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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2016	Feb. 21, 2017	Jun. 30, 2016
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, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		143,904,832
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 12.3

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS:
Property, net	$ 7,357,310	$ 8,796,912
Cash and cash equivalents	94,046	86,510
Restricted cash	49,951	41,389
Tenant and other receivables, net	136,998	130,002
Deferred charges and other assets, net	478,058	564,291
Due from affiliates	68,227	83,928
Investments in unconsolidated joint ventures	1,773,558	1,532,552
Total assets	9,958,148	11,235,584
Mortgage notes payable:
Related parties	176,442	181,069
Others	3,908,976	4,427,518
Total	4,085,418	4,608,587
Bank and other notes payable	880,482	652,163
Accounts payable and accrued expenses	61,316	74,398
Accrued dividend	0	337,703
Other accrued liabilities	366,165	403,281
Distributions in excess of investments in unconsolidated joint ventures	78,626	24,457
Co-venture obligation	58,973	63,756
Total liabilities	5,530,980	6,164,345
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 143,985,036 and 154,404,986 shares issued and outstanding at December 31, 2016 and 2015, respectively	1,440	1,544
Additional paid-in capital	4,593,229	4,926,630
Accumulated deficit	(488,782)	(212,760)
Total stockholders' equity	4,105,887	4,715,414
Noncontrolling interests	321,281	355,825
Total equity	4,427,168	5,071,239
Total liabilities and equity	$ 9,958,148	$ 11,235,584

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
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	143,985,036	154,404,986
Common stock, shares outstanding	143,985,036	154,404,986

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Minimum rents	$ 616,295	$ 759,603	$ 633,571
Percentage rents	20,902	25,693	24,350
Tenant recoveries	305,282	415,129	361,119
Other	59,328	61,470	52,226
Management Companies	39,464	26,254	33,981
Total revenues	1,041,271	1,288,149	1,105,247
Expenses:
Shopping center and operating expenses	307,623	379,815	353,505
Management Companies' operating expenses	98,323	92,340	88,424
REIT general and administrative expenses	28,217	29,870	29,412
Costs related to unsolicited takeover offer	0	25,204	0
Depreciation and amortization	348,488	464,472	378,716
Total expenses before interest	782,651	991,701	850,057
Interest expense:
Related parties	8,973	10,515	15,134
Other	154,702	201,428	175,555
Total interest expense	163,675	211,943	190,689
(Gain) loss on extinguishment of debt, net	(1,709)	(1,487)	9,551
Total expenses	944,617	1,202,157	1,050,297
Equity in income of unconsolidated joint ventures	56,941	45,164	60,626
Co-venture expense	(13,382)	(11,804)	(9,490)
Income tax (expense) benefit	(722)	3,223	4,269
Gain on sale or write down of assets, net	415,348	378,248	73,440
Gain on remeasurement of assets	0	22,089	1,423,136
Net income	554,839	522,912	1,606,931
Less net income attributable to noncontrolling interests	37,844	35,350	107,889
Net income attributable to the Company	$ 516,995	$ 487,562	$ 1,499,042
Earnings per common share attributable to common stockholders:
Net income attributable to common stockholders (dollars per share)	$ 3.52	$ 3.08	$ 10.46
Net income attributable to common stockholders (dollars per share)	$ 3.52	$ 3.08	$ 10.45
Weighted average number of common shares outstanding:
Basic (shares)	146,599	157,916	143,144
Diluted (shares)	146,711	158,060	143,291

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Noncontrolling Interests
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 issued to acquire properties (in shares)			17,140,845
Stock issued to acquire properties	1,161,274	1,161,274	$ 172	1,161,102
Distributions	(353,495)	(353,495)			(353,495)
Distributions to noncontrolling interests	(32,230)					(32,230)
Change in noncontrolling interests due to acquisition/disposition of consolidated entities	(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	0	2,410	$ 1	2,409		(2,410)
Redemption of noncontrolling interests	(236)	(157)		(157)		(79)
Adjustment of noncontrolling interests in Operating Partnership	0	(59,949)		(59,949)		59,949
Balance (in shares) at Dec. 31, 2014			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)
Distributions	(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)
Conversion of noncontrolling interests to common shares (in shares)			79,556
Conversion of noncontrolling interests to common shares	0	1,559	$ 1	1,558		(1,559)
Redemption of noncontrolling interests	(456)	(343)		(343)		(113)
Adjustment of noncontrolling interests in Operating Partnership	$ 0	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
Increase (Decrease) in Stockholders' Equity
Net income	554,839	516,995			516,995	37,844
Amortization of share and unit-based plans (in shares)			139,671
Amortization of share and unit-based plans	40,529	40,529	$ 2	40,527
Employee stock purchases (in shares)			28,147
Employee stock purchases	1,697	1,697		1,697
Stock repurchase (in shares)			(11,123,011)
Stock repurchase	(800,018)	(800,018)	$ (111)	(412,391)	(387,516)
Distributions	(405,501)	(405,501)			(405,501)
Distributions to noncontrolling interests	(35,677)					(35,677)
Contributions from noncontrolling interests	90					90
Conversion of noncontrolling interests to common shares (in shares)			535,243
Conversion of noncontrolling interests to common shares	0	12,448	$ 5	12,443		(12,448)
Redemption of noncontrolling interests	(30)	(23)		(23)		(7)
Adjustment of noncontrolling interests in Operating Partnership	$ 0	24,346		24,346		(24,346)
Balance (in shares) at Dec. 31, 2016	143,985,036		143,985,036
Balance at Dec. 31, 2016	$ 4,427,168	$ 4,105,887	$ 1,440	$ 4,593,229	$ (488,782)	$ 321,281

CONSOLIDATED STATEMENTS OF EQUITY (parenthetical) - $ / shares			12 Months Ended
	Nov. 12, 2015	Oct. 30, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Distributions paid, per share (in dollars per share)				$ 4.63	$ 2.51
Dividends declared for common stock (in dollars per share)	$ 2.00	$ 2.00	$ 2.75	$ 6.63

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ 554,839	$ 522,912	$ 1,606,931
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss on early extinguishment of debt, net	(13,737)	(16,066)	526
Gain on sale or write down of assets, net	(415,348)	(378,248)	(73,440)
Gain on remeasurement of assets	0	(22,089)	(1,423,136)
Depreciation and amortization	355,358	471,320	387,785
Amortization of net premium on mortgage notes payable	(4,048)	(20,232)	(8,906)
Amortization of share and unit-based plans	33,288	28,367	29,463
Straight-line rent adjustment	(5,237)	(7,192)	(5,825)
Amortization of above and below-market leases	(12,815)	(16,510)	(9,083)
Provision for doubtful accounts	3,586	4,698	3,962
Income tax expense (benefit)	722	(3,223)	(4,269)
Equity in income of unconsolidated joint ventures	(56,941)	(45,164)	(60,626)
Co-venture expense	13,382	11,804	9,490
Distributions of income from unconsolidated joint ventures	7,248	4,541	2,412
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	(7,585)	1,908	(12,356)
Other assets	(20,033)	13,892	(15,594)
Due from affiliates	15,983	(7,025)	(1,770)
Accounts payable and accrued expenses	(8,929)	(4,014)	(123)
Other accrued liabilities	(22,227)	698	(24,735)
Net cash provided by operating activities	417,506	540,377	400,706
Cash flows from investing activities:
Acquisition of properties	0	(26,250)	(15,233)
Development, redevelopment, expansion and renovation of properties	(211,616)	(272,334)	(185,412)
Property improvements	(47,863)	(53,335)	(66,718)
Cash acquired from acquisitions	0	0	28,890
Proceeds from note receivable	3,677	1,833	4,825
Issuance of notes receivable	0	0	(65,130)
Deposit on acquisition of property	0	(12,500)	0
Deferred leasing costs	(28,074)	(33,902)	(28,019)
Distributions from unconsolidated joint ventures	444,095	105,640	78,222
Contributions to unconsolidated joint ventures	(430,428)	(426,186)	(336,621)
Collections of loans to unconsolidated joint ventures, net	0	0	2,756
Proceeds from sale of assets	724,275	646,898	320,123
Restricted cash	(10,953)	(30,888)	6,526
Net cash provided by (used in) investing activities	443,113	(101,024)	(255,791)
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	3,201,138	4,080,671	1,204,946
Payments on mortgages, bank and other notes payable	(2,437,891)	(3,284,213)	(853,080)
Deferred financing costs	(10,584)	(11,805)	(1,267)
Payment of finance deposits, net of refunds received	0	(11,138)	0
Proceeds from share and unit-based plans	1,697	1,512	1,231
Payment of stock issuance costs	0	0	(5,503)
Stock repurchases	(800,018)	(400,144)	0
Redemption of noncontrolling interests	(30)	(456)	(236)
Contributions from noncontrolling interests	90	23	0
Purchase of noncontrolling interest	0	(1,593)	(55,867)
Settlement of contingent consideration	(10,012)	0	(18,667)
Dividends and distributions	(779,308)	(787,109)	(385,725)
Distributions to co-venture partner	(18,165)	(23,498)	(15,555)
Net cash used in financing activities	(853,083)	(437,750)	(129,723)
Net increase in cash and cash equivalents	7,536	1,603	15,192
Cash and cash equivalents, beginning of year	86,510	84,907	69,715
Cash and cash equivalents, end of year	94,046	86,510	84,907
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	153,838	231,106	186,877
Non-cash investing and financing activities:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	49,484	52,983	83,108
Acquisition of property by issuance of common stock	0	0	1,166,777
Conversion of Operating Partnership Units to common stock	12,448	1,559	2,410
Accrued dividend	0	337,703	0
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities	0	0	1,414,659
Mortgage notes payable settled in deed-in-lieu of foreclosure	37,000	34,149	0
Mortgage notes payable assumed by buyers in sales of properties	0	0	31,725
Mortgage notes payable assumed by buyer in exchange for investment in unconsolidated joint venture	997,695	1,782,455	0
Note receivable issued in connection with sale of property	0	0	9,603
Acquisition of property in exchange for settlement of notes receivable	0	0	14,120
Acquisition of property in exchange for investment in unconsolidated joint venture	0	76,250	15,767
Contingent consideration in acquisition of property	0	0	10,012
Assumption of mortgage notes payable and other liabilities from unconsolidated joint ventures	$ 0	$ 50,000	$ 0

Organization	12 Months Ended
Organization	Dec. 31, 2016
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, 2016, 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 owned by the Company and are collectively referred to herein as the "Management Companies."

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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.

On January 1, 2016, the Company adopted Accounting Standards Update (“ASU”) 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which made 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 ("VIE") characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. The Company evaluated the new standard and determined that no change was required to its accounting for variable interest entities. However, under the guidance of the new standard, all of the Company's consolidated joint ventures, including the Operating Partnership, now meet the definition and criteria as VIEs and the Company is the primary beneficiary of each VIE.

The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of VIEs.

The Operating Partnership's VIEs included the following assets and liabilities:



	December 31,
	2016		2015
Assets:
Properties, net	$	307,582	$	362,129
Other assets	68,863		74,075
Total assets	$	376,445	$	436,204
Liabilities:
Mortgage notes payable	$	133,245	$	139,767
Other liabilities	75,913		79,984
Total liabilities	$	209,158	$	219,751

Cash and Cash Equivalents and Restricted Cash:

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

Revenues:

Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." Minimum rents were increased by $5,237, $7,192 and $5,825 due to the straight-line rent adjustment during the years ended December 31, 2016, 2015 and 2014, 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 Candlestick Center LLC, Corte Madera Village, LLC, Macerich HHF Centers LLC, New River Associates LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures due to the substantive participation rights of the outside partners in these joint ventures 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.

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, 2016, 2015 or 2014.

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 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. ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company is evaluating each of its revenue streams and related accounting policies under the standard. Rental revenues and tenant recoveries will be evaluated with the adoption of the new lease accounting standard (discussed below). The Company does not believe ASU 2014-09 will significantly impact its accounting for minimum rents, percentage rents, tenant recoveries and other revenues. The Company expects to adopt this standard on a modified retrospective basis.

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. The Company's adoption of ASU 2015-03 on January 1, 2016 resulted in an adjustment of its consolidated balance sheet at December 31, 2015 to reflect the new presentation required by the standard.

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. The Company's adoption of this standard on January 1, 2016 did not have an impact on its consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard may result in certain of these costs being expensed as incurred after adoption. This standard may also impact the timing, recognition and disclosures related to the Company's tenant recoveries from tenants earned from leasing its operating properties.

Under ASU 2016-02, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months, regardless of their lease classification. The Company is a lessee on ground leases at certain properties and on certain office space leases. ASU 2016-02 will impact the accounting and disclosure requirements for these leases. ASU 2016-02 is effective for the Company under a modified retrospective approach beginning January 1, 2019. The Company is evaluating the impact of the adoption of this standard on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718)," which amends the accounting for share-based payments, including the income tax consequences, classification of awards and classification on the statement of cash flows. The Company's adoption of this standard on January 1, 2017 did not have a significant impact on its consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, "Statement of Cash flows (Topic 230)," which amends the accounting for the statement of cash flows by providing guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company's adoption of this standard on January 1, 2017 did not have a significant impact on its consolidated financial statements.

Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share (EPS)

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):



	2016			2015			2014
Numerator
Net Income	$	554,839		$	522,912		$	1,606,931
Net income attributable to noncontrolling interests	(37,844		)	(35,350		)	(107,889		)
Net income attributable to the Company	516,995			487,562			1,499,042
Allocation of earnings to participating securities	(779		)	(1,493		)	(1,576		)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$	516,216		$	486,069		$	1,497,466
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding	146,599			157,916			143,144
Effect of dilutive securities (1)
Share and unit based compensation	112			144			147
Denominator for diluted EPS—weighted average number of common shares outstanding	146,711			158,060			143,291
Earnings per common share—net income attributable to common stockholders:
Basic	$	3.52		$	3.08		$	10.46
Diluted	$	3.52		$	3.08		$	10.45

____________________________________


(1)	Diluted EPS excludes 133,366, 139,186 and 179,667 convertible preferred units for the years ended December 31, 2016, 2015 and 2014, respectively, as their impact was antidilutive.

Diluted EPS excludes 10,721,271 and 10,562,154 and 10,079,935 Operating Partnership units ("OP Units") for the years ended December 31, 2016, 2015 and 2014, respectively, as their effect was antidilutive.

Investments in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

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, 2016 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	%
Country Club Plaza KC Partners LLC	50.0	%
Fashion Outlets of Philadelphia—Various Entities	50.0	%
Jaren Associates #4	12.5	%
Kierland Commons Investment LLC	50.0	%
Macerich HHF Centers LLC—Various Properties	51.0	%
Macerich Northwestern Associates—Broadway Plaza	50.0	%
MS Portfolio LLC	50.0	%
New River Associates LLC—Arrowhead Towne Center	60.0	%
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	%
TM TRS Holding Company LLC—Valencia Place at Country Club Plaza	50.0	%
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	38.1	%
Westcor/Surprise Auto Park LLC	33.3	%
WMAP, L.L.C.—Atlas Park, The Shops at	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, 2016, 2015 and 2014:

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 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 2,064,000 square foot regional shopping center in Lakewood, California; Los Cerritos Center, a 1,298,000 square foot regional shopping center in Cerritos, California; Queens Center, a 963,000 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 1,440,000 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. The Company has included Stonewood Center and Queens Center in its consolidated financial statements since the date of acquisition (See Note 13—Acquisitions) and has included Lakewood Center, Los Cerritos Center and Washington Square in its consolidated financial statements from the date of acquisition until the Company sold a 40% interest in the PPR Portfolio on October 30, 2015 as provided below.

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 2,064,000 square foot regional shopping center in Lakewood, California; Los Cerritos Center, a 1,298,000 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 1,440,000 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 and other 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). Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in the PPR Portfolio under the equity method of accounting.

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 $289,496, resulting in a gain on the sale of assets of $101,629. The sales price was funded by a cash payment of $129,496 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). Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in Arrowhead Towne Center under the equity method of accounting.

On January 14, 2016, the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall, a 1,039,000 square foot regional shopping center in Deptford, New Jersey; FlatIron Crossing, a 1,431,000 square foot regional shopping center in Broomfield, Colorado; and Twenty Ninth Street, an 847,000 square foot regional shopping center in Boulder, Colorado (the "MAC Heitman Portfolio"), for $771,478, resulting in a gain on the sale of assets of $340,734. The sales price was funded by a cash payment of $478,608 and the assumption of a pro rata share of the mortgage notes 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. Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in the MAC Heitman Portfolio under the equity method of accounting.

On March 1, 2016, the Company, through a 50/50 joint venture, acquired Country Club Plaza, a 1,246,000 square foot regional shopping center in Kansas City, Missouri, for a purchase price of $660,000. The Company funded its pro rata share of the purchase price of $330,000 from borrowings under its line of credit. On March 28, 2016, the joint venture placed a $320,000 loan on the property that bears interest at an effective rate of 3.88% and matures on April 1, 2026. The Company used its pro rata share of the proceeds 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:



	2016			2015
Assets(1):
Properties, net	$	9,176,642		$	6,334,442
Other assets	614,607			507,718
Total assets	$	9,791,249		$	6,842,160
Liabilities and partners' capital(1):
Mortgage and other notes payable(2)	$	5,224,713		$	3,607,588
Other liabilities	403,369			355,634
Company's capital	2,279,819			1,585,796
Outside partners' capital	1,883,348			1,293,142
Total liabilities and partners' capital	$	9,791,249		$	6,842,160
Investment in unconsolidated joint ventures:
Company's capital	$	2,279,819		$	1,585,796
Basis adjustment(3)	(584,887		)	(77,701		)
	$	1,694,932		$	1,508,095

Assets—Investments in unconsolidated joint ventures	$	1,773,558		$	1,532,552
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(78,626		)	(24,457		)
	$	1,694,932		$	1,508,095

_______________________________________________________________________________


(1)	These amounts include the assets of $3,179,255 and $3,283,702 of Pacific Premier Retail LLC as of December 31, 2016 and 2015, respectively, and liabilities of $1,887,952 and $1,938,241 of Pacific Premier Retail LLC as of December 31, 2016 and 2015, respectively.

(2)

Included in mortgage and other notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $265,863 and $460,872 as of December 31, 2016 and 2015, 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 $16,898, $29,372 and $38,113 for the years ended December 31, 2016, 2015 and 2014, 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 $17,610, $5,619 and $5,109 for the years ended December 31, 2016, 2015 and 2014, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:



	Pacific Premier Retail LLC(1)			Other Joint Ventures			Total
Year Ended December 31, 2016
Revenues:
Minimum rents	$	129,145		$	471,139		$	600,284
Percentage rents	5,437			15,480			20,917
Tenant recoveries	47,856			187,288			235,144
Other	6,303			49,937			56,240
Total revenues	188,741			723,844			912,585
Expenses:
Shopping center and operating expenses	39,804			234,704			274,508
Interest expense	64,626			123,043			187,669
Depreciation and amortization	108,880			251,498			360,378
Total operating expenses	213,310			609,245			822,555
Loss on sale of assets	—			(375		)	(375		)
Net (loss) income	$	(24,569	)	$	114,224		$	89,655
Company's equity in net (loss) income	$	(3,088	)	$	60,029		$	56,941

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 (loss) income	$	(888	)	$	102,165		$	101,277
Company's equity in net income	$	1,409		$	43,755		$	45,164



	Pacific Premier Retail LLC(1)			Other Joint Ventures		Total
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

_______________________________________________________________________________


(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, net

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Property, net

Property, net:

Property at December 31, 2016 and 2015 consists of the following:



	2016			2015
Land	$	1,607,590		$	1,894,717
Buildings and improvements	6,511,741			7,752,892
Tenant improvements	622,878			637,355
Equipment and furnishings	177,036			169,841
Construction in progress	289,966			234,851
	9,209,211			10,689,656
Less accumulated depreciation	(1,851,901		)	(1,892,744		)
	$	7,357,310		$	8,796,912

Depreciation expense for the years ended December 31, 2016, 2015 and 2014 was $277,270, $354,977 and $289,178, respectively.

The gain on sale or write down of assets, net for the year ended December 31, 2016 includes a gain of $101,629 on the sale of a 40% ownership interest in Arrowhead Towne Center (See Note 4—Investments in Unconsolidated Joint Ventures), $340,734 on the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures), $24,894 on the sale of Capitola Mall (See Note 14—Dispositions) and $4,546 on the sale of land. These gains were offset in part by a loss of $39,671 on impairment, a charge of $12,180 from a contingent consideration obligation, a loss of $3,066 on the sale of a former Mervyn's store (See Note 14—Dispositions) and $1,538 on the write-off of development costs. The loss on impairment was due to the reduction of the estimated holding periods of Cascade Mall (See Note 22—Subsequent Events), Promenade at Casa Grande, The Marketplace at Flagstaff and a freestanding store.

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 14—Dispositions) 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 Mervyn's 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 following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment charges recorded for the years ended December 31, 2016, 2015 and 2014 as described above:



Years ended December, 31	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Unobservable Inputs		Significant Unobservable Inputs
Years ended December, 31	Total Fair Value Measurement		(Level 1)		(Level 2)		(Level 3)
2016	$	86,100	$	—	$	—	$	86,100
2015	$	33,300	$	—	$	—	$	33,300
2014	$	44,500	$	—	$	—	$	44,500

The fair value relating to impairment assessments were based upon a discounted cash flow model that includes all cash inflows and outflows over a specific holding period. Such projected cash flows are comprised of contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Terminal capitalization rates and discount rates utilized in these models are based on a reasonable range of current market rates for each property analyzed. Based upon these inputs, the Company determined that its valuations of properties using a discounted cash flow model are classified within Level 3 of the fair value hierarchy.

The following table sets forth quantitative information about the unobservable inputs of the Company’s Level 3 real estate recorded as of December 31, 2016, 2015 and 2014:



Unobservable Inputs	2016	2015	2014
Terminal capitalization rate	7.0% - 10.0%	9.0%	8.0% - 9.0%
Discount rate	8.0% - 15.0%	9.5%	9.0% - 10.5%
Market rents per square foot	$2.00 - $20.00	$5.00 - $150.00	$6.00 - $160.00

Tenant and Other Receivables, net	12 Months Ended
Tenant and Other Receivables, net	Dec. 31, 2016
Loans and Leases Receivable Disclosure [Abstract]
Tenant and Other Receivables, net	Tenant and Other Receivables, net: Included in tenant and other receivables, net is an allowance for doubtful accounts of $1,991 and $3,072 at December 31, 2016 and 2015, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $9,509 and $10,940 at December 31, 2016 and 2015, respectively, and a deferred rent receivable due to straight-line rent adjustments of $56,761 and $60,790 at December 31, 2016 and 2015, 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, 2016 and 2015 was $6,284 and $6,351, respectively. LSM Note B is collateralized by a trust deed on Lake Square Mall.

- Definition

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

+ References + Details

Deferred Charges and Other Assets, net

12 Months Ended

Dec. 31, 2016

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

Deferred Charges and Other Assets, net

Deferred Charges and Other Assets, net:

Deferred charges and other assets, net at December 31, 2016 and 2015 consist of the following:



	2016			2015
Leasing	$	239,983		$	248,709
Intangible assets:
In-place lease values(1)	140,437			196,969
Leasing commissions and legal costs(1)	32,384			52,000
Above-market leases	181,851			220,847
Deferred tax assets	38,301			38,847
Deferred compensation plan assets	42,711			37,341
Other assets	72,206			70,070
	747,873			864,783
Less accumulated amortization(2)	(269,815		)	(300,492		)
	$	478,058		$	564,291

_______________________________


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



Year Ending December 31,
2017	$	18,700
2018	14,606
2019	12,170
2020	9,221
2021	7,379
Thereafter	21,960
	$	84,036


(2)	Accumulated amortization includes $88,785 and $109,453 relating to in-place lease values, leasing commissions and legal costs at December 31, 2016 and 2015, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $33,048, $69,460 and $52,668 for the years ended December 31, 2016, 2015 and 2014, respectively.

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



	2016			2015
Above-Market Leases
Original allocated value	$	181,851		$	220,847
Less accumulated amortization	(57,505		)	(73,520		)
	$	124,346		$	147,327
Below-Market Leases(1)
Original allocated value	$	144,713		$	227,063
Less accumulated amortization	(58,400		)	(101,872		)
	$	86,313		$	125,191

_______________________________


(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
2017	$	14,369	$	14,094
2018	12,152		13,191
2019	10,087		11,639
2020	8,720		9,146
2021	7,503		6,883
Thereafter	71,515		31,360
	$	124,346	$	86,313

Mortgage Notes Payable

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Mortgage Notes Payable

Mortgage Notes Payable:

Mortgage notes payable at December 31, 2016 and 2015 consist of the following:



	Carrying Amount of Mortgage Notes(1)
	2016				2015				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	—		$	—	—
Chandler Fashion Center(6)	—		199,833		—		199,766		3.77	%	625		2019
Danbury Fair Mall	107,929		107,928		111,078		111,079		5.53	%	1,538		2020
Deptford Mall(7)	—		—		—		193,337		—		—		—
Deptford Mall(8)	—		—		—		13,999		—		—		—
Fashion Outlets of Chicago(9)	—		198,966		—		198,653		2.43	%	378		2020
Fashion Outlets of Niagara Falls USA	—		115,762		—		117,708		4.89	%	727		2020
Flagstaff Mall(10)	—		—		—		37,000		—		—		—
FlatIron Crossing(7)	—		—		—		254,075		—		—		—
Freehold Raceway Mall(6)	—		220,643		—		224,836		4.20	%	1,132		2018
Fresno Fashion Fair(11)	—		323,062		—		—		3.67	%	971		2026
Green Acres Mall	—		297,798		—		303,960		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		456,958		—		466,266		3.67	%	2,229		2019
Northgate Mall(12)	—		63,434		—		63,783		3.50	%	206		2017
Oaks, The	—		201,235		—		205,555		4.14	%	1,064		2022
Pacific View	—		127,311		—		130,108		4.08	%	668		2022
Queens Center	—		600,000		—		600,000		3.49	%	1,744		2025
Santa Monica Place	—		219,564		—		224,815		2.99	%	1,004		2018
SanTan Village Regional Center	—		127,724		—		130,638		3.14	%	589		2019
Stonewood Center	—		99,520		—		105,494		1.80	%	640		2017
Superstition Springs Center(13)	—		—		—		67,749		—		—		—
Towne Mall	—		21,570		—		21,956		4.48	%	117		2022
Tucson La Encantada	68,513		—		69,991		—		4.23	%	368		2022
Victor Valley, Mall of	—		114,559		—		114,500		4.00	%	380		2024
Vintage Faire Mall	—		269,228		—		274,417		3.55	%	1,256		2026
Westside Pavilion	—		143,881		—		146,630		4.49	%	783		2022
	$	176,442	$	3,908,976	$	181,069	$	4,427,518


(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, 2016 and 2015 consist of the following:



Property Pledged as Collateral	2016		2015
Arrowhead Towne Center	$	—	$	8,494
Deptford Mall	—		(3		)
Fashion Outlets of Niagara Falls USA	3,558		4,486
Stonewood Center	2,349		5,168
Superstition Springs Center	—		263
	$	5,907	$	18,408

The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $12,716 and $16,025 at December 31, 2016 and 2015, respectively.


(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, which resulted in a loss of $3,575 on 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 underlying property (See Note 4—Investments in Unconsolidated Joint Ventures).


(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 4—Investments in Unconsolidated Joint Ventures).


(8)	On March 1, 2016, the Company paid off in full the loan on the property.


(9)	The loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020. At December 31, 2016 and 2015, the total interest rate was 2.43% and 1.84%, respectively.


(10)	On July 15, 2016, the Company conveyed the property to the mortgage lender by a deed-in-lieu of foreclosure, which resulted in a gain of $5,284 on the extinguishment of debt (See Note 14—Dispositions).


(11)	On October 6, 2016, the Company placed a new $325,000 loan on the property that bears interest at an effective rate of 3.67% and matures on November 1, 2026.


(12)	The loan bore interest at LIBOR plus 2.25% and was to mature on March 1, 2017. At December 31, 2016 and 2015, the total interest rate was 3.50% and 3.30%, respectively. On January 18, 2017, the Company paid off the loan in full in connection with the sale of the underlying property (See Note 22—Subsequent Events).


(13)	On October 14, 2016, the Company paid off in full the loan on the property.

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

As of December 31, 2016, all of the Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company.

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

Total interest expense capitalized during the years ended December 31, 2016, 2015 and 2014 was $10,316, $13,052 and $12,559, 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, 2016 and 2015 was $4,126,819 and $4,628,781, 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,
2017	$	218,562
2018	480,176
2019	796,592
2020	528,456
2021	291,733
Thereafter	1,776,708
	4,092,227
Debt premium, net	5,907
Deferred finance cost, net	(12,716		)
	$	4,085,418

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, 2016

Debt Disclosure [Abstract]

Bank and Other Notes Payable

Bank and Other Notes Payable:

Bank and other notes payable at December 31, 2016 and 2015 consist of the following:

Line of Credit:

The Company has a $1,500,000 revolving line of credit that bore interest at LIBOR plus a spread of 1.38% to 2.0%, depending on the Company's overall leverage level, and was to mature on August 6, 2018. On July 6, 2016, the Company amended its line of credit. The amended $1,500,000 line of credit bears interest at LIBOR plus a spread of 1.30% to 1.90%, depending on the Company's overall leverage level, and matures on July 6, 2020 with a one-year extension option. The line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000.

Based on the Company's leverage level as of December 31, 2016, the borrowing rate on the facility was LIBOR plus 1.45%. As of December 31, 2016 and 2015, borrowings under the line of credit, were $885,000 and $650,000, respectively, less unamortized deferred finance costs of $10,039 and $6,967, respectively, at a total interest rate of 2.40% and 1.95%, respectively. The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2016 and 2015 was $865,921 and $640,260, 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.

Prasada Note:

On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and was to mature on May 30, 2016. The maturity date of the note was extended to May 30, 2021. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At December 31, 2016 and 2015, the note had a balance of $5,521 and $9,130, respectively. The estimated fair value (Level 2 measurement) of the note at December 31, 2016 and 2015 was $5,786 and $9,168, 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, 2016 and 2015, 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,
2017	$	781
2018	823
2019	868
2020	915
2021	887,134
Thereafter	—
	890,521
Deferred finance cost	(10,039		)
	$	880,482

Co-Venture Arrangement	12 Months Ended
Co-Venture Arrangement	Dec. 31, 2016
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 1,674,000 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 $58,973 and $63,756 at December 31, 2016 and 2015, respectively.

Noncontrolling Interests	12 Months Ended
Noncontrolling Interests	Dec. 31, 2016
Noncontrolling Interest [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% ownership interest in the Operating Partnership as of December 31, 2016 and 2015. The remaining 7% limited partnership interest as of December 31, 2016 and 2015, 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, 2016 and 2015, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $733,141 and $870,625, 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, 2016
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 warranted. 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 19, 2016, the ASR was completed and the Company received delivery of an additional 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). On February 17, 2016, the Company entered into an ASR to repurchase an additional $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. On April 19, 2016, the ASR was completed and the Company received delivery of an additional 861,235 shares. The average price of the 5,083,428 shares repurchased under the ASR was $78.69 per share. 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). On May 9, 2016, the Company entered into an ASR to repurchase the remaining $400,000 of the Company's common stock authorized for repurchase. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 3,964,812 shares. On July 11, 2016, the ASR was completed and the Company received delivery of an additional 1,104,162 shares. The average price of the 5,068,974 shares repurchased under the ASR was $78.91 per share. 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). 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). At-The-Market Stock Offering Program ("ATM Program"): On August 17, 2012, the Company entered into an equity distribution agreement ("2012 ATM Program") with a number of sales agents to issue and sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $500,000 (the “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, 2016. As of December 31, 2016, $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 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

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 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: 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(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: 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 8: 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(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: 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 10: 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))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 11: 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 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
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+ Details

Acquisitions

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Acquisitions

Acquisitions:

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 included contingent consideration based on the financial performance of Fashion Outlets of Chicago at an agreed upon date in 2016. On August 19, 2016, the Company paid $23,800 in full settlement of the contingent consideration obligation.

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 has 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

From the date of acquisition, the Company has included Inland Center in its consolidated financial statements.

- 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, 2016
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions: 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. 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. On April 13, 2016, the Company sold Capitola Mall, a 586,000 square foot regional shopping center in Capitola, California, for $93,000, resulting in a gain on the sale of assets of $24,894. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On May 31, 2016, the Company sold a former Mervyn's store in Yuma, Arizona, for $3,200, resulting in a loss on the sale of assets of $3,066. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On July 15, 2016, the Company conveyed Flagstaff Mall, a 347,000 square foot regional shopping center in Flagstaff, Arizona, to the mortgage lender by a deed-in-lieu of foreclosure and was discharged from the mortgage note payable. The loan was non-recourse to the Company. As a result, the Company recognized a gain on the extinguishment of debt of $5,284 (See Note 8—Mortgage Notes Payable).

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

Future Rental Revenues

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

Future Rental Revenues

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,
2017	$	536,826
2018	456,976
2019	396,405
2020	349,394
2021	298,641
Thereafter	989,259
	$	3,027,501

Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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 $9,894, $11,870 and $10,968 for the years ended December 31, 2016, 2015 and 2014, respectively. No contingent rent was incurred for the years ended December 31, 2016, 2015 or 2014.

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



Year Ending December 31,
2017	$	13,712
2018	9,423
2019	7,840
2020	7,848
2021	7,487
Thereafter	193,659
	$	239,969

As of December 31, 2016, the Company was contingently liable for $61,002 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, 2016, the Company had $41,906 in outstanding obligations, which it believes will be settled in the next twelve months.

Related-Party Transactions

12 Months Ended

Dec. 31, 2016

Related Party Transactions

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:



	2016		2015		2014
Management fees	$	17,937	$	10,064	$	16,751
Development and leasing fees	13,907		9,615		10,528
	$	31,844	$	19,679	$	27,279

Certain mortgage notes on the properties are held by NML (See Note 8—Mortgage Notes Payable). Interest expense in connection with these notes was $8,973, $10,515 and $15,134 for the years ended December 31, 2016, 2015 and 2014, respectively. Included in accounts payable and accrued expenses is interest payable to this related party of $736 and $756 at December 31, 2016 and 2015, respectively.

During the year ended December 31, 2014, 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 for the year ended December 31, 2014.

Due (to) from affiliates includes $(6,809) and $7,467 of (prepaid) unreimbursed costs and fees due (to) from unconsolidated joint ventures under management agreements at December 31, 2016 and 2015, 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 538,000 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 for the year ended December 31, 2014.

In addition, due from affiliates at December 31, 2016 and 2015 includes a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and was to mature on May 30, 2016. The maturity date of the note was extended to May 30, 2021. Interest income earned on this note was $366, $520 and $614 for the years ended December 31, 2016, 2015 and 2014, respectively. The balance on this note receivable was $5,593 and $9,252 at December 31, 2016 and 2015, 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 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 $2,234, $1,872 and $206 for the years ended December 31, 2016, 2015 and 2014, respectively. The balance on this note was $69,443 and $67,209 at December 31, 2016 and 2015, respectively. Lennar Corporation is considered a related party because it has an ownership interest in Fashion Outlets of San Francisco.

Share and Unit-Based Plans

12 Months Ended

Dec. 31, 2016

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, 2016, 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 19,825,428 shares. As of December 31, 2016, there were 6,791,618 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, 2016, 2015 and 2014:



	2016				2015				2014
	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	1,612		$	62.01	9,189		$	59.25	19,001		$	56.77
Granted	—		—		—		—		—		—
Vested	(1,612	)	62.01		(7,577	)	58.67		(9,812	)	54.45
Balance at end of year	—		$	—	1,612		$	62.01	9,189		$	59.25

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, 2016, 2015 and 2014:



	2016				2015				2014
	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	132,086		$	74.58	144,374		$	59.94	137,318		$	57.24
Granted	85,601		79.22		77,282		86.53		75,309		60.50
Vested	(69,259	)	71.82		(86,761	)	61.29		(68,253	)	55.14
Forfeited	—		—		(2,809	)	86.72		—		—
Balance at end of year	148,428		$	78.53	132,086		$	74.58	144,374		$	59.94

SARs:

The executives and key employees have up to 10 years from the grant date to exercise the SARs. Upon exercise, the executives and key employees 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 (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 on December 8, 2015 with a weighted-average price of $56.49 were adjusted to 417,783 outstanding SARs with a weighted average price of $55.13 and the 417,783 outstanding SARs on January 6, 2016 with a weighted-average price of $55.13 were adjusted to 427,968 outstanding SARs with a weighted average price of $53.85.

The following table summarizes the activity of SARs awards during the years ended December 31, 2016, 2015 and 2014:



	2016				2015				2014
	Units		Weighted Average Exercise Price		Units		Weighted Average Exercise Price		Units		Weighted Average Exercise Price
Balance at beginning of year	417,783		$	55.13	772,639		$	56.67	1,070,991		$	56.66
Granted	—		—		—		—		—		—
Exercised	(143,822	)	53.73		(364,807	)	56.86		(298,352	)	56.63
Special dividend adjustment	10,185		53.88		9,951		55.13		—		—
Balance at end of year	284,146		$	53.85	417,783		$	55.13	772,639		$	56.67

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 January 1, 2014, the Company granted 70,042 LTIP Units with a grant date fair value of $58.89 that vested 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 Return requirement, which if it is not met, then such LTIP Units would not have vested. 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.

On January 1, 2016, the Company granted 58,786 LTIP Units with a grant date fair value of $80.69 per LTIP Unit that will vest in equal annual installments over a service period ending December 31, 2018. Concurrently, the Company granted 266,899 market-indexed LTIP Units ("2016 LTIP Units") at a grant date fair value of $53.32 per LTIP Unit that vest over a service period ending December 31, 2018. The fair value of the 2016 LTIP Units was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.32% and an expected volatility of 20.31%.

On March 4, 2016, the Company granted 154,686 LTIP Units at a fair value of $79.20 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, 2016, 2015 and 2014:



	2016				2015				2014
	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	56,315		$	73.24	46,695		$	58.89	—		$	—
Granted	480,371		65.00		424,442		74.71		725,908		51.71
Vested	(214,114	)	77.45		(414,822	)	73.13		(679,213	)	51.22
Forfeited	—		—		—		—		—		—
Balance at end of year	322,572		$	58.18	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 (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 on December 8, 2015 with a weighted-average price of $59.57 were adjusted to 10,314 outstanding stock options with a weighted average price of $58.15 and the 10,314 outstanding stock options on January 6, 2016 with a weighted-average price of $58.15 were adjusted to 10,565 outstanding stock options with a weighted average price of $56.77.

The following table summarizes the activity of stock options for the years ended December 31, 2016, 2015 and 2014:



	2016			2015			2014
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Balance at beginning of year	10,314	$	58.15	10,068	$	59.57	10,068	$	59.57
Granted	—	—		—	—		—	—
Exercised	—	—		—	—		—	—
Special dividend adjustment	251	56.77		246	58.15		—	—
Balance at end of year	10,565	$	56.77	10,314	$	58.15	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, 2016, there were 178,515 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, 2016, 2015 and 2014:



	2016				2015				2014
	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	21,088		80.21		13,351		78.72		10,747		65.54
Vested	(15,243	)	79.73		(20,162	)	72.17		(19,053	)	62.69
Forfeited	—		—		(2,458	)	55.62		—		—
Balance at end of year	5,845		$	81.47	—		$	—	9,269		$	58.35

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, 2016 was 489,138.

Compensation:

The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2016, 2015 and 2014:



	2016		2015		2014
Stock awards	$	20	$	252	$	365
Stock units	6,305		6,041		4,689
LTIP units	32,957		26,622		28,598
Stock options	16		16		16
Phantom stock units	1,231		1,444		1,205
	$	40,529	$	34,375	$	34,873

The Company capitalized share and unit-based compensation costs of $7,241, $6,008 and $5,410 for the years ended December 31, 2016, 2015 and 2014, respectively.

The fair value of the stock awards and stock units that vested during the years ended December 31, 2016, 2015 and 2014 was $5,644, $8,794 and $4,685, respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2016 consisted of $2,397 from LTIP Units, $4,380 from stock units, $11 from stock options and $476 from phantom stock units.

- Definition

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

+ References + Details

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2016
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, 2016, 2015 and 2014, these matching contributions made by the Company were $3,384, $3,299 and $3,253, 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 executives and key employees 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 $1,032, $933 and $845 to the plans during the years ended December 31, 2016, 2015 and 2014, respectively. Contributions are recognized as compensation in the periods they are made.

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

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, 2016, 2015 and 2014 are as follows:



	2016 (1)				2015 (1)				2014
Ordinary income	$	0.94	20.8	%	$	1.20	24.8	%	$	1.92	76.5	%
Capital gains	3.60		79.2	%	3.64		75.2	%	0.16		6.4	%
Unrecaptured Section 1250 gain	—		—	%	—		—	%	0.05		2.0	%
Return of capital	—		—	%	—		—	%	0.38		15.1	%
Dividends paid	$	4.54	100.0	%	$	4.84	100.0	%	$	2.51	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 balance of the special cash dividend has been included in the amount of dividends paid for the year ended December 31, 2016.

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 provision of the TRSs for the years ended December 31, 2016, 2015 and 2014 are as follows:



	2016			2015		2014
Current	$	(176	)	$	—	$	—
Deferred	(546		)	3,223		4,269
Income tax (expense) benefit	$	(722	)	$	3,223	$	4,269

The income tax provision of the TRSs for the years ended December 31, 2016, 2015 and 2014 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:



	2016			2015			2014
Book loss for TRSs	$	5,254		$	10,681		$	10,785
Tax at statutory rate on earnings from continuing operations before income taxes	$	1,786		$	3,632		$	3,667
Other	(2,508		)	(409		)	602
Income tax (expense) benefit	$	(722	)	$	3,223		$	4,269

The net operating loss carryforwards are currently scheduled to expire through 2035, beginning in 2024. Net deferred tax assets of $38,301 and $38,847 were included in deferred charges and other assets, net at December 31, 2016 and 2015, respectively.

The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2016 and 2015 are summarized as follows:



	2016		2015
Net operating loss carryforwards	$	22,335	$	25,340
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	12,720		10,600
Other	3,246		2,907
Net deferred tax assets	$	38,301	$	38,847

For the years ended December 31, 2016, 2015 and 2014 there were no unrecognized tax benefits.

The tax years 2012 through 2016 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, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited):

The following is a summary of quarterly results of operations for the years ended December 31, 2016 and 2015:



	2016 Quarter Ended								2015 Quarter Ended
	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
Revenues	$	272,000	$	253,367	$	259,904	$	256,000	$	320,758	$	326,262	$	322,794	$	318,335
Net income attributable to the Company(1)	$	37,128	$	13,730	$	45,222	$	420,915	$	414,959	$	33,597	$	14,395	$	24,611
Net income attributable to common stockholders per share-basic	$	0.26	$	0.09	$	0.31	$	2.77	$	2.65	$	0.21	$	0.09	$	0.15
Net income attributable to common stockholders per share-diluted	$	0.26	$	0.09	$	0.31	$	2.76	$	2.65	$	0.21	$	0.09	$	0.15

_____________________

(1)

Net income attributable to the Company for the quarter ended March 31, 2016 includes the gain on sale of assets of $101,629 from the Arrowhead Towne Center transaction (See Note 4—Investments in Unconsolidated Joint Ventures) and $340,734 from the MAC Heitman Portfolio transaction (See Note 4—Investments in Unconsolidated Joint Ventures). 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).

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events: On January 18, 2017, the Company sold Cascade Mall, a 589,000 square foot regional shopping center in Burlington, Washington; and Northgate Mall, a 750,000 square foot regional shopping center in San Rafael, California, in a combined transaction for $170,000. The proceeds were used to payoff the mortgage note payable on Northgate Mall, pay down the Company's line of credit and for general corporate purposes. On February 1, 2017, the Company's joint venture in West Acres replaced the existing loan on the property with a new $80,000 loan that bears interest at an effective rate of 4.61% and matures on March 1, 2032. The Company used its share of the excess proceeds to pay down its line of credit and for general corporate purposes. On February 2, 2017, the Company's joint venture in Kierland Commons entered into a loan commitment with a lender to replace the existing loan on the property with a new $225,000 loan that will bear interest at a fixed rate of 3.95% for ten-years. The new loan is expected to close in March 2017. The Company expects to use its share of the excess proceeds to pay down its line of credit and for general corporate purposes. On February 9, 2017, the Company announced a dividend/distribution of $0.71 per share for common stockholders and OP Unit holders of record on February 21, 2017. All dividends/distributions will be paid 100% in cash on March 3, 2017. On February 13, 2017, the Company announced that the Board of Directors has authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including ASR transactions, or other methods of acquiring shares and pursuant to Rule 10b5-1 of the Securities Act of 1934, from time to time as permitted by securities laws and other legal requirements.

Schedule III-Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

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
Cascade Mall	$	19,253	$	9,671	$	—	$	(8,495	)	$	12,728	$	7,616	$	85	$	—	$	20,429	$	1,250	$	19,179
Chandler Fashion Center	24,188		223,143		—		17,987			24,188		235,804		5,326		—		265,318		98,095		167,223
Danbury Fair Mall	130,367		316,951		—		105,275			142,751		402,975		6,682		185		552,593		130,195		422,398
Desert Sky Mall	9,447		37,245		12		4,364			9,082		40,869		1,117		—		51,068		8,534		42,534
Eastland Mall	22,050		151,605		—		9,944			22,066		160,374		1,041		118		183,599		23,376		160,223
Estrella Falls	10,550		—		—		69,998			10,747		13,874		—		55,927		80,548		231		80,317
Fashion Outlets of Chicago	—		—		—		259,054			40,575		215,298		3,020		161		259,054		34,610		224,444
Fashion Outlets of Niagara Falls USA	18,581		210,139		—		111,293			22,963		314,797		2,218		35		340,013		50,599		289,414
The Marketplace at Flagstaff	—		—		—		45,887			—		45,885		2		—		45,887		20,613		25,274
Freehold Raceway Mall	164,986		362,841		—		107,159			168,098		460,606		6,281		1		634,986		164,369		470,617
Fresno Fashion Fair	17,966		72,194		—		40,263			17,966		109,817		2,393		247		130,423		49,038		81,385
Green Acres Mall	156,640		321,034		—		161,617			176,464		442,960		7,850		12,017		639,291		57,449		581,842
Inland Center	8,321		83,550		—		22,217			8,280		100,189		23		5,596		114,088		7,298		106,790
Kings Plaza Shopping Center	209,041		485,548		20,000		83,783			198,066		451,167		26,936		122,203		798,372		57,537		740,835
La Cumbre Plaza	18,122		21,492		—		24,017			17,280		45,691		361		299		63,631		22,331		41,300
Macerich Management Co.	1,150		10,475		26,562		42,629			3,878		11,856		64,612		470		80,816		54,147		26,669
MACWH, LP	—		25,771		—		17,807			11,557		27,455		—		4,566		43,578		8,411		35,167
Northgate Mall	8,400		34,865		841		104,911			13,414		132,373		3,095		135		149,017		72,362		76,655
NorthPark Mall	7,746		74,661		—		9,852			7,885		83,894		480		—		92,259		14,256		78,003
Oaks, The	32,300		117,156		—		260,689			56,387		350,481		3,031		246		410,145		125,906		284,239
Pacific View	8,697		8,696		—		129,548			7,854		136,674		2,332		81		146,941		63,783		83,158
Paradise Valley Mall	33,445		128,485		—		35,982			39,382		155,283		2,416		831		197,912		69,249		128,663
Promenade at Casa Grande	15,089		—		—		61,137			5,382		70,779		65		—		76,226		38,130		38,096
Queens Center	251,474		1,039,922		—		17,307			256,786		1,049,545		2,063		309		1,308,703		58,875		1,249,828
Santa Monica Place	26,400		105,600		—		326,644			48,374		401,826		7,903		541		458,644		100,790		357,854
SanTan Adjacent Land	29,414		—		—		7,498			30,506		—		—		6,406		36,912		—		36,912
SanTan Village Regional Center	7,827		—		—		197,498			6,344		197,552		1,402		27		205,325		82,599		122,726
SouthPark Mall	7,035		38,215		—		24,628			7,479		61,668		408		323		69,878		9,371		60,507
Southridge Center	6,764		—		—		20,674			6,422		20,721		130		165		27,438		3,937		23,501
Stonewood Center	4,948		302,527		—		6,344			4,935		308,712		64		108		313,819		19,891		293,928
Superstition Springs Center	10,928		112,718		—		7,214			10,928		119,566		366		—		130,860		11,623		119,237
See accompanying report of independent registered public accounting firm.



	Initial Cost to Company									Gross Amount at Which Carried at Close of Period
Shopping Centers/Entities	Land		Building and Improvements		Equipment and Furnishings		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Equipment and Furnishings		Construction in Progress		Total		Accumulated Depreciation		Total Cost Net of Accumulated Depreciation
Superstition Springs Power Center	1,618		4,420		—		290			1,618		4,627		83		—		6,328		1,739		4,589
Tangerine (Marana), The Shops at	36,158		—		—		(8,852		)	16,922		—		—		10,384		27,306		—		27,306
The Macerich Partnership, L.P.	—		2,534		—		26,237			—		5		10,823		17,943		28,771		2,126		26,645
Towne Mall	6,652		31,184		—		4,587			6,877		35,011		506		29		42,423		13,960		28,463
Tucson La Encantada	12,800		19,699		—		55,372			12,800		74,492		558		21		87,871		40,241		47,630
Valley Mall	16,045		26,098		—		12,048			15,616		37,359		364		852		54,191		6,203		47,988
Valley River Center	24,854		147,715		—		22,820			24,854		168,547		1,969		19		195,389		54,723		140,666
Victor Valley, Mall of	15,700		75,230		—		52,659			20,080		121,458		2,051		—		143,589		44,179		99,410
Vintage Faire Mall	14,902		60,532		—		57,668			17,647		113,955		1,435		65		133,102		66,308		66,794
Westside Pavilion	34,100		136,819		—		72,966			34,100		201,441		5,827		2,517		243,885		100,870		143,015
Wilton Mall	19,743		67,855		—		26,198			19,810		92,834		1,152		—		113,796		32,064		81,732
500 North Michigan Avenue	12,851		55,358		—		9,313			10,991		51,370		205		14,956		77,522		9,699		67,823
Other freestanding stores	5,926		43,180		—		10,153			5,926		52,972		361		—		59,259		19,177		40,082
Other land and development properties	33,795		—		—		34,211			31,582		4,241		—		32,183		68,006		1,757		66,249
	$	1,496,273	$	4,965,128	$	47,415	$	2,700,395		$	1,607,590	$	7,134,619	$	177,036	$	289,966	$	9,209,211	$	1,851,901	$	7,357,310

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, 2016 are as follows:



	2016			2015			2014
Balances, beginning of year	$	10,689,656		$	12,777,882		$	9,181,338
Additions	254,604			392,575			4,042,409
Dispositions and retirements	(1,735,049		)	(2,480,801		)	(445,865		)
Balances, end of year	$	9,209,211		$	10,689,656		$	12,777,882

The aggregate gross cost of the property included in the table above for federal income tax purposes was $6,079,675 (unaudited) at December 31, 2016.

The changes in accumulated depreciation for the three years ended December 31, 2016 are as follows:



	2016			2015			2014
Balances, beginning of year	$	1,892,744		$	1,709,992		$	1,559,572
Additions	277,270			354,977			289,178
Dispositions and retirements	(318,113		)	(172,225		)	(138,758		)
Balances, end of year	$	1,851,901		$	1,892,744		$	1,709,992

See accompanying report of independent registered public accounting firm.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of Presentation:

Consolidation of VIE

Cash and Cash Equivalents and Restricted Cash:

Revenues:

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

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

Revenues:

Property:

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



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

Capitalization of Costs:

Investment in Unconsolidated Joint Ventures:

Acquisitions:

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

Deferred Charges:

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



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

Accounting for Impairment:

Share and Unit-based Compensation Plans:

Income Taxes:

Segment Information:

Fair Value of Financial Instruments:

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.

Management Estimates:

Recent Accounting Pronouncements:

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Schedule Operating Partnership's VIEs

The Operating Partnership's VIEs included the following assets and liabilities:



	December 31,
	2016		2015
Assets:
Properties, net	$	307,582	$	362,129
Other assets	68,863		74,075
Total assets	$	376,445	$	436,204
Liabilities:
Mortgage notes payable	$	133,245	$	139,767
Other liabilities	75,913		79,984
Total liabilities	$	209,158	$	219,751

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

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Earnings Per Share ("EPS") (Tables)

12 Months Ended

Dec. 31, 2016

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):



	2016			2015			2014
Numerator
Net Income	$	554,839		$	522,912		$	1,606,931
Net income attributable to noncontrolling interests	(37,844		)	(35,350		)	(107,889		)
Net income attributable to the Company	516,995			487,562			1,499,042
Allocation of earnings to participating securities	(779		)	(1,493		)	(1,576		)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$	516,216		$	486,069		$	1,497,466
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding	146,599			157,916			143,144
Effect of dilutive securities (1)
Share and unit based compensation	112			144			147
Denominator for diluted EPS—weighted average number of common shares outstanding	146,711			158,060			143,291
Earnings per common share—net income attributable to common stockholders:
Basic	$	3.52		$	3.08		$	10.46
Diluted	$	3.52		$	3.08		$	10.45

____________________________________


(1)	Diluted EPS excludes 133,366, 139,186 and 179,667 convertible preferred units for the years ended December 31, 2016, 2015 and 2014, respectively, as their impact was antidilutive.

Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2016

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	%
Country Club Plaza KC Partners LLC	50.0	%
Fashion Outlets of Philadelphia—Various Entities	50.0	%
Jaren Associates #4	12.5	%
Kierland Commons Investment LLC	50.0	%
Macerich HHF Centers LLC—Various Properties	51.0	%
Macerich Northwestern Associates—Broadway Plaza	50.0	%
MS Portfolio LLC	50.0	%
New River Associates LLC—Arrowhead Towne Center	60.0	%
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	%
TM TRS Holding Company LLC—Valencia Place at Country Club Plaza	50.0	%
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	38.1	%
Westcor/Surprise Auto Park LLC	33.3	%
WMAP, L.L.C.—Atlas Park, The Shops at	50.0	%

_______________________________________________________________________________

(1)

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

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31:



	2016			2015
Assets(1):
Properties, net	$	9,176,642		$	6,334,442
Other assets	614,607			507,718
Total assets	$	9,791,249		$	6,842,160
Liabilities and partners' capital(1):
Mortgage and other notes payable(2)	$	5,224,713		$	3,607,588
Other liabilities	403,369			355,634
Company's capital	2,279,819			1,585,796
Outside partners' capital	1,883,348			1,293,142
Total liabilities and partners' capital	$	9,791,249		$	6,842,160
Investment in unconsolidated joint ventures:
Company's capital	$	2,279,819		$	1,585,796
Basis adjustment(3)	(584,887		)	(77,701		)
	$	1,694,932		$	1,508,095

Assets—Investments in unconsolidated joint ventures	$	1,773,558		$	1,532,552
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(78,626		)	(24,457		)
	$	1,694,932		$	1,508,095

_______________________________________________________________________________


(1)	These amounts include the assets of $3,179,255 and $3,283,702 of Pacific Premier Retail LLC as of December 31, 2016 and 2015, respectively, and liabilities of $1,887,952 and $1,938,241 of Pacific Premier Retail LLC as of December 31, 2016 and 2015, respectively.

(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 $17,610, $5,619 and $5,109 for the years ended December 31, 2016, 2015 and 2014, 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, 2016
Revenues:
Minimum rents	$	129,145		$	471,139		$	600,284
Percentage rents	5,437			15,480			20,917
Tenant recoveries	47,856			187,288			235,144
Other	6,303			49,937			56,240
Total revenues	188,741			723,844			912,585
Expenses:
Shopping center and operating expenses	39,804			234,704			274,508
Interest expense	64,626			123,043			187,669
Depreciation and amortization	108,880			251,498			360,378
Total operating expenses	213,310			609,245			822,555
Loss on sale of assets	—			(375		)	(375		)
Net (loss) income	$	(24,569	)	$	114,224		$	89,655
Company's equity in net (loss) income	$	(3,088	)	$	60,029		$	56,941

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 (loss) income	$	(888	)	$	102,165		$	101,277
Company's equity in net income	$	1,409		$	43,755		$	45,164



	Pacific Premier Retail LLC(1)			Other Joint Ventures		Total
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

_______________________________________________________________________________


(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, net (Tables)

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Schedule of Real Estate Properties

Property at December 31, 2016 and 2015 consists of the following:



	2016			2015
Land	$	1,607,590		$	1,894,717
Buildings and improvements	6,511,741			7,752,892
Tenant improvements	622,878			637,355
Equipment and furnishings	177,036			169,841
Construction in progress	289,966			234,851
	9,209,211			10,689,656
Less accumulated depreciation	(1,851,901		)	(1,892,744		)
	$	7,357,310		$	8,796,912

Assets Measured on a Nonrecurring Basis



Years ended December, 31	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Unobservable Inputs		Significant Unobservable Inputs
Years ended December, 31	Total Fair Value Measurement		(Level 1)		(Level 2)		(Level 3)
2016	$	86,100	$	—	$	—	$	86,100
2015	$	33,300	$	—	$	—	$	33,300
2014	$	44,500	$	—	$	—	$	44,500

Quantitative Information, Unobservable Inputs

The following table sets forth quantitative information about the unobservable inputs of the Company’s Level 3 real estate recorded as of December 31, 2016, 2015 and 2014:



Unobservable Inputs	2016	2015	2014
Terminal capitalization rate	7.0% - 10.0%	9.0%	8.0% - 9.0%
Discount rate	8.0% - 15.0%	9.5%	9.0% - 10.5%
Market rents per square foot	$2.00 - $20.00	$5.00 - $150.00	$6.00 - $160.00

Deferred Charges and Other Assets, net (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015 consist of the following:



	2016			2015
Leasing	$	239,983		$	248,709
Intangible assets:
In-place lease values(1)	140,437			196,969
Leasing commissions and legal costs(1)	32,384			52,000
Above-market leases	181,851			220,847
Deferred tax assets	38,301			38,847
Deferred compensation plan assets	42,711			37,341
Other assets	72,206			70,070
	747,873			864,783
Less accumulated amortization(2)	(269,815		)	(300,492		)
	$	478,058		$	564,291

_______________________________


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



Year Ending December 31,
2017	$	18,700
2018	14,606
2019	12,170
2020	9,221
2021	7,379
Thereafter	21,960
	$	84,036


(2)	Accumulated amortization includes $88,785 and $109,453 relating to in-place lease values, leasing commissions and legal costs at December 31, 2016 and 2015, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $33,048, $69,460 and $52,668 for the years ended December 31, 2016, 2015 and 2014, 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,
2017	$	18,700
2018	14,606
2019	12,170
2020	9,221
2021	7,379
Thereafter	21,960
	$	84,036

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:



	2016			2015
Above-Market Leases
Original allocated value	$	181,851		$	220,847
Less accumulated amortization	(57,505		)	(73,520		)
	$	124,346		$	147,327
Below-Market Leases(1)
Original allocated value	$	144,713		$	227,063
Less accumulated amortization	(58,400		)	(101,872		)
	$	86,313		$	125,191

_______________________________


(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
2017	$	14,369	$	14,094
2018	12,152		13,191
2019	10,087		11,639
2020	8,720		9,146
2021	7,503		6,883
Thereafter	71,515		31,360
	$	124,346	$	86,313

Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Mortgage notes payable

Mortgage notes payable at December 31, 2016 and 2015 consist of the following:



	Carrying Amount of Mortgage Notes(1)
	2016				2015				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	—		$	—	—
Chandler Fashion Center(6)	—		199,833		—		199,766		3.77	%	625		2019
Danbury Fair Mall	107,929		107,928		111,078		111,079		5.53	%	1,538		2020
Deptford Mall(7)	—		—		—		193,337		—		—		—
Deptford Mall(8)	—		—		—		13,999		—		—		—
Fashion Outlets of Chicago(9)	—		198,966		—		198,653		2.43	%	378		2020
Fashion Outlets of Niagara Falls USA	—		115,762		—		117,708		4.89	%	727		2020
Flagstaff Mall(10)	—		—		—		37,000		—		—		—
FlatIron Crossing(7)	—		—		—		254,075		—		—		—
Freehold Raceway Mall(6)	—		220,643		—		224,836		4.20	%	1,132		2018
Fresno Fashion Fair(11)	—		323,062		—		—		3.67	%	971		2026
Green Acres Mall	—		297,798		—		303,960		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		456,958		—		466,266		3.67	%	2,229		2019
Northgate Mall(12)	—		63,434		—		63,783		3.50	%	206		2017
Oaks, The	—		201,235		—		205,555		4.14	%	1,064		2022
Pacific View	—		127,311		—		130,108		4.08	%	668		2022
Queens Center	—		600,000		—		600,000		3.49	%	1,744		2025
Santa Monica Place	—		219,564		—		224,815		2.99	%	1,004		2018
SanTan Village Regional Center	—		127,724		—		130,638		3.14	%	589		2019
Stonewood Center	—		99,520		—		105,494		1.80	%	640		2017
Superstition Springs Center(13)	—		—		—		67,749		—		—		—
Towne Mall	—		21,570		—		21,956		4.48	%	117		2022
Tucson La Encantada	68,513		—		69,991		—		4.23	%	368		2022
Victor Valley, Mall of	—		114,559		—		114,500		4.00	%	380		2024
Vintage Faire Mall	—		269,228		—		274,417		3.55	%	1,256		2026
Westside Pavilion	—		143,881		—		146,630		4.49	%	783		2022
	$	176,442	$	3,908,976	$	181,069	$	4,427,518


(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, 2016 and 2015 consist of the following:



Property Pledged as Collateral	2016		2015
Arrowhead Towne Center	$	—	$	8,494
Deptford Mall	—		(3		)
Fashion Outlets of Niagara Falls USA	3,558		4,486
Stonewood Center	2,349		5,168
Superstition Springs Center	—		263
	$	5,907	$	18,408


(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)


(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 4—Investments in Unconsolidated Joint Ventures).


(8)	On March 1, 2016, the Company paid off in full the loan on the property.


(9)	The loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020. At December 31, 2016 and 2015, the total interest rate was 2.43% and 1.84%, respectively.


(10)	On July 15, 2016, the Company conveyed the property to the mortgage lender by a deed-in-lieu of foreclosure, which resulted in a gain of $5,284 on the extinguishment of debt (See Note 14—Dispositions).


(11)	On October 6, 2016, the Company placed a new $325,000 loan on the property that bears interest at an effective rate of 3.67% and matures on November 1, 2026.


(12)	The loan bore interest at LIBOR plus 2.25% and was to mature on March 1, 2017. At December 31, 2016 and 2015, the total interest rate was 3.50% and 3.30%, respectively. On January 18, 2017, the Company paid off the loan in full in connection with the sale of the underlying property (See Note 22—Subsequent Events).


(13)	On October 14, 2016, the Company paid off in full the loan on the property.

Debt premiums (discounts) on mortgage notes payable

The debt premiums (discounts) as of December 31, 2016 and 2015 consist of the following:



Property Pledged as Collateral	2016		2015
Arrowhead Towne Center	$	—	$	8,494
Deptford Mall	—		(3		)
Fashion Outlets of Niagara Falls USA	3,558		4,486
Stonewood Center	2,349		5,168
Superstition Springs Center	—		263
	$	5,907	$	18,408

Future maturities of mortgage notes payable

The future maturities of mortgage notes payable are as follows:



Year Ending December 31,
2017	$	218,562
2018	480,176
2019	796,592
2020	528,456
2021	291,733
Thereafter	1,776,708
	4,092,227
Debt premium, net	5,907
Deferred finance cost, net	(12,716		)
	$	4,085,418

Bank and Other Notes Payable (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

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,
2017	$	781
2018	823
2019	868
2020	915
2021	887,134
Thereafter	—
	890,521
Deferred finance cost	(10,039		)
	$	880,482

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2016

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 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 Cascade Mall:



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

The following is a summary of the allocation of the fair value of 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

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	$	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	$	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	$	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

Future Rental Revenues (Tables)

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

Schedule of future minimum rental payments by the Company

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



Year Ending December 31,
2017	$	536,826
2018	456,976
2019	396,405
2020	349,394
2021	298,641
Thereafter	989,259
	$	3,027,501

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



Year Ending December 31,
2017	$	13,712
2018	9,423
2019	7,840
2020	7,848
2021	7,487
Thereafter	193,659
	$	239,969

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum rental payments by the Company

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



Year Ending December 31,
2017	$	536,826
2018	456,976
2019	396,405
2020	349,394
2021	298,641
Thereafter	989,259
	$	3,027,501

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



Year Ending December 31,
2017	$	13,712
2018	9,423
2019	7,840
2020	7,848
2021	7,487
Thereafter	193,659
	$	239,969

Related-Party Transactions (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of fees charged to unconsolidated joint ventures

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



	2016		2015		2014
Management fees	$	17,937	$	10,064	$	16,751
Development and leasing fees	13,907		9,615		10,528
	$	31,844	$	19,679	$	27,279

Share and Unit-Based Plans (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016, 2015 and 2014:



	2016				2015				2014
	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	1,612		$	62.01	9,189		$	59.25	19,001		$	56.77
Granted	—		—		—		—		—		—
Vested	(1,612	)	62.01		(7,577	)	58.67		(9,812	)	54.45
Balance at end of year	—		$	—	1,612		$	62.01	9,189		$	59.25

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, 2016, 2015 and 2014:



	2016				2015				2014
	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	132,086		$	74.58	144,374		$	59.94	137,318		$	57.24
Granted	85,601		79.22		77,282		86.53		75,309		60.50
Vested	(69,259	)	71.82		(86,761	)	61.29		(68,253	)	55.14
Forfeited	—		—		(2,809	)	86.72		—		—
Balance at end of year	148,428		$	78.53	132,086		$	74.58	144,374		$	59.94

Summary of activity of SARs awards

In connection with the payment of the Special Dividend (See Note 12—Stockholders' Equity), the compensation committ

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, 2016, 2015 and 2014:



	2016				2015				2014
	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	56,315		$	73.24	46,695		$	58.89	—		$	—
Granted	480,371		65.00		424,442		74.71		725,908		51.71
Vested	(214,114	)	77.45		(414,822	)	73.13		(679,213	)	51.22
Forfeited	—		—		—		—		—		—
Balance at end of year	322,572		$	58.18	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, 2016, 2015 and 2014:



	2016			2015			2014
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Balance at beginning of year	10,314	$	58.15	10,068	$	59.57	10,068	$	59.57
Granted	—	—		—	—		—	—
Exercised	—	—		—	—		—	—
Special dividend adjustment	251	56.77		246	58.15		—	—
Balance at end of year	10,565	$	56.77	10,314	$	58.15	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, 2016, 2015 and 2014:



	2016				2015				2014
	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	21,088		80.21		13,351		78.72		10,747		65.54
Vested	(15,243	)	79.73		(20,162	)	72.17		(19,053	)	62.69
Forfeited	—		—		(2,458	)	55.62		—		—
Balance at end of year	5,845		$	81.47	—		$	—	9,269		$	58.35

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, 2016, 2015 and 2014:



	2016		2015		2014
Stock awards	$	20	$	252	$	365
Stock units	6,305		6,041		4,689
LTIP units	32,957		26,622		28,598
Stock options	16		16		16
Phantom stock units	1,231		1,444		1,205
	$	40,529	$	34,375	$	34,873

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016, 2015 and 2014 are as follows:



	2016 (1)				2015 (1)				2014
Ordinary income	$	0.94	20.8	%	$	1.20	24.8	%	$	1.92	76.5	%
Capital gains	3.60		79.2	%	3.64		75.2	%	0.16		6.4	%
Unrecaptured Section 1250 gain	—		—	%	—		—	%	0.05		2.0	%
Return of capital	—		—	%	—		—	%	0.38		15.1	%
Dividends paid	$	4.54	100.0	%	$	4.84	100.0	%	$	2.51	100.0	%

_______________________________________________________________________________

(1)

Schedule of income tax provision of TRSs

The income tax provision of the TRSs for the years ended December 31, 2016, 2015 and 2014 are as follows:



	2016			2015		2014
Current	$	(176	)	$	—	$	—
Deferred	(546		)	3,223		4,269
Income tax (expense) benefit	$	(722	)	$	3,223	$	4,269

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

The income tax provision of the TRSs for the years ended December 31, 2016, 2015 and 2014 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:



	2016			2015			2014
Book loss for TRSs	$	5,254		$	10,681		$	10,785
Tax at statutory rate on earnings from continuing operations before income taxes	$	1,786		$	3,632		$	3,667
Other	(2,508		)	(409		)	602
Income tax (expense) benefit	$	(722	)	$	3,223		$	4,269

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, 2016 and 2015 are summarized as follows:



	2016		2015
Net operating loss carryforwards	$	22,335	$	25,340
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	12,720		10,600
Other	3,246		2,907
Net deferred tax assets	$	38,301	$	38,847

Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015:



	2016 Quarter Ended								2015 Quarter Ended
	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
Revenues	$	272,000	$	253,367	$	259,904	$	256,000	$	320,758	$	326,262	$	322,794	$	318,335
Net income attributable to the Company(1)	$	37,128	$	13,730	$	45,222	$	420,915	$	414,959	$	33,597	$	14,395	$	24,611
Net income attributable to common stockholders per share-basic	$	0.26	$	0.09	$	0.31	$	2.77	$	2.65	$	0.21	$	0.09	$	0.15
Net income attributable to common stockholders per share-diluted	$	0.26	$	0.09	$	0.31	$	2.76	$	2.65	$	0.21	$	0.09	$	0.15

_____________________

(1)

Organization (Details) - entity	12 Months Ended
Organization (Details) - entity	Dec. 31, 2016	Dec. 31, 2015
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%	93.00%

Summary of Significant Accounting Policies - Schedule Operating Partnership's VIEs (Details) - Operating Partnership's VIEs - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Properties, net
Variable Interest Entity [Line Items]
Assets	$ 307,582	$ 362,129
Other assets
Variable Interest Entity [Line Items]
Assets	68,863	74,075
Total assets
Variable Interest Entity [Line Items]
Assets	376,445	436,204
Mortgage notes payable
Variable Interest Entity [Line Items]
Liabilities	133,245	139,767
Other liabilities
Variable Interest Entity [Line Items]
Liabilities	75,913	79,984
Total liabilities
Variable Interest Entity [Line Items]
Liabilities	$ 209,158	$ 219,751

Summary of Significant Accounting Policies - Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Increase in minimum rent due to straight-line rent adjustment	$ 5,237	$ 7,192	$ 5,825
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 - Property and Investment in Unconsolidated Joint Ventures (Details)	12 Months Ended
	Dec. 31, 2016
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 [Line Items]
Estimated useful lives of assets (in years)	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	40 years
Tenant improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	5 years
Tenant improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	7 years
Equipment and furnishings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	5 years
Equipment and furnishings \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	7 years

Summary of Significant Accounting Policies - Acquisitions (Details)	12 Months Ended
	Dec. 31, 2016 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, 2016 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, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator
Net Income									$ 554,839	$ 522,912	$ 1,606,931
Net income attributable to noncontrolling interests									(37,844)	(35,350)	(107,889)
Net income attributable to the Company	$ 37,128	$ 13,730	$ 45,222	$ 420,915	$ 414,959	$ 33,597	$ 14,395	$ 24,611	516,995	487,562	1,499,042
Allocation of earnings to participating securities									(779)	(1,493)	(1,576)
Numerator for basic and diluted EPS—net income attributable to common stockholders									$ 516,216	$ 486,069	$ 1,497,466
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding (shares)									146,599,000	157,916,000	143,144,000
Effect of dilutive securities
Share and unit based compensation (shares)									112,000	144,000	147,000
Denominator for diluted EPS—weighted average number of common shares outstanding (shares)									146,711,000	158,060,000	143,291,000
Earnings per common share—net income attributable to common stockholders:
Basic (dollars per share)	$ 0.26	$ 0.09	$ 0.31	$ 2.77	$ 2.65	$ 0.21	$ 0.09	$ 0.15	$ 3.52	$ 3.08	$ 10.46
Diluted (dollars per share)	$ 0.26	$ 0.09	$ 0.31	$ 2.76	$ 2.65	$ 0.21	$ 0.09	$ 0.15	$ 3.52	$ 3.08	$ 10.45
Convertible preferred units
Antidilutive securities
Antidilutive securities (shares)									133,366	139,186	179,667
Partnership unit
Antidilutive securities
Antidilutive securities (shares)									10,721,271	10,562,154	10,079,935

Investments in Unconsolidated Joint Ventures - Company Ownership (Details)	Dec. 31, 2016
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%
Country Club Plaza KC Partners LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
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 HHF Centers LLC—Various Properties
Investments in unconsolidated joint ventures:
Ownership %	51.00%
Macerich Northwestern Associates—Broadway Plaza
Investments in unconsolidated joint ventures:
Ownership %	50.00%
MS Portfolio LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
New River Associates LLC—Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Ownership %	60.00%
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%
TM TRS Holding Company LLC—Valencia Place at Country Club Plaza
Investments in unconsolidated joint ventures:
Ownership %	50.00%
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 %	38.10%
Westcor/Surprise Auto Park LLC
Investments in unconsolidated joint ventures:
Ownership %	33.30%
WMAP, L.L.C.—Atlas Park, The Shops at
Investments in unconsolidated joint ventures:
Ownership %	50.00%

Investments in Unconsolidated Joint Ventures - Narrative (Details) ft² in Thousands, $ in Thousands													3 Months Ended		12 Months Ended
	Mar. 28, 2016 USD ($)	Mar. 01, 2016 USD ($) ft²	Jan. 14, 2016 USD ($) ft²	Jan. 06, 2016 USD ($) ft²	Oct. 30, 2015 USD ($) ft²	Apr. 30, 2015 USD ($) store	Feb. 17, 2015 USD ($) ft²	Nov. 20, 2014 USD ($) ft²	Nov. 14, 2014 USD ($) ft² mall	Aug. 28, 2014 USD ($) ft²	Jul. 30, 2014 USD ($) ft²	Jun. 04, 2014 USD ($) ft²	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Nov. 13, 2014 USD ($) ft²
Investments in unconsolidated joint ventures:
Gain (loss) on sale of assets															$ (375)	$ 9,850	$ 3,643
Purchase price paid through assumption of debt by the Company															$ 0	$ 0	$ 1,414,659
Wilshire Boulevard
Investments in unconsolidated joint ventures:
Property square footage \| ft²										40
Percentage of ownership interest sold										30.00%
Gain (loss) on sale of assets										$ 9,033
Proceeds from sale										17,100
Purchase price funded by cash payment on acquisition										15,386
Purchase price paid through assumption of debt by the Company										$ 1,714
PPR Portfolio
Investments in unconsolidated joint ventures:
Percentage of ownership interest sold					40.00%										40.00%
Proceeds from sale					$ 1,258,643
Purchase price paid through assumption of debt by the Company					713,000
Cash payment					$ 545,643
Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²				1,197
Percentage of ownership interest sold				40.00%
Gain (loss) on sale of assets															$ 101,629
Proceeds from sale				$ 289,496
Cash payment				129,496
Assumption of debt				$ 160,000
MAC Heitman Portfolio
Investments in unconsolidated joint ventures:
Percentage of ownership interest sold			49.00%												49.00%
Joint venture \| MAC Heitman Portfolio
Investments in unconsolidated joint ventures:
Percentage of ownership interest sold			49.00%
Gain (loss) on sale of assets			$ 340,734
Proceeds from sale			771,478
Cash payment			478,608
Assumption of debt			$ 292,870
Fashion Outlets of Philadelphia \| Joint venture
Investments in unconsolidated joint ventures:
Property square footage \| ft²											1,376
Purchase price on acquisition											$ 106,800
Joint venture ownership percentage purchased											50.00%
Candlestick Point \| Joint venture
Investments in unconsolidated joint ventures:
Property square footage \| ft²																		500
Candlestick Point \| Joint venture \| Notes receivable
Investments in unconsolidated joint ventures:
Note receivable																		$ 65,130
Candlestick Point \| Joint venture \| Notes receivable \| LIBOR
Investments in unconsolidated joint ventures:
Interest rate (as a percent)																		2.00%
Lakewood Center \| PPR Portfolio
Investments in unconsolidated joint ventures:
Property square footage \| ft²					2,064
Los Cerritos Center \| PPR Portfolio
Investments in unconsolidated joint ventures:
Property square footage \| ft²					1,298
Queens Center
Investments in unconsolidated joint ventures:
Interest rate (as a percent)															3.49%
Washington Square \| PPR Portfolio
Investments in unconsolidated joint ventures:
Property square footage \| ft²					1,440
South Plains Mall \| PPR Portfolio
Investments in unconsolidated joint ventures:
Property square footage \| ft²					1,127
Deptford Mall \| Joint venture \| MAC Heitman Portfolio
Investments in unconsolidated joint ventures:
Property square footage \| ft²			1,039
FlatIron Crossing \| Joint venture \| MAC Heitman Portfolio
Investments in unconsolidated joint ventures:
Property square footage \| ft²			1,431
Twenty Ninth Street \| Joint venture \| MAC Heitman Portfolio
Investments in unconsolidated joint ventures:
Property square footage \| ft²			847
PPR Queens Portfolio
Investments in unconsolidated joint ventures:
Ownership percentage purchased									49.00%
Cascade Mall
Investments in unconsolidated joint ventures:
Ownership percentage purchased												49.00%
Property square footage \| ft²												589
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 \| PPR Portfolio
Investments in unconsolidated joint ventures:
Gain (loss) on sale of assets														$ 311,194
PPR Queens Portfolio \| Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Gain (loss) on sale of assets													$ 101,629
PPR Queens Portfolio \| Lakewood Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²									2,064
PPR Queens Portfolio \| Los Cerritos Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²									1,298
PPR Queens Portfolio \| Queens Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²									963
PPR Queens Portfolio \| Stonewood Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²									932
PPR Queens Portfolio \| Washington Square
Investments in unconsolidated joint ventures:
Property square footage \| ft²									1,440
443 Wabash MAB LLC
Investments in unconsolidated joint ventures:
Property square footage \| ft²								65
Purchase price on acquisition								$ 18,900
Joint venture ownership percentage purchased								45.00%
Inland Center
Investments in unconsolidated joint ventures:
Ownership percentage purchased							50.00%
Property square footage \| ft²							866
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
Investments in unconsolidated joint ventures:
Purchase price on acquisition						$ 150,000
Joint venture ownership percentage purchased						50.00%
Number of stores \| store						9
Country Club Plaza \| Joint venture
Investments in unconsolidated joint ventures:
Property square footage \| ft²		1,246
Purchase price on acquisition		$ 660,000
Purchase price paid through assumption of debt by the Company	$ 320,000	$ 330,000
Joint venture ownership percentage		50.00%
Interest rate (as a percent)	3.88%

Investments in Unconsolidated Joint Ventures - Financial Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets:
Properties, net	$ 9,176,642	$ 6,334,442
Other assets	614,607	507,718
Total assets	9,791,249	6,842,160
Liabilities and partners' capital:
Mortgage and other notes payable	5,224,713	3,607,588
Other liabilities	403,369	355,634
Company's capital	2,279,819	1,585,796
Outside partners' capital	1,883,348	1,293,142
Total liabilities and partners' capital	9,791,249	6,842,160
Investment in unconsolidated joint ventures:
Company's capital	2,279,819	1,585,796
Basis adjustment	(584,887)	(77,701)
Investments in unconsolidated joint ventures	1,694,932	1,508,095
Assets—Investments in unconsolidated joint ventures	1,773,558	1,532,552
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(78,626)	(24,457)
Investments in unconsolidated joint ventures	1,694,932	1,508,095
Total assets	9,791,249	6,842,160
Amortization of difference between cost of investments and book value of underlying equity	17,610	5,619	$ 5,109
Revenues:
Minimum rents	600,284	315,093	388,363
Percentage rents	20,917	15,757	17,161
Tenant recoveries	235,144	137,467	186,741
Other	56,240	35,113	40,705
Total revenues	912,585	503,430	632,970
Expenses:
Shopping center and operating expenses	274,508	172,647	215,412
Interest expense	187,669	88,727	137,087
Depreciation and amortization	360,378	150,626	144,403
Total operating expenses	822,555	412,000	496,902
Loss on sale of assets	(375)	9,850	3,643
Loss on early extinguishment of debt		(3)
Net (loss) income	89,655	101,277	139,711
Company's equity in net (loss) income	56,941	45,164	60,626
Pacific Premier Retail LP
Revenues:
Minimum rents	129,145	21,172	88,831
Percentage rents	5,437	2,569	2,652
Tenant recoveries	47,856	8,408	40,118
Other	6,303	1,182	4,090
Total revenues	188,741	33,331	135,691
Expenses:
Shopping center and operating expenses	39,804	6,852	37,113
Interest expense	64,626	10,448	34,113
Depreciation and amortization	108,880	16,919	29,688
Total operating expenses	213,310	34,219	100,914
Loss on sale of assets	0	0	(7,044)
Loss on early extinguishment of debt		0
Net (loss) income	(24,569)	(888)	27,733
Company's equity in net (loss) income	(3,088)	1,409	9,743
Other Joint Ventures
Revenues:
Minimum rents	471,139	293,921	299,532
Percentage rents	15,480	13,188	14,509
Tenant recoveries	187,288	129,059	146,623
Other	49,937	33,931	36,615
Total revenues	723,844	470,099	497,279
Expenses:
Shopping center and operating expenses	234,704	165,795	178,299
Interest expense	123,043	78,279	102,974
Depreciation and amortization	251,498	133,707	114,715
Total operating expenses	609,245	377,781	395,988
Loss on sale of assets	(375)	9,850	10,687
Loss on early extinguishment of debt		(3)
Net (loss) income	114,224	102,165	111,978
Company's equity in net (loss) income	60,029	43,755	50,883
Northwestern Mutual Life (NML)
Investment in unconsolidated joint ventures:
Mortgage notes payable to affiliate	265,863	460,872
Interest expense on borrowings from related party	16,898	29,372	$ 38,113
Pacific Premier Retail LLC—Various Properties
Assets:
Total assets	3,179,255	3,283,702
Investment in unconsolidated joint ventures:
Total assets	3,179,255	3,283,702
Total liabilities	$ 1,887,952	$ 1,938,241

Property, net - Components of Property (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Land	$ 1,607,590	$ 1,894,717
Buildings and improvements	6,511,741	7,752,892
Tenant improvements	622,878	637,355
Equipment and furnishings	177,036	169,841
Construction in progress	289,966	234,851
Total	9,209,211	10,689,656
Less accumulated depreciation	(1,851,901)	(1,892,744)
Property, net	$ 7,357,310	$ 8,796,912

Property, net - Narrative (Details) $ in Thousands							12 Months Ended
Property, net - Narrative (Details) $ in Thousands	May 31, 2016 USD ($)	Apr. 13, 2016 USD ($)	Jan. 06, 2016	Nov. 19, 2015 USD ($)	Oct. 30, 2015	Aug. 28, 2014 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($)
Property, Plant and Equipment [Abstract]
Depreciation expense							$ 277,270	$ 354,977	$ 289,178
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of assets							(375)	9,850	3,643
Gain (loss) on sale or write down of assets, net							415,348	378,248	$ 73,440
Gain on land sales							4,546
Contingent settlement payment							12,180
Write-off of development cost							1,538	182
Impairment of real estate								10,633
Flagstaff Mall
Property, Plant and Equipment [Line Items]
Gain (loss) on sale or write down of assets, net							(39,671)
Mervyn's
Property, Plant and Equipment [Line Items]
Number of properties \| property									3
Arrowhead Towne Center
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of assets							$ 101,629
Percentage of ownership interest sold			40.00%
PPR Portfolio
Property, Plant and Equipment [Line Items]
Percentage of ownership interest sold					40.00%		40.00%
Gain on land sales								1,807
Gain on sale of assets								$ 2,336
Capitola Mall
Property, Plant and Equipment [Line Items]
Gain (loss) on sale or write down of assets, net							$ 24,894
Gain on disposal		$ 24,894
Mervyn's (former locations)
Property, Plant and Equipment [Line Items]
Gain (loss) on sale or write down of assets, net							$ (3,066)
Gain on disposal	$ (3,066)
Panorama Mall
Property, Plant and Equipment [Line Items]
Gain on disposal				$ 73,726
Wilshire Boulevard
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of assets						$ 9,033
Percentage of ownership interest sold						30.00%
Gain on sale of assets									$ 9,033
Rotterdam Square, Somersville Towne Center, Lake Square Mall, South Towne Center, Camelback Colonnade and four former Meryvns' stores
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of assets									$ 144,927
Gain (loss) on sale or write down of assets, net										$ (41,216)
Gain on sale of assets										1,257
Loss on write-off of development costs										$ (40,561)

Property, net - Assets Measured on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement	$ 86,100	$ 33,300	$ 44,500
(Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement	0	0	0
(Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement	0	0	0
(Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement	$ 86,100	$ 33,300	$ 44,500

Property, net - Quantitative Information, Unobservable Inputs (Details) - (Level 3)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Terminal capitalization rate		9.00%
Discount rate		9.50%
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Terminal capitalization rate	7.00%		8.00%
Discount rate	8.00%		9.00%
Market rents per square foot	2.00	5.00	6.00
Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Terminal capitalization rate	10.00%		9.00%
Discount rate	15.00%		10.50%
Market rents per square foot	20.00	150.00	160.00

Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Mar. 17, 2014
Components of tenant and other receivables, net
Allowance for doubtful accounts	$ 1,991	$ 3,072
Deferred rent receivables due to straight-line rent adjustments	56,761	60,790
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	9,509	10,940
LSM Note A
Components of tenant and other receivables, net
Notes receivable	$ 6,284	$ 6,351	$ 6,500
Notes receivable interest rate (as a percent)			6.50%
LSM Note B
Components of tenant and other receivables, net
Notes receivable			$ 3,103
Notes receivable interest rate (as a percent)			5.00%

Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 239,983	$ 248,709
Intangible assets:
In-place lease values	140,437	196,969
Leasing commissions and legal costs	32,384	52,000
Above-market leases	181,851	220,847
Deferred tax assets	38,301	38,847
Deferred compensation plan assets	42,711	37,341
Other assets	72,206	70,070
Deferred charges and other assets, gross	747,873	864,783
Less accumulated amortization	(269,815)	(300,492)
Deferred charges and other assets, net	478,058	564,291
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	88,785	109,453
Amortization expense	$ 33,048	$ 69,460	$ 52,668

Deferred Charges and Other Assets, net - Schedule of estimated amortization of intangible assets for the next five years and thereafter (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
2017	$ 18,700
2018	14,606
2019	12,170
2020	9,221
2021	7,379
Thereafter	21,960
Allocated value net	$ 84,036

Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Above-Market Leases
Allocated value net	$ 84,036
Above Market
Above-Market Leases
Original allocated value	181,851	$ 220,847
Less accumulated amortization	(57,505)	(73,520)
Allocated value net	124,346	147,327
Below Market
Below-Market Leases
Original allocated value	144,713	227,063
Less accumulated amortization	(58,400)	(101,872)
Allocated value, net	$ 86,313	$ 125,191

Deferred Charges and Other Assets, net - Schedule of estimated amortization of allocated values of above and below-market leases for the next five years and thereafter (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Above Market
2017	$ 18,700
2018	14,606
2019	12,170
2020	9,221
2021	7,379
Thereafter	21,960
Allocated value net	84,036
Above Market
Above Market
2017	14,369
2018	12,152
2019	10,087
2020	8,720
2021	7,503
Thereafter	71,515
Allocated value net	124,346	$ 147,327
Below Market
Below Market
2017	14,094
2018	13,191
2019	11,639
2020	9,146
2021	6,883
Thereafter	31,360
Allocated value, net	$ 86,313	$ 125,191

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	$ 176,442	$ 181,069
Carrying amount of mortgage notes, other	3,908,976	4,427,518
Arrowhead Towne Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 0	221,194
Effective interest rate (as a percent)	0.00%
Monthly debt service	$ 0
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 199,833	199,766
Effective interest rate (as a percent)	3.77%
Monthly debt service	$ 625
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	107,929	111,078
Carrying amount of mortgage notes, other	$ 107,928	111,079
Effective interest rate (as a percent)	5.53%
Monthly debt service	$ 1,538
Deptford Mall One
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 0	193,337
Effective interest rate (as a percent)	0.00%
Monthly debt service	$ 0
Deptford Mall Two
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 0	13,999
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
Carrying amount of mortgage notes, other	198,966	198,653
Monthly debt service	378
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 115,762	117,708
Effective interest rate (as a percent)	4.89%
Monthly debt service	$ 727
Flagstaff Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 0	37,000
Effective interest rate (as a percent)	0.00%
Monthly debt service	$ 0
FlatIron Crossing
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 0	254,075
Effective interest rate (as a percent)	0.00%
Monthly debt service	$ 0
Freehold Raceway Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 220,643	224,836
Effective interest rate (as a percent)	4.20%
Monthly debt service	$ 1,132
Fresno Fashion Fair
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	323,062	0
Monthly debt service	971
Green Acres Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 297,798	303,960
Effective interest rate (as a percent)	3.61%
Monthly debt service	$ 1,447
Kings Plaza Shopping Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 456,958	466,266
Effective interest rate (as a percent)	3.67%
Monthly debt service	$ 2,229
Northgate Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 63,434	63,783
Effective interest rate (as a percent)	3.50%
Monthly debt service	$ 206
Oaks, The
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 201,235	205,555
Effective interest rate (as a percent)	4.14%
Monthly debt service	$ 1,064
Pacific View
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 127,311	130,108
Effective interest rate (as a percent)	4.08%
Monthly debt service	$ 668
Queens Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 600,000	600,000
Effective interest rate (as a percent)	3.49%
Monthly debt service	$ 1,744
Santa Monica Place
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 219,564	224,815
Effective interest rate (as a percent)	2.99%
Monthly debt service	$ 1,004
SanTan Village Regional Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 127,724	130,638
Effective interest rate (as a percent)	3.14%
Monthly debt service	$ 589
Stonewood Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 99,520	105,494
Effective interest rate (as a percent)	1.80%
Monthly debt service	$ 640
Superstition Springs Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 0	67,749
Effective interest rate (as a percent)	0.00%
Monthly debt service	$ 0
Towne Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 21,570	21,956
Effective interest rate (as a percent)	4.48%
Monthly debt service	$ 117
Tucson La Encantada
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	68,513	69,991
Carrying amount of mortgage notes, other	$ 0	0
Effective interest rate (as a percent)	4.23%
Monthly debt service	$ 368
Victor Valley, Mall of
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 114,559	114,500
Effective interest rate (as a percent)	4.00%
Monthly debt service	$ 380
Vintage Faire Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 269,228	274,417
Effective interest rate (as a percent)	3.55%
Monthly debt service	$ 1,256
Westside Pavilion
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 143,881	$ 146,630
Effective interest rate (as a percent)	4.49%
Monthly debt service	$ 783

Mortgage Notes Payable - Premiums and Discounts (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Mortgage loans payable on real estate
Debt premiums (discounts), net	$ 5,907	$ 18,408
Arrowhead Towne Center
Mortgage loans payable on real estate
Debt premiums	0	8,494
Deptford Mall One
Mortgage loans payable on real estate
Debt discounts	0	(3)
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Debt premiums	3,558	4,486
Stonewood Center
Mortgage loans payable on real estate
Debt premiums	2,349	5,168
Superstition Springs Center
Mortgage loans payable on real estate
Debt premiums	$ 0	$ 263

Mortgage Notes Payable - Footnotes (Details) - USD ($)				12 Months Ended
Mortgage Notes Payable - Footnotes (Details) - USD ($)	Jul. 15, 2016	Jan. 14, 2016	Jan. 06, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Oct. 06, 2016
Mortgage loans payable on real estate
Unamortized deferred finance costs				$ 12,716,000	$ 16,025,000
Gain (loss) on extinguishment of debt				$ 13,737,000	$ 16,066,000	$ (526,000)
Northgate Mall
Mortgage loans payable on real estate
Effective interest rate (as a percent)				3.50%
Arrowhead Towne Center
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)			40.00%
Percentage of ownership interest sold			40.00%
MAC Heitman Portfolio
Mortgage loans payable on real estate
Percentage of ownership interest sold		49.00%		49.00%
MAC Heitman Portfolio \| Joint venture
Mortgage loans payable on real estate
Percentage of ownership interest sold		49.00%
Arrowhead Towne Center
Mortgage loans payable on real estate
Face amount of debt			$ 400,000,000
Effective interest rate (as a percent)			4.05%
Gain (loss) on extinguishment of debt			$ (3,575,000)
Interest in the loan assumed by a third party (as a percent)			40.00%
Chandler Fashion Center
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)				49.90%
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Effective interest rate (as a percent)				2.43%	1.84%
Variable interest rate spread (as a percent)				1.50%
Flagstaff Mall
Mortgage loans payable on real estate
Gain (loss) on extinguishment of debt	$ 5,284,000
Fresno Fashion Fair
Mortgage loans payable on real estate
Face amount of debt							$ 325,000,000
Effective interest rate (as a percent)				3.67%
Northgate Mall
Mortgage loans payable on real estate
Effective interest rate (as a percent)					3.30%
Variable interest rate spread (as a percent)				2.25%

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Interest expense capitalized	$ 10,316	$ 13,052	$ 12,559
Fair value of mortgage notes payable	$ 4,126,819	$ 4,628,781

Mortgage Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Mortgage loans payable on real estate
Debt premium, net	$ 5,907	$ 18,408
Deferred finance cost	(12,716)	(16,025)
Total	4,085,418	$ 4,608,587
Mortgage notes payable
Mortgage loans payable on real estate
2017	218,562
2018	480,176
2019	796,592
2020	528,456
2021	291,733
Thereafter	1,776,708
Long term debt including debt premium	4,092,227
Debt premium, net	5,907
Total	$ 4,085,418

Bank and Other Notes Payable - Narrative (Details) - USD ($)					12 Months Ended
	Jul. 06, 2016	Oct. 23, 2015	Mar. 29, 2013	Dec. 08, 2011	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Bank and other notes payable
Deferred finance cost					$ (12,716,000)	$ (16,025,000)
Loss on extinguishment of debt					(13,737,000)	(16,066,000)	$ 526,000
Line of Credit
Bank and other notes payable
Line of credit					1,500,000,000
Amended line of credit	$ 1,500,000,000
Extension option term	1 year
Maximum contingent borrowing capacity	$ 2,000,000,000
Line of credit					885,000,000	650,000,000
Deferred finance cost					$ (10,039,000)	$ (6,967,000)
Average interest rate (as a percent)					2.40%	1.95%
Line of Credit \| Level 2
Bank and other notes payable
Fair value of line of credit					$ 865,921,000	$ 640,260,000
Line of Credit \| LIBOR
Bank and other notes payable
Variable interest rate spread (as a percent)					1.45%
Line of Credit \| LIBOR \| Low end of range
Bank and other notes payable
Variable interest rate spread (as a percent)	1.30%				1.38%
Line of Credit \| LIBOR \| High end of range
Bank and other notes payable
Variable interest rate spread (as a percent)	1.90%				2.00%
Term Loan
Bank and other notes payable
Debt issued				$ 125,000,000
Loss on extinguishment of debt		$ 578,000
Term Loan \| LIBOR \| Low end of range
Bank and other notes payable
Variable interest rate spread (as a percent)				1.95%
Term Loan \| LIBOR \| High end of range
Bank and other notes payable
Variable interest rate spread (as a percent)				3.20%
Prasada Note
Bank and other notes payable
Debt issued			$ 13,330,000
Interest rate on debt (as a percent)			5.25%
Carrying value of term loan					$ 5,521,000	9,130,000
Estimated fair value of term loan					$ 5,786,000	$ 9,168,000

Bank and Other Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Mortgage loans payable on real estate
Deferred finance cost	$ (12,716)	$ (16,025)
Bank and other notes payable
Mortgage loans payable on real estate
2017	781
2018	823
2019	868
2020	915
2021	887,134
Thereafter	0
Long term debt including debt premium	890,521
Deferred finance cost	(10,039)
Long-term debt	$ 880,482

Co-Venture Arrangement (Details) $ / shares in Units, ft² in Thousands, $ in Thousands		12 Months Ended
	Sep. 30, 2009 USD ($) ft² $ / shares shares	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Co-Venture Arrangement
Cash proceeds for the overall transaction		$ 724,275	$ 646,898	$ 320,123
Co-venture obligation		58,973	63,756
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	$ 58,973	$ 63,756
Freehold Raceway Mall
Co-Venture Arrangement
Property square footage \| ft²	1,674
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, 2016	Dec. 31, 2015	Aug. 20, 2014	Aug. 17, 2012
Noncontrolling Interest [Line Items]
Limited partnership interest of the operating partnership (as a percent)	7.00%	7.00%
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Number of trading days used to calculate redemption value	10 days
Redemption value of outstanding OP Units not owned by the Company	$ 733,141	$ 870,625
The Macerich Partnership, L.P.
Noncontrolling Interest [Line Items]
Ownership interest in operating partnership (as a percent)	93.00%	93.00%

Stockholders' Equity (Details)									2 Months Ended			12 Months Ended
Stockholders' Equity (Details)	Jul. 11, 2016 shares	May 09, 2016 USD ($) shares	Apr. 19, 2016 shares	Feb. 17, 2016 USD ($) shares	Jan. 19, 2016 shares	Nov. 12, 2015 USD ($) $ / shares shares	Oct. 30, 2015 dividend $ / shares	Nov. 14, 2014 USD ($) shares	Jul. 11, 2016 $ / shares shares	Apr. 19, 2016 $ / shares shares	Jan. 19, 2016 $ / shares shares	Dec. 31, 2016 USD ($) $ / shares	Dec. 31, 2015 $ / shares	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($) shares	Dec. 31, 2012 USD ($) shares	Sep. 30, 2015 USD ($)	Aug. 20, 2014 USD ($) $ / shares	Aug. 17, 2012 USD ($) $ / shares
Stockholders' Equity Note [Abstract]
Authorized amount for stock repurchase program		$ 400,000,000		$ 400,000,000		$ 400,000,000											$ 1,200,000,000
Authorized amount for accelerated stock repurchase program		$ 400,000,000		$ 400,000,000		$ 400,000,000
Accelerated share repurchased, number of shares purchased (shares) \| shares	1,104,162	3,964,812	861,235	4,222,193	970,609	4,140,788			5,068,974.000	5,083,428	5,111,397
Average price per share paid for stock repurchased for accelerated stock repurchases (in dollars per share) \| $ / shares									$ 78.91	$ 78.69	$ 78.26
Number of dividends declared \| dividend							2
Dividends declared for common stock (in dollars per share) \| $ / shares						$ 2.00	$ 2.00					$ 2.75	$ 6.63
Par value of common stock (in dollars per share) \| $ / shares												$ 0.01	$ 0.01					$ 0.01	$ 0.01
Maximum price of common stock available to be issued												$ 500,000,000						$ 500,000,000	$ 500,000,000
Maximum commission to sales agent (as a percent)																			2.00%
Total stock offering (in shares) \| 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
Common Stock \| PPR Queens Portfolio
Class of Warrant or Right [Line Items]
Restricted common stock issued for acquisition (in shares) \| shares								17,140,845

Acquisitions - Narrative (Details) - USD ($) $ in Thousands							12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Aug. 19, 2016	Oct. 30, 2015	Feb. 17, 2015	Nov. 14, 2014	Oct. 31, 2014	Jun. 04, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquisition
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities							$ 0	$ 0	$ 1,414,659
Contingent settlement payment							$ 12,180
PPR Portfolio
Acquisition
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities		$ 713,000
Percentage of ownership interest sold		40.00%					40.00%
Cascade Mall
Acquisition
Additional ownership interest (as a percent)						49.00%
Purchase price						$ 15,233
Ownership percentage at completion of acquisition (as a percent)						100.00%
Fashion Outlets of Chicago \| Joint venture
Acquisition
Purchase price					$ 69,987
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
Contingent settlement payment	$ 23,800
PPR Queens Portfolio
Acquisition
Additional ownership interest (as a percent)				49.00%
Purchase price				$ 1,838,886
Ownership percentage at completion of acquisition (as a percent)				100.00%
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities				$ 672,109
Issuance restricted common stock				$ 1,166,777
Inland Center
Acquisition
Additional ownership interest (as a percent)			50.00%
Purchase price			$ 51,250
Ownership percentage at completion of acquisition (as a percent)			100.00%
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

Acquisitions - Allocation of Fair Value (Details) - USD ($) $ in Thousands	Feb. 17, 2015	Nov. 14, 2014	Jun. 04, 2014
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
Ownership percentage at completion of acquisition (as a percent)			100.00%
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
Ownership percentage at completion of acquisition (as a percent)		100.00%
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
Ownership percentage at completion of acquisition (as a percent)	100.00%

Acquisitions - Reconciliation of Purchase Price to Fair Value (Details) - USD ($) $ in Thousands				12 Months Ended
	Feb. 17, 2015	Nov. 14, 2014	Jun. 04, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquisition
Less debt assumed				$ 0	$ 0	$ (1,414,659)
Carrying value of investment				(1,773,558)	(1,532,552)
Gain on remeasurement of assets				$ 0	$ 22,089	$ 1,423,136
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
Fair value of acquired net assets (at 100% ownership)		$ 2,381,178
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

Acquisitions - Gain (Loss) on Remeasurement (Details) - USD ($) $ in Thousands			12 Months Ended
	Feb. 17, 2015	Nov. 14, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquisition
Carrying value of investment			$ (1,773,558)	$ (1,532,552)
Gain on remeasurement of assets			$ 0	$ 22,089	$ 1,423,136
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
Fair value of existing ownership interest (as a percent)		51.00%
Inland Center
Acquisition
Fair value of existing ownership interest	$ 26,250
Carrying value of investment	(4,161)
Gain on remeasurement of assets	$ 22,089
Fair value of existing ownership interest (as a percent)		50.00%

Dispositions (Details) ft² in Thousands, $ in Thousands															12 Months Ended
Dispositions (Details) ft² in Thousands, $ in Thousands	Jul. 15, 2016 USD ($) ft²	May 31, 2016 USD ($)	Apr. 13, 2016 USD ($) ft²	Nov. 19, 2015 USD ($) ft²	Jun. 30, 2015 USD ($) ft²	Dec. 29, 2014 USD ($) ft²	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. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on extinguishment of debt															$ 13,737	$ 16,066	$ (526)
Flagstaff Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on extinguishment of debt	$ 5,284
Rotterdam Square
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property square footage \| ft²														585
Proceeds from sale														$ 8,500
Gain (loss) on disposal														$ (472)
Somersville Town Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property square footage \| ft²													348
Proceeds from sale													$ 12,337
Gain (loss) on disposal													$ (263)
Lake Square Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property square footage \| ft²												559
Proceeds from sale												$ 13,280
Gain (loss) on disposal												(876)
Cash payment												$ 3,677
Lake Square Mall \| Notes receivable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of notes receivable \| note												2
Notes receivable												$ 9,603
Mervyn's
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale								$ 1,900	$ 1,200	$ 3,500	$ 3,560
Gain (loss) on disposal								$ (3)	$ 315	$ (80)	$ (158)
South Towne Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property square footage \| ft²							1,278
Proceeds from sale							$ 205,000
Gain (loss) on disposal							$ 121,873
Camelback Colonnade
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale						$ 92,898
Gain (loss) on disposal						24,554
Cash payment						61,173
Assumption of debt						31,725
Debt discharged						47,946
Noncontrollling interest adjustment						$ 17,217
Camelback Colonnade \| Joint venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property square footage \| ft²						619
Ownership interest (as a percent)						67.50%
Great Northern Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property square footage \| ft²					895
Great Northern Mall \| Great Northern Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on extinguishment of debt					$ (1,627)
Panorama Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property square footage \| ft²				312
Proceeds from sale				$ 98,000
Gain (loss) on disposal				$ 73,726
Capitola Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property square footage \| ft²			586
Proceeds from sale			$ 93,000
Gain (loss) on disposal			$ 24,894
Mervyn's (former locations)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale		$ 3,200
Gain (loss) on disposal		$ (3,066)
Flagstaff Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property square footage \| ft²	347

Future Rental Revenues (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Leases [Abstract]
2017	$ 536,826
2018	456,976
2019	396,405
2020	349,394
2021	298,641
Thereafter	989,259
Total	$ 3,027,501

Commitments and Contingencies - Schedule of future minimum rental payments by the Company (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2017	$ 13,712
2018	9,423
2019	7,840
2020	7,848
2021	7,487
Thereafter	193,659
Total minimum future payments	$ 239,969

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Ground rent expenses	$ 9,894	$ 11,870	$ 10,968
Contingent liability under letters of credit	61,002
Outstanding obligations under construction agreements	$ 41,906

Related-Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - Unconsolidated joint ventures and third party managed properties - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Management fees	$ 17,937	$ 10,064	$ 16,751
Development and leasing fees	13,907	9,615	10,528
Fees charged to unconsolidated joint ventures	$ 31,844	$ 19,679	$ 27,279

Related-Party Transactions - Narrative (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 ft² note
Related Party Transaction [Line Items]
Interest expense, related party	$ 8,973	$ 10,515	$ 15,134
Due (to) from affiliates	$ 68,227	$ 83,928
Limited partnership interest of the operating partnership (as a percent)	7.00%	7.00%
Related Parties Note Receivable, RED Consolidated Holdings, LLC
Related Party Transaction [Line Items]
Due (to) from affiliates	$ 5,593	$ 9,252
Notes receivable interest rate	5.25%
Interest earned	$ 366	520	614
Northwestern Mutual Life (NML)
Related Party Transaction [Line Items]
Interest expense payable, related party	736	756
Unconsolidated joint ventures
Related Party Transaction [Line Items]
Interest income, related party			164
Due (to) from affiliates	(6,809)	7,467
Affiliated entity
Related Party Transaction [Line Items]
Limited partnership interest of the operating partnership (as a percent)				40.00%
Affiliated entity \| Fashion Outlets of Chicago
Related Party Transaction [Line Items]
Property square footage \| ft²				538
Affiliated entity \| Related parties note receivable, AWE Talisman Company
Related Party Transaction [Line Items]
Interest income, related party			516
Number of notes receivable \| note				2
Notes receivable interest rate				5.00%
Affiliated entity \| Notes receivable \| Fashion Outlets of San Francisco
Related Party Transaction [Line Items]
Interest earned	2,234	1,872	$ 206
Note receivable	$ 69,443	$ 67,209
Affiliated entity \| Notes receivable \| Fashion Outlets of San Francisco \| LIBOR
Related Party Transaction [Line Items]
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, 2016 shares
Share and unit-based plans
Term of award (in years)	10 years
Maximum shares authorized under plan (shares)	19,825,428
Shares available for issuance under plan (in shares)	6,791,618

Share and Unit-Based Plans - Stock Awards and Stock Units Roll Forward Activity (Details)	12 Months Ended
	Dec. 31, 2016 $ / shares shares	Dec. 31, 2015 $ / shares shares	Dec. 31, 2014 $ / shares shares
Stock awards
Shares or Units
Balance at beginning of year (shares) \| shares	1,612	9,189	19,001
Granted (shares) \| shares	0	0	0
Vested (shares) \| shares	(1,612)	(7,577)	(9,812)
Balance at end of year (shares) \| shares	0	1,612	9,189
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share) \| $ / shares	$ 62.01	$ 59.25	$ 56.77
Granted (in dollars per share) \| $ / shares	0.00	0.00	0.00
Vested (in dollars per share) \| $ / shares	62.01	58.67	54.45
Balance at end of year (in dollars per share) \| $ / shares	$ 0.00	$ 62.01	$ 59.25
Stock units
Shares or Units
Balance at beginning of year (shares) \| shares	132,086	144,374	137,318
Granted (shares) \| shares	85,601	77,282	75,309
Vested (shares) \| shares	(69,259)	(86,761)	(68,253)
Forfeited (shares) \| shares	0	(2,809)	0
Balance at end of year (shares) \| shares	148,428	132,086	144,374
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share) \| $ / shares	$ 74.58	$ 59.94	$ 57.24
Granted (in dollars per share) \| $ / shares	79.22	86.53	60.50
Vested (in dollars per share) \| $ / shares	71.82	61.29	55.14
Forfeited (in dollars per share) \| $ / shares	0.00	86.72	0.00
Balance at end of year (in dollars per share) \| $ / shares	$ 78.53	$ 74.58	$ 59.94
Number of common shares into which units can be converted (shares)	1

Share and Unit-Based Plans - SARs Narrative (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 06, 2016	Jan. 05, 2016	Dec. 08, 2015	Dec. 07, 2015	Dec. 31, 2013
Share and unit-based plans
Distributions paid, per share (in dollars per share)		$ 4.63	$ 2.51
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)	284,146	417,783	772,639	427,968		417,783	407,823	1,070,991
Stock appreciation weighted average price (in dollars per share)	$ 53.85	$ 55.13	$ 56.67	$ 53.85	$ 55.13	$ 55.13	$ 56.49	$ 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, 2016	Dec. 31, 2015	Dec. 31, 2014
SARs
Units
Balance at beginning of year (shares)	417,783	772,639	1,070,991
Granted (shares)	0	0	0
Exercised (shares)	(143,822)	(364,807)	(298,352)
Special dividend adjustment (shares)	10,185	9,951	0
Balance at end of year (shares)	284,146	417,783	772,639
Weighted Average Exercise Price (in dollars per share)
Balance at beginning of year (in dollars per share)	$ 55.13	$ 56.67	$ 56.66
Granted (in dollars per share)	0.00	0.00	0.00
Vested (in dollars per share)	53.73	56.86	56.63
Special dividend adjustment (in dollars per share)	53.88	55.13	0.00
Balance at end of year (in dollars per share)	$ 53.85	$ 55.13	$ 56.67
Stock units
Units
Granted (shares)	85,601	77,282	75,309
Weighted Average Exercise Price (in dollars per share)
Balance at beginning of year (in dollars per share)	$ 74.58	$ 59.94	$ 57.24
Granted (in dollars per share)	79.22	86.53	60.50
Vested (in dollars per share)	71.82	61.29	55.14
Balance at end of year (in dollars per share)	$ 78.53	$ 74.58	$ 59.94

Share and Unit-Based Plans - Long-Term Incentive Plan Units (Details)											12 Months Ended
	Mar. 04, 2016 $ / shares shares	Jan. 07, 2016	Jan. 01, 2016 $ / shares shares	Dec. 31, 2015 shares	Mar. 06, 2015 $ / shares shares	Jan. 12, 2015	Jan. 01, 2015 $ / shares shares	Dec. 31, 2014 shares	Mar. 07, 2014 $ / shares shares	Jan. 01, 2014 $ / shares shares	Dec. 31, 2016 $ / shares shares	Dec. 31, 2015 $ / shares shares	Dec. 31, 2014 $ / shares shares
Stock units
Share and unit-based plans
Conversion rate											1
Granted (shares)											85,601	77,282	75,309
Granted (in dollars per share) \| $ / shares											$ 79.22	$ 86.53	$ 60.50
Vested (shares)											69,259	86,761	68,253
LTIP units
Share and unit-based plans
Conversion rate											1
Granted (shares)											480,371	424,442	725,908
Granted (in dollars per share) \| $ / shares									$ 60.25		$ 65.00	$ 74.71	$ 51.71
Level of percentile ranking at which awards vested (as a percent)		130.00%				150.00%
Absolute return requirement (shares)										3.00%
Vested (shares)				55,934				136,465			214,114	414,822	679,213
Risk free rate (as a percent)			1.32%				0.25%
Volatility rate (as a percent)			20.31%				16.81%
LTIP units \| LTIP units that vest in equal installments over a service period ending December 31, 2018
Share and unit-based plans
Granted (shares)			58,786
Granted (in dollars per share) \| $ / shares			$ 80.69
LTIP units \| Market-Indexed LTIP units that vest in equal installments over a service period ending December 31, 2018
Share and unit-based plans
Granted (shares)			266,899
Granted (in dollars per share) \| $ / shares			$ 53.32
LTIP units \| LTIP units that are fully vested on the grant date
Share and unit-based plans
Granted (shares)	154,686
Granted (in dollars per share) \| $ / shares	$ 79.20
LTIP units \| 2014 LTIP Units Series 2
Share and unit-based plans
Granted (shares)										70,042
Granted (in dollars per share) \| $ / shares										$ 58.89
LTIP units \| 2014 LTIP Units Series 1
Share and unit-based plans
Granted (shares)									246,471	272,930
Granted (in dollars per share) \| $ / shares										$ 45.34
LTIP units \| 2015 LTIP Units Series 1
Share and unit-based plans
Granted (shares)							49,451
Granted (in dollars per share) \| $ / shares							$ 83.41
LTIP units \| 2015 LTIP Units Series 2
Share and unit-based plans
Granted (shares)							186,450
Granted (in dollars per share) \| $ / shares							$ 66.37
LTIP units \| 2015 LTIP Units Series 3
Share and unit-based plans
Granted (shares)					132,607
Granted (in dollars per share) \| $ / shares					$ 86.72

Share and Unit-Based Plans - LTIP Activity (Details) - LTIP units - $ / shares				12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Mar. 07, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Units
Balance at beginning of year (shares)				56,315	46,695	0
Granted (shares)				480,371	424,442	725,908
Vested (shares)	(55,934)	(136,465)		(214,114)	(414,822)	(679,213)
Forfeited (shares)				0	0	0
Balance at end of year (shares)	56,315	46,695		322,572	56,315	46,695
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share)				$ 73.24	$ 58.89	$ 0.00
Granted (in dollars per share)			$ 60.25	65.00	74.71	51.71
Vested (in dollars per share)				77.45	73.13	51.22
Forfeited (in dollars per share)				0.00	0.00	0.00
Balance at end of year (in dollars per share)	$ 73.24	$ 58.89		$ 58.18	$ 73.24	$ 58.89

Share and Unit-Based Plans - Stock Options Narrative (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2016	Jan. 06, 2016	Dec. 31, 2015	Dec. 09, 2015	Dec. 08, 2015	Dec. 31, 2014	Dec. 31, 2013
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)		10,565	10,565	10,314	10,314	10,068	10,068	10,068
Stock options, outstanding, weighted average exercise price (in dollars per share)		$ 56.77	$ 56.77	$ 58.15	$ 58.15	$ 59.57	$ 59.57	$ 59.57

Share and Unit-Based Plans - Stock Option Activity (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Options
Balance at beginning of year (shares)	10,314	10,068	10,068
Granted (shares)	0	0	0
Exercised (in shares)	0	0	0
Special dividend adjustment (shares)	251	246	0
Balance at end of year (shares)	10,565	10,314	10,068
Weighted Average Exercise Price (in dollars per share)
Balance at beginning of year (in dollars per share)	$ 58.15	$ 59.57	$ 59.57
Granted (in dollars per share)	0.00	0.00	0.00
Exercised (in dollars per share)	0.00	0.00	0.00
Special dividend adjustment (in dollars per share)	56.77	58.15	0.00
Balance at end of year (in dollars per share)	$ 56.77	$ 58.15	$ 59.57

Share and Unit-Based Plans - Directors' Phantom Stock Plan (Details)	12 Months Ended
	Dec. 31, 2016 $ / shares shares	Dec. 31, 2015 $ / shares shares	Dec. 31, 2014 $ / shares shares
Phantom stock units
Share and unit-based plans
Number of common shares into which units can be converted (shares)	1
Units
Balance at beginning of year (shares)	0	9,269	17,575
Granted (shares)	21,088	13,351	10,747
Vested (shares)	(15,243)	(20,162)	(19,053)
Forfeited (shares)	0	(2,458)	0
Balance at end of year (shares)	5,845	0	9,269
Weighted Average Grant Date Fair Value (in dollars per share)
Balance at beginning of year (in dollars per share) \| $ / shares	$ 0.00	$ 58.35	$ 58.66
Granted (in dollars per share) \| $ / shares	80.21	78.72	65.54
Vested (in dollars per share) \| $ / shares	79.73	72.17	62.69
Forfeited (in dollars per share) \| $ / shares	0.00	55.62	0.00
Balance at end of year (in dollars per share) \| $ / shares	$ 81.47	$ 0.00	$ 58.35
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 (shares)	1
Maximum shares authorized under plan (shares)	500,000
Shares available for issuance under plan (in shares)	178,515

Share and Unit-Based Plans - Employee Stock Purchase Plan (Details) - ESPP	12 Months Ended
	Dec. 31, 2016 shares
Share and unit-based plans
Discount from market price (as a percent)	15.00%
Maximum shares authorized under plan (shares)	750,000
Shares available for issuance under plan (in shares)	489,138

Share and Unit-Based Plans - Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 40,529	$ 34,375	$ 34,873
Capitalized share and unit-based compensation costs	7,241	6,008	5,410
Stock awards
Share and unit-based plans
Compensation cost under share and unit-based plans	20	252	365
Stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	6,305	6,041	4,689
Unrecognized compensation cost of share and unit-based plans	4,380
LTIP units
Share and unit-based plans
Compensation cost under share and unit-based plans	32,957	26,622	28,598
Unrecognized compensation cost of share and unit-based plans	2,397
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	11
Phantom stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	1,231	1,444	1,205
Unrecognized compensation cost of share and unit-based plans	476
Stock awards and units
Share and unit-based plans
Fair value of equity-based awards vested during period	$ 5,644	$ 8,794	$ 4,685

Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	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	$ 3,384	$ 3,299	$ 3,253
Deferred Compensation Plans
Employee Benefit Plans:
Employer contribution	$ 1,032	$ 933	$ 845

Income Taxes - Schedule of components of distributions made to common stockholders on a per share basis (Details) - $ / shares

12 Months Ended

Nov. 12, 2015

Oct. 30, 2015

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Dividends, dollars per share

Ordinary income (in dollars per share)

$ 0.94

$ 1.20

$ 1.92

Capital gains (in dollars per share)

3.60

3.64

0.16

Unrecaptured Section 1250 gain (in dollars per share)

0.00

0.05

Return of capital (in dollars per share)

0.00

0.38

Dividends paid for income tax purposes (in dollars per share)

$ 4.54

$ 4.84

$ 2.51

Dividends, percent

Ordinary income (as a percent)

20.80%

24.80%

76.50%

Capital gains (as a percent)

79.20%

75.20%

6.40%

Unrecaptured Section 1250 gain (as a percent)

0.00%

2.00%

Return of capital (as a percent)

0.00%

15.10%

Dividends paid (as a percent)

100.00%

Distributions paid, per share (in dollars per share)

$ 4.63

$ 2.51

Leases [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,
2017	$	536,826
2018	456,976
2019	396,405
2020	349,394
2021	298,641
Thereafter	989,259
	$	3,027,501

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



Year Ending December 31,
2017	$	13,712
2018	9,423
2019	7,840
2020	7,848
2021	7,487
Thereafter	193,659
	$	239,969

Dividends declared for common stock (in dollars per share)

$ 2.00

$ 2.75

6.63

Cash deemed paid (in dollars per share)

$ 0.21

Income Taxes - Schedule of income tax benefit of TRSs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Current	$ (176)	$ 0	$ 0
Deferred	(546)	3,223	4,269
Income tax (expense) benefit	$ (722)	$ 3,223	$ 4,269

Income Taxes - Reconciliation of income tax benefit (provision) of the TRSs to the amount computed by applying the federal corporate tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Book loss for TRSs	$ 5,254	$ 10,681	$ 10,785
Tax at statutory rate on earnings from continuing operations before income taxes	1,786	3,632	3,667
Other	(2,508)	(409)	602
Income tax (expense) benefit	$ (722)	$ 3,223	$ 4,269

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 38,301	$ 38,847

Income Taxes - Schedule of tax effects of temporary differences and carryforwards of the TRSs included in net deferred tax assets(Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 22,335	$ 25,340
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	(12,720)	(10,600)
Other	3,246	2,907
Deferred tax assets	$ 38,301	$ 38,847

Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended								12 Months Ended
	Jan. 14, 2016	Nov. 19, 2015	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenues			$ 272,000	$ 253,367	$ 259,904	$ 256,000	$ 320,758	$ 326,262	$ 322,794	$ 318,335	$ 1,041,271	$ 1,288,149	$ 1,105,247
Net income attributable to the Company			$ 37,128	$ 13,730	$ 45,222	$ 420,915	$ 414,959	$ 33,597	$ 14,395	$ 24,611	$ 516,995	$ 487,562	$ 1,499,042
Net income attributable to common stockholders (dollars per share)			$ 0.26	$ 0.09	$ 0.31	$ 2.77	$ 2.65	$ 0.21	$ 0.09	$ 0.15	$ 3.52	$ 3.08	$ 10.46
Net income attributable to common stockholders (dollars per share)			$ 0.26	$ 0.09	$ 0.31	$ 2.76	$ 2.65	$ 0.21	$ 0.09	$ 0.15	$ 3.52	$ 3.08	$ 10.45
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of assets											$ (375)	$ 9,850	$ 3,643
Arrowhead Towne Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of assets											$ 101,629
Arrowhead Towne Center \| PPR Queens Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of assets						$ 101,629
PPR Portfolio \| PPR Queens Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of assets							$ 311,194
Panorama Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal		$ 73,726
Joint venture \| MAC Heitman Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of assets	$ 340,734

Subsequent Events (Details) $ / shares in Units, ft² in Thousands						12 Months Ended
	Feb. 09, 2017 $ / shares	Feb. 02, 2017 USD ($)	Jan. 18, 2017 USD ($) ft²	Nov. 12, 2015 USD ($) $ / shares	Oct. 30, 2015 $ / shares	Dec. 31, 2016 $ / shares	Dec. 31, 2015 $ / shares	Feb. 13, 2017 USD ($)	Feb. 01, 2017 USD ($)	May 09, 2016 USD ($)	Feb. 17, 2016 USD ($)	Sep. 30, 2015 USD ($)
Subsequent events
Dividends declared for common stock (in dollars per share) \| $ / shares				$ 2.00	$ 2.00	$ 2.75	$ 6.63
Authorized amount for stock repurchase program				$ 400,000,000						$ 400,000,000	$ 400,000,000	$ 1,200,000,000
Subsequent event
Subsequent events
Dividends declared for common stock (in dollars per share) \| $ / shares	$ 0.71
Authorized amount for stock repurchase program								$ 500,000,000
Subsequent event \| West Acres \| Loans payable
Subsequent events
Face amount of debt									$ 80,000,000
Effective interest rate (as a percent)									4.61%
Subsequent event \| Kierland Commons \| Loans payable
Subsequent events
Face amount of debt		$ 225,000,000
Interest rate on debt (as a percent)		3.95%
Debt term (years)		10 years
Subsequent event \| Cascade Mall
Subsequent events
Property square footage \| ft²			589
Subsequent event \| Northgate Mall
Subsequent events
Property square footage \| ft²			750
Subsequent event \| Cascade and Northgate Malls
Subsequent events
Proceeds from sale			$ 170,000,000

Schedule III-Real Estate and Accumulated Depreciation - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Initial Cost to Company
Land	$ 1,496,273
Building and Improvements	4,965,128
Equipment and Furnishings	47,415
Cost Capitalized Subsequent to Acquisition	2,700,395
Gross Amount at Which Carried at Close of Period
Land	1,607,590
Building and Improvements	7,134,619
Equipment and Furnishings	177,036	$ 169,841
Construction in Progress	289,966	234,851
Total	9,209,211	10,689,656	$ 12,777,882	$ 9,181,338
Accumulated Depreciation	1,851,901	$ 1,892,744	$ 1,709,992	$ 1,559,572
Total Cost Net of Accumulated Depreciation	7,357,310
Cascade Mall
Initial Cost to Company
Land	19,253
Building and Improvements	9,671
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(8,495)
Gross Amount at Which Carried at Close of Period
Land	12,728
Building and Improvements	7,616
Equipment and Furnishings	85
Construction in Progress	0
Total	20,429
Accumulated Depreciation	1,250
Total Cost Net of Accumulated Depreciation	19,179
Chandler Fashion Center
Initial Cost to Company
Land	24,188
Building and Improvements	223,143
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	17,987
Gross Amount at Which Carried at Close of Period
Land	24,188
Building and Improvements	235,804
Equipment and Furnishings	5,326
Construction in Progress	0
Total	265,318
Accumulated Depreciation	98,095
Total Cost Net of Accumulated Depreciation	167,223
Danbury Fair Mall
Initial Cost to Company
Land	130,367
Building and Improvements	316,951
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	105,275
Gross Amount at Which Carried at Close of Period
Land	142,751
Building and Improvements	402,975
Equipment and Furnishings	6,682
Construction in Progress	185
Total	552,593
Accumulated Depreciation	130,195
Total Cost Net of Accumulated Depreciation	422,398
Desert Sky Mall
Initial Cost to Company
Land	9,447
Building and Improvements	37,245
Equipment and Furnishings	12
Cost Capitalized Subsequent to Acquisition	4,364
Gross Amount at Which Carried at Close of Period
Land	9,082
Building and Improvements	40,869
Equipment and Furnishings	1,117
Construction in Progress	0
Total	51,068
Accumulated Depreciation	8,534
Total Cost Net of Accumulated Depreciation	42,534
Eastland Mall
Initial Cost to Company
Land	22,050
Building and Improvements	151,605
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	9,944
Gross Amount at Which Carried at Close of Period
Land	22,066
Building and Improvements	160,374
Equipment and Furnishings	1,041
Construction in Progress	118
Total	183,599
Accumulated Depreciation	23,376
Total Cost Net of Accumulated Depreciation	160,223
Estrella Falls
Initial Cost to Company
Land	10,550
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	69,998
Gross Amount at Which Carried at Close of Period
Land	10,747
Building and Improvements	13,874
Equipment and Furnishings	0
Construction in Progress	55,927
Total	80,548
Accumulated Depreciation	231
Total Cost Net of Accumulated Depreciation	80,317
Fashion Outlets of Chicago
Initial Cost to Company
Land	0
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	259,054
Gross Amount at Which Carried at Close of Period
Land	40,575
Building and Improvements	215,298
Equipment and Furnishings	3,020
Construction in Progress	161
Total	259,054
Accumulated Depreciation	34,610
Total Cost Net of Accumulated Depreciation	224,444
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	111,293
Gross Amount at Which Carried at Close of Period
Land	22,963
Building and Improvements	314,797
Equipment and Furnishings	2,218
Construction in Progress	35
Total	340,013
Accumulated Depreciation	50,599
Total Cost Net of Accumulated Depreciation	289,414
The Marketplace at Flagstaff
Initial Cost to Company
Land	0
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	45,887
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	45,885
Equipment and Furnishings	2
Construction in Progress	0
Total	45,887
Accumulated Depreciation	20,613
Total Cost Net of Accumulated Depreciation	25,274
Freehold Raceway Mall
Initial Cost to Company
Land	164,986
Building and Improvements	362,841
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	107,159
Gross Amount at Which Carried at Close of Period
Land	168,098
Building and Improvements	460,606
Equipment and Furnishings	6,281
Construction in Progress	1
Total	634,986
Accumulated Depreciation	164,369
Total Cost Net of Accumulated Depreciation	470,617
Fresno Fashion Fair
Initial Cost to Company
Land	17,966
Building and Improvements	72,194
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	40,263
Gross Amount at Which Carried at Close of Period
Land	17,966
Building and Improvements	109,817
Equipment and Furnishings	2,393
Construction in Progress	247
Total	130,423
Accumulated Depreciation	49,038
Total Cost Net of Accumulated Depreciation	81,385
Green Acres Mall
Initial Cost to Company
Land	156,640
Building and Improvements	321,034
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	161,617
Gross Amount at Which Carried at Close of Period
Land	176,464
Building and Improvements	442,960
Equipment and Furnishings	7,850
Construction in Progress	12,017
Total	639,291
Accumulated Depreciation	57,449
Total Cost Net of Accumulated Depreciation	581,842
Inland Center
Initial Cost to Company
Land	8,321
Building and Improvements	83,550
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	22,217
Gross Amount at Which Carried at Close of Period
Land	8,280
Building and Improvements	100,189
Equipment and Furnishings	23
Construction in Progress	5,596
Total	114,088
Accumulated Depreciation	7,298
Total Cost Net of Accumulated Depreciation	106,790
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	83,783
Gross Amount at Which Carried at Close of Period
Land	198,066
Building and Improvements	451,167
Equipment and Furnishings	26,936
Construction in Progress	122,203
Total	798,372
Accumulated Depreciation	57,537
Total Cost Net of Accumulated Depreciation	740,835
La Cumbre Plaza
Initial Cost to Company
Land	18,122
Building and Improvements	21,492
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	24,017
Gross Amount at Which Carried at Close of Period
Land	17,280
Building and Improvements	45,691
Equipment and Furnishings	361
Construction in Progress	299
Total	63,631
Accumulated Depreciation	22,331
Total Cost Net of Accumulated Depreciation	41,300
Macerich Management Co.
Initial Cost to Company
Land	1,150
Building and Improvements	10,475
Equipment and Furnishings	26,562
Cost Capitalized Subsequent to Acquisition	42,629
Gross Amount at Which Carried at Close of Period
Land	3,878
Building and Improvements	11,856
Equipment and Furnishings	64,612
Construction in Progress	470
Total	80,816
Accumulated Depreciation	54,147
Total Cost Net of Accumulated Depreciation	26,669
MACWH, LP
Initial Cost to Company
Land	0
Building and Improvements	25,771
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	17,807
Gross Amount at Which Carried at Close of Period
Land	11,557
Building and Improvements	27,455
Equipment and Furnishings	0
Construction in Progress	4,566
Total	43,578
Accumulated Depreciation	8,411
Total Cost Net of Accumulated Depreciation	35,167
Northgate Mall
Initial Cost to Company
Land	8,400
Building and Improvements	34,865
Equipment and Furnishings	841
Cost Capitalized Subsequent to Acquisition	104,911
Gross Amount at Which Carried at Close of Period
Land	13,414
Building and Improvements	132,373
Equipment and Furnishings	3,095
Construction in Progress	135
Total	149,017
Accumulated Depreciation	72,362
Total Cost Net of Accumulated Depreciation	76,655
NorthPark Mall
Initial Cost to Company
Land	7,746
Building and Improvements	74,661
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	9,852
Gross Amount at Which Carried at Close of Period
Land	7,885
Building and Improvements	83,894
Equipment and Furnishings	480
Construction in Progress	0
Total	92,259
Accumulated Depreciation	14,256
Total Cost Net of Accumulated Depreciation	78,003
The Oaks
Initial Cost to Company
Land	32,300
Building and Improvements	117,156
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	260,689
Gross Amount at Which Carried at Close of Period
Land	56,387
Building and Improvements	350,481
Equipment and Furnishings	3,031
Construction in Progress	246
Total	410,145
Accumulated Depreciation	125,906
Total Cost Net of Accumulated Depreciation	284,239
Pacific View
Initial Cost to Company
Land	8,697
Building and Improvements	8,696
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	129,548
Gross Amount at Which Carried at Close of Period
Land	7,854
Building and Improvements	136,674
Equipment and Furnishings	2,332
Construction in Progress	81
Total	146,941
Accumulated Depreciation	63,783
Total Cost Net of Accumulated Depreciation	83,158
Paradise Valley Mall
Initial Cost to Company
Land	33,445
Building and Improvements	128,485
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	35,982
Gross Amount at Which Carried at Close of Period
Land	39,382
Building and Improvements	155,283
Equipment and Furnishings	2,416
Construction in Progress	831
Total	197,912
Accumulated Depreciation	69,249
Total Cost Net of Accumulated Depreciation	128,663
Promenade at Casa Grande
Initial Cost to Company
Land	15,089
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	61,137
Gross Amount at Which Carried at Close of Period
Land	5,382
Building and Improvements	70,779
Equipment and Furnishings	65
Construction in Progress	0
Total	76,226
Accumulated Depreciation	38,130
Total Cost Net of Accumulated Depreciation	38,096
Queens Center
Initial Cost to Company
Land	251,474
Building and Improvements	1,039,922
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	17,307
Gross Amount at Which Carried at Close of Period
Land	256,786
Building and Improvements	1,049,545
Equipment and Furnishings	2,063
Construction in Progress	309
Total	1,308,703
Accumulated Depreciation	58,875
Total Cost Net of Accumulated Depreciation	1,249,828
Santa Monica Place
Initial Cost to Company
Land	26,400
Building and Improvements	105,600
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	326,644
Gross Amount at Which Carried at Close of Period
Land	48,374
Building and Improvements	401,826
Equipment and Furnishings	7,903
Construction in Progress	541
Total	458,644
Accumulated Depreciation	100,790
Total Cost Net of Accumulated Depreciation	357,854
San Tan Adjacent Land
Initial Cost to Company
Land	29,414
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	7,498
Gross Amount at Which Carried at Close of Period
Land	30,506
Building and Improvements	0
Equipment and Furnishings	0
Construction in Progress	6,406
Total	36,912
Accumulated Depreciation	0
Total Cost Net of Accumulated Depreciation	36,912
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	197,498
Gross Amount at Which Carried at Close of Period
Land	6,344
Building and Improvements	197,552
Equipment and Furnishings	1,402
Construction in Progress	27
Total	205,325
Accumulated Depreciation	82,599
Total Cost Net of Accumulated Depreciation	122,726
South Park Mall
Initial Cost to Company
Land	7,035
Building and Improvements	38,215
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	24,628
Gross Amount at Which Carried at Close of Period
Land	7,479
Building and Improvements	61,668
Equipment and Furnishings	408
Construction in Progress	323
Total	69,878
Accumulated Depreciation	9,371
Total Cost Net of Accumulated Depreciation	60,507
Southridge Mall
Initial Cost to Company
Land	6,764
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	20,674
Gross Amount at Which Carried at Close of Period
Land	6,422
Building and Improvements	20,721
Equipment and Furnishings	130
Construction in Progress	165
Total	27,438
Accumulated Depreciation	3,937
Total Cost Net of Accumulated Depreciation	23,501
Stonewood Center
Initial Cost to Company
Land	4,948
Building and Improvements	302,527
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	6,344
Gross Amount at Which Carried at Close of Period
Land	4,935
Building and Improvements	308,712
Equipment and Furnishings	64
Construction in Progress	108
Total	313,819
Accumulated Depreciation	19,891
Total Cost Net of Accumulated Depreciation	293,928
Superstition Springs Center
Initial Cost to Company
Land	10,928
Building and Improvements	112,718
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	7,214
Gross Amount at Which Carried at Close of Period
Land	10,928
Building and Improvements	119,566
Equipment and Furnishings	366
Construction in Progress	0
Total	130,860
Accumulated Depreciation	11,623
Total Cost Net of Accumulated Depreciation	119,237
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	290
Gross Amount at Which Carried at Close of Period
Land	1,618
Building and Improvements	4,627
Equipment and Furnishings	83
Construction in Progress	0
Total	6,328
Accumulated Depreciation	1,739
Total Cost Net of Accumulated Depreciation	4,589
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	(8,852)
Gross Amount at Which Carried at Close of Period
Land	16,922
Building and Improvements	0
Equipment and Furnishings	0
Construction in Progress	10,384
Total	27,306
Accumulated Depreciation	0
Total Cost Net of Accumulated Depreciation	27,306
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	26,237
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	5
Equipment and Furnishings	10,823
Construction in Progress	17,943
Total	28,771
Accumulated Depreciation	2,126
Total Cost Net of Accumulated Depreciation	26,645
Towne Mall
Initial Cost to Company
Land	6,652
Building and Improvements	31,184
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	4,587
Gross Amount at Which Carried at Close of Period
Land	6,877
Building and Improvements	35,011
Equipment and Furnishings	506
Construction in Progress	29
Total	42,423
Accumulated Depreciation	13,960
Total Cost Net of Accumulated Depreciation	28,463
Tucson La Encantada
Initial Cost to Company
Land	12,800
Building and Improvements	19,699
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	55,372
Gross Amount at Which Carried at Close of Period
Land	12,800
Building and Improvements	74,492
Equipment and Furnishings	558
Construction in Progress	21
Total	87,871
Accumulated Depreciation	40,241
Total Cost Net of Accumulated Depreciation	47,630
Valley Mall
Initial Cost to Company
Land	16,045
Building and Improvements	26,098
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	12,048
Gross Amount at Which Carried at Close of Period
Land	15,616
Building and Improvements	37,359
Equipment and Furnishings	364
Construction in Progress	852
Total	54,191
Accumulated Depreciation	6,203
Total Cost Net of Accumulated Depreciation	47,988
Valley River Center
Initial Cost to Company
Land	24,854
Building and Improvements	147,715
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	22,820
Gross Amount at Which Carried at Close of Period
Land	24,854
Building and Improvements	168,547
Equipment and Furnishings	1,969
Construction in Progress	19
Total	195,389
Accumulated Depreciation	54,723
Total Cost Net of Accumulated Depreciation	140,666
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	52,659
Gross Amount at Which Carried at Close of Period
Land	20,080
Building and Improvements	121,458
Equipment and Furnishings	2,051
Construction in Progress	0
Total	143,589
Accumulated Depreciation	44,179
Total Cost Net of Accumulated Depreciation	99,410
Vintage Faire Mall
Initial Cost to Company
Land	14,902
Building and Improvements	60,532
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	57,668
Gross Amount at Which Carried at Close of Period
Land	17,647
Building and Improvements	113,955
Equipment and Furnishings	1,435
Construction in Progress	65
Total	133,102
Accumulated Depreciation	66,308
Total Cost Net of Accumulated Depreciation	66,794
Westside Pavilion
Initial Cost to Company
Land	34,100
Building and Improvements	136,819
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	72,966
Gross Amount at Which Carried at Close of Period
Land	34,100
Building and Improvements	201,441
Equipment and Furnishings	5,827
Construction in Progress	2,517
Total	243,885
Accumulated Depreciation	100,870
Total Cost Net of Accumulated Depreciation	143,015
Wilton Mall
Initial Cost to Company
Land	19,743
Building and Improvements	67,855
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	26,198
Gross Amount at Which Carried at Close of Period
Land	19,810
Building and Improvements	92,834
Equipment and Furnishings	1,152
Construction in Progress	0
Total	113,796
Accumulated Depreciation	32,064
Total Cost Net of Accumulated Depreciation	81,732
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	9,313
Gross Amount at Which Carried at Close of Period
Land	10,991
Building and Improvements	51,370
Equipment and Furnishings	205
Construction in Progress	14,956
Total	77,522
Accumulated Depreciation	9,699
Total Cost Net of Accumulated Depreciation	67,823
Other freestanding stores
Initial Cost to Company
Land	5,926
Building and Improvements	43,180
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	10,153
Gross Amount at Which Carried at Close of Period
Land	5,926
Building and Improvements	52,972
Equipment and Furnishings	361
Construction in Progress	0
Total	59,259
Accumulated Depreciation	19,177
Total Cost Net of Accumulated Depreciation	40,082
Other land and development properties
Initial Cost to Company
Land	33,795
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	34,211
Gross Amount at Which Carried at Close of Period
Land	31,582
Building and Improvements	4,241
Equipment and Furnishings	0
Construction in Progress	32,183
Total	68,006
Accumulated Depreciation	1,757
Total Cost Net of Accumulated Depreciation	$ 66,249

Schedule III-Real Estate and Accumulated Depreciation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Changes in total real estate assets
Balances, beginning of year	$ 10,689,656	$ 12,777,882	$ 9,181,338
Additions	254,604	392,575	4,042,409
Dispositions and retirements	(1,735,049)	(2,480,801)	(445,865)
Balances, end of year	9,209,211	10,689,656	12,777,882
Aggregate gross cost of the property for federal income tax purposes	6,079,675
Changes in accumulated depreciation
Balances, beginning of year	1,892,744	1,709,992	1,559,572
Additions	277,270	354,977	289,178
Dispositions and retirements	(318,113)	(172,225)	(138,758)
Balances, end of year	$ 1,851,901	$ 1,892,744	$ 1,709,992
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