			139,680			134,148
Earnings per common share—basic:
Income from continuing operations	$	10.46		$	1.07		$	2.07
Discontinued operations	—			1.94			0.44
Net income attributable to common stockholders	$	10.46		$	3.01		$	2.51
Earnings per common share—diluted:
Income from continuing operations	$	10.45		$	1.06		$	2.07
Discontinued operations	—			1.94			0.44
Net income attributable to common stockholders	$	10.45		$	3.00		$	2.51

____________________________________


(1)	The convertible senior notes ("Senior Notes") are excluded from diluted EPS for the year ended December 31, 2012 as their effect would be antidilutive. The Senior Notes were paid off in full on March 15, 2012 (See Note 9— Bank and Other Notes Payable).

Diluted EPS excludes 179,667, 184,304 and 193,945 convertible preferred units for the years ended December 31, 2014, 2013 and 2012, respectively, as their impact was antidilutive.

Investments in Unconsolidated Joint Ventures: (Tables)

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Schedule of ownership interest in joint ventures



Joint Venture	Ownership %(1)
443 Wabash MAB LLC	45.0	%
Biltmore Shopping Center Partners LLC	50.0	%
Candlestick Center LLC	50.1	%
Coolidge Holding LLC	37.5	%
Corte Madera Village, LLC	50.1	%
Gallery, The—Various Entities	50.0	%
Jaren Associates #4	12.5	%
Kierland Commons Investment LLC	50.0	%
Macerich Northwestern Associates—Broadway Plaza	50.0	%
North Bridge Chicago LLC	50.0	%
One Scottsdale Investors LLC	50.0	%
Propcor II Associates, LLC—Boulevard Shops	50.0	%
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	%
WMAP, L.L.C.—Atlas Park	50.0	%
WM Inland LP(2)	50.0	%

_______________________________________________________________________________

(1)


(2)	On February 17, 2015, the Company acquired the remaining 50% ownership interest that it did not previously own (See Note 22—Subsequent Events).

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

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:



	2014			2013
Assets(1):
Properties, net	$	2,967,878		$	3,435,737
Other assets	208,726			295,719
Total assets	$	3,176,604		$	3,731,456
Liabilities and partners' capital(1):
Mortgage notes payable(2)	$	2,038,379		$	3,518,215
Other liabilities	195,766			202,444
Company's capital	489,349			(25,367		)
Outside partners' capital	453,110			36,164
Total liabilities and partners' capital	$	3,176,604		$	3,731,456
Investment in unconsolidated joint ventures:
Company's capital	$	489,349		$	(25,367	)
Basis adjustment(3)	464,826			474,658
	$	954,175		$	449,291
Assets—Investments in unconsolidated joint ventures	$	984,132		$	701,483
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(29,957		)	(252,192		)
	$	954,175		$	449,291

_______________________________________________________________________________


(1)	These amounts include the assets and liabilities of the following joint ventures as of December 31, 2014 and 2013:



	Pacific Premier Retail LP		Tysons Corner LLC
As of December 31, 2014
Total Assets	$	—	$	341,931
Total Liabilities	$	—	$	871,933
As of December 31, 2013
Total Assets	$	775,012	$	356,871
Total Liabilities	$	812,725	$	887,413


(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, 2014 and 2013, a total of $33,540 could become recourse debt to the Company. As of December 31, 2014 and 2013, the Company has an indemnity agreement from a joint venture partner for $16,770 of the guaranteed amount.


(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 $5,109, $10,734 and $15,480 for the years ended December 31, 2014, 2013 and 2012, respectively.

Assets and liabilities of significant subsidiaries

These amounts include the assets and liabilities of the following joint ventures as of December 31, 2014 and 2013:



	Pacific Premier Retail LP		Tysons Corner LLC
As of December 31, 2014
Total Assets	$	—	$	341,931
Total Liabilities	$	—	$	871,933
As of December 31, 2013
Total Assets	$	775,012	$	356,871
Total Liabilities	$	812,725	$	887,413

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:



	Pacific Premier Retail LP			Tysons Corner LLC		Other Joint Ventures		Total
Year Ended December 31, 2014
Revenues:
Minimum rents	$	88,831		$	64,521	$	235,011	$	388,363
Percentage rents	2,652			2,091		12,418		17,161
Tenant recoveries	40,118			47,084		99,539		186,741
Other	4,090			3,472		33,143		40,705
Total revenues	135,691			117,168		380,111		632,970
Expenses:
Shopping center and operating expenses	37,113			38,786		139,513		215,412
Interest expense	34,113			31,677		71,297		137,087
Depreciation and amortization	29,688			19,880		94,835		144,403
Total operating expenses	100,914			90,343		305,645		496,902
(Loss) gain on sale of assets	(7,044		)	—		10,687		3,643
Net income	$	27,733		$	26,825	$	85,153	$	139,711
Company's equity in net income	$	9,743		$	7,080	$	43,803	$	60,626

Year Ended December 31, 2013
Revenues:
Minimum rents	$	118,164		$	62,072	$	238,488	$	418,724
Percentage rents	4,586			2,057		12,946		19,589
Tenant recoveries	52,470			45,452		106,249		204,171
Other	5,882			3,110		36,635		45,627
Total revenues	181,102			112,691		394,318		688,111
Expenses:
Shopping center and operating expenses	53,039			36,798		139,981		229,818
Interest expense	43,445			15,751		86,126		145,322
Depreciation and amortization	39,616			18,139		89,554		147,309
Total operating expenses	136,100			70,688		315,661		522,449
Gain on sale of assets	182,754			—		7,772		190,526
Gain on early extinguishment of debt	—			14		—		14
Net income	$	227,756		$	42,017	$	86,429	$	356,202
Company's equity in net income	$	110,798		$	15,126	$	41,656	$	167,580



	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 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

Property: (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Components of property

Property at December 31, 2014 and 2013 consists of the following:



	2014			2013
Land	$	2,242,291		$	1,707,005
Buildings and improvements	9,479,337			6,555,212
Tenant improvements	600,436			537,754
Equipment and furnishings	152,554			152,198
Construction in progress	303,264			229,169
	12,777,882			9,181,338
Less accumulated depreciation	(1,709,992		)	(1,559,572		)
	$	11,067,890		$	7,621,766

Deferred Charges and Other Assets, net: (Tables)

12 Months Ended

Dec. 31, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of deferred charges and other assets, net

Deferred charges and other assets, net at December 31, 2014 and 2013 consist of the following:



	2014			2013
Leasing	$	239,955		$	223,038
Financing	47,171			51,695
Intangible assets:
In-place lease values(1)	298,825			205,651
Leasing commissions and legal costs(1)	72,432			50,594
Above-market leases	250,810			118,770
Deferred tax assets	35,625			31,356
Deferred compensation plan assets	35,194			30,932
Other assets	66,246			65,793
	1,046,258			777,829
Less accumulated amortization(2)	(287,197		)	(244,771		)
	$	759,061		$	533,058

_______________________________


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



Year Ending December 31,
2015	$	64,711
2016	45,990
2017	31,906
2018	25,760
2019	21,682
Thereafter	77,847
	$	267,896


(2)	Accumulated amortization includes $103,361 and $89,141 relating to in-place lease values, leasing commissions and legal costs at December 31, 2014 and 2013, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $52,668, $53,139 and $32,456 for the years ended December 31, 2014, 2013 and 2012, respectively.

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

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



Year Ending December 31,
2015	$	64,711
2016	45,990
2017	31,906
2018	25,760
2019	21,682
Thereafter	77,847
	$	267,896

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

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



	2014			2013
Above-Market Leases
Original allocated value	$	250,810		$	118,770
Less accumulated amortization	(59,696		)	(46,912		)
	$	191,114		$	71,858
Below-Market Leases(1)
Original allocated value	$	375,033		$	187,537
Less accumulated amortization	(93,511		)	(79,271		)
	$	281,522		$	108,266

_______________________________


(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

The estimated amortization of these values for the next five years and thereafter is as follows:



Year Ending December 31,	Above Market		Below Market
2015	$	26,591	$	37,808
2016	23,516		35,647
2017	19,413		29,931
2018	16,024		26,354
2019	13,210		23,595
Thereafter	92,360		128,187
	$	191,114	$	281,522

Mortgage Notes Payable: (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Mortgage notes payable

Mortgage notes payable at December 31, 2014 and 2013 consist of the following:



	Carrying Amount of Mortgage Notes(1)
	2014				2013				Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Arrowhead Towne Center	$	—	$	228,703	$	—	$	236,028	2.76	%	$	1,131	2018
Camelback Colonnade(5)	—		—		—		49,120		—		—		—
Chandler Fashion Center(6)	—		200,000		—		200,000		3.77	%	625		2019
Danbury Fair Mall	114,265		114,264		117,120		117,120		5.53	%	1,538		2020
Deptford Mall	—		197,815		—		201,622		3.76	%	947		2023
Deptford Mall	—		14,285		—		14,551		6.46	%	101		2016
Eastland Mall	—		168,000		—		168,000		5.79	%	811		2016
Fashion Outlets of Chicago(7)	—		119,329		—		91,383		2.97	%	259		2017
Fashion Outlets of Niagara Falls USA	—		121,376		—		124,030		4.89	%	727		2020
Flagstaff Mall	—		37,000		—		37,000		5.03	%	151		2015
FlatIron Crossing	—		261,494		—		268,000		3.90	%	1,393		2021
Freehold Raceway Mall(6)	—		229,244		—		232,900		4.20	%	1,132		2018
Fresno Fashion Fair(8)	—		—		79,391		79,390		—		—		—
Great Northern Mall(9)	—		34,494		—		35,484		6.54	%	234		2015
Green Acres Mall	—		313,514		—		319,850		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		480,761		—		490,548		3.67	%	2,229		2019
Lakewood Center(10)	—		253,708		—		—		1.80	%	1,127		2015
Los Cerritos Center(11)	103,274		103,274		—		—		1.65	%	1,009		2018
Northgate Mall(12)	—		64,000		—		64,000		3.05	%	128		2017
Oaks, The	—		210,197		—		214,239		4.14	%	1,064		2022
Pacific View	—		133,200		—		135,835		4.08	%	668		2022
Queens Center(13)	—		600,000		—		—		3.49	%	1,744		2025
Santa Monica Place	—		230,344		—		235,445		2.99	%	1,004		2018
SanTan Village Regional Center	—		133,807		—		136,629		3.14	%	589		2019
South Plains Mall(14)	—		—		—		99,833		—		—		—
Stonewood Center(15)	—		111,297		—		—		1.80	%	640		2017
Superstition Springs Center(16)	—		68,079		—		68,395		1.98	%	138		2016
Towne Mall	—		22,607		—		22,996		4.48	%	117		2022
Tucson La Encantada	71,500		—		72,870		—		4.23	%	368		2022
Valley Mall	—		41,368		—		42,155		5.85	%	280		2016
Valley River Center	—		120,000		—		120,000		5.59	%	558		2016
Victor Valley, Mall of(17)	—		115,000		—		90,000		4.00	%	380		2024
Vintage Faire Mall(18)	—		—		—		99,083		—		—		—
Washington Square(19)	—		238,696		—		—		1.65	%	1,499		2016
Westside Pavilion	—		149,626		—		152,173		4.49	%	783		2022
	$	289,039	$	5,115,482	$	269,381	$	4,145,809


(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, 2014 and 2013 consist of the following:



Property Pledged as Collateral	2014			2013
Arrowhead Towne Center	$	11,568		$	14,642
Camelback Colonnade	—			2,120
Deptford Mall	(8		)	(14		)
Fashion Outlets of Niagara Falls USA	5,414			6,342
Lakewood Center	3,708			—
Los Cerritos Center	17,965			—
Stonewood Center	7,980			—
Superstition Springs Center	579			895
Valley Mall	(132		)	(219		)
Washington Square	9,847			—
	$	56,921		$	23,766


(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 December 29, 2014, in connection with the sale of the Company's 67.5% ownership interest in the consolidated joint venture in Camelback Colonnade (See Note 14—Dispositions), a third party assumed the existing loan on the property. As a result, the Company has been discharged from this non-recourse loan.


(6)	A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10—Co-Venture Arrangement).


(7)	The construction loan on the property allows for borrowings of up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At December 31, 2014 and 2013, the total interest rate was 2.97% and 2.96%, respectively.


(8)	On December 22, 2014, the Company paid off in full the loan on the property, which resulted in a loss of $5,796 on the early extinguishment of debt.


(9)	On January 1, 2015, this nonrecourse loan went into maturity default. The Company is working with the loan servicer, which is expected to result in a transition of the property to the loan servicer or a receiver.


(10)	On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Lakewood Center with a fair value of $254,880 that bears interest at an effective rate of 1.80% and matures on June 1, 2015.


(11)	On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Los Cerritos Center with a fair value of $207,528 that bears interest at an effective rate of 1.65% and matures on July 1, 2018.


(12)	The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At December 31, 2014 and 2013, the total interest rate was 3.05% and 3.04%, respectively.


(13)	On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Queens Center with a fair value of $600,000 that bears interest at an effective rate of 3.49% and matures on January 1, 2025.


(14)	On February 7, 2014, the Company paid off in full one of the two loans on the property, which resulted in a loss of $359 on the early extinguishment of debt. On November 10, 2014, the Company paid off in full the remaining loan on the property, which resulted in a loss of $163 on the early extinguishment of debt.


(15)	On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Stonewood Center with a fair value of $111,910 that bears interest at an effective rate of 1.80% and matures on November 1, 2017.


(16)	The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016. At December 31, 2014 and 2013, the total interest rate was 1.98% and 2.00%, respectively.


(17)	On August 28, 2014, the Company replaced the existing loan on the property with a new $115,000 loan that bears interest at an effective rate of 4.00% and matures on September 1, 2024. The replacement of the existing loan resulted in a loss of $47 on the early extinguishment of debt.


(18)	On December 22, 2014, the Company paid off in full the loan on the property, which resulted in a loss of $3,186 on the early extinguishment of debt.


(19)	On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Washington Square with a fair value of $240,341 that bears interest at an effective rate of 1.65% and matures on January 1, 2016.

Debt premiums (discounts) on mortgage notes payable

The debt premiums (discounts) as of December 31, 2014 and 2013 consist of the following:



Property Pledged as Collateral	2014			2013
Arrowhead Towne Center	$	11,568		$	14,642
Camelback Colonnade	—			2,120
Deptford Mall	(8		)	(14		)
Fashion Outlets of Niagara Falls USA	5,414			6,342
Lakewood Center	3,708			—
Los Cerritos Center	17,965			—
Stonewood Center	7,980			—
Superstition Springs Center	579			895
Valley Mall	(132		)	(219		)
Washington Square	9,847			—
	$	56,921		$	23,766

Future maturities of mortgage notes payable

The future maturities of mortgage notes payable are as follows:



2015	$	397,325
2016	707,605
2017	353,370
2018	866,413
2019	603,090
Thereafter	2,419,797
	5,347,600
Debt premium, net	56,921
	$	5,404,521

Bank and Other Notes Payable: (Tables)

12 Months Ended

Dec. 31, 2014

Bank and Other Notes Payable:

Schedule of future maturities of bank and other notes payable

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



2015	$	1,750
2016	9,129
2018	877,000
	$	887,879

Acquisitions: (Tables)

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Schedule of recognized identified assets acquired and liabilities assumed

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 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 following is a summary of the allocation of the fair value of Camelback Colonnade:



Property	$	98,160
Deferred charges	8,284
Cash and cash equivalents	1,280
Restricted cash	1,139
Tenant receivables	615
Other assets	380
Total assets acquired	109,858
Mortgage note payable	49,465
Accounts payable	54
Other accrued liabilities	4,752
Total liabilities assumed	54,271
Fair value of acquired net assets (at 100% ownership)	$	55,587

The following is a summary of the allocation of the fair value of Green Acres Mall:



Property	$	477,673
Deferred charges	45,130
Other assets	19,125
Total assets acquired	541,928
Other accrued liabilities	41,928
Total liabilities assumed	41,928
Fair value of acquired net assets	$	500,000

The following is a summary of the preliminary allocation of the estimated fair value of the PPRLP Queens Portfolio:



Property	$	3,714,982
Deferred charges	152,250
Cash and cash equivalents	28,890
Restricted cash	5,113
Tenant receivables	5,438
Other assets	127,723
Total assets acquired	4,034,396
Mortgage notes payable	1,414,659
Accounts payable	5,669
Due to affiliates	2,680
Other accrued liabilities	230,210
Total liabilities assumed	1,653,218
Fair value of acquired net assets (at 100% ownership)	$	2,381,178

The following is a summary of the allocation of the fair value of Superstition Springs Center:



Property	$	114,373
Deferred charges	12,353
Cash and cash equivalents	8,894
Tenant receivables	51
Other assets	11,535
Total assets acquired	147,206
Mortgage note payable	68,448
Accounts payable	119
Other accrued liabilities	7,637
Total liabilities assumed	76,204
Fair value of acquired net assets (at 100% ownership)	$	71,002

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



Property	$	28,924
Deferred charges	6,660
Other assets	202
Total assets acquired	35,786
Other accrued liabilities	4,786
Total liabilities assumed	4,786
Fair value of acquired net assets (at 100% ownership)	$	31,000

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 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

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

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



Purchase price	$	1,838,886
Less debt assumed	(672,109		)
Distributions in excess of investment	(208,735		)
Gain on remeasurement of assets	1,423,136
Fair value of acquired net assets (at 100% ownership)	$	2,381,178

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



Purchase price	$	46,162
Less debt assumed	(22,500		)
Carrying value of investment	32,476
Remeasurement gain	14,864
Fair value of acquired net assets (at 100% ownership)	$	71,002

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
Gain on remeasurement of assets	115,729
Fair value of acquired net assets (at 100% ownership)	$	208,351

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
Gain on remeasurement of assets	84,227
Less prior gain deferral	(26,067		)
Fair value of acquired net assets (at 100% ownership)	$	287,442

Summary of gain on remeasurement of existing investment

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



Purchase price	$	15,233
Distributions in excess of investment	15,767
Fair value of acquired net assets (at 100% ownership)	$	31,000

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 of assets	$	115,729

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



Fair value of existing ownership interest (at 66.7% ownership)	$	47,340
Carrying value of investment	(32,476		)
Gain on remeasurement of assets	$	14,864

The Company recognized the following remeasurement gain on the Camelback Colonnade Restructuring:



Fair value of existing ownership interest (at 73.2% ownership)	$	41,690
Carrying value of investment	(5,349		)
Gain on remeasurement of assets	$	36,341

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 of assets	$	84,227

The Company determined that the purchase price represented the estimated fair value of the additional ownership interest in the PPRLP Queens Portfolio that was acquired.



Fair value of existing ownership interest (at 51% ownership)	$	1,214,401
Distributions in excess of investment	208,735
Gain on remeasurement of assets	$	1,423,136

Schedule of pro forma total revenue and income continuing operations



	Total revenue		Income from continuing operations
Supplemental pro forma for the year ended December 31, 2014(1)	$	1,287,904	$	1,605,975
Supplemental pro forma for the year ended December 31, 2013(1)	$	1,311,941	$	104,123
Supplemental pro forma for the year ended December 31, 2012(1)	$	1,094,559	$	92,193

____________________________________

(1)

Future Rental Revenues: (Tables)

12 Months Ended

Dec. 31, 2014

Future Rental Revenues [Abstract]

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

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



Year Ending December 31,
2015	$	663,007
2016	572,304
2017	494,380
2018	424,747
2019	358,973
Thereafter	1,257,743
	$	3,771,154

Commitments and Contingencies: (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum rental payments by the Company

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



Year Ending December 31,
2015	$	15,449
2016	15,472
2017	15,457
2018	11,342
2019	9,821
Thereafter	309,369
	$	376,910

Related-Party Transactions: (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of fees charged to unconsolidated joint ventures

The following are fees charged to unconsolidated joint ventures for the years ended December 31:



	2014		2013		2012
Management fees	$	18,705	$	21,993	$	24,007
Development and leasing fees	11,822		10,859		13,165
	$	30,527	$	32,852	$	37,172

Share and Unit-Based Plans: (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of activity of non-vested stock awards

The following table summarizes the activity of non-vested stock awards during the years ended December 31, 2014, 2013 and 2012:



	2014				2013				2012
	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	19,001		$	56.77	20,924		$	49.36	21,130		$	40.68
Granted	—		—		8,963		61.84		9,639		54.43
Vested	(9,812	)	54.45		(10,886	)	46.70		(9,845	)	35.69
Balance at end of year	9,189		$	59.25	19,001		$	56.77	20,924		$	49.36

Summary of activity of non-vested stock units

The following table summarizes the activity of non-vested stock units during the years ended December 31, 2014, 2013 and 2012:



	2014				2013				2012
	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	137,318		$	57.24	114,677		$	52.19	576,340		$	11.71
Granted	75,309		60.50		67,920		62.01		72,322		54.43
Vested	(68,253	)	55.14		(45,279	)	51.59		(533,985	)	8.80
Balance at end of year	144,374		$	59.94	137,318		$	57.24	114,677		$	52.19

Summary of activity of SARs awards

The following table summarizes the activity of SARs awards during the years ended December 31, 2014, 2013 and 2012:



	2014				2013				2012
	Units		Weighted Average Exercise Price		Units		Weighted Average Exercise Price		Units		Weighted Average Exercise Price
Balance at beginning of year	1,070,991		$	56.66	1,164,185		$	56.66	1,156,985		$	56.55
Granted	—		—		—		—		39,932		59.57
Exercised	(298,352	)	56.63		(93,194	)	56.63		(32,732	)	56.63
Balance at end of year	772,639		$	56.67	1,070,991		$	56.66	1,164,185		$	56.66

Summary of activity of non-vested LTIP Units

The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2014, 2013 and 2012:



	2014				2013				2012
	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	—		$	—	200,000		$	38.63	190,000		$	43.30
Granted	725,908		51.71		332,189		66.58		315,000		40.53
Vested	(679,213	)	51.22		(518,900	)	55.81		(305,000	)	44.85
Forfeited	—		—		(13,289	)	66.58		—		—
Balance at end of year	46,695		$	58.89	—		$	—	200,000		$	38.63

Summary of activity of stock options

The following table summarizes the activity of stock options for the years ended December 31, 2014, 2013 and 2012:



	2014			2013				2012
	Options	Weighted Average Exercise Price		Options		Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Balance at beginning of year	10,068	$	59.57	12,768		$	54.69	2,700	$	36.51
Granted	—	—		—		—		10,068	59.57
Exercised	—	—		(2,700	)	36.51		—	—
Balance at end of year	10,068	$	59.57	10,068		$	59.57	12,768	$	54.69

Summary of activity of non-vested phantom stock units

The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2014, 2013 and 2012:



	2014				2013				2012
	Stock Units		Weighted Average Grant Date Fair Value		Stock Units		Weighted Average Grant Date Fair Value		Stock Units		Weighted Average Grant Date Fair Value
Balance at beginning of year	17,575		$	58.66	—		$	—	15,745		$	34.84
Granted	10,747		65.54		34,266		59.04		7,896		57.29
Vested	(19,053	)	62.69		(16,691	)	59.44		(22,179	)	45.24
Forfeited	—		—		—		—		(1,462	)	33.74
Balance at end of year	9,269		$	58.35	17,575		$	58.66	—		$	—

Compensation cost under the share and unit-based plans

The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2014, 2013 and 2012:



	2014		2013		2012
Stock awards	$	365	$	497	$	598
Stock units	4,689		3,839		3,379
LTIP units	28,598		22,778		9,436
SARs	—		—		583
Stock options	16		16		21
Phantom stock units	1,205		992		953
	$	34,873	$	28,122	$	14,970

Income Taxes: (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

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

The following table details the components of the distributions, on a per share basis, for the years ended December 31:



	2014				2013				2012
Ordinary income	$	1.92	76.5	%	$	1.02	43.3	%	$	0.74	33.2	%
Capital gains	0.16		6.4	%	1.24		52.5	%	1.13		50.7	%
Unrecaptured Section 1250 gain	0.05		2.0	%	0.10		4.2	%	0.36		16.1	%
Return of capital	0.38		15.1	%	—		—	%	—		—	%
Dividends paid	$	2.51	100.0	%	$	2.36	100.0	%	$	2.23	100.0	%

Schedule of income tax benefit of TRSs

The income tax benefit (expense) of the TRSs for the years ended December 31, 2014, 2013 and 2012 are as follows:



	2014		2013			2012
Current	$	—	$	(142	)	$	—
Deferred	4,269		1,834			4,159
Income tax benefit	$	4,269	$	1,692		$	4,159

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

Income tax benefit of the TRSs for the years ended December 31, 2014, 2013 and 2012 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:



	2014		2013			2012
Book loss for TRSs	$	10,785	$	11,709		$	16,154
Tax at statutory rate on earnings from continuing operations before income taxes	$	3,667	$	3,981		$	5,493
Other	602		(2,289		)	(1,334		)
Income tax benefit	$	4,269	$	1,692		$	4,159

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

The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2014 and 2013 are summarized as follows:



	2014		2013
Net operating loss carryforwards	$	24,698	$	26,394
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	8,201		3,673
Other	2,726		1,289
Net deferred tax assets	$	35,625	$	31,356

Quarterly Financial Data: (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Summary of quarterly results of operations

The following is a summary of quarterly results of operations for the years ended December 31, 2014 and 2013:



	2014 Quarter Ended								2013 Quarter Ended
	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
Revenues	$	322,909	$	263,491	$	254,336	$	264,511	$	282,137	$	258,154	$	245,877	$	243,307
Net income attributable to the Company(1)	$	1,429,221	$	35,914	$	16,088	$	17,819	$	144,878	$	38,123	$	218,997	$	18,092
Net income attributable to common stockholders per share-basic	$	9.52	$	0.25	$	0.11	$	0.13	$	1.03	$	0.27	$	1.57	$	0.13
Net income attributable to common stockholders per share-diluted	$	9.51	$	0.25	$	0.11	$	0.13	$	1.03	$	0.27	$	1.57	$	0.13

_____________________

(1)

Organization: (Details) - entity	12 Months Ended
Organization: (Details) - entity	Dec. 31, 2014	Dec. 31, 2013
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of management companies (in entities)	7
The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership (as a percent)	94.00%	93.00%

Summary of Significant Accounting Policies: Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues
Increase in minimum rent due to straight-line rent adjustment	$ 5,825	$ 7,498	$ 5,399
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: Investment in Unconsolidated Joint Ventures (Details)	12 Months Ended
	Dec. 31, 2014
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 (in years)	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	40 years
Tenant improvements \| Minimum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	5 years
Tenant improvements \| Maximum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	7 years
Equipment and furnishings \| Minimum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	5 years
Equipment and furnishings \| Maximum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	7 years

Summary of Significant Accounting Policies: Acquisitions (Details)	12 Months Ended
	Dec. 31, 2014 form
Accounting Policies [Abstract]
Number of forms of in-place operating lease intangible assets and liabilities	3

Summary of Significant Accounting Policies: Deferred Charges and Segment Information (Details)	12 Months Ended
	Dec. 31, 2014 segment area
Segment Information:
Number of business segments \| segment	1
Number of geographic areas in which the Company operates \| area	1
Minimum
Deferred Charges:
Deferred lease costs, amortization period (in years)	1 year
Deferred financing costs, amortization period (in years)	1 year
Maximum
Deferred Charges:
Deferred lease costs, amortization period (in years)	15 years
Deferred financing costs, amortization period (in years)	15 years

Earnings Per Share ("EPS"): (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Numerator
Income from continuing operations									$ 1,606,931	$ 159,023	$ 303,166
Income from discontinued operations									0	289,936	63,223
Net income attributable to noncontrolling interests									(107,889)	(28,869)	(28,963)
Net income attributable to the Company	$ 1,429,221	$ 35,914	$ 16,088	$ 17,819	$ 144,878	$ 38,123	$ 218,997	$ 18,092	1,499,042	420,090	337,426
Allocation of earnings to participating securities									(1,576)	(397)	(577)
Numerator for basic and diluted earnings per share—net income attributable to common stockholders - basic									1,497,466	419,693	336,849
Numerator for basic and diluted earnings per share—net income attributable to common stockholders - diluted									$ 1,497,466	$ 419,693	$ 336,849
Denominator
Denominator for basic earnings per share—weighted average number of common shares outstanding									143,144	139,598	134,067
Effect of dilutive securities
Stock warrants									0	0	63
Share and unit based compensation									147	82	18
Denominator for diluted earnings per share—weighted average number of common shares outstanding									143,291	139,680	134,148
Earnings per common share—basic: (in dollars per share)
Income from continuing operations									$ 10.46	$ 1.07	$ 2.07
Discontinued operations									0.00	1.94	0.44
Net income attributable to common stockholders (in dollars per share)	$ 9.52	$ 0.25	$ 0.11	$ 0.13	$ 1.03	$ 0.27	$ 1.57	$ 0.13	10.46	3.01	2.51
Earnings per common share—diluted: (in dollars per share)
Income from continuing operations									10.45	1.06	2.07
Discontinued operations									0.00	1.94	0.44
Net income attributable to common stockholders (in dollars per share)	$ 9.51	$ 0.25	$ 0.11	$ 0.13	$ 1.03	$ 0.27	$ 1.57	$ 0.13	$ 10.45	$ 3.00	$ 2.51

Earnings Per Share ("EPS"): Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Convertible preferred units
Antidilutive securities
Antidilutive securities (in shares)	179,667	184,304	193,945
Partnership unit
Antidilutive securities
Antidilutive securities (in shares)	10,079,935	9,845,602	10,870,454

Investments in Unconsolidated Joint Ventures: Company Ownership (Details)	Dec. 31, 2014
443 Wabash MAB LLC
Investments in unconsolidated joint ventures:
Ownership %	45.00%
Biltmore Shopping Center Partners LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Candlestick Center LLC
Investments in unconsolidated joint ventures:
Ownership %	50.10%
Coolidge Holding LLC
Investments in unconsolidated joint ventures:
Ownership %	37.50%
Corte Madera Village, LLC
Investments in unconsolidated joint ventures:
Ownership %	50.10%
Gallery, The—Various Entities
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Jaren Associates 4
Investments in unconsolidated joint ventures:
Ownership %	12.50%
Kierland Commons Investment LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Macerich Northwestern Associates—Broadway Plaza
Investments in unconsolidated joint ventures:
Ownership %	50.00%
North Bridge Chicago LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
One Scottsdale Investors LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Propcor II Associates, LLC—Boulevard Shops
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Scottsdale Fashion Square Partnership
Investments in unconsolidated joint ventures:
Ownership %	50.00%
The Market at Estrella Falls LLC
Investments in unconsolidated joint ventures:
Ownership %	39.70%
Tysons Corner LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Tysons Corner Property Holdings II LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Tysons Corner Property LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
West Acres Development, LLP
Investments in unconsolidated joint ventures:
Ownership %	19.00%
Westcor/Gilbert, L.L.C.
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Westcor/Queen Creek LLC
Investments in unconsolidated joint ventures:
Ownership %	37.90%
Westcor/Surprise Auto Park LLC
Investments in unconsolidated joint ventures:
Ownership %	33.30%
WMAP, L.L.C.—Atlas Park
Investments in unconsolidated joint ventures:
Ownership %	50.00%
WM Inland LP(2)
Investments in unconsolidated joint ventures:
Ownership %	50.00%

Investments in Unconsolidated Joint Ventures: Narrative (Details) $ in Thousands																		12 Months Ended
	Feb. 17, 2015 USD ($) ft²	Dec. 29, 2014 USD ($)	Nov. 20, 2014 USD ($) ft²	Nov. 14, 2014 USD ($) ft² mall	Aug. 28, 2014 USD ($) ft²	Jul. 30, 2014 USD ($) ft²	Jun. 04, 2014 USD ($) ft²	Oct. 24, 2013 USD ($)	Oct. 08, 2013 USD ($) ft²	Jul. 31, 2013 USD ($) ft²	Jun. 12, 2013 USD ($) ft²	May 29, 2013 USD ($) ft²	Oct. 26, 2012 USD ($) ft²	Oct. 03, 2012 USD ($) ft²	Aug. 10, 2012 USD ($) ft²	May 31, 2012 USD ($) ft²	Mar. 30, 2012 USD ($) ft²	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Nov. 13, 2014 USD ($) ft²	Sep. 17, 2013 ft²	Sep. 16, 2013
Investments in unconsolidated joint ventures:
Purchase price paid through assumption of debt by the Company																		$ 1,414,659	$ 257,064	$ 420,123
(Loss) gain on sale of assets																		3,643	190,526	29,301
Proceeds from sale of assets																		320,123	416,077	136,707
Mortgage notes payable settled in deed-in-lieu of foreclosure																		0	84,000	185,000
Payments on mortgages, bank and other notes payable																		853,080	3,051,072	2,371,890
Distributions to Co-venture Partner																		15,555	19,564	39,479
Ridgmar Mall
Investments in unconsolidated joint ventures:
Property square footage \| ft²									1,273,000
(Loss) gain on sale of assets									$ 6,243
Gain recognized on sale									3,121
Proceeds from sale									60,900
Payments on mortgages, bank and other notes payable									51,657
Distributions to Co-venture Partner									$ 9,243
Cascade Mall
Investments in unconsolidated joint ventures:
Property square footage \| ft²							589,000
Wilshire Boulevard
Investments in unconsolidated joint ventures:
Property square footage \| ft²					40,000
Purchase price funded by cash payment on acquisition					$ 15,386
Purchase price paid through assumption of debt by the Company					1,714
(Loss) gain on sale of assets					$ 9,033													$ 9,033
Percentage of ownership interest sold					30.00%
Proceeds from sale					$ 17,100
Camelback Colonnade
Investments in unconsolidated joint ventures:
Property square footage \| ft²																						619,000
Ownership percentage purchased																						67.50%
Ownership percentage in joint ventures																							73.20%
Proceeds from sale		$ 92,898
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																	8,184
Proceeds from sale of assets																	6,045
Mortgage notes payable settled in deed-in-lieu of foreclosure																	$ 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
Proceeds from sale of assets																	16,183
Mortgage notes payable settled in deed-in-lieu of foreclosure																	$ 14,792
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																				3,363
Proceeds from sale of assets																4,921
Mortgage notes payable settled in deed-in-lieu of foreclosure																$ 9,394
Kierland Commons Investment LLC
Investments in unconsolidated joint ventures:
Ownership percentage in joint ventures																		50.00%
NorthPark Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²															1,946,000
Consideration received on sale of joint venture interest															$ 118,810
Gain on sale of investments in unconsolidated entity															$ 24,590
Pacific Premier Retail LP
Investments in unconsolidated joint ventures:
(Loss) gain on sale of assets																		$ (7,044)	$ 182,754	$ 90
SanTan Village Power Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²																	491,000
(Loss) gain on sale of assets																	$ 23,294
Loan paid off																	45,000
Proceeds from sale of property																	54,780
Cash distributed to the partners																	9,780
Gain recognized on sale																	11,502
Gain included in net income attributable to noncontrolling interest																	$ (3,565)
Kitsap Mall \| Pacific Premier Retail LP
Investments in unconsolidated joint ventures:
Property square footage \| ft²											846,000
(Loss) gain on sale of assets											$ 55,150
Proceeds from sale of property											127,000
Gain recognized on sale											$ 28,127
Redmond Town Center \| Pacific Premier Retail LP
Investments in unconsolidated joint ventures:
Property square footage \| ft²										695,000		582,000
(Loss) gain on sale of assets										$ 38,447		$ 89,157
Proceeds from sale of property										127,000		185,000
Gain recognized on sale										$ 18,251		$ 44,424
The Gallery
Investments in unconsolidated joint ventures:
Property square footage \| ft²						1,474,000
Purchase price on acquisition						$ 106,800
Joint Venture Ownership Percentage Purchased						50.00%
Candlestick Point
Investments in unconsolidated joint ventures:
Property square footage \| ft²																					500,000
Candlestick Point \| Notes Receivable
Investments in unconsolidated joint ventures:
Note receivable																					$ 65,130
Description of variable rate																		LIBOR
Candlestick Point \| Notes Receivable \| LIBOR
Investments in unconsolidated joint ventures:
Interest rate (as a percent)																					2.00%
Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²													1,198,000
Ownership percentage purchased													33.30%
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
Superstition Springs Land I
Investments in unconsolidated joint ventures:
Ownership percentage purchased								33.30%
Purchase price on acquisition								$ 46,162
Purchase price funded by cash payment on acquisition								23,662
Purchase price paid through assumption of debt by the Company								$ 22,500
FlatIron Crossing
Investments in unconsolidated joint ventures:
Property square footage \| ft²														1,434,000
Ownership percentage purchased														75.00%				75.00%
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
Cascade Mall
Investments in unconsolidated joint ventures:
Ownership percentage purchased							49.00%
Purchase price on acquisition							$ 15,233
PPRLP Queens Portfolio
Investments in unconsolidated joint ventures:
Ownership percentage purchased				49.00%
Purchase price on acquisition				$ 1,838,886
Purchase price paid through assumption of debt by the Company				$ 672,109
Number of shopping centers \| mall				5
Equity issued (in shares)				$ 1,166,777
PPRLP Queens Portfolio \| Lakewood Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²				2,066,000
PPRLP Queens Portfolio \| Los Cerritos Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²				1,113,000
PPRLP Queens Portfolio \| Queens Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²				967,000
PPRLP Queens Portfolio \| Stonewood Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²				932,000
PPRLP Queens Portfolio \| Washington Square
Investments in unconsolidated joint ventures:
Property square footage \| ft²				1,441,000
443 Wabash MAB LLC
Investments in unconsolidated joint ventures:
Property square footage \| ft²			65,000
Purchase price on acquisition			$ 18,900
Joint Venture Ownership Percentage Purchased			45.00%
Subsequent Event \| Inland Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²	933,000
Ownership percentage purchased	50.00%
Purchase price on acquisition	$ 51,250
Purchase price funded by cash payment on acquisition	26,250
Purchase price paid through assumption of debt by the Company	25,000
Loan paid off	$ 50,000

Investments in Unconsolidated Joint Ventures: Financial Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets:
Properties, net	$ 2,967,878	$ 3,435,737
Other assets	208,726	295,719
Total assets	3,176,604	3,731,456
Liabilities and partners' capital:
Mortgage notes payable	2,038,379	3,518,215
Other liabilities	195,766	202,444
Company's capital	489,349	(25,367)
Outside partners' capital	453,110	36,164
Total liabilities and partners' capital	3,176,604	3,731,456
Investment in unconsolidated joint ventures:
Company's capital	489,349	(25,367)
Basis adjustment	464,826	474,658
Investments in unconsolidated joint ventures	954,175	449,291
Assets—Investments in unconsolidated joint ventures	984,132	701,483
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(29,957)	(252,192)
Mortgage notes payable that could become recourse debt to the Company	33,540	35,540
Indemnity of guaranteed amount	16,770	16,770
Amortization of difference between cost of investments and book value of underlying equity	5,109	10,734	$ 15,480
Revenues:
Minimum rents	388,363	418,724	512,002
Percentage rents	17,161	19,589	23,087
Tenant recoveries	186,741	204,171	250,168
Other	40,705	45,627	46,239
Total revenues	632,970	688,111	831,496
Expenses:
Shopping center and operating expenses	215,412	229,818	287,234
Interest expense	137,087	145,322	199,916
Depreciation and amortization	144,403	147,309	177,997
Total operating expenses	496,902	522,449	665,147
(Loss) gain on sale of assets	3,643	190,526	29,301
Gain on early extinguishment of debt		14
Net income	139,711	356,202	195,650
Company's equity in net income	60,626	167,580	79,281
Northwestern Mutual Life (NML)
Investment in unconsolidated joint ventures:
Mortgage notes payable to affiliate	606,263	712,455
Interest expense on borrowings from related party	38,113	31,549	43,732
Pacific Premier Retail LP
Assets:
Total assets	0	775,012
Investment in unconsolidated joint ventures:
Total liabilities	0	812,725
Revenues:
Minimum rents	88,831	118,164	132,247
Percentage rents	2,652	4,586	5,390
Tenant recoveries	40,118	52,470	56,397
Other	4,090	5,882	5,650
Total revenues	135,691	181,102	199,684
Expenses:
Shopping center and operating expenses	37,113	53,039	59,329
Interest expense	34,113	43,445	52,139
Depreciation and amortization	29,688	39,616	43,031
Total operating expenses	100,914	136,100	154,499
(Loss) gain on sale of assets	(7,044)	182,754	90
Gain on early extinguishment of debt		0
Net income	27,733	227,756	45,275
Company's equity in net income	9,743	110,798	23,026
Tysons Corner LLC
Assets:
Total assets	341,931	356,871
Investment in unconsolidated joint ventures:
Total liabilities	871,933	887,413
Revenues:
Minimum rents	64,521	62,072	63,569
Percentage rents	2,091	2,057	1,929
Tenant recoveries	47,084	45,452	44,225
Other	3,472	3,110	3,341
Total revenues	117,168	112,691	113,064
Expenses:
Shopping center and operating expenses	38,786	36,798	35,244
Interest expense	31,677	15,751	11,481
Depreciation and amortization	19,880	18,139	19,798
Total operating expenses	90,343	70,688	66,523
(Loss) gain on sale of assets	0	0	0
Gain on early extinguishment of debt		14
Net income	26,825	42,017	46,541
Company's equity in net income	7,080	15,126	17,969
Other Joint Ventures
Revenues:
Minimum rents	235,011	238,488	316,186
Percentage rents	12,418	12,946	15,768
Tenant recoveries	99,539	106,249	149,546
Other	33,143	36,635	37,248
Total revenues	380,111	394,318	518,748
Expenses:
Shopping center and operating expenses	139,513	139,981	192,661
Interest expense	71,297	86,126	136,296
Depreciation and amortization	94,835	89,554	115,168
Total operating expenses	305,645	315,661	444,125
(Loss) gain on sale of assets	10,687	7,772	29,211
Gain on early extinguishment of debt		0
Net income	85,153	86,429	103,834
Company's equity in net income	$ 43,803	$ 41,656	$ 38,286

Property: (Details) - USD ($) $ in Thousands	12 Months Ended
Property: (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Abstract]
Land	$ 2,242,291	$ 1,707,005
Buildings and improvements	9,479,337	6,555,212
Tenant improvements	600,436	537,754
Equipment and furnishings	152,554	152,198
Construction in progress	303,264	229,169
Total	12,777,882	9,181,338
Less accumulated depreciation	(1,709,992)	(1,559,572)
Property, net	11,067,890	7,621,766
Depreciation expense	$ 289,178	$ 269,790	$ 216,447

Property: Narrative (Details) $ in Thousands		12 Months Ended
Property: Narrative (Details) $ in Thousands	Aug. 28, 2014 USD ($)	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Acquisition
Gain (loss) on sale or write down of assets, net		$ 73,440	$ (78,057)	$ 28,734
(Loss) gain on sale of assets		3,643	190,526	29,301
Gain (Loss) on sale of assets		1,257	5,390	(390)
Loss on write-off of development costs				(19,360)
Write-off of Development Cost		(40,561)	(1,250)
Impairment charge		(41,216)	$ (82,197)
Various Properties
Acquisition
(Loss) gain on sale of assets		144,927
Wilshire Boulevard
Acquisition
(Loss) gain on sale of assets	$ 9,033	$ 9,033
Chandler Village Center, Chandler Festival, Chandler Gateway and NorthPark Center
Acquisition
Gain (Loss) on sale of assets				$ 48,484
Mervyn's
Acquisition
Number of properties \| property		3

Tenant and Other Receivables: (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Mar. 17, 2014	Dec. 31, 2013
Components of tenant and other receivables, net
Allowance for doubtful accounts	$ 3,234		$ 2,878
Deferred rent receivables due to straight-line rent adjustments	57,278		53,380
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	13,436		$ 9,824
Note Receivable1
Components of tenant and other receivables, net
Notes receivable interest rate (as a percent)		6.46%
Notes receivable	$ 6,436	$ 6,500
Note Receivable2
Components of tenant and other receivables, net
Notes receivable interest rate (as a percent)		5.00%
Notes receivable		$ 3,103

Deferred Charges and Other Assets, net: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 239,955	$ 223,038
Financing	47,171	51,695
Intangible assets:
In-place lease values	298,825	205,651
Leasing commissions and legal costs	72,432	50,594
Above-market leases	250,810	118,770
Deferred tax assets	35,625	31,356
Deferred compensation plan assets	35,194	30,932
Other assets	66,246	65,793
Deferred charges and other assets, gross	1,046,258	777,829
Less accumulated amortization	(287,197)	(244,771)
Deferred charges and other assets, net	759,061	533,058
Accumulated amortization for in-place lease values, leasing commissions and legal costs	103,361	89,141
Amortization expense for intangible assets	$ 52,668	$ 53,139	$ 32,456

Deferred Charges And Other Assets, net: Estimated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Above-Market Leases
Less accumulated amortization	$ (103,361)	$ (89,141)
Allocated value net	267,896
Below-Market Leases
Original allocated value	375,033	187,537
Less accumulated amortization	(93,511)	(79,271)
Allocated value, net	281,522	108,266
Above Market
2015	64,711
2016	45,990
2017	31,906
2018	25,760
2019	21,682
Thereafter	77,847
Allocated value net	267,896
Below Market
2015	37,808
2016	35,647
2017	29,931
2018	26,354
2019	23,595
Thereafter	128,187
Allocated value, net	281,522	108,266
Above Market
Above-Market Leases
Original allocated value	250,810	118,770
Less accumulated amortization	(59,696)	(46,912)
Allocated value net	191,114	71,858
Above Market
2015	26,591
2016	23,516
2017	19,413
2018	16,024
2019	13,210
Thereafter	92,360
Allocated value net	$ 191,114	$ 71,858

Mortgage Notes Payable: (Details)								12 Months Ended
Mortgage Notes Payable: (Details)	Dec. 22, 2014 USD ($)	Nov. 14, 2014 USD ($)	Nov. 10, 2014 USD ($)	Aug. 28, 2014 USD ($)	Feb. 07, 2014 USD ($) loan	Jan. 03, 2013 USD ($)	Sep. 30, 2009	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								$ 289,039,000	$ 269,381,000
Others								5,115,482,000	4,145,809,000
Debt premiums (discounts), net								56,921,000	23,766,000
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities								1,414,659,000	257,064,000	$ 420,123,000
Loss (gain) on early extinguishment of debt, net								526,000	(1,432,000)	0
Probable recourse amount								73,165,000	77,192,000
Interest expense capitalized								12,559,000	10,829,000	$ 10,703,000
Fair value of mortgage notes payable								5,455,453,000	4,500,177,000
PPRLP Queens Portfolio
Mortgage loans payable on real estate
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities		$ 672,109,000
Freehold Raceway Mall and Chandler Fashion Center
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)							49.90%
Ownership interest (as a percent)							49.90%
Arrowhead Towne Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 228,703,000	236,028,000
Effective Interest Rate (as a percent)								2.76%
Monthly Debt Service								$ 1,131,000
Debt premiums								11,568,000	14,642,000
Camelback Colonnade
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 0	49,120,000
Effective Interest Rate (as a percent)								0.00%
Monthly Debt Service								$ 0
Debt premiums								0	2,120,000
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 200,000,000	200,000,000
Effective Interest Rate (as a percent)								3.77%
Monthly Debt Service								$ 625,000
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								114,265,000	117,120,000
Others								$ 114,264,000	117,120,000
Effective Interest Rate (as a percent)								5.53%
Monthly Debt Service								$ 1,538,000
Deptford Mall One
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 197,815,000	201,622,000
Effective Interest Rate (as a percent)								3.76%
Monthly Debt Service								$ 947,000
Debt discounts								(8,000)	(14,000)
Deptford Mall Two
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 14,285,000	14,551,000
Effective Interest Rate (as a percent)								6.46%
Monthly Debt Service								$ 101,000
Eastland Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 168,000,000	168,000,000
Effective Interest Rate (as a percent)								5.79%
Monthly Debt Service								$ 811,000
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 119,329,000	$ 91,383,000
Effective Interest Rate (as a percent)								2.97%	2.96%
Monthly Debt Service								$ 259,000
Debt issued								$ 140,000,000
Reference rate for variable interest rate								LIBOR
Interest rate spread over basis (as a percent)								2.50%
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								$ 0	$ 0
Others								$ 121,376,000	124,030,000
Effective Interest Rate (as a percent)								4.89%
Monthly Debt Service								$ 727,000
Debt premiums								5,414,000	6,342,000
Flagstaff Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 37,000,000	37,000,000
Effective Interest Rate (as a percent)								5.03%
Monthly Debt Service								$ 151,000
FlatIron Crossing
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 261,494,000	268,000,000
Effective Interest Rate (as a percent)								3.90%
Monthly Debt Service								$ 1,393,000
Freehold Raceway Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 229,244,000	232,900,000
Effective Interest Rate (as a percent)								4.20%
Monthly Debt Service								$ 1,132,000
Fresno Fashion Fair
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	79,391,000
Others								$ 0	79,390,000
Effective Interest Rate (as a percent)								0.00%
Monthly Debt Service								$ 0
Loss (gain) on early extinguishment of debt, net	$ 5,796,000
Great Northern Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 34,494,000	35,484,000
Effective Interest Rate (as a percent)								6.54%
Monthly Debt Service								$ 234,000
Green Acres Mall Mortgage
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 313,514,000	319,850,000
Effective Interest Rate (as a percent)								3.61%
Monthly Debt Service								$ 1,447,000
Kings Plaza Shopping Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 480,761,000	490,548,000
Effective Interest Rate (as a percent)								3.67%
Monthly Debt Service								$ 2,229,000
Debt issued						$ 146,000,000
Lakewood Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								253,708,000	0
Monthly Debt Service								1,127,000
Debt premiums								$ 3,708,000	0
Lakewood Center \| PPRLP Queens Portfolio
Mortgage loans payable on real estate
Effective Interest Rate (as a percent)								1.80%
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities		254,880,000
Los Cerritos Center Mortgage
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								$ 103,274,000	0
Others								103,274,000	0
Monthly Debt Service								1,009,000
Debt premiums								$ 17,965,000	0
Los Cerritos Center Mortgage \| PPRLP Queens Portfolio
Mortgage loans payable on real estate
Effective Interest Rate (as a percent)								1.65%
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities		207,528,000
Northgate Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								$ 0	0
Others								$ 64,000,000	$ 64,000,000
Effective Interest Rate (as a percent)								3.05%	3.04%
Monthly Debt Service								$ 128,000
Reference rate for variable interest rate								LIBOR
Interest rate spread over basis (as a percent)								2.25%
Oaks, The
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								$ 0	$ 0
Others								$ 210,197,000	214,239,000
Effective Interest Rate (as a percent)								4.14%
Monthly Debt Service								$ 1,064,000
Pacific View
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 133,200,000	135,835,000
Effective Interest Rate (as a percent)								4.08%
Monthly Debt Service								$ 668,000
Queens Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								600,000,000	0
Monthly Debt Service								$ 1,744,000
Queens Center \| PPRLP Queens Portfolio
Mortgage loans payable on real estate
Effective Interest Rate (as a percent)								3.49%
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities		$ 600,000,000
Santa Monica Place
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								$ 0	0
Others								$ 230,344,000	235,445,000
Effective Interest Rate (as a percent)								2.99%
Monthly Debt Service								$ 1,004,000
SanTan Village Regional Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 133,807,000	136,629,000
Effective Interest Rate (as a percent)								3.14%
Monthly Debt Service								$ 589,000
South Plains Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 0	99,833,000
Effective Interest Rate (as a percent)								0.00%
Number of loans \| loan					2
Monthly Debt Service								$ 0
Loss (gain) on early extinguishment of debt, net			$ 163,000		$ 359,000
Stonewood Center Mortgage
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								111,297,000	0
Monthly Debt Service								640,000
Debt premiums								7,980,000	0
Stonewood Center Mortgage \| PPRLP Queens Portfolio
Mortgage loans payable on real estate
Effective Interest Rate (as a percent)		1.80%
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities		$ 111,910,000
Superstition Springs Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 68,079,000	$ 68,395,000
Effective Interest Rate (as a percent)								1.98%	2.00%
Monthly Debt Service								$ 138,000
Debt premiums								$ 579,000	$ 895,000
Reference rate for variable interest rate								LIBOR
Interest rate spread over basis (as a percent)								2.30%
Towne Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								$ 0	0
Others								$ 22,607,000	22,996,000
Effective Interest Rate (as a percent)								4.48%
Monthly Debt Service								$ 117,000
Tucson La Encantada
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								71,500,000	72,870,000
Others								$ 0	0
Effective Interest Rate (as a percent)								4.23%
Monthly Debt Service								$ 368,000
Valley Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 41,368,000	42,155,000
Effective Interest Rate (as a percent)								5.85%
Monthly Debt Service								$ 280,000
Debt discounts								(132,000)	(219,000)
Valley River Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 120,000,000	120,000,000
Effective Interest Rate (as a percent)								5.59%
Monthly Debt Service								$ 558,000
Victor Valley, Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 115,000,000	90,000,000
Effective Interest Rate (as a percent)								4.00%
Monthly Debt Service								$ 380,000
Loss (gain) on early extinguishment of debt, net				$ (47,000)
Vintage Faire Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								$ 0	99,083,000
Effective Interest Rate (as a percent)								0.00%
Monthly Debt Service								$ 0
Loss (gain) on early extinguishment of debt, net	$ 3,186,000
Washington Square
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								0	0
Others								238,696,000	0
Monthly Debt Service								1,499,000
Debt premiums								$ 9,847,000	0
Washington Square \| PPRLP Queens Portfolio
Mortgage loans payable on real estate
Effective Interest Rate (as a percent)								1.65%
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities		$ 240,341,000
Westside Pavilion
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party								$ 0	0
Others								$ 149,626,000	$ 152,173,000
Effective Interest Rate (as a percent)								4.49%
Monthly Debt Service								$ 783,000

Mortgage Notes Payable: Future Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Future maturities of mortgage notes payable
Debt premium, net	$ 56,921	$ 23,766
Total	5,404,521	$ 4,415,190
Mortgage notes payable
Future maturities of mortgage notes payable
2015	397,325
2016	707,605
2017	353,370
2017	866,413
2019	603,090
Thereafter	2,419,797
Long term debt including debt premium	5,347,600
Debt premium, net	56,921
Total	$ 5,404,521

Bank and Other Notes Payable: (Details) - USD ($)						12 Months Ended
Bank and Other Notes Payable: (Details) - USD ($)	Aug. 06, 2013	Mar. 29, 2013	Mar. 15, 2012	Dec. 08, 2011	Mar. 16, 2007	Dec. 31, 2014	Dec. 31, 2013
Senior Notes
Bank and other notes payable
Debt issued					$ 950,000,000
Interest rate on debt (as a percent)					3.25%
Repayment of notes			$ 439,318,000
Line of Credit
Bank and other notes payable
Term of extension (in years)						1 year
Maximum borrowing capacity						$ 2,000,000,000
Line of credit						$ 1,500,000,000
Reference rate for variable interest rate						LIBOR
Line of credit						$ 752,000,000	$ 30,000,000
Average interest rate (as a percent)						1.89%	1.85%
Fair value of line of credit						$ 713,989,000	$ 28,214,000
Unsecured term loan
Bank and other notes payable
Debt issued				$ 125,000,000		$ 125,000,000
Reference rate for variable interest rate						LIBOR
Interest rate (as a percent)						2.25%	2.51%
Estimated fair value of term loan						$ 119,780,000	$ 120,802,000
Prasada Note
Bank and other notes payable
Debt issued		$ 13,330,000
Interest rate on debt (as a percent)		5.25%
Estimated fair value of term loan						11,178,000	13,114,000
Carrying value of term loan						$ 10,879,000	$ 12,537,000
LIBOR \| Line of Credit
Bank and other notes payable
Variable interest rate spread (as a percent)						1.50%
LIBOR \| Line of Credit \| Low end of range
Bank and other notes payable
Variable interest rate spread (as a percent)	1.375%					1.75%
LIBOR \| Line of Credit \| High end of range
Bank and other notes payable
Variable interest rate spread (as a percent)	2.00%					3.00%
LIBOR \| Unsecured term loan
Bank and other notes payable
Variable interest rate spread (as a percent)						2.20%
LIBOR \| Unsecured term loan \| Low end of range
Bank and other notes payable
Variable interest rate spread (as a percent)				1.95%
LIBOR \| Unsecured term loan \| High end of range
Bank and other notes payable
Variable interest rate spread (as a percent)				3.20%

Bank and Other Notes Payable: Future Maturities (Details) - Notes Payable to Bank and Other Notes Payable $ in Thousands	Dec. 31, 2014 USD ($)
Future maturities of bank and other notes payable
2015	$ 1,750
2016	9,129
2018	877,000
Long term debt including debt premium	$ 887,879

Co-Venture Arrangement: (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Sep. 30, 2009 USD ($) ft² $ / shares shares	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Co-Venture Arrangement:
Cash proceeds for the overall transaction		$ 320,123	$ 416,077	$ 136,707
Co-venture obligation		$ 75,450	$ 81,515
Freehold Raceway Mall and Chandler Fashion Center
Co-Venture Arrangement:
Ownership interest (as a percent)	49.90%
Warrant in favor of the third party to purchase shares of common stock (in shares) \| shares	935,358
Exercise price of stock warrants (in dollars per share) \| $ / shares	$ 46.68
Cash proceeds for the overall transaction	$ 174,650
Proceeds attributed to warrants	6,496
Co-venture obligation	$ 168,154
Freehold Raceway Mall
Co-Venture Arrangement:
Property square footage \| ft²	1,668,000
Chandler Fashion Center
Co-Venture Arrangement:
Property square footage \| ft²	1,320,000

Noncontrolling Interests: (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Aug. 20, 2014	Dec. 31, 2013	Aug. 17, 2012
Noncontrolling Interest [Line Items]
Limited partnership interest of the operating partnership (as a percent)	6.00%		7.00%
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 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	$ 877,184		$ 587,917
The Macerich Partnership, L.P.
Noncontrolling Interest [Line Items]
Ownership interest in operating partnership (as a percent)	94.00%		93.00%

Stockholders' Equity: Stock Warrants: (Details) - Freehold Raceway Mall and Chandler Fashion Center - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended
	Oct. 24, 2012	Apr. 10, 2012	Sep. 30, 2009	Dec. 31, 2011
Stock Warrants:
Aggregate number of common shares available for purchase under warrants (in shares)			935,358
Value of stock warrants			$ 6,496
Exercise price of stock warrants (in dollars per share)			$ 46.68
Exercise of stock warrants	$ 3,923	$ 3,448		$ 1,278
Number of common shares available for purchase under warrant (in shares)	311,786	311,786		311,786

Stockholders' Equity: Stock Offerings: (Details) - USD ($)			12 Months Ended
	Nov. 14, 2014	Nov. 28, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Aug. 20, 2014	Aug. 17, 2012
Stock Offerings:
Par value of common stock (in dollars per share)			$ 0.01		$ 0.01	$ 0.01	$ 0.01
Maximum price of common stock available to be issued					$ 500,000,000	$ 500,000,000	$ 500,000,000
Maximum commission to sales agent (as a percent)							2.00%
Total stock offering (in shares)			2,456,956	2,961,903
Proceeds from sale			$ 173,011,000	$ 177,896,000
Net proceeds of stock offering			$ 171,102,000	$ 175,649,000
Kings Plaza
Stock Offerings:
Issuance restricted common stock		$ 30,000,000
PPRLP Queens Portfolio
Stock Offerings:
Issuance restricted common stock	$ 1,166,777,000
Restricted Stock \| Kings Plaza
Stock Offerings:
Restricted common stock issued for acquisition (in shares)		535,265
Shares \| PPRLP Queens Portfolio
Stock Offerings:
Restricted common stock issued for acquisition (in shares)	17,140,845

Acquisitions: Narrative (Details)														12 Months Ended
Acquisitions: Narrative (Details)	Nov. 14, 2014 USD ($)	Oct. 31, 2014 USD ($)	Jun. 04, 2014 USD ($)	Oct. 24, 2013 USD ($)	Apr. 25, 2013 USD ($) a	Jan. 31, 2013 USD ($)	Jan. 24, 2013 USD ($) ft²	Jan. 03, 2013 USD ($)	Nov. 28, 2012 USD ($) ft²	Oct. 26, 2012 USD ($) ft²	Oct. 03, 2012 USD ($) ft²	Feb. 29, 2012 USD ($) ft²	Jul. 22, 2011 USD ($) ft²	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($) ft²	Dec. 31, 2012 USD ($)	Sep. 17, 2013 ft²	Sep. 16, 2013
Acquisition
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities														$ 1,414,659,000	$ 257,064,000	$ 420,123,000
Deposits paid														0	0	$ 30,000,000
Kings Plaza Shopping Center
Acquisition
Placement of mortgage note on the property								$ 146,000,000
Camelback Colonnade
Acquisition
Property square footage \| ft²																	619,000
Ownership Percentage																		73.20%
Additional ownership interest (as a percent)																	67.50%
Ownership percentage at completion of acquisition (as a percent)																		100.00%
Fashion Outlets of Niagara
Acquisition
Property square footage \| ft²													686,000
Purchase price													$ 200,000,000
Fair value of contingent consideration														$ 18,667,000
500 North Michigan Avenue:
Acquisition
Property square footage \| ft²												326,000
Purchase price												$ 70,925,000
FlatIron Crossing
Acquisition
Property square footage \| ft²											1,434,000
Purchase price											$ 310,397,000
Purchase price funded by cash payment on acquisition											195,900,000
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities											$ 114,497,000
Additional ownership interest (as a percent)											75.00%			75.00%
Ownership percentage at completion of acquisition (as a percent)											100.00%
Arrowhead Towne Center
Acquisition
Property square footage \| ft²										1,198,000
Purchase price										$ 144,400,000
Purchase price funded by cash payment on acquisition										69,025,000
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities										$ 75,375,000
Additional ownership interest (as a percent)										33.30%
Ownership percentage at completion of acquisition (as a percent)										100.00%
Kings Plaza
Acquisition
Property square footage \| ft²									1,191,000
Purchase price									$ 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									$ 354,000,000
Green Acres Mall
Acquisition
Property square footage \| ft²							1,790,000
Purchase price							$ 500,000,000
Face amount of debt							325,000,000
Placement of mortgage note on the property						$ 225,000,000	100,000,000
Deposits paid															$ 30,000,000
Purchase price, balance remaining after deposit							$ 470,000,000
Green Acres Adjacent
Acquisition
Property square footage \| a					19
Purchase price					$ 22,577,000
Superstition Springs Land I
Acquisition
Purchase price				$ 46,162,000
Purchase price funded by cash payment on acquisition				23,662,000
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities				$ 22,500,000
Additional ownership interest (as a percent)				33.30%
Ownership percentage at completion of acquisition (as a percent)				100.00%
Cascade Mall
Acquisition
Purchase price			$ 15,233,000
Incremental revenue generated from acquired property														$ 4,458,000
Incremental earnings (loss) of acquired property														380,000
Additional ownership interest (as a percent)			49.00%
Ownership percentage at completion of acquisition (as a percent)				100.00%
PPRLP Queens Portfolio
Acquisition
Purchase price	$ 1,838,886,000
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities	672,109,000
Issuance restricted common stock	$ 1,166,777,000
Incremental revenue generated from acquired property														40,378,000
Incremental earnings (loss) of acquired property														4,285,000
Additional ownership interest (as a percent)	49.00%
Affiliated Entity \| Fashion Outlets of Chicago
Acquisition
Property square footage \| ft²															529,000
Purchase price		$ 69,987,000
Fair value of contingent consideration														10,142,000
Noncontrolling interest adjustment														$ 76,141,000
Purchase price funded by cash payment on acquisition		55,867,000
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities		$ 14,120,000

Acquisitions: Allocation of Fair Value (Details) - USD ($) $ in Thousands	Nov. 14, 2014	Jun. 04, 2014	Oct. 24, 2013	Sep. 17, 2013	Jan. 24, 2013	Nov. 28, 2012	Oct. 26, 2012	Oct. 03, 2012	Feb. 29, 2012
500 North Michigan Avenue:
Acquisition
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 (at 100% ownership)									$ 70,925
FlatIron Crossing
Acquisition
Property								$ 443,391
Deferred charges								25,251
Cash and cash equivalents								3,856
Other assets								2,101
Total assets acquired								474,599
Mortgage notes 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
Arrowhead Towne Center
Acquisition
Property							$ 423,349
Deferred charges							31,500
Restricted cash							4,009
Tenant receivables							926
Other assets							4,234
Total assets acquired							464,018
Mortgage notes 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
Kings Plaza
Acquisition
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 (at 100% ownership)						$ 756,000
Green Acres Mall
Acquisition
Property					$ 477,673
Deferred charges					45,130
Other assets					19,125
Total assets acquired					541,928
Other accrued liabilities					41,928
Total liabilities assumed					41,928
Fair value of acquired net assets (at 100% ownership)					$ 500,000
Camelback Colonnade
Acquisition
Property				$ 98,160
Deferred charges				8,284
Cash and cash equivalents				1,280
Restricted cash				1,139
Tenant receivables				615
Other assets				380
Total assets acquired				109,858
Mortgage notes payable				49,465
Accounts payable				54
Other accrued liabilities				4,752
Total liabilities assumed				54,271
Fair value of acquired net assets (at 100% ownership)				$ 55,587
Superstition Springs Land I
Acquisition
Property			$ 114,373
Deferred charges			12,353
Cash and cash equivalents			8,894
Tenant receivables			51
Other assets			11,535
Total assets acquired			147,206
Mortgage notes payable			68,448
Accounts payable			119
Other accrued liabilities			7,637
Total liabilities assumed			76,204
Fair value of acquired net assets (at 100% ownership)			$ 71,002
Cascade Mall
Acquisition
Property		$ 28,924
Deferred charges		6,660
Other assets		202
Total assets acquired		35,786
Other accrued liabilities		4,786
Total liabilities assumed		4,786
Fair value of acquired net assets (at 100% ownership)		$ 31,000
PPRLP Queens Portfolio
Acquisition
Property	$ 3,714,982
Deferred charges	152,250
Cash and cash equivalents	28,890
Restricted cash	5,113
Tenant receivables	5,438
Other assets	127,723
Total assets acquired	4,034,396
Mortgage notes payable	1,414,659
Accounts payable	5,669
Due to affiliates	2,680
Other accrued liabilities	230,210
Total liabilities assumed	1,653,218
Fair value of acquired net assets (at 100% ownership)	$ 2,381,178

Acquisitions: Gain (Loss) on Remeasurement (Details) - USD ($) $ in Thousands						12 Months Ended
	Nov. 14, 2014	Oct. 24, 2013	Sep. 17, 2013	Oct. 26, 2012	Oct. 03, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Acquisition
Carrying value of investment						$ (984,132)	$ (701,483)
Gain on remeasurement of assets						$ 1,423,136	$ 51,205	$ 199,956
FlatIron Crossing
Acquisition
Fair value of existing ownership interest					$ 91,542
Carrying value of investment					(33,382)
Prior gain deferral recognized					26,067
Gain on remeasurement of assets					$ 84,227
Arrowhead Towne Center
Acquisition
Fair value of existing ownership interest				$ 139,326
Carrying value of investment				(23,597)
Gain on remeasurement of assets				$ 115,729
Camelback Colonnade
Acquisition
Fair value of existing ownership interest			$ 41,690
Carrying value of investment			(5,349)
Gain on remeasurement of assets			$ 36,341
Superstition Springs Land I
Acquisition
Fair value of existing ownership interest		$ 47,340
Carrying value of investment		(32,476)
Gain on remeasurement of assets		$ 14,864
PPRLP Queens Portfolio
Acquisition
Fair value of existing ownership interest	$ 1,214,401
Carrying value of investment	(208,735)
Gain on remeasurement of assets	$ 1,423,136

Acquisitions: Percentage Ownership (Details)	Nov. 14, 2014	Jun. 04, 2014	Oct. 24, 2013	Sep. 16, 2013	Oct. 26, 2012	Oct. 03, 2012
FlatIron Crossing
Acquisition
Ownership percentage at completion of acquisition (as a percent)						100.00%
Fair value of existing ownership interest (as a percent)						25.00%
Arrowhead Towne Center
Acquisition
Ownership percentage at completion of acquisition (as a percent)					100.00%
Fair value of existing ownership interest (as a percent)					66.70%
Cascade Mall
Acquisition
Ownership percentage at completion of acquisition (as a percent)		100.00%
Superstition Springs Land I
Acquisition
Ownership percentage at completion of acquisition (as a percent)			100.00%
Fair value of existing ownership interest (as a percent)			66.70%
Camelback Colonnade
Acquisition
Ownership percentage at completion of acquisition (as a percent)				100.00%
Fair value of existing ownership interest (as a percent)				73.20%
PPRLP Queens Portfolio
Acquisition
Ownership percentage at completion of acquisition (as a percent)	100.00%
Fair value of existing ownership interest (as a percent)	51.00%

Acquisitions: Reconciliation of Purchase Price to Fair Value (Details) - USD ($) $ in Thousands						12 Months Ended
	Nov. 14, 2014	Jun. 04, 2014	Oct. 24, 2013	Oct. 26, 2012	Oct. 03, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Acquisition
Less debt assumed						$ (1,414,659)	$ (257,064)	$ (420,123)
Carrying value of investment						(984,132)	(701,483)
Gain on remeasurement of assets						$ 1,423,136	$ 51,205	$ 199,956
FlatIron Crossing
Acquisition
Purchase price					$ 310,397
Less debt assumed					(114,497)
Carrying value of investment					(33,382)
Gain on remeasurement of assets					84,227
Less prior gain deferral					(26,067)
Fair value of acquired net assets (at 100% ownership)					$ 287,442
Arrowhead Towne Center
Acquisition
Purchase price				$ 144,400
Less debt assumed				(75,375)
Carrying value of investment				(23,597)
Gain on remeasurement of assets				115,729
Fair value of acquired net assets (at 100% ownership)				$ 208,351
Superstition Springs Land I
Acquisition
Purchase price			$ 46,162
Less debt assumed			(22,500)
Carrying value of investment			(32,476)
Gain on remeasurement of assets			14,864
Fair value of acquired net assets (at 100% ownership)			$ 71,002
Cascade Mall
Acquisition
Purchase price		$ 15,233
Carrying value of investment		(15,767)
Fair value of acquired net assets (at 100% ownership)		$ 31,000
PPRLP Queens Portfolio
Acquisition
Purchase price	$ 1,838,886
Less debt assumed	(672,109)
Carrying value of investment	(208,735)
Gain on remeasurement of assets	1,423,136
Fair value of acquired net assets (at 100% ownership)	$ 2,381,178

Acquisitions: Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Business Combinations [Abstract]
Total revenue	$ 1,287,904	$ 1,311,941	$ 1,094,559
Income from continuing operations	$ 1,605,975	$ 104,123	$ 92,193

Dispositions: (Details) $ in Thousands																									1 Months Ended		12 Months Ended
Dispositions: (Details) $ in Thousands	Dec. 29, 2014 USD ($)	Oct. 31, 2014 USD ($) ft²	Oct. 10, 2014 USD ($)	Sep. 11, 2014 USD ($)	Aug. 28, 2014 USD ($)	Jul. 07, 2014 USD ($)	Mar. 17, 2014 USD ($) note	Feb. 14, 2014 USD ($)	Jan. 15, 2014 USD ($) ft²	Dec. 11, 2013 USD ($) ft²	Dec. 04, 2013 USD ($)	Oct. 23, 2013 USD ($)	Oct. 15, 2013 USD ($)	Sep. 30, 2013 USD ($)	Sep. 11, 2013 USD ($)	Jun. 04, 2013 USD ($) ft²	May 31, 2013 USD ($) ft²	Jun. 28, 2012 USD ($) ft²	May 31, 2012 USD ($) ft²	May 17, 2012 USD ($) ft²	May 11, 2012 USD ($)	Apr. 30, 2012 USD ($) ft²	Apr. 23, 2012 USD ($)	Sep. 30, 2009	Dec. 31, 2012 USD ($) ft²	Mar. 31, 2012 USD ($)	Dec. 31, 2014 USD ($) ft²	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($) ft²	Sep. 17, 2013 ft²	Dec. 31, 2011 ft²
Discontinued Operations:
Gain (loss) from sale																											$ 0	$ 286,414	$ 50,811
Gain (loss) on extinguishment of debt																											(526)	1,432	0
Revenues from discontinued operations																												54,752	94,406
Gain (loss) income from discontinued operations																											$ 0	$ 289,936	$ 63,223
Freehold Raceway Mall and Chandler Fashion Center
Discontinued Operations:
Ownership interest (as a percent)																								49.90%
Chesterfield Towne Center
Discontinued Operations:
Gain (loss) from sale										$ 151,467
Camelback Colonnade
Discontinued Operations:
Proceeds from sale	$ 92,898
Gain (loss) from sale	24,554
Property square footage \| ft²																														619,000
Cash payment	61,173
Assumption of debt	31,725
Debt discharged	47,946
Noncontrollling interest adjustment	$ 17,217
Camelback Colonnade \| Freehold Raceway Mall and Chandler Fashion Center
Discontinued Operations:
Ownership interest (as a percent)	67.50%
Mervyn's
Discontinued Operations:
Proceeds from sale			$ 1,900	$ 1,200	$ 3,500	$ 3,560					$ 10,475	$ 5,430	$ 5,700		$ 12,000						$ 20,750
Gain (loss) from sale			$ (3)	$ 315	$ (80)	$ (158)					$ (5,257)	$ 1,695	$ (2,031)		$ (2,633)						$ (407)
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
Fiesta Mall
Discontinued Operations:
Impairment charge																									$ 24,555
Property square footage \| ft²																									933,000				933,000
Gain (loss) on extinguishment of debt														$ 1,252
Green Tree Mall
Discontinued Operations:
Proceeds from sale																	$ 79,000
Gain (loss) from sale																	$ 59,767
Property square footage \| ft²																	793,000
Northridge Mall
Discontinued Operations:
Property square footage \| ft²																890,000
Rimrock Mall
Discontinued Operations:
Property square footage \| ft²																603,000
Rimrock Mall and Nortridge Mall
Discontinued Operations:
Proceeds from sale																$ 230,000
Gain (loss) from sale																$ 82,151
Chesterfield Towne Center
Discontinued Operations:
Property square footage \| ft²										1,016,000
Cash payment										$ 67,763
Assumption of debt										109,737
Centre at Salisbury
Discontinued Operations:
Proceeds from sale										$ 292,500
Property square footage \| ft²										862,000
Assumption of debt										$ 115,000
Rotterdam Square
Discontinued Operations:
Proceeds from sale									$ 8,500
Gain (loss) from sale									$ (435)
Property square footage \| ft²									585,000
Somersville Town Center
Discontinued Operations:
Proceeds from sale								$ 12,337
Gain (loss) from sale								$ (263)
Property square footage \| ft²																											348,000
Lake Square Mall
Discontinued Operations:
Proceeds from sale							$ 13,280
Gain (loss) from sale							(876)
Property square footage \| ft²																															559,000
Cash payment							3,677
South Towne Center
Discontinued Operations:
Proceeds from sale		$ 205,000
Gain (loss) from sale		$ 121,873
Property square footage \| ft²		1,278,000
Notes Receivable \| Lake Square Mall
Discontinued Operations:
Notes receivable							$ 9,603
Number of notes receivable \| note							2

Future Rental Revenues: (Details) $ in Thousands	Dec. 31, 2014 USD ($)
Future Rental Revenues [Abstract]
2015	$ 663,007
2016	572,304
2017	494,380
2018	424,747
2019	358,973
Thereafter	1,257,743
Total	$ 3,771,154

Commitments and Contingencies: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Commitments and Contingencies Disclosure [Abstract]
Ground rent expenses	$ 10,968	$ 10,579	$ 8,681
Minimum future rental payments
2015	15,449
2016	15,472
2017	15,457
2018	11,342
2019	9,821
Thereafter	309,369
Total	376,910
Contingent Liabilities
Contingent liability under letters of credit	18,388
Outstanding obligations under construction agreements	$ 41,205

Related-Party Transactions: (Details) $ in Thousands	12 Months Ended
Related-Party Transactions: (Details) $ in Thousands	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($) ft² note	Dec. 31, 2012 USD ($)	Nov. 13, 2014 USD ($) ft²
Related party transactions
Interest expense, related party	$ 15,134	$ 15,016	$ 15,386
Loans to unconsolidated joint ventures	0	2,756
Due from affiliates	$ 80,232	$ 30,132
Limited partnership interest of the operating partnership (as a percent)	6.00%	7.00%
Related Parties Note Receivable, RED Consolidated Holdings, LLC
Related party transactions
Interest income, related party	$ 614	$ 525
Due from affiliates	$ 11,027	12,707
Notes receivable interest rate	5.25%
Unconsolidated joint ventures
Related party transactions
Interest income, related party	$ 164	281	254
Due from affiliates	3,869	3,822
Northwestern Mutual Life (NML)
Related party transactions
Interest expense payable, related party	1,125	1,240
Unconsolidated joint ventures and third-party managed properties
Related party transactions
Management Fees	18,705	21,993	24,007
Development and Leasing Fees	11,822	10,859	13,165
Fees charged to unconsolidated joint ventures and third-party managed properties	30,527	$ 32,852	$ 37,172
Affiliated Entity
Related party transactions
Limited partnership interest of the operating partnership (as a percent)		40.00%
Affiliated Entity \| Related Parties Note Receivable, AWE Talisman Company
Related party transactions
Interest income, related party	$ 516	$ 625
Notes receivable interest rate		5.00%
Number of notes receivable \| note		2
Carrying value of term loan		$ 13,603
Fashion Outlets of Chicago \| Affiliated Entity
Related party transactions
Property square footage \| ft²		529,000
Candlestick Point
Related party transactions
Property square footage \| ft²				500,000
Candlestick Point \| Notes Receivable
Related party transactions
Note receivable				$ 65,130
Description of variable rate	LIBOR
Candlestick Point \| Affiliated Entity \| Notes Receivable
Related party transactions
Note receivable	$ 65,336
Description of variable rate	LIBOR
Interest earned	$ 206
LIBOR \| Candlestick Point \| Affiliated Entity \| Notes Receivable
Related party transactions
Notes receivable interest rate	2.00%

Share and Unit-Based Plans: 2003 Equity Incentive Plan (Details) - 2003 Equity Incentive Plan	12 Months Ended
	Dec. 31, 2014 shares
Share and unit-based plans
Term of award (in years)	10 years
Maximum shares authorized under plan (in shares)	13,825,428
Shares available for issuance under plan (in shares)	3,602,672

Share and Unit-Based Plans: Stock Awards and Stock Units Roll Forward Activity (Details)	12 Months Ended
	Dec. 31, 2014 $ / shares shares	Dec. 31, 2013 $ / shares shares	Dec. 31, 2012 $ / shares shares
Stock awards
Shares or Units
Balance at beginning of year \| shares	19,001	20,924	21,130
Granted \| shares	0	8,963	9,639
Vested \| shares	(9,812)	(10,886)	(9,845)
Balance at end of year \| shares	9,189	19,001	20,924
Weighted Average Grant Date Fair Value (in dollars per share)
Balance at beginning of year \| $ / shares	$ 56.77	$ 49.36	$ 40.68
Granted \| $ / shares	0.00	61.84	54.43
Vested \| $ / shares	54.45	46.70	35.69
Balance at end of year \| $ / shares	$ 59.25	$ 56.77	$ 49.36
Stock units
Shares or Units
Balance at beginning of year \| shares	137,318	114,677	576,340
Granted \| shares	75,309	67,920	72,322
Vested \| shares	(68,253)	(45,279)	(533,985)
Balance at end of year \| shares	144,374	137,318	114,677
Number of common shares into which units can be converted (in shares)	1
Weighted Average Grant Date Fair Value (in dollars per share)
Balance at beginning of year \| $ / shares	$ 57.24	$ 52.19	$ 11.71
Granted \| $ / shares	60.50	62.01	54.43
Vested \| $ / shares	55.14	51.59	8.80
Balance at end of year \| $ / shares	$ 59.94	$ 57.24	$ 52.19

Share and Unit-Based Plans: SARs Narrative (Details)	12 Months Ended
Share and Unit-Based Plans: SARs Narrative (Details)	Dec. 31, 2014 $ / shares
SARs
Share and unit-based plans
Term of award (in years)	10 years
Grant date of award (in dollars per share)	$ 9.67
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)	$ 59.57
Expected term	8 years
SARS granted prior to 2012
Share and unit-based plans
Grant date of award (in dollars per share)	$ 7.68
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)	$ 61.17
Expected term	8 years

Share and Unit-Based Plans: SARs Roll Forward Activity (Details) - SARs - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Units
Balance at beginning of year	1,070,991	1,164,185	1,156,985
Granted	0	0	39,932
Exercised	(298,352)	(93,194)	(32,732)
Balance at end of year	772,639	1,070,991	1,164,185
Weighted Average Exercise Price (in dollars per share)
Balance at beginning of year	$ 56.66	$ 56.66	$ 56.55
Granted	0.00	0.00	59.57
Vested	56.63	56.63	56.63
Balance at end of year	$ 56.67	$ 56.66	$ 56.66

Share and Unit-Based Plans: Long-Term Incentive Plan Units (Details)											12 Months Ended
	Jan. 12, 2015	Mar. 07, 2014 $ / shares shares	Dec. 31, 2013 $ / shares shares	Sep. 01, 2013 $ / shares shares	Feb. 15, 2013 $ / shares shares	Feb. 11, 2013	Jan. 31, 2013 shares	Jan. 16, 2013 shares	Apr. 16, 2012 $ / shares shares	Feb. 23, 2012 $ / shares shares	Dec. 31, 2014 $ / shares shares	Dec. 31, 2013 $ / shares shares	Dec. 31, 2012 $ / shares shares
Stock units
Share and unit-based plans
Conversion rate											1
Granted (in shares)											75,309	67,920	72,322
Granted (in shares) \| $ / shares											$ 60.50	$ 62.01	$ 54.43
Vested (in shares)											68,253	45,279	533,985
LTIP units
Share and unit-based plans
Conversion rate											1
Granted (in shares)											725,908	332,189	315,000
Granted (in shares) \| $ / shares											$ 51.71	$ 66.58	$ 40.53
Absolute return requirement (in shares)											3.00%
Level of percentile ranking at which awards vested (as a percent)						100.00%		96.00%
Vested (in shares)							200,000	318,900			679,213	518,900	305,000
Forfeited (in shares)								13,289			0	13,289	0
LTIP units \| Subsequent Event
Share and unit-based plans
Level of percentile ranking at which awards vested (as a percent)	150.00%
Long Term Incentive Plan, Market Indexed
Share and unit-based plans
Vested (in shares)											136,465
Executive Officer \| LTIP units
Share and unit-based plans
Granted (in shares)				20,000	332,189				10,000	190,000
Granted (in shares) \| $ / shares		$ 60.25		$ 59.57	$ 66.58				$ 54.97	$ 37.77
Executive Officer \| LTIP units \| 2014 LTIP Units Series 1
Share and unit-based plans
Granted (in shares)		246,471	272,930
Granted (in shares) \| $ / shares			$ 45.34
Executive Officer \| LTIP units \| 2014 LTIP Units Series 2
Share and unit-based plans
Granted (in shares)			70,042
Granted (in shares) \| $ / shares			$ 58.89

Share and Unit-Based Plans: LTIP Activity (Details) - LTIP units - $ / shares			12 Months Ended
	Jan. 31, 2013	Jan. 16, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Units
Balance at beginning of year			0	200,000	190,000
Granted			725,908	332,189	315,000
Vested	(200,000)	(318,900)	(679,213)	(518,900)	(305,000)
Forfeited		(13,289)	0	(13,289)	0
Balance at end of year			46,695	0	200,000
Weighted Average Grant Date Fair Value (in dollars per share)
Balance at beginning of year			$ 0.00	$ 38.63	$ 43.30
Granted			51.71	66.58	40.53
Vested			51.22	55.81	44.85
Forfeited			0.00	66.58	0.00
Balance at end of year			$ 58.89	$ 0.00	$ 38.63

Share and Unit-Based Plans: Stock Options Narrative (Details) - Stock options	12 Months Ended
	Dec. 31, 2014 $ / shares
Share and unit-based plans
Grant date of award (in dollars per share)	$ 9.67
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)	$ 59.57
Expected term (in years)	8 years

Share and Unit-Based Plans: Stock Option Activity (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Options
Balance at beginning of year	10,068	12,768	2,700
Granted	0	0	10,068
Exercised	0	(2,700)	0
Balance at end of year	10,068	10,068	12,768
Weighted Average Exercise Price (in dollars per share)
Balance at beginning of year	$ 59.57	$ 54.69	$ 36.51
Granted	0.00	0.00	59.57
Exercised	0.00	36.51	0.00
Balance at end of year	$ 59.57	$ 59.57	$ 54.69

Share and Unit-Based Plans: Directors' Phantom Stock Plan (Details)	12 Months Ended
	Dec. 31, 2014 $ / shares shares	Dec. 31, 2013 $ / shares shares	Dec. 31, 2012 $ / shares shares
Phantom stock units
Share and unit-based plans
Number of common shares into which units can be converted (in shares)	1
Units
Balance at beginning of year	17,575	0	15,745
Granted	10,747	34,266	7,896
Vested	(19,053)	(16,691)	(22,179)
Forfeited	0	0	(1,462)
Balance at end of year	9,269	17,575	0
Weighted Average Grant Date Fair Value (in dollars per share)
Balance at beginning of year \| $ / shares	$ 58.66	$ 0.00	$ 34.84
Granted \| $ / shares	65.54	59.04	57.29
Vested \| $ / shares	62.69	59.44	45.24
Forfeited \| $ / shares	0.00	0.00	33.74
Balance at end of year \| $ / shares	$ 58.35	$ 58.66	$ 0.00
Director's Phantom Stock Plan
Share and unit-based plans
Deferral period for grant of units (in years)	3 years
Number of common shares into which units can be converted (in shares)	1
Maximum shares authorized under plan (in shares)	500,000
Shares available for issuance under plan (in shares)	212,947

Share and Unit-Based Plans: Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan	12 Months Ended
	Dec. 31, 2014 shares
Share and unit-based plans
Discount from market price (as a percent)	15.00%
Maximum shares authorized under plan (in shares)	750,000
Shares available for issuance under plan (in shares)	540,318

Share and Unit-Based Plans: Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 34,873	$ 28,122	$ 14,970
Additional compensation cost from modified terms of awards due to employee separations			1,214
Capitalized share and unit-based compensation costs	5,410	3,915	2,646
Stock awards
Share and unit-based plans
Compensation cost under share and unit-based plans	365	497	598
Unrecognized compensation cost of share and unit-based plans	248
Stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	4,689	3,839	3,379
Unrecognized compensation cost of share and unit-based plans	2,843
LTIP units
Share and unit-based plans
Compensation cost under share and unit-based plans	28,598	22,778	$ 9,436
Number of awards with modified terms due to separation agreement			20,000
Unrecognized compensation cost of share and unit-based plans	2,751
SARs
Share and unit-based plans
Compensation cost under share and unit-based plans	0	0	$ 583
Number of awards with modified terms due to separation agreement			54,405
Stock awards and units
Share and unit-based plans
Fair value of equity-based awards vested during period	4,685	3,516	$ 30,454
Stock options
Share and unit-based plans
Compensation cost under share and unit-based plans	16	16	21
Unrecognized compensation cost of share and unit-based plans	43
Phantom stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	1,205	$ 992	$ 953
Unrecognized compensation cost of share and unit-based plans	$ 541

Employee Benefit Plans: (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plans: (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Feb. 28, 2013	Feb. 01, 1999
401(k) Plan
Employee Benefit Plans:
Number of common stock shares reserved for issuance (in shares)					150,000
Number of additional common stock shares reserved for issuance (in shares)				500,000
Employer match of employee contributions of first 3% of eligible compensation (as a percent)	100.00%
Percentage of eligible compensation, matched 100% by employer (as a percent)	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 (as a percent)	2.00%
Employer contribution	$ 3,253	$ 3,017	$ 3,094
Deferred Compensation Plans
Employee Benefit Plans:
Employer contribution	$ 845	$ 843	$ 648

Income Taxes: (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Common stock dividend distribution
Ordinary income (in dollars per share)	$ 1.92	$ 1.02	$ 0.74
Capital gains (in dollars per share)	0.16	1.24	1.13
Unrecaptured Section 1250 gain (in dollars per share)	0.05	0.10	0.36
Return of capital (in dollars per share)	0.38	0.00	0.00
Dividends paid (in dollars per share)	$ 2.51	$ 2.36	$ 2.23
Ordinary income (as a percent)	76.50%	43.30%	33.20%
Capital gains (as a percent)	6.40%	52.50%	50.70%
Unrecaptured Section 1250 gain (as a percent)	2.00%	4.20%	16.10%
Return of capital (as a percent)	15.10%	0.00%	0.00%
Dividends paid (as a percent)	100.00%	100.00%	100.00%
Income tax benefit
Current	$ 0	$ (142)	$ 0
Deferred	4,269	1,834	4,159
Income tax benefit	4,269	1,692	4,159
Reconciliation of income tax benefit (provision) of the TRSs
Book loss for TRSs	10,785	11,709	16,154
Tax at statutory rate on earnings from continuing operations before income taxes	3,667	3,981	5,493
Other	602	(2,289)	(1,334)
Income tax benefit	4,269	1,692	$ 4,159
Components of net deferred tax assets
Net operating loss carryforwards	24,698	26,394
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	8,201	3,673
Other	2,726	1,289
Deferred tax assets	$ 35,625	$ 31,356

Quarterly Financial Data: (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended								12 Months Ended
	Nov. 14, 2014	Dec. 11, 2013	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Data (Unaudited)
Revenues			$ 322,909	$ 263,491	$ 254,336	$ 264,511	$ 282,137	$ 258,154	$ 245,877	$ 243,307	$ 1,105,247	$ 1,029,475	$ 797,517
Net income (loss) attributable to common stockholders			$ 1,429,221	$ 35,914	$ 16,088	$ 17,819	$ 144,878	$ 38,123	$ 218,997	$ 18,092	$ 1,499,042	$ 420,090	$ 337,426
Net income (loss) attributable to common stockholders per share-basic (in dollars per share)			$ 9.52	$ 0.25	$ 0.11	$ 0.13	$ 1.03	$ 0.27	$ 1.57	$ 0.13	$ 10.46	$ 3.01	$ 2.51
Net income (loss) attributable to common stockholders per share-diluted (in dollars per share)			$ 9.51	$ 0.25	$ 0.11	$ 0.13	$ 1.03	$ 0.27	$ 1.57	$ 0.13	$ 10.45	$ 3.00	$ 2.51
Remeasurement gain on acquisition of additional interest											$ 1,423,136	$ 51,205	$ 199,956
Gain (loss) from sale											$ 0	$ 286,414	$ 50,811
PPRLP Queens Portfolio
Quarterly Financial Data (Unaudited)
Remeasurement gain on acquisition of additional interest	$ 1,423,136
Chesterfield Towne Center
Quarterly Financial Data (Unaudited)
Gain (loss) from sale		$ 151,467

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

Subsequent Events: (Details)			12 Months Ended
Subsequent Events: (Details)	Feb. 17, 2015 USD ($) ft²	Jan. 30, 2015 $ / shares	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Feb. 19, 2015 USD ($)
Subsequent events
Purchase price paid through assumption of debt by the Company			$ 1,414,659,000	$ 257,064,000	$ 420,123,000
Related parties			$ 289,039,000	$ 269,381,000
Subsequent Event
Subsequent events
Dividend/distribution for common stockholders and OP Unit holders (in dollars per share) \| $ / shares		$ 0.65
Subsequent Event \| Vintage Faire Mall
Subsequent events
Related parties						$ 280,000
Interest rate (as a percent)						3.49%
Inland Center \| Subsequent Event
Subsequent events
Additional ownership interest (as a percent)	50.00%
Property square footage \| ft²	933,000
Purchase price on acquisition	$ 51,250,000
Purchase price funded by cash payment on acquisition	26,250,000
Purchase price paid through assumption of debt by the Company	25,000,000
Loan paid off	$ 50,000,000

Schedule III-Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Initial Cost to Company
Land	$ 2,105,538
Building and Improvements	7,923,288
Equipment and Furnishings	47,479
Cost Capitalized Subsequent to Acquisition	2,701,577
Gross Amount at Which Carried at Close of Period
Land	2,242,291
Buildings and Improvements	10,079,773
Equipment and furnishings	152,554	$ 152,198
Construction in progress	303,264	229,169
SEC Schedule III, Real Estate, Gross	12,777,882	9,181,338	$ 9,012,706	$ 7,489,735
Accumulated Depreciation	1,709,992	$ 1,559,572	$ 1,533,160	$ 1,410,692
SEC Schedule III, Real Estate Investment Property, Net	11,067,890
Arrowhead Towne Center
Initial Cost to Company
Land	36,687
Building and Improvements	386,662
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	5,593
Gross Amount at Which Carried at Close of Period
Land	36,687
Buildings and Improvements	390,949
Equipment and furnishings	587
Construction in progress	719
SEC Schedule III, Real Estate, Gross	428,942
Accumulated Depreciation	23,749
SEC Schedule III, Real Estate Investment Property, Net	405,193
Black Canyon Auto Park
Initial Cost to Company
Land	20,600
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	11,448
Gross Amount at Which Carried at Close of Period
Land	32,046
Buildings and Improvements	0
Equipment and furnishings	0
Construction in progress	2
SEC Schedule III, Real Estate, Gross	32,048
Accumulated Depreciation	0
SEC Schedule III, Real Estate Investment Property, Net	32,048
Capitola Mall
Initial Cost to Company
Land	20,395
Building and Improvements	59,221
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	12,593
Gross Amount at Which Carried at Close of Period
Land	20,392
Buildings and Improvements	70,286
Equipment and furnishings	1,226
Construction in progress	305
SEC Schedule III, Real Estate, Gross	92,209
Accumulated Depreciation	30,432
SEC Schedule III, Real Estate Investment Property, Net	61,777
Cascade Mall
Initial Cost to Company
Land	19,253
Building and Improvements	9,671
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(676)
Gross Amount at Which Carried at Close of Period
Land	18,699
Buildings and Improvements	9,501
Equipment and furnishings	48
Construction in progress	0
SEC Schedule III, Real Estate, Gross	28,248
Accumulated Depreciation	274
SEC Schedule III, Real Estate Investment Property, Net	27,974
Chandler Fashion Center
Initial Cost to Company
Land	24,188
Building and Improvements	223,143
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	14,269
Gross Amount at Which Carried at Close of Period
Land	24,188
Buildings and Improvements	232,306
Equipment and furnishings	5,106
Construction in progress	0
SEC Schedule III, Real Estate, Gross	261,600
Accumulated Depreciation	82,644
SEC Schedule III, Real Estate Investment Property, Net	178,956
Danbury Fair Mall
Initial Cost to Company
Land	130,367
Building and Improvements	316,951
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	96,784
Gross Amount at Which Carried at Close of Period
Land	142,751
Buildings and Improvements	395,362
Equipment and furnishings	5,942
Construction in progress	47
SEC Schedule III, Real Estate, Gross	544,102
Accumulated Depreciation	104,765
SEC Schedule III, Real Estate Investment Property, Net	439,337
Deptford Mall
Initial Cost to Company
Land	48,370
Building and Improvements	194,250
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	45,576
Gross Amount at Which Carried at Close of Period
Land	61,029
Buildings and Improvements	224,815
Equipment and furnishings	2,352
Construction in progress	0
SEC Schedule III, Real Estate, Gross	288,196
Accumulated Depreciation	52,405
SEC Schedule III, Real Estate Investment Property, Net	235,791
Desert Sky Mall
Initial Cost to Company
Land	9,447
Building and Improvements	37,245
Equipment and Furnishings	12
Cost Capitalized Subsequent to Acquisition	2,246
Gross Amount at Which Carried at Close of Period
Land	9,082
Buildings and Improvements	38,853
Equipment and furnishings	953
Construction in progress	62
SEC Schedule III, Real Estate, Gross	48,950
Accumulated Depreciation	5,356
SEC Schedule III, Real Estate Investment Property, Net	43,594
Eastland Mall
Initial Cost to Company
Land	22,050
Building and Improvements	151,605
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	4,906
Gross Amount at Which Carried at Close of Period
Land	22,066
Buildings and Improvements	155,715
Equipment and furnishings	780
Construction in progress	0
SEC Schedule III, Real Estate, Gross	178,561
Accumulated Depreciation	13,815
SEC Schedule III, Real Estate Investment Property, Net	164,746
Estrella Falls
Initial Cost to Company
Land	10,550
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	61,328
Gross Amount at Which Carried at Close of Period
Land	9,405
Buildings and Improvements	0
Equipment and furnishings	0
Construction in progress	62,473
SEC Schedule III, Real Estate, Gross	71,878
Accumulated Depreciation	0
SEC Schedule III, Real Estate Investment Property, Net	71,878
Fashion Outlets of Chicago
Initial Cost to Company
Land	0
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	250,542
Gross Amount at Which Carried at Close of Period
Land	40,575
Buildings and Improvements	207,432
Equipment and furnishings	2,170
Construction in progress	365
SEC Schedule III, Real Estate, Gross	250,542
Accumulated Depreciation	13,988
SEC Schedule III, Real Estate Investment Property, Net	236,554
Fashion Outlets of Niagara Falls USA
Initial Cost to Company
Land	18,581
Building and Improvements	210,139
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	99,001
Gross Amount at Which Carried at Close of Period
Land	27,681
Buildings and Improvements	273,148
Equipment and furnishings	1,103
Construction in progress	25,789
SEC Schedule III, Real Estate, Gross	327,721
Accumulated Depreciation	26,073
SEC Schedule III, Real Estate Investment Property, Net	301,648
Flagstaff Mall
Initial Cost to Company
Land	5,480
Building and Improvements	31,773
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	16,874
Gross Amount at Which Carried at Close of Period
Land	5,480
Buildings and Improvements	47,951
Equipment and furnishings	696
Construction in progress	0
SEC Schedule III, Real Estate, Gross	54,127
Accumulated Depreciation	16,510
SEC Schedule III, Real Estate Investment Property, Net	37,617
Flagstaff Mall, The Marketplace at
Initial Cost to Company
Land	0
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	52,830
Gross Amount at Which Carried at Close of Period
Land	0
Buildings and Improvements	52,830
Equipment and furnishings	0
Construction in progress	0
SEC Schedule III, Real Estate, Gross	52,830
Accumulated Depreciation	16,372
SEC Schedule III, Real Estate Investment Property, Net	36,458
FlatIron Crossing
Initial Cost to Company
Land	109,851
Building and Improvements	333,540
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	16,821
Gross Amount at Which Carried at Close of Period
Land	109,851
Buildings and Improvements	347,830
Equipment and furnishings	1,514
Construction in progress	1,017
SEC Schedule III, Real Estate, Gross	460,212
Accumulated Depreciation	25,877
SEC Schedule III, Real Estate Investment Property, Net	434,335
Freehold Raceway Mall
Initial Cost to Company
Land	164,986
Building and Improvements	362,841
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	97,368
Gross Amount at Which Carried at Close of Period
Land	168,098
Buildings and Improvements	452,330
Equipment and furnishings	4,767
Construction in progress	0
SEC Schedule III, Real Estate, Gross	625,195
Accumulated Depreciation	134,182
SEC Schedule III, Real Estate Investment Property, Net	491,013
Fresno Fashion Fair
Initial Cost to Company
Land	17,966
Building and Improvements	72,194
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	47,132
Gross Amount at Which Carried at Close of Period
Land	17,966
Buildings and Improvements	117,511
Equipment and furnishings	1,754
Construction in progress	61
SEC Schedule III, Real Estate, Gross	137,292
Accumulated Depreciation	52,076
SEC Schedule III, Real Estate Investment Property, Net	85,216
Great Northern Mall
Initial Cost to Company
Land	12,187
Building and Improvements	62,657
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(20,870)
Gross Amount at Which Carried at Close of Period
Land	6,981
Buildings and Improvements	46,704
Equipment and furnishings	289
Construction in progress	0
SEC Schedule III, Real Estate, Gross	53,974
Accumulated Depreciation	20,693
SEC Schedule III, Real Estate Investment Property, Net	33,281
Green Acres Mall
Initial Cost to Company
Land	156,640
Building and Improvements	321,034
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	41,084
Gross Amount at Which Carried at Close of Period
Land	156,640
Buildings and Improvements	331,971
Equipment and furnishings	3,222
Construction in progress	26,925
SEC Schedule III, Real Estate, Gross	518,758
Accumulated Depreciation	24,260
SEC Schedule III, Real Estate Investment Property, Net	494,498
Kings Plaza Shopping Center
Initial Cost to Company
Land	209,041
Building and Improvements	485,548
Equipment and Furnishings	20,000
Cost Capitalized Subsequent to Acquisition	43,955
Gross Amount at Which Carried at Close of Period
Land	209,041
Buildings and Improvements	522,896
Equipment and furnishings	21,903
Construction in progress	4,704
SEC Schedule III, Real Estate, Gross	758,544
Accumulated Depreciation	34,229
SEC Schedule III, Real Estate Investment Property, Net	724,315
La Cumbre Plaza
Initial Cost to Company
Land	18,122
Building and Improvements	21,492
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	24,530
Gross Amount at Which Carried at Close of Period
Land	17,280
Buildings and Improvements	46,327
Equipment and furnishings	345
Construction in progress	192
SEC Schedule III, Real Estate, Gross	64,144
Accumulated Depreciation	20,965
SEC Schedule III, Real Estate Investment Property, Net	43,179
Lakewood Center
Initial Cost to Company
Land	140,928
Building and Improvements	534,952
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	1,666
Gross Amount at Which Carried at Close of Period
Land	140,928
Buildings and Improvements	536,408
Equipment and furnishings	210
Construction in progress	0
SEC Schedule III, Real Estate, Gross	677,546
Accumulated Depreciation	2,758
SEC Schedule III, Real Estate Investment Property, Net	674,788
Los Cerritos Center
Initial Cost to Company
Land	85,670
Building and Improvements	612,803
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	2,669
Gross Amount at Which Carried at Close of Period
Land	85,670
Buildings and Improvements	555,646
Equipment and furnishings	76
Construction in progress	59,750
SEC Schedule III, Real Estate, Gross	701,142
Accumulated Depreciation	2,572
SEC Schedule III, Real Estate Investment Property, Net	698,570
Macerich Management Co.
Initial Cost to Company
Land	0
Building and Improvements	8,685
Equipment and Furnishings	26,562
Cost Capitalized Subsequent to Acquisition	32,910
Gross Amount at Which Carried at Close of Period
Land	1,967
Buildings and Improvements	7,608
Equipment and furnishings	52,504
Construction in progress	6,078
SEC Schedule III, Real Estate, Gross	68,157
Accumulated Depreciation	41,308
SEC Schedule III, Real Estate Investment Property, Net	26,849
MACWH, LP
Initial Cost to Company
Land	0
Building and Improvements	25,771
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	16,017
Gross Amount at Which Carried at Close of Period
Land	11,557
Buildings and Improvements	27,455
Equipment and furnishings	0
Construction in progress	2,776
SEC Schedule III, Real Estate, Gross	41,788
Accumulated Depreciation	6,990
SEC Schedule III, Real Estate Investment Property, Net	34,798
Northgate Mall
Initial Cost to Company
Land	8,400
Building and Improvements	34,865
Equipment and Furnishings	841
Cost Capitalized Subsequent to Acquisition	103,212
Gross Amount at Which Carried at Close of Period
Land	13,414
Buildings and Improvements	130,229
Equipment and furnishings	3,180
Construction in progress	495
SEC Schedule III, Real Estate, Gross	147,318
Accumulated Depreciation	60,674
SEC Schedule III, Real Estate Investment Property, Net	86,644
NorthPark Mall
Initial Cost to Company
Land	7,746
Building and Improvements	74,661
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	5,917
Gross Amount at Which Carried at Close of Period
Land	7,885
Buildings and Improvements	79,986
Equipment and furnishings	441
Construction in progress	12
SEC Schedule III, Real Estate, Gross	88,324
Accumulated Depreciation	8,141
SEC Schedule III, Real Estate Investment Property, Net	80,183
SouthPark Mall
Initial Cost to Company
Land	7,035
Building and Improvements	38,215
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	11,901
Gross Amount at Which Carried at Close of Period
Land	7,479
Buildings and Improvements	43,276
Equipment and furnishings	260
Construction in progress	6,136
SEC Schedule III, Real Estate, Gross	57,151
Accumulated Depreciation	3,554
SEC Schedule III, Real Estate Investment Property, Net	53,597
South Plains Mall
Initial Cost to Company
Land	23,100
Building and Improvements	92,728
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	34,152
Gross Amount at Which Carried at Close of Period
Land	23,100
Buildings and Improvements	124,678
Equipment and furnishings	1,732
Construction in progress	470
SEC Schedule III, Real Estate, Gross	149,980
Accumulated Depreciation	54,543
SEC Schedule III, Real Estate Investment Property, Net	95,437
Southridge Mall
Initial Cost to Company
Land	6,764
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	18,670
Gross Amount at Which Carried at Close of Period
Land	6,514
Buildings and Improvements	18,828
Equipment and furnishings	91
Construction in progress	1
SEC Schedule III, Real Estate, Gross	25,434
Accumulated Depreciation	1,505
SEC Schedule III, Real Estate Investment Property, Net	23,929
Stonewood Center
Initial Cost to Company
Land	4,948
Building and Improvements	302,527
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	26
Gross Amount at Which Carried at Close of Period
Land	4,948
Buildings and Improvements	302,527
Equipment and furnishings	26
Construction in progress	0
SEC Schedule III, Real Estate, Gross	307,501
Accumulated Depreciation	1,561
SEC Schedule III, Real Estate Investment Property, Net	305,940
Superstition Springs Center
Initial Cost to Company
Land	10,928
Building and Improvements	112,718
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	1,282
Gross Amount at Which Carried at Close of Period
Land	9,273
Buildings and Improvements	113,358
Equipment and furnishings	89
Construction in progress	2,208
SEC Schedule III, Real Estate, Gross	124,928
Accumulated Depreciation	3,942
SEC Schedule III, Real Estate Investment Property, Net	120,986
Superstition Springs Power Center
Initial Cost to Company
Land	1,618
Building and Improvements	4,420
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	6
Gross Amount at Which Carried at Close of Period
Land	1,618
Buildings and Improvements	4,343
Equipment and furnishings	83
Construction in progress	0
SEC Schedule III, Real Estate, Gross	6,044
Accumulated Depreciation	1,464
SEC Schedule III, Real Estate Investment Property, Net	4,580
Tangerine (Marana), The Shops at
Initial Cost to Company
Land	36,158
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(9,591)
Gross Amount at Which Carried at Close of Period
Land	16,922
Buildings and Improvements	0
Equipment and furnishings	0
Construction in progress	9,645
SEC Schedule III, Real Estate, Gross	26,567
Accumulated Depreciation	0
SEC Schedule III, Real Estate Investment Property, Net	26,567
The Macerich Partnership, L.P.
Initial Cost to Company
Land	0
Building and Improvements	2,534
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	9,942
Gross Amount at Which Carried at Close of Period
Land	0
Buildings and Improvements	0
Equipment and furnishings	6,301
Construction in progress	6,175
SEC Schedule III, Real Estate, Gross	12,476
Accumulated Depreciation	1,971
SEC Schedule III, Real Estate Investment Property, Net	10,505
Towne Mall
Initial Cost to Company
Land	6,652
Building and Improvements	31,184
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	3,796
Gross Amount at Which Carried at Close of Period
Land	6,877
Buildings and Improvements	34,308
Equipment and furnishings	447
Construction in progress	0
SEC Schedule III, Real Estate, Gross	41,632
Accumulated Depreciation	11,668
SEC Schedule III, Real Estate Investment Property, Net	29,964
Tucson La Encantada
Initial Cost to Company
Land	12,800
Building and Improvements	19,699
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	55,378
Gross Amount at Which Carried at Close of Period
Land	12,800
Buildings and Improvements	74,580
Equipment and furnishings	497
Construction in progress	0
SEC Schedule III, Real Estate, Gross	87,877
Accumulated Depreciation	36,868
SEC Schedule III, Real Estate Investment Property, Net	51,009
Twenty Ninth Street
Initial Cost to Company
Land	0
Building and Improvements	37,843
Equipment and Furnishings	64
Cost Capitalized Subsequent to Acquisition	210,459
Gross Amount at Which Carried at Close of Period
Land	23,599
Buildings and Improvements	223,399
Equipment and furnishings	1,244
Construction in progress	124
SEC Schedule III, Real Estate, Gross	248,366
Accumulated Depreciation	86,659
SEC Schedule III, Real Estate Investment Property, Net	161,707
Valley Mall
Initial Cost to Company
Land	16,045
Building and Improvements	26,098
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	6,829
Gross Amount at Which Carried at Close of Period
Land	15,616
Buildings and Improvements	32,996
Equipment and furnishings	330
Construction in progress	30
SEC Schedule III, Real Estate, Gross	48,972
Accumulated Depreciation	3,133
SEC Schedule III, Real Estate Investment Property, Net	45,839
500 North Michigan Avenue
Initial Cost to Company
Land	12,851
Building and Improvements	55,358
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	5,985
Gross Amount at Which Carried at Close of Period
Land	10,991
Buildings and Improvements	50,254
Equipment and furnishings	113
Construction in progress	12,836
SEC Schedule III, Real Estate, Gross	74,194
Accumulated Depreciation	5,338
SEC Schedule III, Real Estate Investment Property, Net	68,856
The Oaks [Member]
Initial Cost to Company
Land	32,300
Building and Improvements	117,156
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	241,248
Gross Amount at Which Carried at Close of Period
Land	55,527
Buildings and Improvements	330,909
Equipment and furnishings	2,457
Construction in progress	1,811
SEC Schedule III, Real Estate, Gross	390,704
Accumulated Depreciation	101,862
SEC Schedule III, Real Estate Investment Property, Net	288,842
Pacific View
Initial Cost to Company
Land	8,697
Building and Improvements	8,696
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	128,517
Gross Amount at Which Carried at Close of Period
Land	7,854
Buildings and Improvements	135,586
Equipment and furnishings	2,470
Construction in progress	0
SEC Schedule III, Real Estate, Gross	145,910
Accumulated Depreciation	54,078
SEC Schedule III, Real Estate Investment Property, Net	91,832
Panorama Mall
Initial Cost to Company
Land	4,373
Building and Improvements	17,491
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	9,719
Gross Amount at Which Carried at Close of Period
Land	4,857
Buildings and Improvements	24,328
Equipment and furnishings	475
Construction in progress	1,923
SEC Schedule III, Real Estate, Gross	31,583
Accumulated Depreciation	9,048
SEC Schedule III, Real Estate Investment Property, Net	22,535
Paradise Valley Mall
Initial Cost to Company
Land	24,565
Building and Improvements	125,996
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	42,492
Gross Amount at Which Carried at Close of Period
Land	35,921
Buildings and Improvements	154,362
Equipment and furnishings	2,297
Construction in progress	473
SEC Schedule III, Real Estate, Gross	193,053
Accumulated Depreciation	57,816
SEC Schedule III, Real Estate Investment Property, Net	135,237
Paradise Village Ground Leases
Initial Cost to Company
Land	8,880
Building and Improvements	2,489
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(6,876)
Gross Amount at Which Carried at Close of Period
Land	3,870
Buildings and Improvements	623
Equipment and furnishings	0
Construction in progress	0
SEC Schedule III, Real Estate, Gross	4,493
Accumulated Depreciation	281
SEC Schedule III, Real Estate Investment Property, Net	4,212
Paradise Village office Park II
Initial Cost to Company
Land	1,150
Building and Improvements	1,790
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	3,222
Gross Amount at Which Carried at Close of Period
Land	2,300
Buildings and Improvements	3,583
Equipment and furnishings	279
Construction in progress	0
SEC Schedule III, Real Estate, Gross	6,162
Accumulated Depreciation	2,158
SEC Schedule III, Real Estate Investment Property, Net	4,004
Promenade at Casa Grande
Initial Cost to Company
Land	15,089
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	84,999
Gross Amount at Which Carried at Close of Period
Land	8,851
Buildings and Improvements	91,170
Equipment and furnishings	67
Construction in progress	0
SEC Schedule III, Real Estate, Gross	100,088
Accumulated Depreciation	32,259
SEC Schedule III, Real Estate Investment Property, Net	67,829
Queens Center
Initial Cost to Company
Land	251,474
Building and Improvements	1,039,922
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	243
Gross Amount at Which Carried at Close of Period
Land	251,474
Buildings and Improvements	1,039,424
Equipment and furnishings	104
Construction in progress	637
SEC Schedule III, Real Estate, Gross	1,291,639
Accumulated Depreciation	4,476
SEC Schedule III, Real Estate Investment Property, Net	1,287,163
Santa Monica Place
Initial Cost to Company
Land	26,400
Building and Improvements	105,600
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	299,484
Gross Amount at Which Carried at Close of Period
Land	44,292
Buildings and Improvements	359,222
Equipment and furnishings	7,901
Construction in progress	20,069
SEC Schedule III, Real Estate, Gross	431,484
Accumulated Depreciation	66,589
SEC Schedule III, Real Estate Investment Property, Net	364,895
San Tan Adjacent Land
Initial Cost to Company
Land	29,414
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	6,505
Gross Amount at Which Carried at Close of Period
Land	30,506
Buildings and Improvements	0
Equipment and furnishings	0
Construction in progress	5,413
SEC Schedule III, Real Estate, Gross	35,919
Accumulated Depreciation	0
SEC Schedule III, Real Estate Investment Property, Net	35,919
San Tan Village Regional Center
Initial Cost to Company
Land	7,827
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	193,020
Gross Amount at Which Carried at Close of Period
Land	6,344
Buildings and Improvements	193,478
Equipment and furnishings	1,025
Construction in progress	0
SEC Schedule III, Real Estate, Gross	200,847
Accumulated Depreciation	71,474
SEC Schedule III, Real Estate Investment Property, Net	129,373
Valley River Center
Initial Cost to Company
Land	24,854
Building and Improvements	147,715
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	20,124
Gross Amount at Which Carried at Close of Period
Land	24,854
Buildings and Improvements	166,096
Equipment and furnishings	1,743
Construction in progress	0
SEC Schedule III, Real Estate, Gross	192,693
Accumulated Depreciation	44,199
SEC Schedule III, Real Estate Investment Property, Net	148,494
Victor Valley, Mall of
Initial Cost to Company
Land	15,700
Building and Improvements	75,230
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	50,537
Gross Amount at Which Carried at Close of Period
Land	20,080
Buildings and Improvements	119,247
Equipment and furnishings	2,140
Construction in progress	0
SEC Schedule III, Real Estate, Gross	141,467
Accumulated Depreciation	34,332
SEC Schedule III, Real Estate Investment Property, Net	107,135
Vintage Faire Mall
Initial Cost to Company
Land	14,902
Building and Improvements	60,532
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	55,147
Gross Amount at Which Carried at Close of Period
Land	17,647
Buildings and Improvements	111,432
Equipment and furnishings	1,502
Construction in progress	0
SEC Schedule III, Real Estate, Gross	130,581
Accumulated Depreciation	56,694
SEC Schedule III, Real Estate Investment Property, Net	73,887
Washington Square
Initial Cost to Company
Land	89,659
Building and Improvements	652,310
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	454
Gross Amount at Which Carried at Close of Period
Land	89,886
Buildings and Improvements	650,155
Equipment and furnishings	151
Construction in progress	2,231
SEC Schedule III, Real Estate, Gross	742,423
Accumulated Depreciation	3,016
SEC Schedule III, Real Estate Investment Property, Net	739,407
Westside Pavilion
Initial Cost to Company
Land	34,100
Building and Improvements	136,819
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	70,923
Gross Amount at Which Carried at Close of Period
Land	34,100
Buildings and Improvements	201,490
Equipment and furnishings	5,876
Construction in progress	376
SEC Schedule III, Real Estate, Gross	241,842
Accumulated Depreciation	88,683
SEC Schedule III, Real Estate Investment Property, Net	153,159
Wilton Mall Member
Initial Cost to Company
Land	19,743
Building and Improvements	67,855
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	19,653
Gross Amount at Which Carried at Close of Period
Land	19,810
Buildings and Improvements	86,190
Equipment and furnishings	1,117
Construction in progress	134
SEC Schedule III, Real Estate, Gross	107,251
Accumulated Depreciation	24,438
SEC Schedule III, Real Estate Investment Property, Net	82,813
Mervyn's
Initial Cost to Company
Land	10,094
Building and Improvements	68,660
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	12,738
Gross Amount at Which Carried at Close of Period
Land	9,449
Buildings and Improvements	73,481
Equipment and furnishings	456
Construction in progress	8,106
SEC Schedule III, Real Estate, Gross	91,492
Accumulated Depreciation	19,373
SEC Schedule III, Real Estate Investment Property, Net	72,119
Other Assets and Development Properties
Initial Cost to Company
Land	49,913
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	34,868
Gross Amount at Which Carried at Close of Period
Land	37,573
Buildings and Improvements	14,401
Equipment and furnishings	113
Construction in progress	32,694
SEC Schedule III, Real Estate, Gross	84,781
Accumulated Depreciation	5,902
SEC Schedule III, Real Estate Investment Property, Net	$ 78,879

Schedule III-Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REAL ESTATE AND ACCUMULATED DEPRECIATION
Aggregate gross cost of the property for federal income tax purposes	$ 8,035,421
Changes in total real estate assets
Balances, beginning of year	9,181,338	$ 9,012,706	$ 7,489,735
Additions	4,042,409	943,159	1,909,530
Dispositions and retirements	(445,865)	(774,527)	(386,559)
Balances, end of year	12,777,882	9,181,338	9,012,706
Changes in accumulated depreciation
Balances, beginning of year	1,559,572	1,533,160	1,410,692
Additions	289,178	284,500	241,231
Dispositions and retirements	(138,758)	(258,088)	(118,763)
Balances, end of year	$ 1,709,992	$ 1,559,572	$ 1,533,160
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