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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2015	Feb. 22, 2016	Jun. 30, 2015
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, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		149,149,560
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 11.8

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS:
Property, net	$ 8,796,912	$ 11,067,890
Cash and cash equivalents	86,510	84,907
Restricted cash	41,389	13,530
Tenant and other receivables, net	130,002	132,026
Deferred charges and other assets, net	587,283	759,061
Due from affiliates	83,928	80,232
Investments in unconsolidated joint ventures	1,532,552	984,132
Total assets	11,258,576	13,121,778
Mortgage notes payable:
Related parties	181,318	289,039
Others	4,443,294	5,115,482
Total	4,624,612	5,404,521
Bank and other notes payable	659,130	887,879
Accounts payable and accrued expenses	74,398	115,406
Accrued dividend	337,703	0
Other accrued liabilities	403,281	568,716
Distributions in excess of investments in unconsolidated joint ventures	24,457	29,957
Co-venture obligation	63,756	75,450
Total liabilities	6,187,337	7,081,929
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 154,404,986 and 158,201,996 shares issued and outstanding at December 31, 2015 and 2014, respectively	1,544	1,582
Additional paid-in capital	4,926,630	5,041,797
(Accumulated deficit) retained earnings	(212,760)	596,741
Total stockholders' equity	4,715,414	5,640,120
Noncontrolling interests	355,825	399,729
Total equity	5,071,239	6,039,849
Total liabilities and equity	$ 11,258,576	$ 13,121,778

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
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	154,404,986	158,201,996
Common stock, shares outstanding	154,404,986	158,201,996

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Minimum rents	$ 759,603	$ 633,571	$ 578,113
Percentage rents	25,693	24,350	23,156
Tenant recoveries	415,129	361,119	337,772
Other	61,470	52,226	50,242
Management Companies	26,254	33,981	40,192
Total revenues	1,288,149	1,105,247	1,029,475
Expenses:
Shopping center and operating expenses	379,815	353,505	329,795
Management Companies' operating expenses	92,340	88,424	93,461
REIT general and administrative expenses	29,870	29,412	27,772
Costs related to unsolicited takeover offer	25,204	0	0
Depreciation and amortization	464,472	378,716	357,165
Total expenses before interest	991,701	850,057	808,193
Interest expense:
Related parties	10,515	15,134	15,016
Other	201,428	175,555	182,231
Total interest expense	211,943	190,689	197,247
(Gain) loss on early extinguishment of debt, net	(1,487)	9,551	(1,432)
Total expenses	1,202,157	1,050,297	1,004,008
Equity in income of unconsolidated joint ventures	45,164	60,626	167,580
Co-venture expense	(11,804)	(9,490)	(8,864)
Income tax benefit	3,223	4,269	1,692
Gain (loss) on sale or write down of assets, net	378,248	73,440	(78,057)
Gain on remeasurement of assets	22,089	1,423,136	51,205
Income from continuing operations	522,912	1,606,931	159,023
Discontinued operations:
Gain on disposition of assets, net	0	0	286,414
Income from discontinued operations	0	0	3,522
Total income from discontinued operations	0	0	289,936
Net income	522,912	1,606,931	448,959
Less net income attributable to noncontrolling interests	35,350	107,889	28,869
Net income attributable to the Company	$ 487,562	$ 1,499,042	$ 420,090
Earnings per common share attributable to Company—basic: (in dollars per share)
Income from continuing operations (dollars per share)	$ 3.08	$ 10.46	$ 1.07
Discontinued operations (dollars per share)	0.00	0.00	1.94
Net income attributable to common stockholders (dollars per share)	3.08	10.46	3.01
Earnings per common share attributable to Company—diluted: (in dollars per share)
Income from continuing operations (dollars per share)	3.08	10.45	1.06
Discontinued operations (dollars per share)	0.00	0.00	1.94
Net income attributable to common stockholders (dollars per share)	$ 3.08	$ 10.45	$ 3.00
Weighted average number of common shares outstanding: (in shares)
Basic (shares)	157,916	143,144	139,598
Diluted (shares)	158,060	143,291	139,680

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Shares	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2012			137,507,010
Balance at Dec. 31, 2012	$ 3,416,251	$ 3,077,529	$ 1,375	$ 3,715,895	$ (639,741)	$ 338,722
Increase (Decrease) in Stockholders' Equity
Net income	448,959	420,090			420,090	28,869
Amortization of share and unit-based plans (in shares)			88,039
Amortization of share and unit-based plans	28,122	28,122	$ 0	28,122
Exercise of stock options (in shares)			2,700
Exercise of stock options	99	99		99
Employee stock purchases (in shares)			22,112
Employee stock purchases	$ 1,089	1,089		1,089
Stock offerings, net (in shares)	2,456,956		2,456,956
Stock issued to acquire properties	$ 171,102	171,102	$ 25	171,077
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 (in shares)			656,866
Conversion of noncontrolling interests to common shares		12,984	$ 7	12,977		(12,984)
Redemption of noncontrolling interests	(1,066)	(733)		(733)		(333)
Adjustment of noncontrolling interests in Operating Partnership		(18,817)		(18,817)		18,817
Balance (in shares) at Dec. 31, 2013			140,733,683
Balance at Dec. 31, 2013	3,718,717	3,358,749	$ 1,407	3,906,148	(548,806)	359,968
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 (in shares)			168,379
Amortization of share and unit-based plans	34,873	34,873	$ 2	34,871
Employee stock purchases (in shares)			25,007
Employee stock purchases	1,231	1,231		1,231
Stock offerings, net (in shares)			17,140,845
Stock issued to acquire properties	1,161,274	1,161,274	$ 172	1,161,102
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 (in shares)			134,082
Conversion of noncontrolling interests to common shares		2,410	$ 1	2,409		(2,410)
Redemption of noncontrolling interests	$ (236)	(157)		(157)		(79)
Adjustment of noncontrolling interests in Operating Partnership		(59,949)		(59,949)		59,949
Balance (in shares) at Dec. 31, 2014	158,201,996		158,201,996
Balance at Dec. 31, 2014	$ 6,039,849	5,640,120	$ 1,582	5,041,797	596,741	399,729
Increase (Decrease) in Stockholders' Equity
Net income	522,912	487,562			487,562	35,350
Amortization of share and unit-based plans (in shares)			241,186
Amortization of share and unit-based plans	34,375	34,375	$ 2	34,373
Employee stock purchases (in shares)			23,036
Employee stock purchases	1,512	1,512		1,512
Stock repurchase (in shares)			(4,140,788)
Stock repurchase	(400,144)	(400,144)	$ (41)	(153,602)	(246,501)	0
Distributions paid	(1,050,562)	(1,050,562)			(1,050,562)
Distributions to noncontrolling interests	(74,677)					(74,677)
Contributions from noncontrolling interests	23					23
Other	(1,593)	(1,593)		(1,593)		0
Conversion of noncontrolling interests to common shares (in shares)			79,556
Conversion of noncontrolling interests to common shares		1,559	$ 1	1,558		(1,559)
Redemption of noncontrolling interests	$ (456)	(343)		(343)		(113)
Adjustment of noncontrolling interests in Operating Partnership		2,928		2,928		(2,928)
Balance (in shares) at Dec. 31, 2015	154,404,986		154,404,986
Balance at Dec. 31, 2015	$ 5,071,239	$ 4,715,414	$ 1,544	$ 4,926,630	$ (212,760)	$ 355,825

CONSOLIDATED STATEMENTS OF EQUITY (parenthetical) - $ / shares			12 Months Ended
	Dec. 08, 2015	Oct. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Distributions paid, per share (in dollars per share)	$ 2.00		$ 4.63	$ 2.51	$ 2.36
Dividends declared for common stock		$ 2.00	$ 6.63

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 522,912	$ 1,606,931	$ 448,959
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss on early extinguishment of debt, net	(16,066)	526	(1,432)
(Gain) loss on sale or write down of assets, net	(378,248)	(73,440)	78,057
Gain on remeasurement of assets	(22,089)	(1,423,136)	(51,205)
Gain on disposition of assets, net from discontinued operations	0	0	(286,414)
Depreciation and amortization	471,320	387,785	383,002
Amortization of net premium on mortgage notes payable	(20,232)	(8,906)	(6,822)
Amortization of share and unit-based plans	28,367	29,463	24,207
Straight-line rent adjustment	(7,192)	(5,825)	(7,987)
Amortization of above and below-market leases	(16,510)	(9,083)	(6,726)
Provision for doubtful accounts	4,698	3,962	4,150
Income tax benefit	(3,223)	(4,269)	(1,692)
Equity in income of unconsolidated joint ventures	(45,164)	(60,626)	(167,580)
Co-venture expense	11,804	9,490	8,864
Distributions of income from unconsolidated joint ventures	4,541	2,412	8,538
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	1,908	(12,356)	(5,482)
Other assets	13,892	(15,594)	7,761
Due from affiliates	(7,025)	(1,770)	266
Accounts payable and accrued expenses	(4,014)	(123)	(747)
Other accrued liabilities	698	(24,735)	(5,682)
Net cash provided by operating activities	540,377	400,706	422,035
Cash flows from investing activities:
Acquisition of properties	(26,250)	(15,233)	(516,239)
Development, redevelopment, expansion and renovation of properties	(272,334)	(185,412)	(158,682)
Property improvements	(53,335)	(66,718)	(51,683)
Cash acquired from acquisitions	0	28,890	0
Proceeds from note receivable	1,833	4,825	8,347
Issuance of notes receivable	0	(65,130)	(13,330)
Proceeds from maturities of marketable securities	0	0	23,769
Deposit on acquisition of property	(12,500)	0	0
Deferred leasing costs	(33,902)	(28,019)	(27,669)
Distributions from unconsolidated joint ventures	105,640	78,222	618,048
Contributions to unconsolidated joint ventures	(426,186)	(336,621)	(97,898)
Collections of loans to unconsolidated joint ventures, net	0	2,756	589
Proceeds from sale of assets	646,898	320,123	416,077
Restricted cash	(30,888)	6,526	70,538
Net cash (used in) provided by investing activities	(101,024)	(255,791)	271,867
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	4,080,671	1,204,946	2,572,764
Payments on mortgages, bank and other notes payable	(3,284,213)	(853,080)	(3,051,072)
Deferred financing costs	(11,805)	(1,267)	(11,966)
Payment of finance deposits, net of refunds received	11,138	0	0
Proceeds from share and unit-based plans	1,512	1,231	1,188
Proceeds from stock offerings	0	0	173,011
Payment of stock issuance costs	0	(5,503)	(1,909)
Stock repurchases	(400,144)	0	0
Redemption of noncontrolling interests	(456)	(236)	(1,066)
Contributions from noncontrolling interests	23	0	4,140
Purchase of noncontrolling interest	(1,593)	(55,867)	0
Payment of contingent consideration	0	(18,667)	0
Dividends and distributions	(787,109)	(385,725)	(355,506)
Distributions to co-venture partner	(23,498)	(15,555)	(19,564)
Net cash used in financing activities	(437,750)	(129,723)	(689,980)
Net increase in cash and cash equivalents	1,603	15,192	3,922
Cash and cash equivalents, beginning of year	84,907	69,715	65,793
Cash and cash equivalents, end of year	86,510	84,907	69,715
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	231,106	186,877	195,129
Non-cash investing and financing activities:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	52,983	83,108	41,334
Acquisition of property by issuance of common stock	0	1,166,777	0
Conversion of Operating Partnership Units to common stock	1,559	2,410	12,984
Accrued dividend	337,703	0	0
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities	0	1,414,659	257,064
Mortgage notes payable settled in deed-in-lieu of foreclosure	34,149	0	84,000
Mortgage notes payable assumed by buyers in sales of properties	0	31,725	224,737
Mortgage notes payable assumed by buyer in exchange for investment in unconsolidated joint venture	1,782,455	0	0
Note receivable issued in connection with sale of property	0	9,603	0
Acquisition of property in exchange for settlement of notes receivable	0	14,120	0
Acquisition of property in exchange for investment in unconsolidated joint venture	76,250	15,767	0
Contingent consideration in acquisition of property	0	10,012	0
Assumption of mortgage notes payable and other liabilities from unconsolidated joint ventures	50,000	0	54,271
Application of deposit to acquire property	$ 0	$ 0	$ 30,000

Organization:	12 Months Ended
Organization:	Dec. 31, 2015
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, 2015, the Company was the sole general partner of and held a 93% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado, LLC, a 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, 2015

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 $7,192, $5,825 and $7,498 due to the straight-line rent adjustment during the years ended December 31, 2015, 2014 and 2013, 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, Candlestick Center LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures as it shares management control with the partners in these joint venture and, therefore, accounts for its investments in these joint ventures 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 any below-market fixed rate renewal options. 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.

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, 2015, 2014 or 2013.

Management Estimates:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements:

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue From Contracts With Customers,” which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 by one year. Accordingly, ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements.

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for the Company beginning January 1, 2016. Early adoption is permitted. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. ASU 2015-03 is effective for the Company beginning January 1, 2016. Early adoption is permitted. Upon adoption, the Company will apply the new standard on a retrospective basis and adjust the balance sheet of each individual period to reflect the period-specific effects of applying the new standard. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements.

In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which requires adjustments to provisional amounts used in business combinations during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. It also requires the disclosure of the impact on changes in estimates on earnings, depreciation, amortization and other income effects. ASU 2015-16 is effective for the Company beginning January 1, 2016. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements.

Earnings Per Share ("EPS"):

12 Months Ended

Dec. 31, 2015

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):



	2015			2014			2013
Numerator
Income from continuing operations	$	522,912		$	1,606,931		$	159,023
Income from discontinued operations	—			—			289,936
Net income attributable to noncontrolling interests	(35,350		)	(107,889		)	(28,869		)
Net income attributable to the Company	487,562			1,499,042			420,090
Allocation of earnings to participating securities	(1,493		)	(1,576		)	(397		)
Numerator for basic and diluted earnings per share—net income attributable to common stockholders	$	486,069		$	1,497,466		$	419,693
Denominator
Denominator for basic earnings per share—weighted average number of common shares outstanding	157,916			143,144			139,598
Effect of dilutive securities (1)
Share and unit based compensation	144			147			82
Denominator for diluted earnings per share—weighted average number of common shares outstanding	158,060			143,291			139,680
Earnings per common share—basic:
Income from continuing operations	$	3.08		$	10.46		$	1.07
Discontinued operations	—			—			1.94
Net income attributable to common stockholders	$	3.08		$	10.46		$	3.01
Earnings per common share—diluted:
Income from continuing operations	$	3.08		$	10.45		$	1.06
Discontinued operations	—			—			1.94
Net income attributable to common stockholders	$	3.08		$	10.45		$	3.00

____________________________________


(1)	Diluted EPS excludes 139,186, 179,667 and 184,304 convertible preferred units for the years ended December 31, 2015, 2014 and 2013, respectively, as their impact was antidilutive.

Diluted EPS excludes 10,562,154 and 10,079,935 and 9,845,602 Operating Partnership units ("OP Units") for the years ended December 31, 2015, 2014 and 2013, respectively, as their effect was antidilutive.

Investments in Unconsolidated Joint Ventures:

12 Months Ended

Dec. 31, 2015

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, 2015 was as follows:



Joint Venture	Ownership %(1)
443 Wabash MAB LLC	45.0	%
AM Tysons LLC	50.0	%
Biltmore Shopping Center Partners LLC	50.0	%
Candlestick Center LLC—Fashion Outlets of San Francisco	50.1	%
Coolidge Holding LLC	37.5	%
Corte Madera Village, LLC	50.1	%
Fashion Outlets of Philadelphia—Various Entities	50.0	%
Jaren Associates #4	12.5	%
Kierland Commons Investment LLC	50.0	%
Macerich Northwestern Associates—Broadway Plaza	50.0	%
MS Portfolio LLC	50.0	%
North Bridge Chicago LLC	50.0	%
One Scottsdale Investors LLC	50.0	%
Pacific Premier Retail LLC—Various Properties	60.0	%
Propcor II Associates, LLC—Boulevard Shops	50.0	%
Scottsdale Fashion Square Partnership	50.0	%
The Market at Estrella Falls LLC	40.1	%
Tysons Corner LLC	50.0	%
Tysons Corner Hotel I 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	38.0	%
Westcor/Surprise Auto Park LLC	33.3	%
WMAP, L.L.C.—Atlas Park	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.

The Company has made the following investments and dispositions in unconsolidated joint ventures during the years ended December 31, 2015, 2014 and 2013:

On May 29, 2013, the Company's joint venture in Pacific Premier Retail LLC 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 LLC 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 LLC 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 LLC. 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 Fashion Outlets of Philadelphia, a 1,376,000 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 Fashion Outlets of San Francisco, a 500,000 square foot outlet center 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 Fashion Outlets of San Francisco (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 LLC and Queens JV LP, which together owned five Centers: Lakewood Center, a 2,075,000 square foot regional shopping center in Lakewood, California; Los Cerritos Center, a 1,292,000 square foot regional shopping center in Cerritos, California; Queens Center, a 966,000 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 "PPR 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 PPR 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.

On February 17, 2015, the Company acquired the remaining 50% ownership interest in Inland Center, an 866,000 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 mortgage note payable on the property. 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 Inland Center under the equity method of accounting. Since the date of acquisition, the Company has included Inland Center in its consolidated financial statements (See Note 13—Acquisitions).

On April 30, 2015, the Company entered into a 50/50 joint venture with Sears to own nine freestanding stores located at Arrowhead Towne Center, Chandler Fashion Center, Danbury Fair Mall, Deptford Mall, Freehold Raceway Mall, Los Cerritos Center, South Plains Mall, Vintage Faire Mall and Washington Square. The Company invested $150,000 for a 50% ownership interest in the joint venture, which was funded by borrowings under the Company's line of credit.

On October 30, 2015, the Company sold a 40% ownership interest in Pacific Premier Retail LLC (the "PPR Portfolio"), which owns Lakewood Center, a 2,075,000 square foot regional shopping center in Lakewood, California; Los Cerritos Center, a 1,292,000 square foot regional shopping center in Cerritos, California; South Plains Mall, a 1,127,000 square foot regional shopping center in Lubbock, Texas; and Washington Square, a 1,441,000 square foot regional shopping center in Portland, Oregon, for a total sales price of $1,258,643, resulting in a gain on sale of assets of $311,194. The sales price was funded by a cash payment of $545,643 and the assumption of a pro rata share of the mortgage notes payable on the properties of $713,000. The Company used the cash proceeds from the sales to pay down its line of credit and for general corporate purposes, which included funding the ASR and Special Dividend (See Note 12—Stockholders' Equity).

On January 6, 2016, the Company sold a 40% ownership interest in Arrowhead Towne Center, a 1,197,000 square foot regional shopping center in Glendale, Arizona; for $284,000 (See Note 22—Subsequent Events). The sales price was funded by a cash payment of $124,000 and the assumption of a pro rata share of the mortgage note payable on the property of $160,000. The Company used the cash proceeds from the sales to pay down its line of credit and for general corporate purposes, which included funding the Special Dividend (See Note 12—Stockholders' Equity).

On January 14, 2016, the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall, a 1,040,000 square foot regional shopping center in Deptford, New Jersey; FlatIron Crossing, a 1,430,000 square foot regional shopping center in Broomfield, Colorado; and Twenty Ninth Street, an 850,000 square foot regional shopping center in Boulder, Colorado for $750,980. The sales price was funded by a cash payment of $458,110 and the assumption of a pro rata share of the mortgage note payable on the properties of $292,870. (See Note 22—Subsequent Events). The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes.

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:



	2015			2014
Assets(1):
Properties, net	$	6,334,442		$	2,967,878
Other assets	517,053			208,726
Total assets	$	6,851,495		$	3,176,604
Liabilities and partners' capital(1):
Mortgage and other notes payable(2)	$	3,614,401		$	2,038,379
Other liabilities	358,156			195,766
Company's capital	1,585,796			489,349
Outside partners' capital	1,293,142			453,110
Total liabilities and partners' capital	$	6,851,495		$	3,176,604
Investment in unconsolidated joint ventures:
Company's capital	$	1,585,796		$	489,349
Basis adjustment(3)	(77,701		)	464,826
	$	1,508,095		$	954,175
Assets—Investments in unconsolidated joint ventures	$	1,532,552		$	984,132
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(24,457		)	(29,957		)
	$	1,508,095		$	954,175

_______________________________________________________________________________


(1)	These amounts include the assets of $3,283,702 and liabilities of $1,938,241 of Pacific Premier Retail LLC as of December 31, 2015.

(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, 2015 and 2014, a total of $5,000 and $33,540, respectively, could become recourse debt to the Company. As of December 31, 2015 and 2014, the Company has an indemnity agreement from a joint venture partner for $2,500 and $16,770, respectively, of the guaranteed amount.

Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $461,778 and $606,263 as of December 31, 2015 and 2014, 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 $29,372, $38,113 and $31,549 for the years ended December 31, 2015, 2014 and 2013, 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 $5,619, $5,109 and $10,734 for the years ended December 31, 2015, 2014 and 2013, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:



	Pacific Premier Retail LLC(1)			Other Joint Ventures			Total
Year Ended December 31, 2015
Revenues:
Minimum rents	$	21,172		$	293,921		$	315,093
Percentage rents	2,569			13,188			15,757
Tenant recoveries	8,408			129,059			137,467
Other	1,182			33,931			35,113
Total revenues	33,331			470,099			503,430
Expenses:
Shopping center and operating expenses	6,852			165,795			172,647
Interest expense	10,448			78,279			88,727
Depreciation and amortization	16,919			133,707			150,626
Total operating expenses	34,219			377,781			412,000
Gain on sale of assets	—			9,850			9,850
Loss on early extinguishment of debt	—			(3		)	(3		)
Net income	$	(888	)	$	102,165		$	101,277
Company's equity in net income	$	1,409		$	43,755		$	45,164

Year Ended December 31, 2014
Revenues:
Minimum rents	$	88,831		$	299,532		$	388,363
Percentage rents	2,652			14,509			17,161
Tenant recoveries	40,118			146,623			186,741
Other	4,090			36,615			40,705
Total revenues	135,691			497,279			632,970
Expenses:
Shopping center and operating expenses	37,113			178,299			215,412
Interest expense	34,113			102,974			137,087
Depreciation and amortization	29,688			114,715			144,403
Total operating expenses	100,914			395,988			496,902
(Loss) gain on sale of assets	(7,044		)	10,687			3,643
Net income	$	27,733		$	111,978		$	139,711
Company's equity in net income	$	9,743		$	50,883		$	60,626



	Pacific Premier Retail LLC(1)		Other Joint Ventures		Total
Year Ended December 31, 2013
Revenues:
Minimum rents	$	118,164	$	300,560	$	418,724
Percentage rents	4,586		15,003		19,589
Tenant recoveries	52,470		151,701		204,171
Other	5,882		39,745		45,627
Total revenues	181,102		507,009		688,111
Expenses:
Shopping center and operating expenses	53,039		176,779		229,818
Interest expense	43,445		101,877		145,322
Depreciation and amortization	39,616		107,693		147,309
Total operating expenses	136,100		386,349		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	$	128,446	$	356,202
Company's equity in net income	$	110,798	$	56,782	$	167,580

_______________________________________________________________________________


(1)	These amounts exclude the results of operations from November 14, 2014 to October 29, 2015, as Pacific Premier Retail LLC became wholly-owned as a result of the PPR Queens Portfolio acquisition. Pacific Premier Retail LLC was converted from wholly-owned to an unconsolidated joint venture effective October 30, 2015, as a result of the PPR Portfolio transaction, as discussed above.

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

Property:

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Property:

Property, net:

Property at December 31, 2015 and 2014 consists of the following:



	2015			2014
Land	$	1,894,717		$	2,242,291
Buildings and improvements	7,752,892			9,479,337
Tenant improvements	637,355			600,436
Equipment and furnishings	169,841			152,554
Construction in progress	234,851			303,264
	10,689,656			12,777,882
Less accumulated depreciation	(1,892,744		)	(1,709,992		)
	$	8,796,912		$	11,067,890

Depreciation expense for the years ended December 31, 2015, 2014 and 2013 was $354,977, $289,178 and $269,790, respectively.

The gain on sale or write down of assets, net for the year ended December 31, 2015 includes the gain of $311,194 on the sale of a 40% ownership interest in the PPR Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures), $73,726 on the sale of Panorama Mall (See Note 14—Dispositions), $2,336 on the sale of assets and $1,807 on the sale of land offset in part by a loss of $10,633 on impairment and $182 on the write-off of development costs. The loss on impairment was due to the reduction of the estimated holding periods of Flagstaff Mall (See Note 8—Mortgage Notes Payable) and a freestanding store.

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 loss on impairment was 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.

Tenant and Other Receivables:	12 Months Ended
Tenant and Other Receivables:	Dec. 31, 2015
Loans and Leases Receivable Disclosure [Abstract]
Tenant and Other Receivables:	Tenant and Other Receivables, net: Included in tenant and other receivables, net is an allowance for doubtful accounts of $3,072 and $3,234 at December 31, 2015 and 2014, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $10,940 and $13,436 at December 31, 2015 and 2014, respectively, and a deferred rent receivable due to straight-line rent adjustments of $60,790 and $57,278 at December 31, 2015 and 2014, 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, 2015 was $6,351 and is collateralized by a trust deed on Lake Square Mall.

Deferred Charges and Other Assets, net:

12 Months Ended

Dec. 31, 2015

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

Deferred Charges and Other Assets, net:

Deferred charges and other assets, net at December 31, 2015 and 2014 consist of the following:



	2015			2014
Leasing	$	248,709		$	239,955
Financing	45,874			47,171
Intangible assets:
In-place lease values(1)	196,969			298,825
Leasing commissions and legal costs(1)	52,000			72,432
Above-market leases	220,847			250,810
Deferred tax assets	38,847			35,625
Deferred compensation plan assets	37,341			35,194
Other assets	70,070			66,246
	910,657			1,046,258
Less accumulated amortization(2)	(323,374		)	(287,197		)
	$	587,283		$	759,061

_______________________________


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



Year Ending December 31,
2016	$	36,275
2017	23,415
2018	18,002
2019	14,874
2020	11,373
Thereafter	35,577
	$	139,516


(2)	Accumulated amortization includes $109,453 and $103,361 relating to in-place lease values, leasing commissions and legal costs at December 31, 2015 and 2014, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $69,460, $52,668 and $53,139 for the years ended December 31, 2015, 2014 and 2013, respectively.

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



	2015			2014
Above-Market Leases
Original allocated value	$	220,847		$	250,810
Less accumulated amortization	(73,520		)	(59,696		)
	$	147,327		$	191,114
Below-Market Leases(1)
Original allocated value	$	227,063		$	375,033
Less accumulated amortization	(101,872		)	(93,511		)
	$	125,191		$	281,522

_______________________________


(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
2016	$	18,360	$	20,309
2017	15,456		16,838
2018	13,045		15,054
2019	10,708		13,380
2020	9,176		10,649
Thereafter	80,582		48,961
	$	147,327	$	125,191

Mortgage Notes Payable:

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Mortgage Notes Payable:

Mortgage notes payable at December 31, 2015 and 2014 consist of the following:



	Carrying Amount of Mortgage Notes(1)
	2015				2014				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(5)	$	—	$	221,194	$	—	$	228,703	2.76	%	$	1,131	2018
Chandler Fashion Center(6)	—		200,000		—		200,000		3.77	%	625		2019
Danbury Fair Mall	111,248		111,249		114,265		114,264		5.53	%	1,538		2020
Deptford Mall(7)	—		193,861		—		197,815		3.76	%	947		2023
Deptford Mall	—		14,001		—		14,285		6.46	%	101		2016
Eastland Mall(8)	—		—		—		168,000		—		—		—
Fashion Outlets of Chicago(9)	—		200,000		—		119,329		1.84	%	291		2020
Fashion Outlets of Niagara Falls USA	—		118,615		—		121,376		4.89	%	727		2020
Flagstaff Mall(10)	—		37,000		—		37,000		8.97	%	153		2015
FlatIron Crossing(7)	—		254,733		—		261,494		3.90	%	1,393		2021
Freehold Raceway Mall(6)	—		225,094		—		229,244		4.20	%	1,132		2018
Great Northern Mall(11)	—		—		—		34,494		—		—		—
Green Acres Mall	—		306,954		—		313,514		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		470,627		—		480,761		3.67	%	2,229		2019
Lakewood Center(12)	—		—		—		253,708		—		—		—
Los Cerritos Center(13)	—		—		103,274		103,274		—		—		—
Northgate Mall(14)	—		64,000		—		64,000		3.30	%	143		2017
Oaks, The	—		205,986		—		210,197		4.14	%	1,064		2022
Pacific View	—		130,458		—		133,200		4.08	%	668		2022
Queens Center	—		600,000		—		600,000		3.49	%	1,744		2025
Santa Monica Place	—		225,089		—		230,344		2.99	%	1,004		2018
SanTan Village Regional Center	—		130,898		—		133,807		3.14	%	589		2019
Stonewood Center	—		105,494		—		111,297		1.80	%	640		2017
Superstition Springs Center(15)	—		67,763		—		68,079		2.17	%	149		2016
Towne Mall	—		22,200		—		22,607		4.48	%	117		2022
Tucson La Encantada	70,070		—		71,500		—		4.23	%	368		2022
Valley Mall(16)	—		—		—		41,368		—		—		—
Valley River Center(17)	—		—		—		120,000		—		—		—
Victor Valley, Mall of	—		115,000		—		115,000		4.00	%	380		2024
Vintage Faire Mall(18)	—		276,117		—		—		3.55	%	1,255		2026
Washington Square(19)	—		—		—		238,696		—		—		—
Westside Pavilion	—		146,961		—		149,626		4.49	%	783		2022
	$	181,318	$	4,443,294	$	289,039	$	5,115,482


(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, 2015 and 2014 consist of the following:



Property Pledged as Collateral	2015			2014
Arrowhead Towne Center	$	8,494		$	11,568
Deptford Mall	(3		)	(8		)
Fashion Outlets of Niagara Falls USA	4,486			5,414
Lakewood Center	—			3,708
Los Cerritos Center	—			17,965
Stonewood Center	5,168			7,980
Superstition Springs Center	263			579
Valley Mall	—			(132		)
Washington Square	—			9,847
	$	18,408		$	56,921


(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 January 6, 2016, the Company replaced the existing loan on the property with a new $400,000 loan that bears interest at an effective rate of 4.05% and matures on February 1, 2028. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the underlying property (See Note 22—Subsequent Events).


(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)	On January 14, 2016, a 49% interest in the loan was assumed by a third party in connection with the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 22—Subsequent Events).


(8)	On December 1, 2015, the Company paid off in full the loan on the property.


(9)	On March 3, 2015, the Company amended the loan on the property. The amended $200,000 loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020. At December 31, 2015 and 2014, the total interest rate was 1.84% and 2.97%, respectively.


(10)	On November 1, 2015, this non-recourse loan went into maturity default. The Company is negotiating with the loan servicer, which will likely result in a transition of the property to the loan servicer or a receiver.


(11)	On June 30, 2015, the Company conveyed the property to the mortgage lender by a deed-in-lieu of foreclosure, which resulted in a loss of $1,627 on the extinguishment of debt (See Note 14—Dispositions).

(12)

On March 2, 2015, the Company paid off in full the loan on the property, which resulted in a gain of $2,245 on the early extinguishment of debt as a result of writing off the related debt premium. On May 12, 2015, the Company placed a new $410,000 loan on the property that bears interest at an effective rate of 3.46% and matures on June 1, 2026. On October 30, 2015, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures).

(13)

On October 30, 2015, the Company replaced the existing loan on the property with a new $525,000 loan that bears interest at an effective rate of 4.00% and matures on November 1, 2027, which resulted in a loss of $859 on the early extinguishment of debt. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures).


(14)	The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At December 31, 2015 and 2014, the total interest rate was 3.30% and 3.05%, respectively.


(15)	The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016. At December 31, 2015 and 2014, the total interest rate was 2.17% and 1.98%, respectively.


(16)	On December 1, 2015, the Company paid off in full the loan on the property, which resulted in a loss of $52 on the early extinguishment of debt.


(17)	On July 31, 2015, the Company paid off in full the loan on the property, which resulted in a loss of $9 on the early extinguishment of debt.


(18)	On February 19, 2015, the Company placed a $280,000 loan on the property that bears interest at an effective rate of 3.55% and matures on March 6, 2026.

(19)

On October 5, 2015, the Company paid off in full the existing loan on the property, which resulted in a gain of $2,367 on the early extinguishment of debt as a result of writing off the related debt premium. On October 29, 2015, the Company placed a new $550,000 loan on the property that bears interest at an effective rate of 3.65% and matures on November 1, 2022. On October 30, 2015, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures).

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, 2015 and 2014, a total of $13,500 and $73,165, respectively, of the mortgage notes payable could become recourse to the Company.

The Company expects all loan maturities during the next twelve months, except Flagstaff 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 Flagstaff Mall, which went into maturity default on November 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, 2015, 2014 and 2013 was $13,052, $12,559 and $10,829, 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, 2015 and 2014 was $4,628,781 and $5,455,453, 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:



Year Ending December 31,
2016	$	155,977
2017	235,501
2018	695,439
2019	809,077
2020	534,886
Thereafter	2,175,324
	4,606,204
Debt premium, net	18,408
	$	4,624,612

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, 2015

Bank and Other Notes Payable:

Bank and Other Notes Payable:

Bank and other notes payable at December 31, 2015 and 2014 consist of the following:

Line of Credit:

The Company has a $1,500,000 revolving line of credit that bears interest at 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, 2015, the borrowing rate on the facility was LIBOR plus 1.50%. As of December 31, 2015 and 2014, borrowings under the line of credit were $650,000 and $752,000, respectively, at an average interest rate of 1.95% and 1.89%, respectively. The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2015 and 2014 was $640,260 and $713,989, 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 bore interest at LIBOR plus a spread of 1.95% to 3.20%, depending on the Company's overall leverage level, and was to mature on December 8, 2018. On October 23, 2015, the Company paid off in full the term loan, which resulted in a loss of $578 on the early extinguishment of debt. As of December 31, 2014, the total interest rate was 2.25%. The estimated fair value (Level 2 measurement) of the term loan at December 31, 2014 was $119,780, based on a present value model using a credit interest rate spread offered to the Company for comparable debt.

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, 2015 and 2014, the note had a balance of $9,130 and $10,879, respectively. The estimated fair value (Level 2 measurement) of the note at December 31, 2015 and 2014 was $9,168 and $11,178, 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, 2015 and 2014, the Company was in compliance with all applicable financial loan covenants.

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



Year Ending December 31,
2016	$	9,130
2018	650,000
	$	659,130

Co-Venture Arrangement:	12 Months Ended
Co-Venture Arrangement:	Dec. 31, 2015
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 1,669,000 square foot regional shopping center in Freehold, New Jersey, and Chandler Fashion Center, a 1,319,000 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 $63,756 and $75,450 at December 31, 2015 and 2014, respectively.

Noncontrolling Interests:	12 Months Ended
Noncontrolling Interests:	Dec. 31, 2015
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 periodically to reflect its ownership interest in the Company. The Company had a 93% and 94% ownership interest in the Operating Partnership as of December 31, 2015 and 2014, respectively. The remaining 7% and 6% limited partnership interest as of December 31, 2015 and 2014, 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 registered or unregistered 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, 2015 and 2014, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $870,625 and $877,184, 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, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity: Stock Buyback Program: On September 30, 2015, the Company's Board of Directors authorized the repurchase of up to $1,200,000 of the Company's outstanding common shares over the period ending September 30, 2017, as market conditions warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including accelerated stock repurchase transactions, or other methods of acquiring shares and pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, from time to time as permitted by securities laws and other legal requirements. On November 12, 2015, the Company entered into an accelerated share repurchase program ("ASR") to repurchase $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,140,788 shares. On January 20, 2016, the ASR was completed and the Company received an additional delivery of 970,609 shares. The average price of the 5,111,397 shares repurchased under the ASR was $78.26 per share. The ASR was funded from proceeds in connection with the financing and sale of the ownership interest in the PPR Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures and Note 22—Subsequent Events). Special Dividends: On October 30, 2015, the Company declared two special dividends/distributions ("Special Dividend"), each of $2.00 per share of common stock and per OP Unit. The first Special Dividend was paid on December 8, 2015 to stockholders and OP Unit holders of record on November 12, 2015. The second Special Dividend was paid on January 6, 2016 to common stockholders and OP Unit holders of record on November 12, 2015. The Special Dividends were funded from proceeds in connection with the financing and sale of ownership interests in the PPR Portfolio and Arrowhead Towne Center (See Note 4—Investments in Unconsolidated Joint Ventures and Note 22—Subsequent Events). 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 2014 ATM Program during the year ended December 31, 2015. As of December 31, 2015, $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 14, 2014, the Company issued 17,140,845 shares of common stock in connection with the acquisition of the PPR 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
-SubTopic 30
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Acquisitions:

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Acquisitions

Acquisitions:

Green Acres Mall:

On January 24, 2013, the Company acquired Green Acres Mall, a 1,799,000 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 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.

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, 2015 to be $10,953, which has been included in other accrued liabilities. As a result of this acquisition, the noncontrolling interest of $76,141 was reversed.

PPR Queens Portfolio:

On November 14, 2014, the Company acquired the remaining 49% ownership interest in the PPR 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 PPR Queens Portfolio.

The following is a summary of the allocation of the fair value of the PPR Queens Portfolio:



Property	$	3,711,819
Deferred charges	155,892
Cash and cash equivalents	28,890
Restricted cash	5,113
Tenant receivables	5,438
Other assets	127,244
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 Company determined that the purchase price represented the fair value of the additional ownership interest in the PPR 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 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 Company included Lakewood Center, Los Cerritos Center and Washington Square in its consolidated financial statements until the Company sold a 40% ownership interest in the PPR Portfolio on October 30, 2015 (See Note 4—Investments in Unconsolidated Joint Ventures). The remaining properties of the PPR Queens Portfolio have been included in the Company's consolidated financial statements from the date of acquisition.

Inland Center:

On February 17, 2015, the Company acquired the remaining 50% ownership interest in Inland Center 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. Prior to the acquisition, the Company had accounted for its investment in Inland Center 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 Inland Center. 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 Inland Center:



Property	$	91,871
Deferred charges	9,752
Other assets	5,782
Total assets acquired	107,405
Mortgage note payable	50,000
Other accrued liabilities	4,905
Total liabilities assumed	54,905
Fair value of acquired net assets (at 100% ownership)	$	52,500

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



Fair value of existing ownership interest (at 50% ownership)	$	26,250
Carrying value of investment	(4,161		)
Gain on remeasurement of assets	$	22,089

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



Purchase price	$	51,250
Less debt assumed	(25,000		)
Carrying value of investment	4,161
Gain on remeasurement of assets	22,089
Fair value of acquired net assets (at 100% ownership)	$	52,500

Since the date of acquisition, the Company has included Inland Center in its consolidated financial statements. The property has generated incremental revenue of $12,829 and incremental net income of $1,892 during the year ended December 31, 2015.

Pro Forma Results of Operations:

The following unaudited pro forma total revenue and income from continuing operations for 2015 and 2014:



	Total revenue		Income from continuing operations
Supplemental pro forma for the year ended December 31, 2015(1)	$	1,287,084	$	502,184
Supplemental pro forma for the year ended December 31, 2014(1)	$	1,371,988	$	199,287

____________________________________

(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 2015 and 2014 acquisitions occurred on January 1, 2014 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

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+ Details

Dispositions:	12 Months Ended
Dispositions:	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Dispositions:	Dispositions: 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 September 30, 2013, the Company conveyed Fiesta Mall, a 933,000 square foot regional shopping center in Mesa, Arizona, 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 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 year ended December 31, 2013. Revenues and income from discontinued operations were $54,752 and $289,936, respectively, for the year ended December 31, 2013. On January 1, 2014, the Company adopted ASU 2014-08, which amended the definition of discontinued operations and the disclosure for the disposal transactions. The Company determined that none of the disposals during the years ended December 31, 2015 and 2014 represented discontinued operations. As a result, the following dispositions during the year ended December 31, 2015 and 2014 have been included in 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 $472. 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, net). 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. On June 30, 2015, the Company conveyed Great Northern Mall, an 895,000 square foot regional shopping center in Clay, New York, to the mortgage lender by a deed-in-lieu of foreclosure and was discharged from the mortgage note payable. The loan was nonrecourse to the Company. As a result, the Company recognized a loss on the extinguishment of debt of $1,627 (See Note 8—Mortgage Notes Payable). On November 19, 2015, the Company sold Panorama Mall, a 312,000 square foot community center in Panorama City, California, for $98,000, resulting in a gain on the sale of assets of $73,726. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes.

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Future Rental Revenues:

12 Months Ended

Dec. 31, 2015

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,
2016	$	496,683
2017	423,057
2018	369,999
2019	319,535
2020	275,105
Thereafter	969,731
	$	2,854,110

Commitments and Contingencies:

12 Months Ended

Dec. 31, 2015

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 $11,870, $10,968 and $10,579 for the years ended December 31, 2015, 2014 and 2013, respectively. No contingent rent was incurred for the years ended December 31, 2015, 2014 or 2013.

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



Year Ending December 31,
2016	$	15,695
2017	15,632
2018	11,249
2019	9,629
2020	9,637
Thereafter	283,154
	$	344,996

As of December 31, 2015, the Company was contingently liable for $62,788 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, 2015, the Company had $32,006 in outstanding obligations, which it believes will be settled in the next twelve months.

Related-Party Transactions:

12 Months Ended

Dec. 31, 2015

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:



	2015		2014		2013
Management fees	$	10,064	$	16,751	$	19,726
Development and leasing fees	9,615		10,528		9,936
	$	19,679	$	27,279	$	29,662

Certain mortgage notes on the properties are held by NML (See Note 8—Mortgage Notes Payable). Interest expense in connection with these notes was $10,515, $15,134 and $15,016 for the years ended December 31, 2015, 2014 and 2013, respectively. Included in accounts payable and accrued expenses is interest payable to this related party of $756 and $1,125 at December 31, 2015 and 2014, respectively.

During the years ended December 31, 2014 and 2013, 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 and $281 for the years ended December 31, 2014 and 2013, respectively.

Due from affiliates includes $7,467 and $3,869 of unreimbursed costs and fees due from unconsolidated joint ventures under management agreements at December 31, 2015 and 2014, 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 537,000 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). 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, 2015 and 2014 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 $520, $614 and $525 for the years ended December 31, 2015, 2014 and 2013, respectively. The balance on this note receivable was $9,252 and $11,027 at December 31, 2015 and 2014, 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 from Lennar Corporation that bears interest at LIBOR plus 2% and matures upon the completion of certain milestones in connection with the development of Fashion Outlets of San Francisco (See Note 4—Investments in Unconsolidated Joint Ventures). Interest income earned on this note was $1,872 and $206 for the years ended December 31, 2015 and 2014, respectively. The balance on this note was $67,209 and $65,336 at December 31, 2015 and 2014, respectively. Lennar Corporation is considered a related party because it has an ownership interest in Fashion Outlets of San Francisco.

- 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, 2015

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, 2015, 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, 2015, there were 2,285,318 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, 2015, 2014 and 2013:



	2015				2014				2013
	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	9,189		$	59.25	19,001		$	56.77	20,924		$	49.36
Granted	—		—		—		—		8,963		61.84
Vested	(7,577	)	58.67		(9,812	)	54.45		(10,886	)	46.70
Balance at end of year	1,612		$	62.01	9,189		$	59.25	19,001		$	56.77

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 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, 2015, 2014 and 2013:



	2015				2014				2013
	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	144,374		$	59.94	137,318		$	57.24	114,677		$	52.19
Granted	77,282		86.53		75,309		60.50		67,920		62.01
Vested	(86,761	)	61.29		(68,253	)	55.14		(45,279	)	51.59
Forfeited	(2,809	)	86.72		—		—		—		—
Balance at end of year	132,086		$	74.58	144,374		$	59.94	137,318		$	57.24

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.

In connection with the payment of the Special Dividend of $2.00 per share of common stock on December 8, 2015 (See Note 12—Stockholders' Equity), the compensation committee approved an adjustment to all outstanding SARs. The exercise price and number of outstanding SARs were adjusted such that each SAR had the same fair value to the holder before and after giving effect to the payment of the special dividend. As a result, the 407,823 outstanding SARs with a weighted-average price of $56.49 were adjusted to 417,783 outstanding SARs with a weighted average price of $55.13.

The following table summarizes the activity of SARs awards during the years ended December 31, 2015, 2014 and 2013:



	2015				2014				2013
	Units		Weighted Average Exercise Price		Units		Weighted Average Exercise Price		Units		Weighted Average Exercise Price
Balance at beginning of year	772,639		$	56.67	1,070,991		$	56.66	1,164,185		$	56.66
Granted	—		—		—		—		—		—
Exercised	(364,807	)	56.86		(298,352	)	56.63		(93,194	)	56.63
Special dividend adjustment	9,951		55.13		—		—		—		—
Balance at end of year	417,783		$	55.13	772,639		$	56.67	1,070,991		$	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 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.

On January 1, 2015, the Company granted 49,451 LTIP Units with a grant date fair value of $83.41 per LTIP Unit that will vest in equal annual installments over a service period ending December 31, 2017. Concurrently, the Company granted 186,450 market-indexed LTIP Units ("2015 LTIP Units") at a grant date fair value of $66.37 per LTIP Unit that vested over a service period ending December 31, 2015. The 2015 LTIP Units were equally divided between two types of awards. The terms of both types of awards were the same, except one award has an additional 3% absolute total stockholder return requirement, which if it is not met, then such LTIP Units will not vest. The grant date fair value of the 2015 LTIP Units assumed a risk free interest rate of 0.25% and an expected volatility of 16.81%. On January 7, 2016, the compensation committee determined that the 2015 LTIP Units had vested at a 130% 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, 2015 to December 31, 2015. In addition, the compensation committee determined that the applicable 3% absolute Total Return requirement was exceeded. As a result, an additional 55,934 fully-vested LTIP Units were granted on December 31, 2015.

On March 6, 2015, the Company granted 132,607 LTIP Units at a fair value of $86.72 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, 2015, 2014 and 2013:



	2015				2014				2013
	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	46,695		$	58.89	—		$	—	200,000		$	38.63
Granted	424,442		74.71		725,908		51.71		332,189		66.58
Vested	(414,822	)	73.13		(679,213	)	51.22		(518,900	)	55.81
Forfeited	—		—		—		—		(13,289	)	66.58
Balance at end of year	56,315		$	73.24	46,695		$	58.89	—		$	—

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.

In connection with the payment of the Special Dividend of $2.00 per share of common stock on December 8, 2015 (See Note 12—Stockholders' Equity), the compensation committee approved an adjustment to all outstanding stock options. The exercise price and number of outstanding stock options were adjusted such that each stock option had the same fair value to the holder before and after giving effect to the payment of the special dividend. As a result, the 10,068 outstanding stock options with a weighted-average price of $59.57 were adjusted to 10,314 outstanding stock options with a weighted average price of $58.15.

The following table summarizes the activity of stock options for the years ended December 31, 2015, 2014 and 2013:



	2015			2014			2013
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options		Weighted Average Exercise Price
Balance at beginning of year	10,068	$	59.57	10,068	$	59.57	12,768		$	54.69
Granted	—	—		—	—		—		—
Exercised	—	—		—	—		(2,700	)	36.51
Special dividend adjustment	246	58.15		—	—		—		—
Balance at end of year	10,314	$	58.15	10,068	$	59.57	10,068		$	59.57

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, 2015, there were 199,603 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, 2015, 2014 and 2013:



	2015				2014				2013
	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	9,269		$	58.35	17,575		$	58.66	—		$	—
Granted	13,351		78.72		10,747		65.54		34,266		59.04
Vested	(20,162	)	72.17		(19,053	)	62.69		(16,691	)	59.44
Forfeited	(2,458	)	55.62		—		—		—		—
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, 2015 was 517,285.

Compensation:

The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2015, 2014 and 2013:



	2015		2014		2013
Stock awards	$	252	$	365	$	497
Stock units	6,041		4,689		3,839
LTIP units	26,622		28,598		22,778
Stock options	16		16		16
Phantom stock units	1,444		1,205		992
	$	34,375	$	34,873	$	28,122

The Company capitalized share and unit-based compensation costs of $6,008, $5,410 and $3,915 for the years ended December 31, 2015, 2014 and 2013, respectively.

The fair value of the stock awards and stock units that vested during the years ended December 31, 2015, 2014 and 2013 was $8,794, $4,685 and $3,516, respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2015 consisted of $4,128 from LTIP Units, $20 from stock awards, $3,488 from stock units and $27 from stock options.

Employee Benefit Plans:	12 Months Ended
Employee Benefit Plans:	Dec. 31, 2015
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, 2015, 2014 and 2013, these matching contributions made by the Company were $3,299, $3,253 and $3,017, 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 $933, $845 and $843 to the plans during the years ended December 31, 2015, 2014 and 2013, respectively. Contributions are recognized as compensation in the periods they are made.

Income Taxes:

12 Months Ended

Dec. 31, 2015

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, 2015, 2014 and 2013 are as follows:



	2015 (1)				2014				2013
Ordinary income	$	1.20	24.8	%	$	1.92	76.5	%	$	1.02	43.3	%
Capital gains	3.64		75.2	%	0.16		6.4	%	1.24		52.5	%
Unrecaptured Section 1250 gain	—		—	%	0.05		2.0	%	0.10		4.2	%
Return of capital	—		—	%	0.38		15.1	%	—		—	%
Dividends paid	$	4.84	100.0	%	$	2.51	100.0	%	$	2.36	100.0	%

_______________________________________________________________________________

(1)

During the year ended December 31, 2015, the Company paid cash dividends of $4.63 per common share. In addition, the Company declared a $2.00 special cash dividend to shareholders of record as of November 12, 2015 which was paid on January 6, 2016 (See Note 12—Stockholders' Equity). Pursuant to relevant U.S. tax rules, $0.21 per common share of this dividend is treated as having been paid by the Company on December 31, 2015, and received by each shareholder of record as of November 12, 2015 on December 31, 2015.

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 of the TRSs for the years ended December 31, 2015, 2014 and 2013 are as follows:



	2015		2014		2013
Current	$	—	$	—	$	(142	)
Deferred	3,223		4,269		1,834
Income tax benefit	$	3,223	$	4,269	$	1,692

Income tax benefit of the TRSs for the years ended December 31, 2015, 2014 and 2013 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:



	2015			2014		2013
Book loss for TRSs	$	10,681		$	10,785	$	11,709
Tax at statutory rate on earnings from continuing operations before income taxes	$	3,632		$	3,667	$	3,981
Other	(409		)	602		(2,289		)
Income tax benefit	$	3,223		$	4,269	$	1,692

The net operating loss carryforwards are currently scheduled to expire through 2035, beginning in 2024. Net deferred tax assets of $38,847 and $35,625 were included in deferred charges and other assets, net at December 31, 2015 and 2014, respectively.

The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2015 and 2014 are summarized as follows:



	2015		2014
Net operating loss carryforwards	$	25,340	$	24,698
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	10,600		8,201
Other	2,907		2,726
Net deferred tax assets	$	38,847	$	35,625

For the years ended December 31, 2015, 2014 and 2013 there were no unrecognized tax benefits.

The tax years 2011 through 2015 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, 2015

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, 2015 and 2014:



	2015 Quarter Ended								2014 Quarter Ended
	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
Revenues	$	320,758	$	326,262	$	322,794	$	318,335	$	322,909	$	263,491	$	254,336	$	264,511
Net income attributable to the Company(1)	$	414,959	$	33,597	$	14,395	$	24,611	$	1,429,221	$	35,914	$	16,088	$	17,819
Net income attributable to common stockholders per share-basic	$	2.65	$	0.21	$	0.09	$	0.15	$	9.52	$	0.25	$	0.11	$	0.13
Net income attributable to common stockholders per share-diluted	$	2.65	$	0.21	$	0.09	$	0.15	$	9.51	$	0.25	$	0.11	$	0.13

_____________________

(1)

Net income attributable to the Company for the quarter ended December 31, 2015 includes the gain on sale of assets of $311,194 from the sale of the PPR Portfolio transaction (See Note 4—Investments in Unconsolidated Joint Ventures) and $73,726 from the sale of Panorama Mall (See Note 14—Dispositions). 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 PPR Queens Portfolio (See Note 13—Acquisitions).

Subsequent Events:	12 Months Ended
Subsequent Events:	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events:	Subsequent Events: On January 4, 2016, the Company announced that it had reached an agreement with Taubman Centers, Inc. to form a 50/50 joint venture, to acquire Country Club Plaza, a 1,300,000 square foot regional shopping center in Kansas City, Missouri for a total purchase price of $660,000. The Company anticipates that it will fund its pro rata share of $330,000 with borrowings under its line of credit. The Company expects the purchase of Country Club Plaza, which is subject to usual and customary closing conditions, will be completed in the first quarter of 2016. On January 6, 2016, the Company replaced the existing loan on Arrowhead Towne Center with a new $400,000 loan that bears interest at 4.05% and matures on February 1, 2028. Concurrent with the refinancing, the Company sold a 40% ownership interest in Arrowhead Towne Center for $284,000. The sales price was funded by a cash payment of $124,000 and the assumption of a pro rata share of the mortgage note payable on the property of $160,000. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes, which included funding the Special Dividend (See Note 12—Stockholders' Equity). On January 14, 2016, the Company placed a $150,000 loan on Twenty Ninth Street that bears interest at an effective rate of 4.10% and matures on February 6, 2026. The Company used the cash proceeds from the sales to pay down its line of credit and for general corporate purposes. On January 14, 2016, the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall, a 1,040,000 square foot regional shopping center in Deptford, New Jersey; FlatIron Crossing, a 1,430,000 square foot regional shopping center in Broomfield, Colorado; and Twenty Ninth Street, an 850,000 square foot regional shopping center in Boulder, Colorado (the "MAC Heitman Portfolio"), for $750,980. The sales price was funded by a cash payment of $458,110 and the assumption of a pro rata share of the mortgage note payable on the properties of $292,870. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. On January 20, 2016, the Company completed its ASR program and took delivery of an additional 970,609 shares. Upon the Completion of the ASR, the Company had repurchased a total of 5,111,397 shares with an average price of $78.26 (See Note 12—Stockholders' Equity). On January 29, 2016, the Company announced a dividend/distribution of $0.68 per share for common stockholders and OP Unit holders of record on February 19, 2016. All dividends/distributions will be paid 100% in cash on March 4, 2016. On February 17, 2016, the Company entered into an ASR to repurchase $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,222,193 shares. The Company expects to complete the ASR on or before April 22, 2016. The ASR was funded from borrowings under the Company's line of credit, which had been recently paid down from the proceeds from the recently completed financings and sale of ownership interests (See Note 4—Investments in Unconsolidated Joint Ventures).

Schedule III-Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2015

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	$	—	$	21,261		$	35,556	$	390,182	$	2,502	$	16,370	$	444,610	$	32,730	$	411,880
Black Canyon	20,600		—		—		9,766			30,349		—		—		17		30,366		—		30,366
Capitola Mall	20,395		59,221		—		13,088			20,392		70,799		1,220		293		92,704		32,842		59,862
Cascade Mall	19,253		9,671		—		(459		)	18,699		9,664		102		—		28,465		769		27,696
Chandler Fashion Center	24,188		223,143		—		15,959			24,188		233,857		5,245		—		263,290		90,346		172,944
Danbury Fair Mall	130,367		316,951		—		99,864			142,751		398,254		6,104		73		547,182		117,300		429,882
Deptford Mall	48,370		194,250		—		51,415			61,029		230,414		2,584		8		294,035		60,013		234,022
Desert Sky Mall	9,447		37,245		12		3,225			9,082		39,794		1,053		—		49,929		6,903		43,026
Eastland Mall	22,050		151,605		—		6,736			22,066		157,079		874		372		180,391		18,575		161,816
Estrella Falls	10,550		—		—		65,457			9,405		—		—		66,602		76,007		—		76,007
Fashion Outlets of Chicago	—		—		—		253,469			40,575		209,834		2,308		752		253,469		24,121		229,348
Fashion Outlets of Niagara Falls USA	18,581		210,139		—		106,381			22,963		308,795		2,059		1,284		335,101		37,666		297,435
Flagstaff Mall	5,480		31,773		—		13,249			4,882		44,982		638		—		50,502		18,283		32,219
The Marketplace at Flagstaff	—		—		—		52,832			—		52,830		2		—		52,832		18,633		34,199
FlatIron Crossing	109,851		333,540		—		20,011			109,851		352,112		1,247		192		463,402		37,775		425,627
Freehold Raceway Mall	164,986		362,841		—		99,499			168,098		454,810		4,418		—		627,326		148,648		478,678
Fresno Fashion Fair	17,966		72,194		—		48,523			17,966		118,833		1,723		161		138,683		55,365		83,318
Green Acres Mall	156,640		321,034		—		93,099			156,640		355,992		5,953		52,188		570,773		38,272		532,501
Inland Center	8,321		83,550		—		2,838			8,280		84,416		16		1,997		94,709		3,520		91,189
Kings Plaza Shopping Center	209,041		485,548		20,000		58,633			206,969		532,089		23,415		10,749		773,222		53,286		719,936
La Cumbre Plaza	18,122		21,492		—		24,614			17,280		46,364		359		225		64,228		21,629		42,599
Macerich Management Co.	—		8,685		26,562		36,743			1,577		8,035		58,294		4,084		71,990		46,489		25,501
MACWH, LP	—		25,771		—		16,987			11,557		27,455		—		3,746		42,758		7,700		35,058
Northgate Mall	8,400		34,865		841		103,504			13,414		130,984		3,127		85		147,610		66,699		80,911
NorthPark Mall	7,746		74,661		—		8,912			7,885		82,961		458		15		91,319		10,983		80,336
Oaks, The	32,300		117,156		—		247,064			55,527		334,677		2,654		3,662		396,520		113,632		282,888
Pacific View	8,697		8,696		—		129,050			7,854		136,075		2,476		38		146,443		59,044		87,399
Paradise Valley Mall	24,565		125,996		—		42,604			35,921		154,278		2,317		649		193,165		63,169		129,996
Paradise Village Ground Leases	8,880		2,489		—		(6,876		)	3,870		623		—		—		4,493		317		4,176
Paradise Village Office Park II	1,150		1,790		—		3,453			2,300		3,584		509		—		6,393		2,293		4,100
Promenade at Casa Grande	15,089		—		—		84,112			8,586		90,541		74		—		99,201		35,048		64,153
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
Queens Center	$	251,474	$	1,039,922	$	—	$	6,106		$	256,786	$	1,038,998	$	1,434	$	284	$	1,297,502	$	31,204	$	1,266,298
Santa Monica Place	26,400		105,600		—		323,012			48,374		396,190		8,058		2,390		455,012		80,324		374,688
SanTan Adjacent Land	29,414		—		—		6,893			30,506		—		—		5,801		36,307		—		36,307
SanTan Village Regional Center	7,827		—		—		195,686			6,344		195,833		1,336		—		203,513		76,088		127,425
SouthPark Mall	7,035		38,215		—		23,120			7,479		60,516		361		14		68,370		6,288		62,082
Southridge Center	6,764		—		—		19,451			6,514		19,585		98		18		26,215		2,662		23,553
Stonewood Center	4,948		302,527		—		1,595			4,935		303,697		45		393		309,070		10,530		298,540
Superstition Springs Center	10,928		112,718		—		5,333			10,928		117,891		160		—		128,979		7,522		121,457
Superstition Springs Power Center	1,618		4,420		—		203			1,618		4,540		83		—		6,241		1,595		4,646
Tangerine (Marana), The Shops at	36,158		—		—		(9,232		)	16,922		—		—		10,004		26,926		—		26,926
The Macerich Partnership, L.P.	—		2,534		—		8,449			—		—		10,823		160		10,983		1,694		9,289
Towne Mall	6,652		31,184		—		4,062			6,877		34,530		491		—		41,898		12,761		29,137
Tucson La Encantada	12,800		19,699		—		55,276			12,800		74,435		530		10		87,775		37,790		49,985
Twenty Ninth Street	—		37,843		64		213,175			23,599		225,584		1,603		296		251,082		94,861		156,221
Valley Mall	16,045		26,098		—		9,719			15,616		35,869		326		51		51,862		4,566		47,296
Valley River Center	24,854		147,715		—		21,074			24,854		166,894		1,895		—		193,643		49,543		144,100
Victor Valley, Mall of	15,700		75,230		—		51,313			20,080		120,135		2,028		—		142,243		39,177		103,066
Vintage Faire Mall	14,902		60,532		—		56,441			17,647		112,898		1,316		14		131,875		61,773		70,102
Westside Pavilion	34,100		136,819		—		71,277			34,100		201,207		5,787		1,102		242,196		94,956		147,240
Wilton Mall	19,743		67,855		—		24,154			19,810		90,735		1,126		81		111,752		27,603		84,149
500 North Michigan Avenue	12,851		55,358		—		7,600			10,994		50,907		168		13,740		75,809		7,315		68,494
Mervyn's (former locations)	10,094		68,660		—		7,031			10,094		75,249		442		—		85,785		20,832		64,953
Other land and development properties	49,913		—		—		23,587			32,328		4,241		—		36,931		73,500		1,610		71,890
	$	1,757,942	$	6,033,897	$	47,479	$	2,850,338		$	1,894,717	$	8,390,247	$	169,841	$	234,851	$	10,689,656	$	1,892,744	$	8,796,912

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, 2015 are as follows:



	2015			2014			2013
Balances, beginning of year	$	12,777,882		$	9,181,338		$	9,012,706
Additions	392,575			4,042,409			943,159
Dispositions and retirements	(2,480,801		)	(445,865		)	(774,527		)
Balances, end of year	$	10,689,656		$	12,777,882		$	9,181,338

The aggregate gross cost of the property included in the table above for federal income tax purposes was $7,440,059 (unaudited) at December 31, 2015.

The changes in accumulated depreciation for the three years ended December 31, 2015 are as follows:



	2015			2014			2013
Balances, beginning of year	$	1,709,992		$	1,559,572		$	1,533,160
Additions	354,977			289,178			284,500
Dispositions and retirements	(172,225		)	(138,758		)	(258,088		)
Balances, end of year	$	1,892,744		$	1,709,992		$	1,559,572

See accompanying report of independent registered public accounting firm.

Summary of Significant Accounting Policies: (Policies)	12 Months Ended
Summary of Significant Accounting Policies: (Policies)	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation:	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:	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:	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. 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."
Property:	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.
Capitalization of Costs:	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:	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, Candlestick Center LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures as it shares management control with the partners in these joint venture and, therefore, accounts for its investments in these joint ventures 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:	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 any below-market fixed rate renewal options. 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.
Deferred Charges:	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.
Accounting for Impairment:	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:	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:	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:	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:	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:	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:	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, 2015, 2014 or 2013.
Management Estimates:	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:	Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue From Contracts With Customers,” which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 by one year. Accordingly, ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for the Company beginning January 1, 2016. Early adoption is permitted. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. ASU 2015-03 is effective for the Company beginning January 1, 2016. Early adoption is permitted. Upon adoption, the Company will apply the new standard on a retrospective basis and adjust the balance sheet of each individual period to reflect the period-specific effects of applying the new standard. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which requires adjustments to provisional amounts used in business combinations during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. It also requires the disclosure of the impact on changes in estimates on earnings, depreciation, amortization and other income effects. ASU 2015-16 is effective for the Company beginning January 1, 2016. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements.

Summary of Significant Accounting Policies: (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015

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):



	2015			2014			2013
Numerator
Income from continuing operations	$	522,912		$	1,606,931		$	159,023
Income from discontinued operations	—			—			289,936
Net income attributable to noncontrolling interests	(35,350		)	(107,889		)	(28,869		)
Net income attributable to the Company	487,562			1,499,042			420,090
Allocation of earnings to participating securities	(1,493		)	(1,576		)	(397		)
Numerator for basic and diluted earnings per share—net income attributable to common stockholders	$	486,069		$	1,497,466		$	419,693
Denominator
Denominator for basic earnings per share—weighted average number of common shares outstanding	157,916			143,144			139,598
Effect of dilutive securities (1)
Share and unit based compensation	144			147			82
Denominator for diluted earnings per share—weighted average number of common shares outstanding	158,060			143,291			139,680
Earnings per common share—basic:
Income from continuing operations	$	3.08		$	10.46		$	1.07
Discontinued operations	—			—			1.94
Net income attributable to common stockholders	$	3.08		$	10.46		$	3.01
Earnings per common share—diluted:
Income from continuing operations	$	3.08		$	10.45		$	1.06
Discontinued operations	—			—			1.94
Net income attributable to common stockholders	$	3.08		$	10.45		$	3.00

____________________________________


(1)	Diluted EPS excludes 139,186, 179,667 and 184,304 convertible preferred units for the years ended December 31, 2015, 2014 and 2013, respectively, as their impact was antidilutive.

Investments in Unconsolidated Joint Ventures: (Tables)

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Schedule of ownership interest in joint ventures



Joint Venture	Ownership %(1)
443 Wabash MAB LLC	45.0	%
AM Tysons LLC	50.0	%
Biltmore Shopping Center Partners LLC	50.0	%
Candlestick Center LLC—Fashion Outlets of San Francisco	50.1	%
Coolidge Holding LLC	37.5	%
Corte Madera Village, LLC	50.1	%
Fashion Outlets of Philadelphia—Various Entities	50.0	%
Jaren Associates #4	12.5	%
Kierland Commons Investment LLC	50.0	%
Macerich Northwestern Associates—Broadway Plaza	50.0	%
MS Portfolio LLC	50.0	%
North Bridge Chicago LLC	50.0	%
One Scottsdale Investors LLC	50.0	%
Pacific Premier Retail LLC—Various Properties	60.0	%
Propcor II Associates, LLC—Boulevard Shops	50.0	%
Scottsdale Fashion Square Partnership	50.0	%
The Market at Estrella Falls LLC	40.1	%
Tysons Corner LLC	50.0	%
Tysons Corner Hotel I 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	38.0	%
Westcor/Surprise Auto Park LLC	33.3	%
WMAP, L.L.C.—Atlas Park	50.0	%

_______________________________________________________________________________

(1)

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:



	2015			2014
Assets(1):
Properties, net	$	6,334,442		$	2,967,878
Other assets	517,053			208,726
Total assets	$	6,851,495		$	3,176,604
Liabilities and partners' capital(1):
Mortgage and other notes payable(2)	$	3,614,401		$	2,038,379
Other liabilities	358,156			195,766
Company's capital	1,585,796			489,349
Outside partners' capital	1,293,142			453,110
Total liabilities and partners' capital	$	6,851,495		$	3,176,604
Investment in unconsolidated joint ventures:
Company's capital	$	1,585,796		$	489,349
Basis adjustment(3)	(77,701		)	464,826
	$	1,508,095		$	954,175
Assets—Investments in unconsolidated joint ventures	$	1,532,552		$	984,132
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(24,457		)	(29,957		)
	$	1,508,095		$	954,175

_______________________________________________________________________________


(1)	These amounts include the assets of $3,283,702 and liabilities of $1,938,241 of Pacific Premier Retail LLC as of December 31, 2015.

(2)


(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 $5,619, $5,109 and $10,734 for the years ended December 31, 2015, 2014 and 2013, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:



	Pacific Premier Retail LLC(1)			Other Joint Ventures			Total
Year Ended December 31, 2015
Revenues:
Minimum rents	$	21,172		$	293,921		$	315,093
Percentage rents	2,569			13,188			15,757
Tenant recoveries	8,408			129,059			137,467
Other	1,182			33,931			35,113
Total revenues	33,331			470,099			503,430
Expenses:
Shopping center and operating expenses	6,852			165,795			172,647
Interest expense	10,448			78,279			88,727
Depreciation and amortization	16,919			133,707			150,626
Total operating expenses	34,219			377,781			412,000
Gain on sale of assets	—			9,850			9,850
Loss on early extinguishment of debt	—			(3		)	(3		)
Net income	$	(888	)	$	102,165		$	101,277
Company's equity in net income	$	1,409		$	43,755		$	45,164

Year Ended December 31, 2014
Revenues:
Minimum rents	$	88,831		$	299,532		$	388,363
Percentage rents	2,652			14,509			17,161
Tenant recoveries	40,118			146,623			186,741
Other	4,090			36,615			40,705
Total revenues	135,691			497,279			632,970
Expenses:
Shopping center and operating expenses	37,113			178,299			215,412
Interest expense	34,113			102,974			137,087
Depreciation and amortization	29,688			114,715			144,403
Total operating expenses	100,914			395,988			496,902
(Loss) gain on sale of assets	(7,044		)	10,687			3,643
Net income	$	27,733		$	111,978		$	139,711
Company's equity in net income	$	9,743		$	50,883		$	60,626



	Pacific Premier Retail LLC(1)		Other Joint Ventures		Total
Year Ended December 31, 2013
Revenues:
Minimum rents	$	118,164	$	300,560	$	418,724
Percentage rents	4,586		15,003		19,589
Tenant recoveries	52,470		151,701		204,171
Other	5,882		39,745		45,627
Total revenues	181,102		507,009		688,111
Expenses:
Shopping center and operating expenses	53,039		176,779		229,818
Interest expense	43,445		101,877		145,322
Depreciation and amortization	39,616		107,693		147,309
Total operating expenses	136,100		386,349		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	$	128,446	$	356,202
Company's equity in net income	$	110,798	$	56,782	$	167,580

_______________________________________________________________________________


(1)	These amounts exclude the results of operations from November 14, 2014 to October 29, 2015, as Pacific Premier Retail LLC became wholly-owned as a result of the PPR Queens Portfolio acquisition. Pacific Premier Retail LLC was converted from wholly-owned to an unconsolidated joint venture effective October 30, 2015, as a result of the PPR Portfolio transaction, as discussed above.

Property: (Tables)

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Schedule of Real Estate Properties

Property at December 31, 2015 and 2014 consists of the following:



	2015			2014
Land	$	1,894,717		$	2,242,291
Buildings and improvements	7,752,892			9,479,337
Tenant improvements	637,355			600,436
Equipment and furnishings	169,841			152,554
Construction in progress	234,851			303,264
	10,689,656			12,777,882
Less accumulated depreciation	(1,892,744		)	(1,709,992		)
	$	8,796,912		$	11,067,890

Deferred Charges and Other Assets, net: (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015 and 2014 consist of the following:



	2015			2014
Leasing	$	248,709		$	239,955
Financing	45,874			47,171
Intangible assets:
In-place lease values(1)	196,969			298,825
Leasing commissions and legal costs(1)	52,000			72,432
Above-market leases	220,847			250,810
Deferred tax assets	38,847			35,625
Deferred compensation plan assets	37,341			35,194
Other assets	70,070			66,246
	910,657			1,046,258
Less accumulated amortization(2)	(323,374		)	(287,197		)
	$	587,283		$	759,061

_______________________________


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



Year Ending December 31,
2016	$	36,275
2017	23,415
2018	18,002
2019	14,874
2020	11,373
Thereafter	35,577
	$	139,516


(2)	Accumulated amortization includes $109,453 and $103,361 relating to in-place lease values, leasing commissions and legal costs at December 31, 2015 and 2014, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $69,460, $52,668 and $53,139 for the years ended December 31, 2015, 2014 and 2013, 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,
2016	$	36,275
2017	23,415
2018	18,002
2019	14,874
2020	11,373
Thereafter	35,577
	$	139,516

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:



	2015			2014
Above-Market Leases
Original allocated value	$	220,847		$	250,810
Less accumulated amortization	(73,520		)	(59,696		)
	$	147,327		$	191,114
Below-Market Leases(1)
Original allocated value	$	227,063		$	375,033
Less accumulated amortization	(101,872		)	(93,511		)
	$	125,191		$	281,522

_______________________________


(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
2016	$	18,360	$	20,309
2017	15,456		16,838
2018	13,045		15,054
2019	10,708		13,380
2020	9,176		10,649
Thereafter	80,582		48,961
	$	147,327	$	125,191

Mortgage Notes Payable: (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Mortgage notes payable

Mortgage notes payable at December 31, 2015 and 2014 consist of the following:



	Carrying Amount of Mortgage Notes(1)
	2015				2014				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(5)	$	—	$	221,194	$	—	$	228,703	2.76	%	$	1,131	2018
Chandler Fashion Center(6)	—		200,000		—		200,000		3.77	%	625		2019
Danbury Fair Mall	111,248		111,249		114,265		114,264		5.53	%	1,538		2020
Deptford Mall(7)	—		193,861		—		197,815		3.76	%	947		2023
Deptford Mall	—		14,001		—		14,285		6.46	%	101		2016
Eastland Mall(8)	—		—		—		168,000		—		—		—
Fashion Outlets of Chicago(9)	—		200,000		—		119,329		1.84	%	291		2020
Fashion Outlets of Niagara Falls USA	—		118,615		—		121,376		4.89	%	727		2020
Flagstaff Mall(10)	—		37,000		—		37,000		8.97	%	153		2015
FlatIron Crossing(7)	—		254,733		—		261,494		3.90	%	1,393		2021
Freehold Raceway Mall(6)	—		225,094		—		229,244		4.20	%	1,132		2018
Great Northern Mall(11)	—		—		—		34,494		—		—		—
Green Acres Mall	—		306,954		—		313,514		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		470,627		—		480,761		3.67	%	2,229		2019
Lakewood Center(12)	—		—		—		253,708		—		—		—
Los Cerritos Center(13)	—		—		103,274		103,274		—		—		—
Northgate Mall(14)	—		64,000		—		64,000		3.30	%	143		2017
Oaks, The	—		205,986		—		210,197		4.14	%	1,064		2022
Pacific View	—		130,458		—		133,200		4.08	%	668		2022
Queens Center	—		600,000		—		600,000		3.49	%	1,744		2025
Santa Monica Place	—		225,089		—		230,344		2.99	%	1,004		2018
SanTan Village Regional Center	—		130,898		—		133,807		3.14	%	589		2019
Stonewood Center	—		105,494		—		111,297		1.80	%	640		2017
Superstition Springs Center(15)	—		67,763		—		68,079		2.17	%	149		2016
Towne Mall	—		22,200		—		22,607		4.48	%	117		2022
Tucson La Encantada	70,070		—		71,500		—		4.23	%	368		2022
Valley Mall(16)	—		—		—		41,368		—		—		—
Valley River Center(17)	—		—		—		120,000		—		—		—
Victor Valley, Mall of	—		115,000		—		115,000		4.00	%	380		2024
Vintage Faire Mall(18)	—		276,117		—		—		3.55	%	1,255		2026
Washington Square(19)	—		—		—		238,696		—		—		—
Westside Pavilion	—		146,961		—		149,626		4.49	%	783		2022
	$	181,318	$	4,443,294	$	289,039	$	5,115,482


(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, 2015 and 2014 consist of the following:



Property Pledged as Collateral	2015			2014
Arrowhead Towne Center	$	8,494		$	11,568
Deptford Mall	(3		)	(8		)
Fashion Outlets of Niagara Falls USA	4,486			5,414
Lakewood Center	—			3,708
Los Cerritos Center	—			17,965
Stonewood Center	5,168			7,980
Superstition Springs Center	263			579
Valley Mall	—			(132		)
Washington Square	—			9,847
	$	18,408		$	56,921


(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 January 6, 2016, the Company replaced the existing loan on the property with a new $400,000 loan that bears interest at an effective rate of 4.05% and matures on February 1, 2028. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the underlying property (See Note 22—Subsequent Events).


(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)	On January 14, 2016, a 49% interest in the loan was assumed by a third party in connection with the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 22—Subsequent Events).


(8)	On December 1, 2015, the Company paid off in full the loan on the property.


(9)	On March 3, 2015, the Company amended the loan on the property. The amended $200,000 loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020. At December 31, 2015 and 2014, the total interest rate was 1.84% and 2.97%, respectively.


(10)	On November 1, 2015, this non-recourse loan went into maturity default. The Company is negotiating with the loan servicer, which will likely result in a transition of the property to the loan servicer or a receiver.


(11)	On June 30, 2015, the Company conveyed the property to the mortgage lender by a deed-in-lieu of foreclosure, which resulted in a loss of $1,627 on the extinguishment of debt (See Note 14—Dispositions).

(12)

(13)


(14)	The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At December 31, 2015 and 2014, the total interest rate was 3.30% and 3.05%, respectively.


(15)	The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016. At December 31, 2015 and 2014, the total interest rate was 2.17% and 1.98%, respectively.


(16)	On December 1, 2015, the Company paid off in full the loan on the property, which resulted in a loss of $52 on the early extinguishment of debt.


(17)	On July 31, 2015, the Company paid off in full the loan on the property, which resulted in a loss of $9 on the early extinguishment of debt.


(18)	On February 19, 2015, the Company placed a $280,000 loan on the property that bears interest at an effective rate of 3.55% and matures on March 6, 2026.

(19)

Debt premiums (discounts) on mortgage notes payable

The debt premiums (discounts) as of December 31, 2015 and 2014 consist of the following:



Property Pledged as Collateral	2015			2014
Arrowhead Towne Center	$	8,494		$	11,568
Deptford Mall	(3		)	(8		)
Fashion Outlets of Niagara Falls USA	4,486			5,414
Lakewood Center	—			3,708
Los Cerritos Center	—			17,965
Stonewood Center	5,168			7,980
Superstition Springs Center	263			579
Valley Mall	—			(132		)
Washington Square	—			9,847
	$	18,408		$	56,921

Future maturities of mortgage notes payable

The future maturities of mortgage notes payable are as follows:



Year Ending December 31,
2016	$	155,977
2017	235,501
2018	695,439
2019	809,077
2020	534,886
Thereafter	2,175,324
	4,606,204
Debt premium, net	18,408
	$	4,624,612

Bank and Other Notes Payable: (Tables)

12 Months Ended

Dec. 31, 2015

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:



Year Ending December 31,
2016	$	9,130
2018	650,000
	$	659,130

Acquisitions: (Tables)

12 Months Ended

Dec. 31, 2015

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 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 the PPR Queens Portfolio:



Property	$	3,711,819
Deferred charges	155,892
Cash and cash equivalents	28,890
Restricted cash	5,113
Tenant receivables	5,438
Other assets	127,244
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 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 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 Inland Center:



Property	$	91,871
Deferred charges	9,752
Other assets	5,782
Total assets acquired	107,405
Mortgage note payable	50,000
Other accrued liabilities	4,905
Total liabilities assumed	54,905
Fair value of acquired net assets (at 100% ownership)	$	52,500

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

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 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	$	51,250
Less debt assumed	(25,000		)
Carrying value of investment	4,161
Gain on remeasurement of assets	22,089
Fair value of acquired net assets (at 100% ownership)	$	52,500

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 following is the reconciliation of the purchase price to the 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

Summary of gain on remeasurement of existing investment

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



Fair value of existing ownership interest (at 50% ownership)	$	26,250
Carrying value of investment	(4,161		)
Gain on remeasurement of assets	$	22,089

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

Schedule of pro forma total revenue and income continuing operations

The following unaudited pro forma total revenue and income from continuing operations for 2015 and 2014:



	Total revenue		Income from continuing operations
Supplemental pro forma for the year ended December 31, 2015(1)	$	1,287,084	$	502,184
Supplemental pro forma for the year ended December 31, 2014(1)	$	1,371,988	$	199,287

____________________________________

(1)

Future Rental Revenues: (Tables)

12 Months Ended

Dec. 31, 2015

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,
2016	$	496,683
2017	423,057
2018	369,999
2019	319,535
2020	275,105
Thereafter	969,731
	$	2,854,110

Commitments and Contingencies: (Tables)

12 Months Ended

Dec. 31, 2015

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,
2016	$	15,695
2017	15,632
2018	11,249
2019	9,629
2020	9,637
Thereafter	283,154
	$	344,996

Related-Party Transactions: (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of fees charged to unconsolidated joint ventures

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



	2015		2014		2013
Management fees	$	10,064	$	16,751	$	19,726
Development and leasing fees	9,615		10,528		9,936
	$	19,679	$	27,279	$	29,662

Share and Unit-Based Plans: (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015, 2014 and 2013:



	2015				2014				2013
	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	9,189		$	59.25	19,001		$	56.77	20,924		$	49.36
Granted	—		—		—		—		8,963		61.84
Vested	(7,577	)	58.67		(9,812	)	54.45		(10,886	)	46.70
Balance at end of year	1,612		$	62.01	9,189		$	59.25	19,001		$	56.77

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, 2015, 2014 and 2013:



	2015				2014				2013
	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	144,374		$	59.94	137,318		$	57.24	114,677		$	52.19
Granted	77,282		86.53		75,309		60.50		67,920		62.01
Vested	(86,761	)	61.29		(68,253	)	55.14		(45,279	)	51.59
Forfeited	(2,809	)	86.72		—		—		—		—
Balance at end of year	132,086		$	74.58	144,374		$	59.94	137,318		$	57.24

Summary of activity of SARs awards

The following table summarizes the activity of SARs awards during the years ended December 31, 2015, 2014 and 2013:



	2015				2014				2013
	Units		Weighted Average Exercise Price		Units		Weighted Average Exercise Price		Units		Weighted Average Exercise Price
Balance at beginning of year	772,639		$	56.67	1,070,991		$	56.66	1,164,185		$	56.66
Granted	—		—		—		—		—		—
Exercised	(364,807	)	56.86		(298,352	)	56.63		(93,194	)	56.63
Special dividend adjustment	9,951		55.13		—		—		—		—
Balance at end of year	417,783		$	55.13	772,639		$	56.67	1,070,991		$	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, 2015, 2014 and 2013:



	2015				2014				2013
	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	46,695		$	58.89	—		$	—	200,000		$	38.63
Granted	424,442		74.71		725,908		51.71		332,189		66.58
Vested	(414,822	)	73.13		(679,213	)	51.22		(518,900	)	55.81
Forfeited	—		—		—		—		(13,289	)	66.58
Balance at end of year	56,315		$	73.24	46,695		$	58.89	—		$	—

Summary of activity of stock options

The following table summarizes the activity of stock options for the years ended December 31, 2015, 2014 and 2013:



	2015			2014			2013
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options		Weighted Average Exercise Price
Balance at beginning of year	10,068	$	59.57	10,068	$	59.57	12,768		$	54.69
Granted	—	—		—	—		—		—
Exercised	—	—		—	—		(2,700	)	36.51
Special dividend adjustment	246	58.15		—	—		—		—
Balance at end of year	10,314	$	58.15	10,068	$	59.57	10,068		$	59.57

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, 2015, 2014 and 2013:



	2015				2014				2013
	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	9,269		$	58.35	17,575		$	58.66	—		$	—
Granted	13,351		78.72		10,747		65.54		34,266		59.04
Vested	(20,162	)	72.17		(19,053	)	62.69		(16,691	)	59.44
Forfeited	(2,458	)	55.62		—		—		—		—
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, 2015, 2014 and 2013:



	2015		2014		2013
Stock awards	$	252	$	365	$	497
Stock units	6,041		4,689		3,839
LTIP units	26,622		28,598		22,778
Stock options	16		16		16
Phantom stock units	1,444		1,205		992
	$	34,375	$	34,873	$	28,122

Income Taxes: (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015, 2014 and 2013 are as follows:



	2015 (1)				2014				2013
Ordinary income	$	1.20	24.8	%	$	1.92	76.5	%	$	1.02	43.3	%
Capital gains	3.64		75.2	%	0.16		6.4	%	1.24		52.5	%
Unrecaptured Section 1250 gain	—		—	%	0.05		2.0	%	0.10		4.2	%
Return of capital	—		—	%	0.38		15.1	%	—		—	%
Dividends paid	$	4.84	100.0	%	$	2.51	100.0	%	$	2.36	100.0	%

_______________________________________________________________________________

(1)

Schedule of income tax benefit of TRSs

The income tax benefit of the TRSs for the years ended December 31, 2015, 2014 and 2013 are as follows:



	2015		2014		2013
Current	$	—	$	—	$	(142	)
Deferred	3,223		4,269		1,834
Income tax benefit	$	3,223	$	4,269	$	1,692

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, 2015, 2014 and 2013 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:



	2015			2014		2013
Book loss for TRSs	$	10,681		$	10,785	$	11,709
Tax at statutory rate on earnings from continuing operations before income taxes	$	3,632		$	3,667	$	3,981
Other	(409		)	602		(2,289		)
Income tax benefit	$	3,223		$	4,269	$	1,692

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, 2015 and 2014 are summarized as follows:



	2015		2014
Net operating loss carryforwards	$	25,340	$	24,698
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	10,600		8,201
Other	2,907		2,726
Net deferred tax assets	$	38,847	$	35,625

Quarterly Financial Data: (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015 and 2014:



	2015 Quarter Ended								2014 Quarter Ended
	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
Revenues	$	320,758	$	326,262	$	322,794	$	318,335	$	322,909	$	263,491	$	254,336	$	264,511
Net income attributable to the Company(1)	$	414,959	$	33,597	$	14,395	$	24,611	$	1,429,221	$	35,914	$	16,088	$	17,819
Net income attributable to common stockholders per share-basic	$	2.65	$	0.21	$	0.09	$	0.15	$	9.52	$	0.25	$	0.11	$	0.13
Net income attributable to common stockholders per share-diluted	$	2.65	$	0.21	$	0.09	$	0.15	$	9.51	$	0.25	$	0.11	$	0.13

_____________________

(1)

Organization: (Details) - entity	12 Months Ended
Organization: (Details) - entity	Dec. 31, 2015	Dec. 31, 2014
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)	93.00%	94.00%

Summary of Significant Accounting Policies: Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Increase in minimum rent due to straight-line rent adjustment	$ 7,192	$ 5,825	$ 7,498
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, 2015
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, 2015 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, 2015 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, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator
Income from continuing operations									$ 522,912	$ 1,606,931	$ 159,023
Income from discontinued operations									0	0	289,936
Net income attributable to noncontrolling interests									(35,350)	(107,889)	(28,869)
Net income attributable to the Company	$ 414,959	$ 33,597	$ 14,395	$ 24,611	$ 1,429,221	$ 35,914	$ 16,088	$ 17,819	487,562	1,499,042	420,090
Allocation of earnings to participating securities									1,493	1,576	397
Numerator for basic and diluted earnings per share—net income attributable to common stockholders - basic									486,069	1,497,466	419,693
Numerator for basic and diluted earnings per share—net income attributable to common stockholders - diluted									$ 486,069	$ 1,497,466	$ 419,693
Denominator (in shares)
Denominator for basic earnings per share—weighted average number of common shares outstanding									157,916	143,144	139,598
Effect of dilutive securities (in shares)
Share and unit based compensation									144	147	82
Denominator for diluted earnings per share—weighted average number of common shares outstanding									158,060	143,291	139,680
Earnings per common share—basic: (in dollars per share)
Income from continuing operations (dollars per share)									$ 3.08	$ 10.46	$ 1.07
Discontinued operations (dollars per share)									0.00	0.00	1.94
Net income attributable to common stockholders (dollars per share)	$ 2.65	$ 0.21	$ 0.09	$ 0.15	$ 9.52	$ 0.25	$ 0.11	$ 0.13	3.08	10.46	3.01
Earnings per common share—diluted: (in dollars per share)
Income from continuing operations (dollars per share)									3.08	10.45	1.06
Discontinued operations (dollars per share)									0.00	0.00	1.94
Net income attributable to common stockholders (dollars per share)	$ 2.65	$ 0.21	$ 0.09	$ 0.15	$ 9.51	$ 0.25	$ 0.11	$ 0.13	$ 3.08	$ 10.45	$ 3.00

Earnings Per Share ("EPS"): Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Convertible preferred units
Antidilutive securities
Antidilutive securities (in shares)	139,186	179,667	184,304
Partnership unit
Antidilutive securities
Antidilutive securities (in shares)	10,562,154	10,079,935	9,845,602

Investments in Unconsolidated Joint Ventures: Company Ownership (Details)	Dec. 31, 2015	Feb. 17, 2015
443 Wabash MAB LLC
Investments in unconsolidated joint ventures:
Ownership %	45.00%
AM Tysons LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Biltmore Shopping Center Partners LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Candlestick Center LLC—Fashion Outlets of San Francisco
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%
Fashion Outlets of Philadelphia—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%
MS Portfolio LLC
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%
Pacific Premier Retail LLC—Various Properties
Investments in unconsolidated joint ventures:
Ownership %	60.00%
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 %	40.10%
Tysons Corner LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Tysons Corner Hotel I 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 %	38.00%
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%
Inland Center
Investments in unconsolidated joint ventures:
Additional ownership interest (as a percent)		50.00%

Investments in Unconsolidated Joint Ventures: Narrative (Details) $ in Thousands																	12 Months Ended
	Jan. 14, 2016 USD ($) ft²	Jan. 06, 2016 USD ($) ft²	Oct. 30, 2015 USD ($) ft²	Apr. 30, 2015 USD ($) store	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 ($) ft²	Aug. 01, 2013 USD ($) ft²	Jun. 12, 2013 USD ($) ft²	May 29, 2013 USD ($) ft²	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Nov. 13, 2014 USD ($) ft²	Sep. 17, 2013 ft²
Investments in unconsolidated joint ventures:
Gain on sale of assets																	$ 9,850	$ 3,643	$ 190,526
Purchase price paid through assumption of debt by the Company																	0	1,414,659	257,064
Payments on mortgages, bank and other notes payable																	3,284,213	853,080	3,051,072
Distributions to co-venture partner																	23,498	15,555	19,564
Arrowhead Towne Center \| Subsequent Event
Investments in unconsolidated joint ventures:
Property square footage \| ft²		1,197,000
Interest in the loan assumed by a third party (as a percent)		40.00%
Proceeds from sale		$ 284,000
Cash payment		124,000
Assumption of debt		$ 160,000
Ridgmar Mall
Investments in unconsolidated joint ventures:
Property square footage \| ft²													1,273,000
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
Wilshire Boulevard
Investments in unconsolidated joint ventures:
Property square footage \| ft²									40,000
Gain on sale of assets									$ 9,033									9,033
Purchase price funded by cash payment on acquisition									15,386
Purchase price paid through assumption of debt by the Company									$ 1,714
Percentage of ownership interest sold									30.00%
Proceeds from sale									$ 17,100
Pacific Premier Retail LP
Investments in unconsolidated joint ventures:
Gain on sale of assets																	$ 311,194
Proceeds from sale			$ 1,258,643
Camelback Colonnade
Investments in unconsolidated joint ventures:
Ownership percentage purchased																					67.50%
Property square footage \| ft²																					619,000
Proceeds from sale						$ 92,898
Cash payment						61,173
Assumption of debt						$ 31,725
Ownership percentage in joint ventures																					73.20%
Kierland Commons Investment LLC
Investments in unconsolidated joint ventures:
Ownership percentage in joint ventures																	50.00%
Pacific Premier Retail LP
Investments in unconsolidated joint ventures:
Gain on sale of assets																	$ 0	$ (7,044)	$ 182,754
Twenty Ninth Street \| Subsequent Event
Investments in unconsolidated joint ventures:
Property square footage \| ft²	850,000
Kitsap Mall \| Pacific Premier Retail LP
Investments in unconsolidated joint ventures:
Property square footage \| ft²															846,000
Proceeds from sale of property															$ 127,000
Gain on sale of assets															55,150
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
Proceeds from sale of property														$ 127,000		$ 185,000
Gain on sale of assets														38,447		89,157
Gain recognized on sale														$ 18,251		$ 44,424
The Gallery
Investments in unconsolidated joint ventures:
Property square footage \| ft²										1,376,000
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%
Lakewood Center \| PPR Queens Portfolio
Investments in unconsolidated joint ventures:
Property square footage \| ft²			2,075,000
Los Cerritos Center \| Pacific Premier Retail LP
Investments in unconsolidated joint ventures:
Property square footage \| ft²			1,292,000
Los Cerritos Center \| PPR Queens Portfolio
Investments in unconsolidated joint ventures:
Percentage of ownership interest sold			40.00%
South Plains Mall \| PPR Queens Portfolio
Investments in unconsolidated joint ventures:
Property square footage \| ft²			1,127,000
Deptford Mall \| Subsequent Event
Investments in unconsolidated joint ventures:
Property square footage \| ft²	1,040,000
FlatIron Crossing \| Subsequent Event
Investments in unconsolidated joint ventures:
Property square footage \| ft²	1,430,000
Depford Mall, FlatIron Crossing, Twenty Ninth Street [Member] \| Subsequent Event
Investments in unconsolidated joint ventures:
Percentage of ownership interest sold	49.00%
Proceeds from sale	$ 750,980
Cash payment	458,110
Assumption of debt	$ 292,870
Inland Center
Investments in unconsolidated joint ventures:
Ownership percentage purchased					50.00%
Property square footage \| ft²					866,000
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
Sears Locations [Member]
Investments in unconsolidated joint ventures:
Purchase price on acquisition				$ 150,000
Number of Stores \| store				9
Joint venture ownership percentage purchased				50.00%
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
Cascade Mall
Investments in unconsolidated joint ventures:
Ownership percentage purchased											49.00%
Property square footage \| ft²											589,000
Purchase price on acquisition											$ 15,233
PPR 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
PPR Queens Portfolio \| Lakewood Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²								2,075,000
PPR Queens Portfolio \| Queens Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²								966,000
PPR Queens Portfolio \| Stonewood Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²								932,000
PPR 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%
The Macerich Company [Member] \| Pacific Premier Retail LP
Investments in unconsolidated joint ventures:
Proceeds from sale			$ 545,643
Joint Venture [Member] \| Pacific Premier Retail LP
Investments in unconsolidated joint ventures:
Purchase price paid through assumption of debt by the Company			$ 713,000

Investments in Unconsolidated Joint Ventures: Financial Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets:
Properties, net	$ 6,334,442	$ 2,967,878
Other assets	517,053	208,726
Total assets	6,851,495	3,176,604
Liabilities and partners' capital:
Mortgage notes payable	3,614,401	2,038,379
Other liabilities	358,156	195,766
Company's capital	1,585,796	489,349
Outside partners' capital	1,293,142	453,110
Total liabilities and partners' capital	6,851,495	3,176,604
Investment in unconsolidated joint ventures:
Company's capital	1,585,796	489,349
Basis adjustment	(77,701)	464,826
Investments in unconsolidated joint ventures	1,508,095	954,175
Assets—Investments in unconsolidated joint ventures	1,532,552	984,132
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(24,457)	(29,957)
Mortgage notes payable that could become recourse debt to the Company	5,000	33,540
Indemnity of guaranteed amount	2,500	16,770
Amortization of difference between cost of investments and book value of underlying equity	5,619	5,109	$ 10,734
Revenues:
Minimum rents	315,093	388,363	418,724
Percentage rents	15,757	17,161	19,589
Tenant recoveries	137,467	186,741	204,171
Other	35,113	40,705	45,627
Total revenues	503,430	632,970	688,111
Expenses:
Shopping center and operating expenses	172,647	215,412	229,818
Interest expense	88,727	137,087	145,322
Depreciation and amortization	150,626	144,403	147,309
Total operating expenses	412,000	496,902	522,449
Gain on sale of assets	9,850	3,643	190,526
Gain on early extinguishment of debt	(3)		14
Net income	101,277	139,711	356,202
Company's equity in net income	45,164	60,626	167,580
Northwestern Mutual Life (NML)
Investment in unconsolidated joint ventures:
Mortgage notes payable to affiliate	461,778	606,263
Interest expense on borrowings from related party	29,372	38,113	31,549
Pacific Premier Retail LP
Revenues:
Minimum rents	21,172	88,831	118,164
Percentage rents	2,569	2,652	4,586
Tenant recoveries	8,408	40,118	52,470
Other	1,182	4,090	5,882
Total revenues	33,331	135,691	181,102
Expenses:
Shopping center and operating expenses	6,852	37,113	53,039
Interest expense	10,448	34,113	43,445
Depreciation and amortization	16,919	29,688	39,616
Total operating expenses	34,219	100,914	136,100
Gain on sale of assets	0	(7,044)	182,754
Gain on early extinguishment of debt	0		0
Net income	(888)	27,733	227,756
Company's equity in net income	1,409	9,743	110,798
Other Joint Ventures
Revenues:
Minimum rents	293,921	299,532	300,560
Percentage rents	13,188	14,509	15,003
Tenant recoveries	129,059	146,623	151,701
Other	33,931	36,615	39,745
Total revenues	470,099	497,279	507,009
Expenses:
Shopping center and operating expenses	165,795	178,299	176,779
Interest expense	78,279	102,974	101,877
Depreciation and amortization	133,707	114,715	107,693
Total operating expenses	377,781	395,988	386,349
Gain on sale of assets	9,850	10,687	7,772
Gain on early extinguishment of debt	(3)		14
Net income	102,165	111,978	128,446
Company's equity in net income	43,755	$ 50,883	$ 56,782
Pacific Premier Retail LLC—Various Properties
Assets:
Total assets	3,283,702
Investment in unconsolidated joint ventures:
Total liabilities	$ 1,938,241

Property: (Details) - USD ($) $ in Thousands	12 Months Ended
Property: (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Abstract]
Land	$ 1,894,717	$ 2,242,291
Buildings and improvements	7,752,892	9,479,337
Tenant improvements	637,355	600,436
Equipment and furnishings	169,841	152,554
Construction in progress	234,851	303,264
Total	10,689,656	12,777,882
Less accumulated depreciation	(1,892,744)	(1,709,992)
Property, net	8,796,912	11,067,890
Depreciation expense	$ 354,977	$ 289,178	$ 269,790

Property: Narrative (Details) $ in Thousands		3 Months Ended	12 Months Ended
Property: Narrative (Details) $ in Thousands	Aug. 28, 2014 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Acquisition
Gain on sale of assets			$ 9,850	$ 3,643	$ 190,526
Gain (loss) on disposal		$ 151,467
Loss on Sale or Write-Down of Assets			(2,336)		82,197
Gain (Loss) On Land Sales			1,807
Gain (Loss) on sale of assets				1,257	5,390
Loss on write-off of development costs					$ (1,250)
Write-off of Development Cost			(182)	(40,561)
Impairment charge			(10,633)	(41,216)
Pacific Premier Retail LP
Acquisition
Gain on sale of assets			$ 311,194
Pacific Premier Retail LLC—Various Properties
Acquisition
Percentage of ownership interest sold			40.00%
Panorama Mall
Acquisition
Gain (loss) on disposal			$ 73,726
Various Properties
Acquisition
Gain on sale of assets				144,927
Wilshire Boulevard
Acquisition
Gain on sale of assets	$ 9,033			$ 9,033
Percentage of ownership interest sold	30.00%
Mervyn's
Acquisition
Number of properties \| property			3

Tenant and Other Receivables: (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Mar. 17, 2014
Components of tenant and other receivables, net
Allowance for doubtful accounts	$ 3,072,000	$ 3,234,000
Deferred rent receivables due to straight-line rent adjustments	60,790,000	57,278,000
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	10,940,000	$ 13,436,000
Note receivable, 6.5% interest, maturing March 17, 2018
Components of tenant and other receivables, net
Notes receivable interest rate (as a percent)			6.50%
Notes receivable	$ 6,351,000		$ 6,500,000
Note Receivable, 5% interest, maturing December 31, 2014
Components of tenant and other receivables, net
Notes receivable interest rate (as a percent)			5.00%
Notes receivable			$ 3,103,000

Deferred Charges and Other Assets, net: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 248,709	$ 239,955
Financing	45,874	47,171
Intangible assets:
In-place lease values	196,969	298,825
Leasing commissions and legal costs	52,000	72,432
Above-market leases	220,847	250,810
Deferred tax assets	38,847	35,625
Deferred compensation plan assets	37,341	35,194
Other assets	70,070	66,246
Deferred charges and other assets, gross	910,657	1,046,258
Less accumulated amortization	(323,374)	(287,197)
Deferred charges and other assets, net	587,283	759,061
Accumulated amortization for in-place lease values, leasing commissions and legal costs	109,453	103,361
Amortization expense for intangible assets	$ 69,460	$ 52,668	$ 53,139

Deferred Charges And Other Assets, net: Estimated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Above-Market Leases
Less accumulated amortization	$ (109,453)	$ (103,361)
Allocated value net	139,516
Below-Market Leases
Original allocated value	227,063	375,033
Less accumulated amortization	(101,872)	(93,511)
Allocated value, net	125,191	281,522
Above Market
2016	36,275
2017	23,415
2018	18,002
2019	14,874
2020	11,373
Thereafter	35,577
Allocated value net	139,516
Below Market
2016	20,309
2017	16,838
2018	15,054
2019	13,380
2020	10,649
Thereafter	48,961
Allocated value, net	125,191	281,522
Above Market
Above-Market Leases
Original allocated value	220,847	250,810
Less accumulated amortization	(73,520)	(59,696)
Allocated value net	147,327	191,114
Above Market
2016	18,360
2017	15,456
2018	13,045
2019	10,708
2020	9,176
Thereafter	80,582
Allocated value net	$ 147,327	$ 191,114

Mortgage Notes Payable: (Details) - USD ($)										12 Months Ended
Mortgage Notes Payable: (Details) - USD ($)	Jan. 14, 2016	Jan. 06, 2016	Dec. 01, 2015	Oct. 30, 2015	Oct. 05, 2015	Jul. 31, 2015	Jun. 30, 2015	Mar. 03, 2015	Mar. 02, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	May 12, 2015	Feb. 19, 2015
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										$ 181,318,000	$ 289,039,000
Others										4,443,294,000	5,115,482,000
Debt premiums (discounts), net										18,408,000	56,921,000
(Gain) loss on early extinguishment of debt, net										(16,066,000)	526,000	$ (1,432,000)
Probable recourse amount										13,500,000	73,165,000
Interest expense capitalized										13,052,000	12,559,000	$ 10,829,000
Fair value of mortgage notes payable										$ 4,628,781,000	5,455,453,000
Chandler Fashion Center
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)										49.90%
Arrowhead Towne Center Mortgage
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										$ 0	0
Others										$ 221,194,000	228,703,000
Effective interest rate (as a percent)										2.76%
Monthly debt service										$ 1,131,000
Debt premiums										8,494,000	11,568,000
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										111,248,000	114,265,000
Others										$ 111,249,000	114,264,000
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										$ 193,861,000	197,815,000
Effective interest rate (as a percent)										3.76%
Monthly debt service										$ 947,000
Debt discounts										(3,000)	(8,000)
Deptford Mall Two
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										0	0
Others										$ 14,001,000	14,285,000
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										$ 0	168,000,000
Effective interest rate (as a percent)										0.00%
Monthly debt service										$ 0
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										0	0
Others								$ 200,000,000		$ 200,000,000	$ 119,329,000
Effective interest rate (as a percent)										1.84%	2.97%
Monthly debt service										$ 291,000
Reference rate for variable interest rate								LIBOR
Interest rate spread over basis (as a percent)								1.50%
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										0	$ 0
Others										$ 118,615,000	121,376,000
Effective interest rate (as a percent)										4.89%
Monthly debt service										$ 727,000
Debt premiums										4,486,000	5,414,000
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)										8.97%
Monthly debt service										$ 153,000
FlatIron Crossing
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										0	0
Others										$ 254,733,000	261,494,000
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										$ 225,094,000	229,244,000
Effective interest rate (as a percent)										4.20%
Monthly debt service										$ 1,132,000
Great Northern Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										0	0
Others										$ 0	34,494,000
Effective interest rate (as a percent)										0.00%
Monthly debt service										$ 0
(Gain) loss on early extinguishment of debt, net							$ 1,627,000
Green Acres Mall Mortgage
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										0	0
Others										$ 306,954,000	313,514,000
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										$ 470,627,000	480,761,000
Effective interest rate (as a percent)										3.67%
Monthly debt service										$ 2,229,000
Lakewood Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										0	0
Others										$ 0	253,708,000		$ 410,000,000
Effective interest rate (as a percent)										0.00%
Monthly debt service										$ 0
Debt premiums										0	3,708,000
Interest in the loan assumed by a third party (as a percent)				40.00%
(Gain) loss on early extinguishment of debt, net									$ (2,245,000)
Interest rate on debt (as a percent)													3.46%
Los Cerritos Center Mortgage
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										0	103,274,000
Others				$ 525,000,000						$ 0	103,274,000
Effective interest rate (as a percent)										0.00%
Monthly debt service										$ 0
Debt premiums										0	17,965,000
(Gain) loss on early extinguishment of debt, net				$ 859,000
Interest rate on debt (as a percent)				4.00%
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)										3.30%	3.05%
Monthly debt service										$ 143,000
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										$ 205,986,000	210,197,000
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										$ 130,458,000	133,200,000
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	600,000,000
Effective interest rate (as a percent)										3.49%
Monthly debt service										$ 1,744,000
Santa Monica Place
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										0	0
Others										$ 225,089,000	230,344,000
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										$ 130,898,000	133,807,000
Effective interest rate (as a percent)										3.14%
Monthly debt service										$ 589,000
Stonewood Center Mortgage
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										0	0
Others										$ 105,494,000	111,297,000
Effective interest rate (as a percent)										1.80%
Monthly debt service										$ 640,000
Debt premiums										5,168,000	7,980,000
Superstition Springs Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										0	0
Others										$ 67,763,000	$ 68,079,000
Effective interest rate (as a percent)										2.17%	1.98%
Monthly debt service										$ 149,000
Debt premiums										$ 263,000	$ 579,000
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										$ 22,200,000	22,607,000
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										70,070,000	71,500,000
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										$ 0	41,368,000
Effective interest rate (as a percent)										0.00%
Monthly debt service										$ 0
Debt discounts										0	(132,000)
(Gain) loss on early extinguishment of debt, net			$ 52,000
Valley River Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										0	0
Others										$ 0	120,000,000
Effective interest rate (as a percent)										0.00%
Monthly debt service										$ 0
(Gain) loss on early extinguishment of debt, net						$ 9,000
Victor Valley, Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										0	0
Others										$ 115,000,000	115,000,000
Effective interest rate (as a percent)										4.00%
Monthly debt service										$ 380,000
Vintage Faire Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										0	0			$ 280,000,000
Others										276,117,000	0
Effective interest rate (as a percent)														3.55%
Monthly debt service										1,255,000
Washington Square
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										0	0
Others					$ 550,000,000					$ 0	238,696,000
Effective interest rate (as a percent)										0.00%
Monthly debt service										$ 0
Debt premiums										0	9,847,000
Interest in the loan assumed by a third party (as a percent)				40.00%
(Gain) loss on early extinguishment of debt, net					$ (2,367,000)
Interest rate on debt (as a percent)					3.65%
Westside Pavilion
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party										0	0
Others										$ 146,961,000	$ 149,626,000
Effective interest rate (as a percent)										4.49%
Monthly debt service										$ 783,000
Subsequent Event \| Arrowhead Towne Center
Mortgage loans payable on real estate
Effective interest rate (as a percent)		4.05%
Subsequent Event \| Depford Mall, FlatIron Crossing, Twenty Ninth Street [Member]
Mortgage loans payable on real estate
Percentage of ownership interest sold	49.00%
Subsequent Event \| Arrowhead Towne Center Mortgage
Mortgage loans payable on real estate
Face amount of debt		$ 400,000,000
Interest in the loan assumed by a third party (as a percent)		40.00%
Lakewood Center
Mortgage loans payable on real estate
Percentage of ownership interest sold				40.00%
Los Cerritos Center
Mortgage loans payable on real estate
Percentage of ownership interest sold				40.00%
Los Cerritos Center Mortgage \| Los Cerritos Center Mortgage
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)				40.00%
Arrowhead Towne Center \| Subsequent Event
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)		40.00%

Mortgage Notes Payable: Future Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Future maturities of mortgage notes payable
Debt premium, net	$ 18,408	$ 56,921
Total	4,624,612	$ 5,404,521
Mortgage notes payable
Future maturities of mortgage notes payable
2016	155,977
2017	235,501
2018	695,439
2019	809,077
2020	534,886
Thereafter	2,175,324
Long term debt including debt premium	4,606,204
Debt premium, net	18,408
Total	$ 4,624,612

Bank and Other Notes Payable: (Details) - USD ($)					12 Months Ended
Bank and Other Notes Payable: (Details) - USD ($)	Oct. 23, 2015	Aug. 06, 2013	Mar. 29, 2013	Dec. 08, 2011	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Bank and other notes payable
(Gain) loss on early extinguishment of debt, net					$ (16,066,000)	$ 526,000	$ (1,432,000)
Line of Credit
Bank and other notes payable
Line of credit					$ 1,500,000,000
Reference rate for variable interest rate					LIBOR
Line of credit					$ 650,000,000	$ 752,000,000
Average interest rate (as a percent)					1.95%	1.89%
Fair value of line of credit					$ 640,260,000	$ 713,989,000
Unsecured term loan
Bank and other notes payable
Debt issued				$ 125,000,000
Reference rate for variable interest rate					LIBOR
(Gain) loss on early extinguishment of debt, net	$ 578,000
Interest rate (as a percent)						2.25%
Estimated fair value of term loan						$ 119,780,000
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					$ 9,168,000	11,178,000
Carrying value of term loan					$ 9,130,000	$ 10,879,000
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)		1.38%
LIBOR \| Line of Credit \| High end of range
Bank and other notes payable
Variable interest rate spread (as a percent)		2.00%
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, 2015 USD ($)
Future maturities of bank and other notes payable
2016	$ 9,130
2018	650,000
Long term debt including debt premium	$ 659,130

Co-Venture Arrangement: (Details) $ / shares in Units, ft² in Thousands, $ in Thousands		12 Months Ended
	Sep. 30, 2009 USD ($) ft² $ / shares shares	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Co-Venture Arrangement:
Cash proceeds for the overall transaction		$ 646,898	$ 320,123	$ 416,077
Co-venture obligation		63,756	75,450
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	$ 63,756	$ 75,450
Freehold Raceway Mall
Co-Venture Arrangement:
Property square footage \| ft²	1,669
Chandler Fashion Center
Co-Venture Arrangement:
Property square footage \| ft²	1,319

Noncontrolling Interests: (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Aug. 20, 2014	Aug. 17, 2012
Noncontrolling Interest [Line Items]
Limited partnership interest of the operating partnership (as a percent)	7.00%	6.00%
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	$ 870,625	$ 877,184
The Macerich Partnership, L.P.
Noncontrolling Interest [Line Items]
Ownership interest in operating partnership (as a percent)	93.00%	94.00%

Stockholders' Equity: Stock buyback program (Details)						2 Months Ended	12 Months Ended
Stockholders' Equity: Stock buyback program (Details)	Feb. 22, 2016 USD ($) shares	Jan. 29, 2016 $ / shares	Jan. 20, 2016 $ / shares shares	Nov. 13, 2015 USD ($) shares	Oct. 30, 2015 dividend $ / shares	Jan. 20, 2016 shares	Dec. 31, 2015 $ / shares	Sep. 30, 2015 USD ($)
Subsequent events
Authorized amount for accelerated stock repurchase program				$ 400,000,000
Accelerated share repurchased, number of shares purchased (shares) \| shares				4,140,788
Authorized amount for stock repurchase program				$ 400,000,000				$ 1,200,000,000
Number of dividends declared \| dividend					2
Dividends declared for common stock \| $ / shares					$ 2.00		$ 6.63
Subsequent Event
Subsequent events
Authorized amount for accelerated stock repurchase program	$ 400,000,000
Accelerated share repurchased, number of shares purchased (shares) \| shares	4,222,193		970,609			5,111,397
Average price per share paid for stock repurchased for accelerated stock repurchases (in dollars per share) \| $ / shares			$ 78.26
Authorized amount for stock repurchase program	$ 400,000,000
Dividends declared for common stock \| $ / shares		$ 0.68

Stockholders' Equity: Stock Offerings: (Details) - USD ($)		12 Months Ended
	Nov. 14, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Aug. 20, 2014	Aug. 17, 2012
Class of Warrant or Right [Line Items]
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	$ 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		$ 1,161,274,000	$ 171,102,000	$ 175,649,000
PPR Queens Portfolio
Class of Warrant or Right [Line Items]
Issuance restricted common stock	$ 1,166,777,000
Shares \| PPR Queens Portfolio
Class of Warrant or Right [Line Items]
Restricted common stock issued for acquisition (in shares)	17,140,845

Acquisitions: Narrative (Details) ft² in Thousands, $ in Thousands									12 Months Ended
	Feb. 17, 2015 USD ($) ft²	Nov. 14, 2014 USD ($)	Oct. 31, 2014 USD ($)	Jun. 04, 2014 USD ($) ft²	Oct. 24, 2013 USD ($)	Apr. 25, 2013 USD ($) a	Jan. 31, 2013 USD ($)	Jan. 24, 2013 USD ($) ft²	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) ft²	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Sep. 17, 2013 ft²
Acquisition
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities									$ 0	$ 1,414,659	$ 257,064
Deposits paid									12,500	$ 0	$ 0
Camelback Colonnade
Acquisition
Property square footage \| ft²													619
Ownership Percentage													73.20%
Additional ownership interest (as a percent)													67.50%
Ownership percentage at completion of acquisition (as a percent)													100.00%
Green Acres Mall
Acquisition
Property square footage \| ft²								1,799
Purchase price								$ 500,000
Face amount of debt								325,000
Placement of mortgage note on the property							$ 225,000	100,000
Deposits paid												$ 30,000
Purchase price, balance remaining after deposit								$ 470,000
Green Acres Adjacent
Acquisition
Property square footage \| a						19
Purchase price						$ 22,577
Superstition Springs Land I
Acquisition
Purchase price					$ 46,162
Purchase price funded by cash payment on acquisition					23,662
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities					$ 22,500
Additional ownership interest (as a percent)					33.30%
Ownership percentage at completion of acquisition (as a percent)					100.00%
Cascade Mall
Acquisition
Property square footage \| ft²				589
Purchase price				$ 15,233
Additional ownership interest (as a percent)				49.00%
Ownership percentage at completion of acquisition (as a percent)				100.00%
PPR Queens Portfolio
Acquisition
Purchase price		$ 1,838,886
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities		672,109
Issuance restricted common stock		$ 1,166,777
Additional ownership interest (as a percent)		49.00%
Ownership percentage at completion of acquisition (as a percent)		100.00%
Inland Center
Acquisition
Property square footage \| ft²	866
Purchase price	$ 51,250
Purchase price funded by cash payment on acquisition	26,250
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities	$ 25,000
Incremental revenue generated from acquired property									12,829
Incremental earnings (loss) of acquired property									1,892
Additional ownership interest (as a percent)	50.00%
Ownership percentage at completion of acquisition (as a percent)	100.00%
Affiliated Entity \| Fashion Outlets of Chicago
Acquisition
Property square footage \| ft²										537
Purchase price			$ 69,987
Fair value of contingent consideration									10,953
Noncontrolling interest adjustment									$ 76,141
Purchase price funded by cash payment on acquisition			55,867
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities			$ 14,120

Acquisitions: Allocation of Fair Value (Details) - USD ($) $ in Thousands	Feb. 17, 2015	Nov. 14, 2014	Jun. 04, 2014	Oct. 24, 2013	Sep. 17, 2013	Jan. 24, 2013
Inland Center
Acquisition
Property	$ 91,871
Deferred charges	9,752
Other assets	5,782
Total assets acquired	107,405
Mortgage notes payable	50,000
Other accrued liabilities	4,905
Total liabilities assumed	54,905
Fair value of acquired net assets (at 100% ownership)	$ 52,500
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
PPR Queens Portfolio
Acquisition
Property		$ 3,711,819
Deferred charges		155,892
Cash and cash equivalents		28,890
Restricted cash		5,113
Tenant receivables		5,438
Other assets		127,244
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					3 Months Ended	12 Months Ended
	Feb. 17, 2015	Nov. 14, 2014	Oct. 24, 2013	Sep. 17, 2013	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Acquisition
Carrying value of investment					$ (1,532,552)	$ (1,532,552)	$ (984,132)
Gain on remeasurement of assets						$ 22,089	$ 1,423,136	$ 51,205
Inland Center
Acquisition
Fair value of existing ownership interest	$ 26,250
Carrying value of investment	(4,161)
Gain on remeasurement of assets	$ 22,089
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
PPR 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			$ 1,423,136

Acquisitions: Percentage Ownership (Details)	Nov. 14, 2014	Jun. 04, 2014	Oct. 24, 2013	Sep. 17, 2013
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%
PPR 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					3 Months Ended	12 Months Ended
	Feb. 17, 2015	Nov. 14, 2014	Jun. 04, 2014	Oct. 24, 2013	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Acquisition
Less debt assumed						$ 0	$ (1,414,659)	$ (257,064)
Carrying value of investment					$ (1,532,552)	(1,532,552)	(984,132)
Gain on remeasurement of assets						$ 22,089	$ 1,423,136	$ 51,205
Inland Center
Acquisition
Purchase price	$ 51,250
Less debt assumed	(25,000)
Carrying value of investment	(4,161)
Gain on remeasurement of assets	22,089
Fair value of acquired net assets (at 100% ownership)	$ 52,500
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
PPR 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			$ 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, 2015	Dec. 31, 2014
Business Combinations [Abstract]
Total revenue	$ 1,287,084	$ 1,371,988
Income from continuing operations	$ 502,184	$ 199,287

Dispositions: (Details) ft² in Thousands, $ in Thousands																				3 Months Ended	12 Months Ended
Dispositions: (Details) ft² in Thousands, $ in Thousands	Nov. 19, 2015 USD ($) ft²	Jun. 30, 2015 USD ($) ft²	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 ($) ft² note	Feb. 14, 2014 USD ($) ft²	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 ($) ft²	Dec. 31, 2014 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Sep. 17, 2013 ft²	Dec. 31, 2012 ft²
Discontinued Operations:
Gain (loss) on disposal																				$ 151,467
Gain (loss) on extinguishment of debt																					$ 16,066	$ (526)	$ 1,432
Revenues from discontinued operations																							54,752
Gain (loss) income from discontinued operations																					0	$ 0	$ 289,936
Camelback Colonnade
Discontinued Operations:
Proceeds from sale			$ 92,898
Gain (loss) on disposal			$ 24,554
Ownership interest (as a percent)			67.50%
Property square footage \| ft²																								619
Cash payment			$ 61,173
Assumption of debt			31,725
Debt discharged			47,946
Noncontrollling interest adjustment			$ 17,217
Fiesta Mall
Discontinued Operations:
Property square footage \| ft²																									933
Gain (loss) on extinguishment of debt																$ 1,252
Green Tree Mall
Discontinued Operations:
Proceeds from sale																			$ 79,000
Gain (loss) on disposal																			$ 59,767
Property square footage \| ft²																			793
Northridge Mall
Discontinued Operations:
Property square footage \| ft²																		890
Rimrock Mall
Discontinued Operations:
Property square footage \| ft²																		603
Rimrock Mall and Nortridge Mall
Discontinued Operations:
Proceeds from sale																		$ 230,000
Gain (loss) on disposal																		$ 82,151
Mervyn's
Discontinued Operations:
Proceeds from sale					$ 1,900	$ 1,200	$ 3,500	$ 3,560					$ 10,475	$ 5,430	$ 5,700		$ 12,000
Gain (loss) on disposal					$ (3)	$ 315	$ (80)	$ (158)					$ (5,257)	$ 1,695	$ (2,031)		$ (2,633)
Chesterfield Towne Center
Discontinued Operations:
Property square footage \| ft²												1,016
Assumption of debt												$ 109,737
Centre at Salisbury
Discontinued Operations:
Property square footage \| ft²												862
Assumption of debt												$ 115,000
Chesterfield Towne Center And Centre At Salisbury
Discontinued Operations:
Proceeds from sale												292,500
Cash payment												$ 67,763
Rotterdam Square
Discontinued Operations:
Proceeds from sale											$ 8,500
Gain (loss) on disposal											$ (472)
Property square footage \| ft²											585
Somersville Town Center
Discontinued Operations:
Proceeds from sale										$ 12,337
Gain (loss) on disposal										$ (263)
Property square footage \| ft²										348
Lake Square Mall
Discontinued Operations:
Proceeds from sale									$ 13,280
Gain (loss) on disposal									$ (876)
Property square footage \| ft²									559
Cash payment									$ 3,677
South Towne Center
Discontinued Operations:
Proceeds from sale				$ 205,000
Gain (loss) on disposal				$ 121,873
Property square footage \| ft²				1,278
Panorama Mall
Discontinued Operations:
Proceeds from sale	$ 98,000
Gain (loss) on disposal																					$ 73,726
Property square footage \| ft²	312
Notes Receivable \| Lake Square Mall
Discontinued Operations:
Notes receivable									$ 9,603
Number of notes receivable \| note									2
Great Northern Mall
Discontinued Operations:
Gain (loss) on extinguishment of debt		$ (1,627)
Great Northern Mall \| Great Northern Mall
Discontinued Operations:
Property square footage \| ft²		895
Gain (loss) on extinguishment of debt		$ (1,627)

Future Rental Revenues: (Details) $ in Thousands	Dec. 31, 2015 USD ($)
Future Rental Revenues [Abstract]
2016	$ 496,683
2017	423,057
2018	369,999
2019	319,535
2020	275,105
Thereafter	969,731
Total	$ 2,854,110

Commitments and Contingencies: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
Ground rent expenses	$ 11,870	$ 10,968	$ 10,579
Minimum future rental payments
2016	15,695
2017	15,632
2018	11,249
2019	9,629
2020	9,637
Thereafter	283,154
Total	344,996
Contingent Liabilities
Contingent liability under letters of credit	62,788
Outstanding obligations under construction agreements	$ 32,006

Related-Party Transactions: (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) ft² note	Dec. 31, 2013 USD ($)	Nov. 13, 2014 USD ($) ft²
Related party transactions
Interest expense, related party	$ 10,515	$ 15,134	$ 15,016
Due from affiliates	$ 83,928	$ 80,232
Limited partnership interest of the operating partnership (as a percent)	7.00%	6.00%
Related Parties Note Receivable, RED Consolidated Holdings, LLC
Related party transactions
Interest income, related party	$ 520	$ 614
Due from affiliates	$ 9,252	11,027
Notes receivable interest rate	5.25%
Unconsolidated joint ventures
Related party transactions
Interest income, related party		164	281
Due from affiliates	$ 7,467	3,869
Northwestern Mutual Life (NML)
Related party transactions
Interest expense payable, related party	756	1,125
Unconsolidated joint ventures and third-party managed properties
Related party transactions
Management fees	10,064	16,751	19,726
Development and leasing fees	9,615	10,528	9,936
Fees charged to unconsolidated joint ventures and third-party managed properties	$ 19,679	$ 27,279	$ 29,662
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
Notes receivable interest rate		5.00%
Number of notes receivable \| note		2
Fashion Outlets of Chicago \| Affiliated Entity
Related party transactions
Property square footage \| ft²		537
Candlestick Point
Related party transactions
Property square footage \| ft²				500
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	$ 67,209
Interest earned	$ 1,872
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, 2015 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)	2,285,318

Share and Unit-Based Plans: Stock Awards and Stock Units Roll Forward Activity (Details)	12 Months Ended
	Dec. 31, 2015 $ / shares shares	Dec. 31, 2014 $ / shares shares	Dec. 31, 2013 $ / shares shares
Stock awards
Shares or Units
Balance at beginning of year \| shares	9,189	19,001	20,924
Granted \| shares	0	0	8,963
Vested \| shares	(7,577)	(9,812)	(10,886)
Balance at end of year \| shares	1,612	9,189	19,001
Weighted Average Grant Date Fair Value (in dollars per share)
Balance at beginning of year \| $ / shares	$ 59.25	$ 56.77	$ 49.36
Granted \| $ / shares	0.00	0.00	61.84
Vested \| $ / shares	58.67	54.45	46.70
Balance at end of year \| $ / shares	$ 62.01	$ 59.25	$ 56.77
Stock units
Shares or Units
Balance at beginning of year \| shares	144,374	137,318	114,677
Granted \| shares	77,282	75,309	67,920
Vested \| shares	(86,761)	(68,253)	(45,279)
Forfeited \| shares	(2,809)	0	0
Balance at end of year \| shares	132,086	144,374	137,318
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	$ 59.94	$ 57.24	$ 52.19
Granted \| $ / shares	86.53	60.50	62.01
Vested \| $ / shares	61.29	55.14	51.59
Forfeited \| $ / shares	86.72	0.00	0.00
Balance at end of year \| $ / shares	$ 74.58	$ 59.94	$ 57.24

Share and Unit-Based Plans: SARs Narrative (Details) - $ / shares		12 Months Ended
	Dec. 08, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 09, 2015	Dec. 31, 2012
Share and unit-based plans
Distributions paid, per share (in dollars per share)	$ 2.00	$ 4.63	$ 2.51	$ 2.36
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 (in years)		8 years
Stock appreciation units balance (shares)	407,823	417,783	772,639	1,070,991	417,783	1,164,185
Stock appreciation weighted average price (in dollars per share)	$ 56.49	$ 55.13	$ 56.67	$ 56.66	$ 55.13	$ 56.66
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 (in years)		8 years

Share and Unit-Based Plans: SARs Roll Forward Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock units
Units
Granted	77,282	75,309	67,920
Weighted Average Exercise Price (in dollars per share)
Balance at beginning of year	$ 59.94	$ 57.24	$ 52.19
Granted	86.53	60.50	62.01
Vested	61.29	55.14	51.59
Balance at end of year	$ 74.58	$ 59.94	$ 57.24
Forfeited (in shares)	2,809	0	0
Forfeited	$ 86.72	$ 0.00	$ 0.00
SARs
Units
Balance at beginning of year	772,639	1,070,991	1,164,185
Granted	0	0	0
Exercised	(364,807)	(298,352)	(93,194)
Balance at end of year	417,783	772,639	1,070,991
Weighted Average Exercise Price (in dollars per share)
Balance at beginning of year	$ 56.67	$ 56.66	$ 56.66
Granted	0.00	0.00	0.00
Vested	56.86	56.63	56.63
Balance at end of year	$ 55.13	$ 56.67	$ 56.66
Forfeited (in shares)	9,951	0	0
Forfeited	$ 55.13	$ 0.00	$ 0.00

Share and Unit-Based Plans: Long-Term Incentive Plan Units (Details)											12 Months Ended
	Jan. 07, 2016	Dec. 31, 2015 shares	Jan. 12, 2015	Jan. 01, 2015 $ / shares shares	Dec. 31, 2014 shares	Mar. 07, 2014 $ / shares shares	Jan. 16, 2014	Jan. 01, 2014 $ / shares shares	Dec. 31, 2013 shares	Feb. 15, 2013 $ / shares shares	Dec. 31, 2015 $ / shares shares	Dec. 31, 2014 $ / shares shares	Dec. 31, 2013 $ / shares shares
Stock units
Share and unit-based plans
Conversion rate											1
Granted (in shares)											77,282	75,309	67,920
Granted (in dollars per share) \| $ / shares											$ 86.53	$ 60.50	$ 62.01
Vested (in shares)											86,761	68,253	45,279
Forfeited (in shares)											2,809	0	0
LTIP units
Share and unit-based plans
Conversion rate											1
Granted (in shares)											424,442	725,908	332,189
Granted (in dollars per share) \| $ / shares											$ 74.71	$ 51.71	$ 66.58
Absolute return requirement (in shares)				3.00%
Level of percentile ranking at which awards vested (as a percent)			150.00%				96.00%
Vested (in shares)									318,900		414,822	679,213	518,900
Forfeited (in shares)									13,289		0	0	13,289
Risk free rate (as a percent)				0.25%
Volatility rate (as a percent)				16.81%
Long Term Incentive Plan, Market Indexed
Share and unit-based plans
Vested (in shares)		55,934			136,465
Executive Officer \| LTIP units
Share and unit-based plans
Granted (in shares)										332,189
Granted (in dollars per share) \| $ / shares						$ 60.25				$ 66.58
Executive Officer \| LTIP units \| 2014 LTIP Units Series 2
Share and unit-based plans
Granted (in shares)								70,042
Granted (in dollars per share) \| $ / shares								$ 58.89
Executive Officer \| LTIP units \| 2014 LTIP Units Series 1
Share and unit-based plans
Granted (in shares)						246,471		272,930
Granted (in dollars per share) \| $ / shares								$ 45.34
Executive Officer \| LTIP units \| 2015 LTIP Units Series 1 [Member]
Share and unit-based plans
Granted (in shares)				49,451
Granted (in dollars per share) \| $ / shares				$ 83.41
Executive Officer \| LTIP units \| 2015 LTIP Units Series 2
Share and unit-based plans
Granted (in shares)				186,450
Granted (in dollars per share) \| $ / shares				$ 66.37
Subsequent Event \| LTIP units
Share and unit-based plans
Level of percentile ranking at which awards vested (as a percent)	130.00%

Share and Unit-Based Plans: LTIP Activity (Details) - LTIP units - $ / shares						12 Months Ended
	Mar. 06, 2015	Mar. 07, 2014	Jan. 01, 2014	Dec. 31, 2013	Feb. 15, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Units
Balance at beginning of year			0			46,695	0	200,000
Granted						424,442	725,908	332,189
Vested				(318,900)		(414,822)	(679,213)	(518,900)
Forfeited				(13,289)		0	0	(13,289)
Balance at end of year				0		56,315	46,695	0
Weighted Average Grant Date Fair Value (in dollars per share)
Balance at beginning of year			$ 0.00			$ 58.89	$ 0.00	$ 38.63
Granted						74.71	51.71	66.58
Vested						73.13	51.22	55.81
Forfeited						0.00	0.00	66.58
Balance at end of year				$ 0.00		$ 73.24	$ 58.89	$ 0.00
Executive Officer
Units
Granted					332,189
Weighted Average Grant Date Fair Value (in dollars per share)
Granted		$ 60.25			$ 66.58
Executive Officer \| 2014 LTIP Units Series 2
Units
Granted			70,042
Weighted Average Grant Date Fair Value (in dollars per share)
Granted			$ 58.89
Executive Officer \| 2015 LTIP Units Series 3
Units
Granted	132,607
Weighted Average Grant Date Fair Value (in dollars per share)
Granted	$ 86.72

Share and Unit-Based Plans: Stock Options Narrative (Details) - $ / shares		12 Months Ended
	Dec. 08, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 09, 2015
Share and unit-based plans
Distributions paid, per share (in dollars per share)	$ 2.00	$ 4.63	$ 2.51	$ 2.36
Stock options
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
Stock options, outstanding, number (shares)	10,068	10,314	10,068	10,068	12,768	10,314
Stock options, outstanding, weighted average exercise price (in dollars per share)	$ 59.57	$ 58.15	$ 59.57	$ 59.57	$ 54.69	$ 58.15

Share and Unit-Based Plans: Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Options
Special dividend adjustment		0	0
Weighted Average Exercise Price (in dollars per share)
Special dividend adjustment		$ 0.00	$ 0.00
Stock options
Options
Balance at beginning of year	10,068	10,068	12,768
Granted	0	0	0
Exercised	0	0	(2,700)
Special dividend adjustment	246
Balance at end of year	10,314	10,068	10,068
Weighted Average Exercise Price (in dollars per share)
Balance at beginning of year	$ 59.57	$ 59.57	$ 54.69
Granted	0.00	0.00	0.00
Exercised	0.00	0.00	36.51
Special dividend adjustment	58.15
Balance at end of year	$ 58.15	$ 59.57	$ 59.57

Share and Unit-Based Plans: Directors' Phantom Stock Plan (Details)	12 Months Ended
	Dec. 31, 2015 $ / shares shares	Dec. 31, 2014 $ / shares shares	Dec. 31, 2013 $ / 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	9,269	17,575	0
Granted	13,351	10,747	34,266
Vested	(20,162)	(19,053)	(16,691)
Forfeited	(2,458)	0	0
Balance at end of year	0	9,269	17,575
Weighted Average Grant Date Fair Value (in dollars per share)
Balance at beginning of year \| $ / shares	$ 58.35	$ 58.66	$ 0.00
Granted \| $ / shares	78.72	65.54	59.04
Vested \| $ / shares	72.17	62.69	59.44
Forfeited \| $ / shares	55.62	0.00	0.00
Balance at end of year \| $ / shares	$ 0.00	$ 58.35	$ 58.66
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)	199,603

Share and Unit-Based Plans: Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan	12 Months Ended
	Dec. 31, 2015 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)	517,285

Share and Unit-Based Plans: Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 34,375	$ 34,873	$ 28,122
Capitalized share and unit-based compensation costs	6,008	5,410	3,915
Stock awards
Share and unit-based plans
Compensation cost under share and unit-based plans	252	365	497
Unrecognized compensation cost of share and unit-based plans	20
Stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	6,041	4,689	3,839
Unrecognized compensation cost of share and unit-based plans	3,488
LTIP units
Share and unit-based plans
Compensation cost under share and unit-based plans	26,622	28,598	22,778
Unrecognized compensation cost of share and unit-based plans	4,128
Stock awards and units
Share and unit-based plans
Fair value of equity-based awards vested during period	8,794	4,685	3,516
Stock options
Share and unit-based plans
Compensation cost under share and unit-based plans	16	16	16
Unrecognized compensation cost of share and unit-based plans	27
Phantom stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 1,444	$ 1,205	$ 992

Employee Benefit Plans: (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plans: (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	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	$ 3,299	$ 3,253	$ 3,017
Deferred Compensation Plans
Employee Benefit Plans:
Employer contribution	$ 933	$ 845	$ 843

Income Taxes: (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Dec. 08, 2015	Oct. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Common Stock, Dividends, Per Share, Cash Deemed Paid, Income Tax Purposes			$ 0.21
Common stock dividend distribution
Ordinary income (in dollars per share)			1.20	$ 1.92	$ 1.02
Capital gains (in dollars per share)			3.64	0.16	1.24
Unrecaptured Section 1250 gain (in dollars per share)			0.00	0.05	0.10
Return of capital (in dollars per share)			0.00	0.38	0.00
Dividends paid for income tax purposes			4.84
Dividends paid (in dollars per share)	$ 2.00		$ 4.63	$ 2.51	$ 2.36
Ordinary income (as a percent)			24.80%	76.50%	43.30%
Capital gains (as a percent)			75.20%	6.40%	52.50%
Unrecaptured Section 1250 gain (as a percent)			0.00%	2.00%	4.20%
Return of capital (as a percent)			0.00%	15.10%	0.00%
Dividends paid (as a percent)			100.00%	100.00%	100.00%
Dividends declared for common stock		$ 2.00	$ 6.63
Income tax benefit
Current			$ 0	$ 0	$ (142)
Deferred			3,223	4,269	1,834
Income tax benefit			3,223	4,269	1,692
Reconciliation of income tax benefit (provision) of the TRSs
Book loss for TRSs			10,681	10,785	11,709
Tax at statutory rate on earnings from continuing operations before income taxes			3,632	3,667	3,981
Other			(409)	602	(2,289)
Income tax benefit			3,223	4,269	$ 1,692
Components of net deferred tax assets
Net operating loss carryforwards			25,340	24,698
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs			10,600	8,201
Other			2,907	2,726
Deferred tax assets			$ 38,847	$ 35,625

Quarterly Financial Data: (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended								12 Months Ended
	Nov. 14, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Data (Unaudited)
Revenues		$ 320,758	$ 326,262	$ 322,794	$ 318,335	$ 322,909	$ 263,491	$ 254,336	$ 264,511	$ 1,288,149	$ 1,105,247	$ 1,029,475
Net income (loss) attributable to common stockholders		$ 414,959	$ 33,597	$ 14,395	$ 24,611	$ 1,429,221	$ 35,914	$ 16,088	$ 17,819	$ 487,562	$ 1,499,042	$ 420,090
Net income attributable to common stockholders per share-basic (in dollars per share)		$ 2.65	$ 0.21	$ 0.09	$ 0.15	$ 9.52	$ 0.25	$ 0.11	$ 0.13	$ 3.08	$ 10.46	$ 3.01
Net income attributable to common stockholders per share-diluted (in dollars per share)		$ 2.65	$ 0.21	$ 0.09	$ 0.15	$ 9.51	$ 0.25	$ 0.11	$ 0.13	$ 3.08	$ 10.45	$ 3.00
Remeasurement gain on acquisition of additional interest										$ 22,089	$ 1,423,136	$ 51,205
Gain (loss) from sale										$ 0	$ 0	$ 286,414
PPR Queens Portfolio
Quarterly Financial Data (Unaudited)
Remeasurement gain on acquisition of additional interest	$ 1,423,136	$ 1,423,136

- 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) $ / shares in Units, ft² in Thousands								2 Months Ended	12 Months Ended
	Feb. 22, 2016 USD ($) shares	Jan. 29, 2016 $ / shares	Jan. 20, 2016 $ / shares shares	Jan. 14, 2016 USD ($) ft²	Jan. 04, 2016 USD ($) ft²	Nov. 13, 2015 USD ($) shares	Oct. 30, 2015 $ / shares	Jan. 20, 2016 shares	Dec. 31, 2015 USD ($) $ / shares	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Jan. 06, 2016	Sep. 30, 2015 USD ($)
Subsequent events
Purchase price paid through assumption of debt by the Company									$ 0	$ 1,414,659,000	$ 257,064,000
Accelerated share repurchased, number of shares purchased (shares) \| shares						4,140,788
Dividends declared for common stock \| $ / shares							$ 2.00		$ 6.63
Authorized amount for stock repurchase program						$ 400,000,000							$ 1,200,000,000
Authorized amount for accelerated stock repurchase program						$ 400,000,000
Subsequent Event
Subsequent events
Accelerated share repurchased, number of shares purchased (shares) \| shares	4,222,193		970,609					5,111,397
Average price per share paid for stock repurchased for accelerated stock repurchases (in dollars per share) \| $ / shares			$ 78.26
Dividends declared for common stock \| $ / shares		$ 0.68
Authorized amount for stock repurchase program	$ 400,000,000
Authorized amount for accelerated stock repurchase program	$ 400,000,000
Arrowhead Towne Center \| Subsequent Event
Subsequent events
Interest rate (as a percent)												4.05%
Country Club Plaza [Member] \| Country Club Plaza [Member] \| Subsequent Event
Subsequent events
Property square footage \| ft²					1,300
Purchase price on acquisition					$ 660,000,000
Purchase price paid through assumption of debt by the Company					$ 330,000,000
Twenty Ninth Street \| Subsequent Event
Subsequent events
Property square footage \| ft²				850
Face amount of debt				$ 150,000,000
Interest rate (as a percent)				4.10%
Deptford Mall \| Subsequent Event
Subsequent events
Property square footage \| ft²				1,040
FlatIron Crossing \| Subsequent Event
Subsequent events
Property square footage \| ft²				1,430
Depford Mall, FlatIron Crossing, Twenty Ninth Street [Member] \| Subsequent Event
Subsequent events
Proceeds from sale				$ 750,980,000
Cash payment				458,110,000
Assumption of debt				$ 292,870,000
Percentage of ownership interest sold				49.00%

Schedule III-Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Initial Cost to Company
Land	$ 1,757,942
Building and Improvements	6,033,897
Equipment and Furnishings	47,479
Cost Capitalized Subsequent to Acquisition	2,850,338
Gross Amount at Which Carried at Close of Period
Land	1,894,717
Buildings and Improvements	8,390,247
Equipment and furnishings	169,841	$ 152,554
Construction in progress	234,851	303,264
SEC Schedule III, Real Estate, Gross	10,689,656	12,777,882	$ 9,181,338	$ 9,012,706
Accumulated Depreciation	1,892,744	$ 1,709,992	$ 1,559,572	$ 1,533,160
SEC Schedule III, Real Estate Investment Property, Net	8,796,912
Arrowhead Towne Center
Initial Cost to Company
Land	36,687
Building and Improvements	386,662
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	21,261
Gross Amount at Which Carried at Close of Period
Land	35,556
Buildings and Improvements	390,182
Equipment and furnishings	2,502
Construction in progress	16,370
SEC Schedule III, Real Estate, Gross	444,610
Accumulated Depreciation	32,730
SEC Schedule III, Real Estate Investment Property, Net	411,880
Black Canyon Auto Park
Initial Cost to Company
Land	20,600
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	9,766
Gross Amount at Which Carried at Close of Period
Land	30,349
Buildings and Improvements	0
Equipment and furnishings	0
Construction in progress	17
SEC Schedule III, Real Estate, Gross	30,366
Accumulated Depreciation	0
SEC Schedule III, Real Estate Investment Property, Net	30,366
Capitola Mall
Initial Cost to Company
Land	20,395
Building and Improvements	59,221
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	13,088
Gross Amount at Which Carried at Close of Period
Land	20,392
Buildings and Improvements	70,799
Equipment and furnishings	1,220
Construction in progress	293
SEC Schedule III, Real Estate, Gross	92,704
Accumulated Depreciation	32,842
SEC Schedule III, Real Estate Investment Property, Net	59,862
Cascade Mall
Initial Cost to Company
Land	19,253
Building and Improvements	9,671
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(459)
Gross Amount at Which Carried at Close of Period
Land	18,699
Buildings and Improvements	9,664
Equipment and furnishings	102
Construction in progress	0
SEC Schedule III, Real Estate, Gross	28,465
Accumulated Depreciation	769
SEC Schedule III, Real Estate Investment Property, Net	27,696
Chandler Fashion Center
Initial Cost to Company
Land	24,188
Building and Improvements	223,143
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	15,959
Gross Amount at Which Carried at Close of Period
Land	24,188
Buildings and Improvements	233,857
Equipment and furnishings	5,245
Construction in progress	0
SEC Schedule III, Real Estate, Gross	263,290
Accumulated Depreciation	90,346
SEC Schedule III, Real Estate Investment Property, Net	172,944
Danbury Fair Mall
Initial Cost to Company
Land	130,367
Building and Improvements	316,951
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	99,864
Gross Amount at Which Carried at Close of Period
Land	142,751
Buildings and Improvements	398,254
Equipment and furnishings	6,104
Construction in progress	73
SEC Schedule III, Real Estate, Gross	547,182
Accumulated Depreciation	117,300
SEC Schedule III, Real Estate Investment Property, Net	429,882
Deptford Mall
Initial Cost to Company
Land	48,370
Building and Improvements	194,250
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	51,415
Gross Amount at Which Carried at Close of Period
Land	61,029
Buildings and Improvements	230,414
Equipment and furnishings	2,584
Construction in progress	8
SEC Schedule III, Real Estate, Gross	294,035
Accumulated Depreciation	60,013
SEC Schedule III, Real Estate Investment Property, Net	234,022
Desert Sky Mall
Initial Cost to Company
Land	9,447
Building and Improvements	37,245
Equipment and Furnishings	12
Cost Capitalized Subsequent to Acquisition	3,225
Gross Amount at Which Carried at Close of Period
Land	9,082
Buildings and Improvements	39,794
Equipment and furnishings	1,053
Construction in progress	0
SEC Schedule III, Real Estate, Gross	49,929
Accumulated Depreciation	6,903
SEC Schedule III, Real Estate Investment Property, Net	43,026
Eastland Mall
Initial Cost to Company
Land	22,050
Building and Improvements	151,605
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	6,736
Gross Amount at Which Carried at Close of Period
Land	22,066
Buildings and Improvements	157,079
Equipment and furnishings	874
Construction in progress	372
SEC Schedule III, Real Estate, Gross	180,391
Accumulated Depreciation	18,575
SEC Schedule III, Real Estate Investment Property, Net	161,816
Estrella Falls
Initial Cost to Company
Land	10,550
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	65,457
Gross Amount at Which Carried at Close of Period
Land	9,405
Buildings and Improvements	0
Equipment and furnishings	0
Construction in progress	66,602
SEC Schedule III, Real Estate, Gross	76,007
Accumulated Depreciation	0
SEC Schedule III, Real Estate Investment Property, Net	76,007
Fashion Outlets of Chicago
Initial Cost to Company
Land	0
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	253,469
Gross Amount at Which Carried at Close of Period
Land	40,575
Buildings and Improvements	209,834
Equipment and furnishings	2,308
Construction in progress	752
SEC Schedule III, Real Estate, Gross	253,469
Accumulated Depreciation	24,121
SEC Schedule III, Real Estate Investment Property, Net	229,348
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	106,381
Gross Amount at Which Carried at Close of Period
Land	22,963
Buildings and Improvements	308,795
Equipment and furnishings	2,059
Construction in progress	1,284
SEC Schedule III, Real Estate, Gross	335,101
Accumulated Depreciation	37,666
SEC Schedule III, Real Estate Investment Property, Net	297,435
Flagstaff Mall
Initial Cost to Company
Land	5,480
Building and Improvements	31,773
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	13,249
Gross Amount at Which Carried at Close of Period
Land	4,882
Buildings and Improvements	44,982
Equipment and furnishings	638
Construction in progress	0
SEC Schedule III, Real Estate, Gross	50,502
Accumulated Depreciation	18,283
SEC Schedule III, Real Estate Investment Property, Net	32,219
Flagstaff Mall, The Marketplace at
Initial Cost to Company
Land	0
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	52,832
Gross Amount at Which Carried at Close of Period
Land	0
Buildings and Improvements	52,830
Equipment and furnishings	2
Construction in progress	0
SEC Schedule III, Real Estate, Gross	52,832
Accumulated Depreciation	18,633
SEC Schedule III, Real Estate Investment Property, Net	34,199
FlatIron Crossing
Initial Cost to Company
Land	109,851
Building and Improvements	333,540
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	20,011
Gross Amount at Which Carried at Close of Period
Land	109,851
Buildings and Improvements	352,112
Equipment and furnishings	1,247
Construction in progress	192
SEC Schedule III, Real Estate, Gross	463,402
Accumulated Depreciation	37,775
SEC Schedule III, Real Estate Investment Property, Net	425,627
Freehold Raceway Mall
Initial Cost to Company
Land	164,986
Building and Improvements	362,841
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	99,499
Gross Amount at Which Carried at Close of Period
Land	168,098
Buildings and Improvements	454,810
Equipment and furnishings	4,418
Construction in progress	0
SEC Schedule III, Real Estate, Gross	627,326
Accumulated Depreciation	148,648
SEC Schedule III, Real Estate Investment Property, Net	478,678
Fresno Fashion Fair
Initial Cost to Company
Land	17,966
Building and Improvements	72,194
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	48,523
Gross Amount at Which Carried at Close of Period
Land	17,966
Buildings and Improvements	118,833
Equipment and furnishings	1,723
Construction in progress	161
SEC Schedule III, Real Estate, Gross	138,683
Accumulated Depreciation	55,365
SEC Schedule III, Real Estate Investment Property, Net	83,318
Green Acres Mall
Initial Cost to Company
Land	156,640
Building and Improvements	321,034
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	93,099
Gross Amount at Which Carried at Close of Period
Land	156,640
Buildings and Improvements	355,992
Equipment and furnishings	5,953
Construction in progress	52,188
SEC Schedule III, Real Estate, Gross	570,773
Accumulated Depreciation	38,272
SEC Schedule III, Real Estate Investment Property, Net	532,501
Inland Center
Initial Cost to Company
Land	8,321
Building and Improvements	83,550
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	2,838
Gross Amount at Which Carried at Close of Period
Land	8,280
Buildings and Improvements	84,416
Equipment and furnishings	16
Construction in progress	1,997
SEC Schedule III, Real Estate, Gross	94,709
Accumulated Depreciation	3,520
SEC Schedule III, Real Estate Investment Property, Net	91,189
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	58,633
Gross Amount at Which Carried at Close of Period
Land	206,969
Buildings and Improvements	532,089
Equipment and furnishings	23,415
Construction in progress	10,749
SEC Schedule III, Real Estate, Gross	773,222
Accumulated Depreciation	53,286
SEC Schedule III, Real Estate Investment Property, Net	719,936
La Cumbre Plaza
Initial Cost to Company
Land	18,122
Building and Improvements	21,492
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	24,614
Gross Amount at Which Carried at Close of Period
Land	17,280
Buildings and Improvements	46,364
Equipment and furnishings	359
Construction in progress	225
SEC Schedule III, Real Estate, Gross	64,228
Accumulated Depreciation	21,629
SEC Schedule III, Real Estate Investment Property, Net	42,599
Macerich Management Co.
Initial Cost to Company
Land	0
Building and Improvements	8,685
Equipment and Furnishings	26,562
Cost Capitalized Subsequent to Acquisition	36,743
Gross Amount at Which Carried at Close of Period
Land	1,577
Buildings and Improvements	8,035
Equipment and furnishings	58,294
Construction in progress	4,084
SEC Schedule III, Real Estate, Gross	71,990
Accumulated Depreciation	46,489
SEC Schedule III, Real Estate Investment Property, Net	25,501
MACWH, LP
Initial Cost to Company
Land	0
Building and Improvements	25,771
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	16,987
Gross Amount at Which Carried at Close of Period
Land	11,557
Buildings and Improvements	27,455
Equipment and furnishings	0
Construction in progress	3,746
SEC Schedule III, Real Estate, Gross	42,758
Accumulated Depreciation	7,700
SEC Schedule III, Real Estate Investment Property, Net	35,058
Northgate Mall
Initial Cost to Company
Land	8,400
Building and Improvements	34,865
Equipment and Furnishings	841
Cost Capitalized Subsequent to Acquisition	103,504
Gross Amount at Which Carried at Close of Period
Land	13,414
Buildings and Improvements	130,984
Equipment and furnishings	3,127
Construction in progress	85
SEC Schedule III, Real Estate, Gross	147,610
Accumulated Depreciation	66,699
SEC Schedule III, Real Estate Investment Property, Net	80,911
NorthPark Mall
Initial Cost to Company
Land	7,746
Building and Improvements	74,661
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	8,912
Gross Amount at Which Carried at Close of Period
Land	7,885
Buildings and Improvements	82,961
Equipment and furnishings	458
Construction in progress	15
SEC Schedule III, Real Estate, Gross	91,319
Accumulated Depreciation	10,983
SEC Schedule III, Real Estate Investment Property, Net	80,336
SouthPark Mall
Initial Cost to Company
Land	7,035
Building and Improvements	38,215
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	23,120
Gross Amount at Which Carried at Close of Period
Land	7,479
Buildings and Improvements	60,516
Equipment and furnishings	361
Construction in progress	14
SEC Schedule III, Real Estate, Gross	68,370
Accumulated Depreciation	6,288
SEC Schedule III, Real Estate Investment Property, Net	62,082
Southridge Mall
Initial Cost to Company
Land	6,764
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	19,451
Gross Amount at Which Carried at Close of Period
Land	6,514
Buildings and Improvements	19,585
Equipment and furnishings	98
Construction in progress	18
SEC Schedule III, Real Estate, Gross	26,215
Accumulated Depreciation	2,662
SEC Schedule III, Real Estate Investment Property, Net	23,553
Stonewood Center
Initial Cost to Company
Land	4,948
Building and Improvements	302,527
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	1,595
Gross Amount at Which Carried at Close of Period
Land	4,935
Buildings and Improvements	303,697
Equipment and furnishings	45
Construction in progress	393
SEC Schedule III, Real Estate, Gross	309,070
Accumulated Depreciation	10,530
SEC Schedule III, Real Estate Investment Property, Net	298,540
Superstition Springs Center
Initial Cost to Company
Land	10,928
Building and Improvements	112,718
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	5,333
Gross Amount at Which Carried at Close of Period
Land	10,928
Buildings and Improvements	117,891
Equipment and furnishings	160
Construction in progress	0
SEC Schedule III, Real Estate, Gross	128,979
Accumulated Depreciation	7,522
SEC Schedule III, Real Estate Investment Property, Net	121,457
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	203
Gross Amount at Which Carried at Close of Period
Land	1,618
Buildings and Improvements	4,540
Equipment and furnishings	83
Construction in progress	0
SEC Schedule III, Real Estate, Gross	6,241
Accumulated Depreciation	1,595
SEC Schedule III, Real Estate Investment Property, Net	4,646
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	(9,232)
Gross Amount at Which Carried at Close of Period
Land	16,922
Buildings and Improvements	0
Equipment and furnishings	0
Construction in progress	10,004
SEC Schedule III, Real Estate, Gross	26,926
Accumulated Depreciation	0
SEC Schedule III, Real Estate Investment Property, Net	26,926
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	8,449
Gross Amount at Which Carried at Close of Period
Land	0
Buildings and Improvements	0
Equipment and furnishings	10,823
Construction in progress	160
SEC Schedule III, Real Estate, Gross	10,983
Accumulated Depreciation	1,694
SEC Schedule III, Real Estate Investment Property, Net	9,289
Towne Mall
Initial Cost to Company
Land	6,652
Building and Improvements	31,184
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	4,062
Gross Amount at Which Carried at Close of Period
Land	6,877
Buildings and Improvements	34,530
Equipment and furnishings	491
Construction in progress	0
SEC Schedule III, Real Estate, Gross	41,898
Accumulated Depreciation	12,761
SEC Schedule III, Real Estate Investment Property, Net	29,137
Tucson La Encantada
Initial Cost to Company
Land	12,800
Building and Improvements	19,699
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	55,276
Gross Amount at Which Carried at Close of Period
Land	12,800
Buildings and Improvements	74,435
Equipment and furnishings	530
Construction in progress	10
SEC Schedule III, Real Estate, Gross	87,775
Accumulated Depreciation	37,790
SEC Schedule III, Real Estate Investment Property, Net	49,985
Twenty Ninth Street
Initial Cost to Company
Land	0
Building and Improvements	37,843
Equipment and Furnishings	64
Cost Capitalized Subsequent to Acquisition	213,175
Gross Amount at Which Carried at Close of Period
Land	23,599
Buildings and Improvements	225,584
Equipment and furnishings	1,603
Construction in progress	296
SEC Schedule III, Real Estate, Gross	251,082
Accumulated Depreciation	94,861
SEC Schedule III, Real Estate Investment Property, Net	156,221
Valley Mall
Initial Cost to Company
Land	16,045
Building and Improvements	26,098
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	9,719
Gross Amount at Which Carried at Close of Period
Land	15,616
Buildings and Improvements	35,869
Equipment and furnishings	326
Construction in progress	51
SEC Schedule III, Real Estate, Gross	51,862
Accumulated Depreciation	4,566
SEC Schedule III, Real Estate Investment Property, Net	47,296
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	7,600
Gross Amount at Which Carried at Close of Period
Land	10,994
Buildings and Improvements	50,907
Equipment and furnishings	168
Construction in progress	13,740
SEC Schedule III, Real Estate, Gross	75,809
Accumulated Depreciation	7,315
SEC Schedule III, Real Estate Investment Property, Net	68,494
The Oaks [Member]
Initial Cost to Company
Land	32,300
Building and Improvements	117,156
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	247,064
Gross Amount at Which Carried at Close of Period
Land	55,527
Buildings and Improvements	334,677
Equipment and furnishings	2,654
Construction in progress	3,662
SEC Schedule III, Real Estate, Gross	396,520
Accumulated Depreciation	113,632
SEC Schedule III, Real Estate Investment Property, Net	282,888
Pacific View
Initial Cost to Company
Land	8,697
Building and Improvements	8,696
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	129,050
Gross Amount at Which Carried at Close of Period
Land	7,854
Buildings and Improvements	136,075
Equipment and furnishings	2,476
Construction in progress	38
SEC Schedule III, Real Estate, Gross	146,443
Accumulated Depreciation	59,044
SEC Schedule III, Real Estate Investment Property, Net	87,399
Paradise Valley Mall
Initial Cost to Company
Land	24,565
Building and Improvements	125,996
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	42,604
Gross Amount at Which Carried at Close of Period
Land	35,921
Buildings and Improvements	154,278
Equipment and furnishings	2,317
Construction in progress	649
SEC Schedule III, Real Estate, Gross	193,165
Accumulated Depreciation	63,169
SEC Schedule III, Real Estate Investment Property, Net	129,996
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	317
SEC Schedule III, Real Estate Investment Property, Net	4,176
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	3,453
Gross Amount at Which Carried at Close of Period
Land	2,300
Buildings and Improvements	3,584
Equipment and furnishings	509
Construction in progress	0
SEC Schedule III, Real Estate, Gross	6,393
Accumulated Depreciation	2,293
SEC Schedule III, Real Estate Investment Property, Net	4,100
Promenade at Casa Grande
Initial Cost to Company
Land	15,089
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	84,112
Gross Amount at Which Carried at Close of Period
Land	8,586
Buildings and Improvements	90,541
Equipment and furnishings	74
Construction in progress	0
SEC Schedule III, Real Estate, Gross	99,201
Accumulated Depreciation	35,048
SEC Schedule III, Real Estate Investment Property, Net	64,153
Queens Center
Initial Cost to Company
Land	251,474
Building and Improvements	1,039,922
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	6,106
Gross Amount at Which Carried at Close of Period
Land	256,786
Buildings and Improvements	1,038,998
Equipment and furnishings	1,434
Construction in progress	284
SEC Schedule III, Real Estate, Gross	1,297,502
Accumulated Depreciation	31,204
SEC Schedule III, Real Estate Investment Property, Net	1,266,298
Santa Monica Place
Initial Cost to Company
Land	26,400
Building and Improvements	105,600
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	323,012
Gross Amount at Which Carried at Close of Period
Land	48,374
Buildings and Improvements	396,190
Equipment and furnishings	8,058
Construction in progress	2,390
SEC Schedule III, Real Estate, Gross	455,012
Accumulated Depreciation	80,324
SEC Schedule III, Real Estate Investment Property, Net	374,688
San Tan Adjacent Land
Initial Cost to Company
Land	29,414
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	6,893
Gross Amount at Which Carried at Close of Period
Land	30,506
Buildings and Improvements	0
Equipment and furnishings	0
Construction in progress	5,801
SEC Schedule III, Real Estate, Gross	36,307
Accumulated Depreciation	0
SEC Schedule III, Real Estate Investment Property, Net	36,307
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	195,686
Gross Amount at Which Carried at Close of Period
Land	6,344
Buildings and Improvements	195,833
Equipment and furnishings	1,336
Construction in progress	0
SEC Schedule III, Real Estate, Gross	203,513
Accumulated Depreciation	76,088
SEC Schedule III, Real Estate Investment Property, Net	127,425
Valley River Center
Initial Cost to Company
Land	24,854
Building and Improvements	147,715
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	21,074
Gross Amount at Which Carried at Close of Period
Land	24,854
Buildings and Improvements	166,894
Equipment and furnishings	1,895
Construction in progress	0
SEC Schedule III, Real Estate, Gross	193,643
Accumulated Depreciation	49,543
SEC Schedule III, Real Estate Investment Property, Net	144,100
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	51,313
Gross Amount at Which Carried at Close of Period
Land	20,080
Buildings and Improvements	120,135
Equipment and furnishings	2,028
Construction in progress	0
SEC Schedule III, Real Estate, Gross	142,243
Accumulated Depreciation	39,177
SEC Schedule III, Real Estate Investment Property, Net	103,066
Vintage Faire Mall
Initial Cost to Company
Land	14,902
Building and Improvements	60,532
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	56,441
Gross Amount at Which Carried at Close of Period
Land	17,647
Buildings and Improvements	112,898
Equipment and furnishings	1,316
Construction in progress	14
SEC Schedule III, Real Estate, Gross	131,875
Accumulated Depreciation	61,773
SEC Schedule III, Real Estate Investment Property, Net	70,102
Westside Pavilion
Initial Cost to Company
Land	34,100
Building and Improvements	136,819
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	71,277
Gross Amount at Which Carried at Close of Period
Land	34,100
Buildings and Improvements	201,207
Equipment and furnishings	5,787
Construction in progress	1,102
SEC Schedule III, Real Estate, Gross	242,196
Accumulated Depreciation	94,956
SEC Schedule III, Real Estate Investment Property, Net	147,240
Wilton Mall Member
Initial Cost to Company
Land	19,743
Building and Improvements	67,855
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	24,154
Gross Amount at Which Carried at Close of Period
Land	19,810
Buildings and Improvements	90,735
Equipment and furnishings	1,126
Construction in progress	81
SEC Schedule III, Real Estate, Gross	111,752
Accumulated Depreciation	27,603
SEC Schedule III, Real Estate Investment Property, Net	84,149
Mervyn's
Initial Cost to Company
Land	10,094
Building and Improvements	68,660
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	7,031
Gross Amount at Which Carried at Close of Period
Land	10,094
Buildings and Improvements	75,249
Equipment and furnishings	442
Construction in progress	0
SEC Schedule III, Real Estate, Gross	85,785
Accumulated Depreciation	20,832
SEC Schedule III, Real Estate Investment Property, Net	64,953
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	23,587
Gross Amount at Which Carried at Close of Period
Land	32,328
Buildings and Improvements	4,241
Equipment and furnishings	0
Construction in progress	36,931
SEC Schedule III, Real Estate, Gross	73,500
Accumulated Depreciation	1,610
SEC Schedule III, Real Estate Investment Property, Net	$ 71,890

Schedule III-Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REAL ESTATE AND ACCUMULATED DEPRECIATION
Aggregate gross cost of the property for federal income tax purposes	$ 7,440,059
Changes in total real estate assets
Balances, beginning of year	12,777,882	$ 9,181,338	$ 9,012,706
Additions	392,575	4,042,409	943,159
Dispositions and retirements	(2,480,801)	(445,865)	(774,527)
Balances, end of year	10,689,656	12,777,882	9,181,338
Changes in accumulated depreciation
Balances, beginning of year	1,709,992	1,559,572	1,533,160
Additions	354,977	289,178	284,500
Dispositions and retirements	(172,225)	(138,758)	(258,088)
Balances, end of year	$ 1,892,744	$ 1,709,992	$ 1,559,572
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