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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 07, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	MACERICH CO
Entity Central Index Key	0000912242
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		140,992,474
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS:
Property, net	$ 6,908,416	$ 7,109,230
Assets held for sale	142,611	0
Cash and cash equivalents	118,175	91,038
Restricted cash	49,677	52,067
Tenant and other receivables, net	94,081	112,653
Deferred charges and other assets, net	399,153	449,190
Due from affiliates	84,674	82,162
Investments in unconsolidated joint ventures	1,360,486	1,709,522
Total assets	9,157,273	9,605,862
Mortgage notes payable:
Related parties	170,311	171,569
Others	4,075,936	4,066,511
Total	4,246,247	4,238,080
Bank and other notes payable	657,594	932,184
Accounts payable and accrued expenses	67,430	58,412
Other accrued liabilities	285,447	325,701
Distributions in excess of investments in unconsolidated joint ventures	93,879	83,486
Financing arrangement obligation	398,091	0
Total liabilities	5,748,688	5,637,863
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 141,104,587 and 140,993,985 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	1,411	1,410
Additional paid-in capital	4,549,748	4,510,489
Accumulated deficit	(1,393,418)	(830,279)
Accumulated other comprehensive income (loss)	19	(42)
Total stockholders' equity	3,157,760	3,681,578
Noncontrolling interests	250,825	286,421
Total equity	3,408,585	3,967,999
Total liabilities and equity	$ 9,157,273	$ 9,605,862

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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	141,104,587	140,993,985
Common Stock, shares outstanding	141,104,587	140,993,985

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Minimum rents	$ 142,407	$ 145,555
Percentage rents	1,884	1,918
Tenant recoveries	68,092	72,412
Other	13,809	15,264
Management Companies	10,542	11,896
Total revenues	236,734	247,045
Expenses:
Shopping center and operating expenses	74,510	75,897
Management Companies' operating expenses	38,323	28,517
REIT general and administrative expenses	8,019	8,463
Depreciation and amortization	79,937	83,073
Total expenses before interest	200,789	195,950
Interest expense:
Related parties	10,169	2,211
Other	42,466	39,090
Total interest expense	52,635	41,301
Total expenses	253,424	237,251
Equity in income of unconsolidated joint ventures	16,872	15,843
Co-venture expense	0	(3,877)
Income tax benefit	2,949	3,484
(Loss) gain on sale or write down of assets, net	(37,512)	49,565
Net (loss) income	(34,381)	74,809
Less net (loss) income attributable to noncontrolling interests	(808)	5,566
Net (loss) income attributable to the Company	$ (33,573)	$ 69,243
Earnings per common share—attributable to common stockholders:
Basic (in dollars per share)	$ (0.24)	$ 0.48
Diluted (in dollars per share)	$ (0.24)	$ 0.48
Weighted average number of common shares outstanding:
Basic (in shares)	141,024	143,596
Diluted (in shares)	141,050	143,655

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Statement - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (34,381)	$ 74,809
Other comprehensive loss:
Interest rate cap	61	0
Comprehensive (loss) income	(34,320)	74,809
Less net (loss) income attributable to noncontrolling interests	(808)	5,566
Comprehensive (loss) income attributable to the Company	$ (33,512)	$ 69,243

CONSOLIDATED STATEMENT OF EQUITY - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2017	140,993,985		140,993,985
Balance at Dec. 31, 2017	$ 3,967,999	$ 3,681,578	$ 1,410	$ 4,510,489	$ (830,279)	$ (42)	$ 286,421
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(34,381)	(33,573)			(33,573)		(808)
Interest rate cap	61	61				61
Amortization of share and unit-based plans (in shares)			109,602
Amortization of share and unit-based plans	13,612	13,612	$ 1	13,611
Distributions declared ($0.74) per share	(104,707)	(104,707)			(104,707)
Distributions to noncontrolling interests	(9,075)						(9,075)
Conversion of noncontrolling interests to common shares (in shares)			1,000
Conversion of noncontrolling interests to common shares	0		$ 0	0			0
Redemption of noncontrolling interests	(65)	(46)		(46)			(19)
Adjustment of noncontrolling interests in Operating Partnership	$ 0	25,694		25,694			(25,694)
Balance (in shares) at Mar. 31, 2018	141,104,587		141,104,587
Balance at Mar. 31, 2018	$ 3,408,585	3,157,760	$ 1,411	$ 4,549,748	(1,393,418)	$ 19	$ 250,825
Increase (Decrease) in Stockholders' Equity
Cumulative effect of adoption of ASU 2014-09	$ (424,859)	$ (424,859)			$ (424,859)

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical)	3 Months Ended
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical)	Mar. 31, 2018 $ / shares
Statement of Stockholders' Equity [Abstract]
Distributions declared, per share (in dollars per share)	$ 0.74

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net (loss) income	$ (34,381)	$ 74,809
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) on sale or write down of assets, net	37,512	(49,565)
Depreciation and amortization	81,524	84,551
Amortization of premium on mortgage notes payable	(235)	(926)
Amortization of share and unit-based plans	11,003	13,805
Straight-line rent adjustment	(2,683)	(1,884)
Amortization of above and below-market leases	152	193
Provision for doubtful accounts	1,354	1,318
Income tax benefit	(2,949)	(3,484)
Equity in income of unconsolidated joint ventures	(16,872)	(15,843)
Distributions of income from unconsolidated joint ventures	155	0
Change in fair value of financing arrangement obligation	4,382	0
Co-venture expense	0	3,877
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	11,699	8,757
Other assets	11,473	12,618
Due from affiliates	(2,512)	(12,015)
Accounts payable and accrued expenses	13,239	4,285
Other accrued liabilities	(17,893)	(17,792)
Net cash provided by operating activities	94,968	102,704
Cash flows from investing activities:
Development, redevelopment, expansion and renovation of properties	(49,242)	(33,013)
Property improvements	(4,968)	(4,350)
Proceeds from repayment of notes receivable	202	212
Deferred leasing costs	(13,384)	(11,267)
Distributions from unconsolidated joint ventures	418,333	114,528
Contributions to unconsolidated joint ventures	(40,990)	(26,593)
Proceeds from sale of assets	1,450	167,649
Net cash provided by investing activities	311,401	207,166
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	120,000	200,000
Payments on mortgages, bank and other notes payable	(387,643)	(263,927)
Deferred financing costs	(132)	(142)
Stock repurchases	0	(132,550)
Redemption of noncontrolling interests	(65)	(15)
Dividends and distributions	(113,782)	(110,621)
Distributions to co-venture partner	0	(4,302)
Net cash used in financing activities	(381,622)	(311,557)
Net increase (decrease) in cash and cash equivalents	24,747	(1,687)
Cash, cash equivalents and restricted cash, beginning of period	143,105	143,997
Cash, cash equivalents and restricted cash, end of period	167,852	142,310
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	46,418	40,462
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	36,286	24,712
Accrued stock repurchase costs	0	8,552
Conversion of Operating Partnership Units to common stock	$ 0	$ 638

Organization	3 Months Ended
Organization	Mar. 31, 2018
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 March 31, 2018, the Company was the sole general partner of and held a 93% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies." All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies:

Basis of Presentation:

The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm.

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 variable interest entities ("VIEs").

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



	March 31, 2018		December 31, 2017
Assets:
Property, net	$	288,521	$	288,881
Other assets	59,321		60,586
Total assets	$	347,842	$	349,467
Liabilities:
Mortgage notes payable	$	128,449	$	129,436
Other liabilities	74,841		72,705
Total liabilities	$	203,290	$	202,141

All intercompany accounts and transactions have been eliminated in the consolidated financial statements.

The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2017 has been derived from the audited financial statements but does not include all disclosures required by GAAP.

Recent Accounting Pronouncements:

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09, “Revenue From Contracts With Customers (ASC 606)," which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The standard 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 the standard specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. The standard applies to the Company's recognition of management companies and other revenues. The Company's adoption of the standard on January 1, 2018 did not have an impact on the pattern of revenue recognition for management companies and other revenues.

Additionally, under ASC 606, the Company changed its accounting for its joint venture in Chandler Freehold from a co-venture arrangement to a financing arrangement (See Note 11—Financing Arrangement). Upon adoption of the standard on January 1, 2018, the Company replaced its $31,150 distributions in excess of co-venture obligation (See Note 8—Deferred Charges and Other Assets, net) with a financing arrangement obligation of $393,709 on its consolidated balance sheets. This resulted in the recognition of a $424,859 increase in the Company’s accumulated deficit as a cumulative effect adjustment under the modified retrospective method of adoption.

In February 2016, the FASB issued ASU 2016-02, 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. Under the standard, 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, on certain office space leases and on certain other improvements and equipment. The standard will impact the accounting and disclosure requirements for these leases. The standard 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.

On November 17, 2016, the FASB issued ASU 2016-18, “Restricted Cash,” which requires that the statement of cash flows explain the change during a reporting period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. This standard states that transfers between cash, cash equivalents, and restricted cash are not part of the entity’s operating, investing, and financing activities. Therefore, restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. On January 1, 2018, the Company adopted the standard and retrospectively applied the guidance of the standard to the prior period presented, which resulted in an increase of $63 in net cash provided by investing activities on its consolidated statements of cash flows for the three months ended March 31, 2017.

Recent Accounting Pronouncements: (Continued)

The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows:



	For the Three Months Ended March 31,
	2018		2017
Beginning of period
Cash and cash equivalents	$	91,038	$	94,046
Restricted cash	52,067		49,951
Cash, cash equivalents and restricted cash	$	143,105	$	143,997
End of period
Cash and cash equivalents	$	118,175	$	92,296
Restricted cash	49,677		50,014
Cash, cash equivalents and restricted cash	$	167,852	$	142,310

On January 5, 2017, the FASB issued ASU 2017-01, “Business Combinations,” which clarifies the definition of a business. The objective of the standard is to add further guidance that assists entities in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the set of transferred assets and activities are not a business and should be treated as an asset acquisition. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. The primary difference between business combinations and asset acquisitions is the recognition of transaction costs, which are expensed as period costs for business combinations and capitalized for asset acquisitions. The Company's adoption of this standard on January 1, 2018 did not have a significant impact on its consolidated financial statements.

In February 2017, the FASB issued ASU No. 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets,” which clarifies the scope of asset derecognition and adds further guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The Company has concluded that property sales represent transactions with non-customers. Sales of property generally represent only one performance obligation and are recognized when an enforceable contract is in place, collectability is ensured and control is transferred to the buyer. The Company's adoption of this standard on January 1, 2018 did not have a significant impact on its consolidated financial statements.

In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities,” which aims to (i) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and (ii) reduce the complexity of and simplify the application of hedge accounting by preparers. The standard is effective for the Company beginning January 1, 2019, with early adoption permitted. The Company does not expect the adoption of this standard to have a significant impact on its consolidated financial statements.

Earnings per Share ("EPS")

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings per Share (EPS)

The following table reconciles the numerator and denominator used in the computation of EPS for the three months ended March 31, 2018 and 2017 (shares in thousands):



	For the Three Months Ended March 31,
	2018			2017
Numerator
Net (loss) income	$	(34,381	)	$	74,809
Less net (loss) income attributable to noncontrolling interests	(808		)	5,566
Net (loss) income attributable to the Company	(33,573		)	69,243
Allocation of earnings to participating securities	(244		)	(184		)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$	(33,817	)	$	69,059
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding	141,024			143,596
Effect of dilutive securities(1):
Share and unit-based compensation plans	26			59
Denominator for diluted EPS—weighted average number of common shares outstanding	141,050			143,655
EPS—net (loss) income attributable to common stockholders:
Basic	$	(0.24	)	$	0.48
Diluted	$	(0.24	)	$	0.48


(1)	Diluted EPS excludes 90,619 convertible preferred partnership units for the three months ended March 31, 2018 and 2017 as their impact was antidilutive. Diluted EPS excludes 10,291,217 and 10,591,428 Operating Partnership units ("OP Units") for the three months ended March 31, 2018 and 2017, respectively, as their impact was antidilutive.

Investments in Unconsolidated Joint Ventures

3 Months Ended

Mar. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures:

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

On March 17, 2017, the Company's joint venture in Country Club Plaza sold an office building for $78,000, resulting in a gain on sale of assets of $4,580. The Company's pro rata share of the gain on the sale of assets of $2,290 was included in equity in income from unconsolidated joint ventures. The Company used its share of the proceeds to fund repurchases under the 2017 Stock Buyback Program (See Note 13—Stockholders' Equity).

On September 18, 2017, the Company's joint venture in Fashion District Philadelphia sold its ownership interest in an office building for $61,500, resulting in a gain on sale of assets of $13,078. The Company's pro rata share of the gain on the sale of assets of $6,539 was included in equity in income from unconsolidated joint ventures. The Company used its share of the proceeds to fund repurchases under the 2017 Stock Buyback Program (See Note 13—Stockholders' Equity).

On December 14, 2017, the Company’s joint venture in Westcor/Queen Creek LLC sold land for $30,491, resulting in a gain on sale of assets of $14,853. The Company’s share of the gain on sale was $5,436, which was included in equity in income of unconsolidated joint ventures. The Company used its portion of the proceeds to pay down its line of credit and for general corporate purposes.

On February 16, 2018, the Company's joint venture in Fashion District Philadelphia sold its ownership interest in an office building for $41,800, resulting in a gain on sale of assets of $5,545. The Company's pro rata share of the gain on the sale of assets of $2,773 was included in equity in income from unconsolidated joint ventures. The Company used its 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:



	March 31, 2018			December 31, 2017
Assets(1):
Property, net	$	8,994,424		$	9,052,105
Other assets	602,553			635,838
Total assets	$	9,596,977		$	9,687,943
Liabilities and partners' capital(1):
Mortgage and other notes payable(2)	$	5,979,160		$	5,296,594
Other liabilities	388,245			405,052
Company's capital	1,822,298			2,188,057
Outside partners' capital	1,407,274			1,798,240
Total liabilities and partners' capital	$	9,596,977		$	9,687,943
Investments in unconsolidated joint ventures:
Company's capital	$	1,822,298		$	2,188,057
Basis adjustment(3)	(555,691		)	(562,021		)
	$	1,266,607		$	1,626,036

Assets—Investments in unconsolidated joint ventures	$	1,360,486		$	1,709,522
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(93,879		)	(83,486		)
	$	1,266,607		$	1,626,036


(1)	These amounts include the assets of $3,068,722 and $3,106,105 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2018 and December 31, 2017, respectively, and liabilities of $1,864,302 and $1,872,227 of the PPR Portfolio as of March 31, 2018 and December 31, 2017, respectively.

(2)

Included in mortgage and other notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $704,402 and $482,332 as of March 31, 2018 and December 31, 2017, 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 on these borrowings was $4,958 and $3,160 for the three months ended March 31, 2018 and 2017, 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 $4,103 and $4,027 for the three months ended March 31, 2018 and 2017, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:



	PPR Portfolio			Other Joint Ventures		Total
Three Months Ended March 31, 2018
Revenues:
Minimum rents	$	32,739		$	127,708	$	160,447
Percentage rents	432			1,811		2,243
Tenant recoveries	11,400			48,104		59,504
Other	1,017			11,091		12,108
Total revenues	45,588			188,714		234,302
Expenses:
Shopping center and operating expenses	9,681			61,321		71,002
Interest expense	16,726			33,032		49,758
Depreciation and amortization	24,484			62,412		86,896
Total operating expenses	50,891			156,765		207,656
Gain on sale or write down of assets, net	—			970		970
Net (loss) income	$	(5,303	)	$	32,919	$	27,616
Company's equity in net (loss) income	$	(616	)	$	17,488	$	16,872
Three Months Ended March 31, 2017
Revenues:
Minimum rents	$	33,536		$	123,503	$	157,039
Percentage rents	730			1,738		2,468
Tenant recoveries	11,439			47,915		59,354
Other	1,026			11,511		12,537
Total revenues	46,731			184,667		231,398
Expenses:
Shopping center and operating expenses	9,760			62,195		71,955
Interest expense	16,726			32,279		49,005
Depreciation and amortization	26,275			62,879		89,154
Total operating expenses	52,761			157,353		210,114
(Loss) gain on sale or write down of assets, net	(35		)	4,581		4,546
Net (loss) income	$	(6,065	)	$	31,895	$	25,830
Company's equity in net (loss) income	$	(962	)	$	16,805	$	15,843

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

Collaborative Arrangement:

On March 1, 2018, the Company formed a 25/75 joint venture with a third party, whereby the Company agreed to contribute Westside Pavilion, a 755,000 square foot regional shopping center in Los Angeles, California in exchange for a cash payment of $142,500. The Company expects to complete the transfer during the next twelve months. Both partners share operating control of the property and the Company will be reimbursed by the outside partner for 75% of the carrying cost of the property, which are defined in the agreement as operating expenses in excess of revenues, debt service and capital expenditures.

Since March 1, 2018, the Company has accounted for the operations of Westside Pavilion as a collaborative arrangement. Accordingly, the Company has reduced minimum rents, percentage rents, tenant recoveries, other revenue, shopping center and operating expenses and interest expense by its partner's 75% share and recorded a receivable due from its partner, which will be settled upon completion of the transfer of the property. The Company's partner's reimbursable 75% share of mortgage loan principal payments and capital expenditures are recorded as a receivable and a deferred gain that will be recognized when the transfer is completed.

Additionally, the Company has classified the long-lived assets of Westside Pavilion as held for sale on its consolidated balance sheet as of March 1, 2018 and has ceased the recognition of depreciation and amortization expense.

Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

The Company recorded other comprehensive income related to the marking-to-market of an interest rate cap agreement of $61 for the three months ended March 31, 2018. There were no derivatives outstanding during the three months ended March 31, 2017.

The following derivative was outstanding at March 31, 2018:



Property	Notional Amount		Product	LIBOR Rate		Maturity	Fair Value
Santa Monica Place	$	300,000	Cap	4.00	%	12/9/2019	$	65

The above interest rate cap agreement was designated as a hedging instrument with a fair value (Level 2 measurement) of $65 and $11 at March 31, 2018 and December 31, 2017, respectively, was included in deferred charges and other assets, net.

Property, net

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

Property, net

Property, net:

Property, net consists of the following:



	March 31, 2018			December 31, 2017
Land	$	1,527,460		$	1,567,152
Buildings and improvements	6,164,004			6,385,035
Tenant improvements	616,955			620,352
Equipment and furnishings	183,434			187,998
Construction in progress	391,222			366,996
	8,883,075			9,127,533
Less accumulated depreciation	(1,974,659		)	(2,018,303		)
	$	6,908,416		$	7,109,230

Depreciation expense was $67,944 and $68,956 for the three months ended March 31, 2018 and 2017, respectively.

The (loss) gain on sale or write down of assets, net was $(37,512) and $49,565 for the three months ended March 31, 2018 and 2017, respectively.

The loss on sale or write down of assets, net for the three months ended March 31, 2018 includes an impairment loss of $36,338 on SouthPark Mall and $1,043 on Promenade at Casa Grande. The impairment losses are due to the reduction of the estimated holding period of the properties. The gain on sale or write down of assets, net for the three months ended March 31, 2017 includes a gain of $59,713 on the sale of Cascade Mall and Northgate Mall (See Note 15—Dispositions) offset in part by a loss of $10,138 on the write down of an investment in non-real estate assets.

The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment losses recorded for the three months ended March 31, 2018 as described above:



	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Unobservable Inputs		Significant Unobservable Inputs
	Total Fair Value Measurement		(Level 1)		(Level 2)		(Level 3)
2018	$	49,000	$	—	$	49,000	$	—

The fair values relating to the impairments were based on sales contracts.

Tenant and Other Receivables, net	3 Months Ended
Tenant and Other Receivables, net	Mar. 31, 2018
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 $3,139 and $2,786 at March 31, 2018 and December 31, 2017, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $1,373 and $8,711 at March 31, 2018 and December 31, 2017, respectively, and a deferred rent receivable due to straight-line rent adjustments of $64,538 and $61,859 at March 31, 2018 and December 31, 2017, respectively.

- 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

3 Months Ended

Mar. 31, 2018

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 consist of the following:



	March 31, 2018			December 31, 2017
Leasing	$	213,550		$	232,819
Intangible assets:
In-place lease values	99,339			108,432
Leasing commissions and legal costs	24,830			25,958
Above-market leases	152,270			164,040
Deferred tax assets	31,517			29,006
Deferred compensation plan assets	51,983			52,221
Distributions in excess of co-venture obligation(1)	—			31,150
Other assets	56,313			66,990
	629,802			710,616
Less accumulated amortization(2)	(230,649		)	(261,426		)
	$	399,153		$	449,190


(1)	See Note 11—Financing Arrangement.


(2)	Accumulated amortization includes $68,181 and $74,507 relating to in-place lease values, leasing commissions and legal costs at March 31, 2018 and December 31, 2017, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $3,835 and $6,004 for the three months ended March 31, 2018 and 2017, respectively.

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



	March 31, 2018			December 31, 2017
Above-Market Leases
Original allocated value	$	152,270		$	164,040
Less accumulated amortization	(52,021		)	(60,210		)
	$	100,249		$	103,830
Below-Market Leases(1)
Original allocated value	$	118,089		$	120,573
Less accumulated amortization	(56,029		)	(55,489		)
	$	62,060		$	65,084


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

Mortgage Notes Payable

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Mortgage Notes Payable

Mortgage Notes Payable:

Mortgage notes payable at March 31, 2018 and December 31, 2017 consist of the following:



	Carrying Amount of Mortgage Notes(1)
	March 31, 2018				December 31, 2017
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	—	$	199,920	$	—	$	199,904	3.77	%	$	625	2019
Danbury Fair Mall	103,737		103,736		104,599		104,598		5.53	%	1,538		2020
Fashion Outlets of Chicago(6)	—		199,379		—		199,298		3.32	%	527		2020
Fashion Outlets of Niagara Falls USA	—		111,981		—		112,770		4.89	%	727		2020
Freehold Raceway Mall(5)	—		398,088		—		398,050		3.94	%	1,300		2029
Fresno Fashion Fair	—		323,311		—		323,261		3.67	%	971		2026
Green Acres Commons(7)	—		127,105		—		107,219		4.38	%	413		2021
Green Acres Mall	—		289,684		—		291,366		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		444,688		—		447,231		3.67	%	2,229		2019
Oaks, The	—		195,576		—		196,732		4.14	%	1,064		2022
Pacific View	—		123,650		—		124,397		4.08	%	668		2022
Queens Center	—		600,000		—		600,000		3.49	%	1,744		2025
Santa Monica Place(8)	—		296,550		—		296,366		3.38	%	771		2022
SanTan Village Regional Center	—		123,919		—		124,703		3.14	%	589		2019
Towne Mall	—		21,053		—		21,161		4.48	%	117		2022
Tucson La Encantada	66,574		—		66,970		—		4.23	%	368		2022
Victor Valley, Mall of	—		114,631		—		114,617		4.00	%	380		2024
Vintage Faire Mall	—		262,403		—		263,818		3.55	%	1,256		2026
Westside Pavilion(9)	—		140,262		—		141,020		4.49	%	783		2022
	$	170,311	$	4,075,936	$	171,569	$	4,066,511

(1)

The mortgage notes payable balances include the unamortized debt premiums. Debt premiums represent the excess of the fair value of debt over 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 loan on Fashion Outlets of Niagara Falls USA had a premium of $2,398 and $2,630 at March 31, 2018 and December 31, 2017, respectively.

The mortgage notes payable 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 $16,997 and $17,838 at March 31, 2018 and December 31, 2017, respectively.


(2)	The interest rate disclosed represents the effective interest rate, including the debt premiums 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)	A 49.9% interest in the loan has been assumed by a third party in connection with the Company's joint venture in Chandler Freehold (See Note 11—Financing Arrangement).


(6)	The loan bears interest at LIBOR plus 1.50%. At March 31, 2018 and December 31, 2017, the total interest rate was 3.32% and 3.02%, respectively.


(7)	On March 1, 2018, the Company borrowed the remaining $20,000 available under the loan agreement on the property. The loan bears interest at LIBOR plus 2.15%. At March 31, 2018 and December 31, 2017, the total interest rate was 4.38% and 4.07%, respectively.


(8)	The loan bears interest at LIBOR plus 1.35%. At March 31, 2018 and December 31, 2017, the total interest rate was 3.38% and 3.13%, respectively.


(9)	On March 1, 2018, the Company entered into an agreement to contribute the underlying property into an unconsolidated joint venture (See Note 14—Collaborative Arrangement).

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

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 that 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 was $4,331 and $2,634 for the three months ended March 31, 2018 and 2017, respectively.

Related party mortgage notes payable are amounts due to an affiliate 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 March 31, 2018 and December 31, 2017 was $4,244,902 and $4,250,816, 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.

Bank and Other Notes Payable	3 Months Ended
Bank and Other Notes Payable	Mar. 31, 2018
Debt Disclosure [Abstract]
Bank and Other Notes Payable	Bank and Other Notes Payable: Bank and other notes payable consist of the following: Line of Credit: The Company has a $1,500,000 revolving line of credit that bears interest at LIBOR plus a spread of 1.30% 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 March 31, 2018, the borrowing rate on the facility was LIBOR plus 1.45%. As of March 31, 2018 and December 31, 2017, borrowings under the line of credit were $660,000 and $935,000, respectively, less unamortized deferred finance costs of $6,936 and $7,548, respectively, at a total interest rate of 3.47% and 3.13%, respectively. The estimated fair value (Level 2 measurement) of the line of credit at March 31, 2018 and December 31, 2017 was $649,031 and $919,158, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. Prasada Note: On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and matures on May 30, 2021. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At March 31, 2018 and December 31, 2017, the note had a balance of $4,530 and $4,732, respectively. The estimated fair value (Level 2 measurement) of the note at March 31, 2018 and December 31, 2017 was $4,515 and $4,717, 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 March 31, 2018 and December 31, 2017, the Company was in compliance with all applicable financial loan covenants.

Financing Arrangement	3 Months Ended
Financing Arrangement	Mar. 31, 2018
Co-Venture Arrangement
Financing Arrangement	Financing Arrangement: On September 30, 2009, the Company formed a joint venture, whereby a third party acquired a 49.9% interest in Chandler Fashion Center, a 1,318,000 square foot regional shopping center in Chandler, Arizona, and Freehold Raceway Mall, a 1,671,000 square foot regional shopping center in Freehold, New Jersey, referred to herein as Chandler Freehold. As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the formation of Chandler Freehold, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The transaction was initially accounted for as a co-venture 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 net cash proceeds received from the third party less costs allocated to a warrant. The co-venture obligation was increased for the allocation of income to the co-venture partner and decreased for distributions to the co-venture partner. Upon adoption of ASC 606 on January 1, 2018, the Company changed its accounting for Chandler Freehold from a co-venture arrangement to a financing arrangement. Accordingly, the Company replaced its $31,150 distributions in excess of co-venture obligation (See Note 8—Deferred Charges and Other Assets, net) with a financing arrangement liability of $393,709 on its consolidated balance sheets. This resulted in the recognition of a $424,859 increase in the Company’s accumulated deficit as a cumulative effect adjustment under the modified retrospective method of adoption. The fair value (Level 3 measurement) of the financing arrangement obligation was based upon a multiple on net operating income of 21 times, a discount rate of 5.8% and market rents per square foot of $20 to $225. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. Under the standard, distributions to the partner and subsequent changes in fair value of the financing arrangement obligation are recognized as interest expense in the Company's consolidated statements of operations. During the three months ended March 31, 2018, the Company incurred interest expense of $8,022 in connection with the financing arrangement that consisted of i) a charge of $4,382 to adjust the fair value of the financing arrangement obligation during the period, ii) distributions of $2,002 to its partner representing the partner's share of net income, and iii) distributions of $1,638 to its partner in excess of the partner's share of net income.

Noncontrolling Interests	3 Months Ended
Noncontrolling Interests	Mar. 31, 2018
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 at the end of each period to reflect its ownership interest in the Company. The Company had a 93% ownership interest in the Operating Partnership as of March 31, 2018 and December 31, 2017. The remaining 7% limited partnership interest as of March 31, 2018 and December 31, 2017 was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of March 31, 2018 and December 31, 2017, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $593,454 and $671,592, respectively. The Company issued common and 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	3 Months Ended
Stockholders' Equity	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity: 2017 Stock Buyback Program: On February 12, 2017, the Company's Board of Directors 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, from time to time as permitted by securities laws and other legal requirements. During the period from February 12, 2017 to December 31, 2017, the Company repurchased a total of 3,627,390 of its common shares for $221,428, representing an average price of $61.01 per share. The Company funded the repurchases from the net proceeds of the sale of Cascade Mall and Northgate Mall (See Note 15—Dispositions), its share of the proceeds from the sale of ownership interests in office buildings at Fashion District Philadelphia and Country Club Plaza (See Note 4—Investments in Unconsolidated Joint Ventures) and from borrowings under its line of credit. There were no repurchases during the three months ended March 31, 2018. At-The-Market Stock Offering Program ("ATM Program"): On August 20, 2014, the Company entered into an equity distribution agreement with a number of sales agents (the "ATM Program") to issue and sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $500,000. The ATM Program expired by its terms in August 2017. No shares were sold under the ATM Program.

Dispositions	3 Months Ended
Dispositions	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions: The following are recent dispositions of properties: 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, resulting in a gain on the sale of assets of $59,713. The proceeds were used to pay off the mortgage note payable on Northgate Mall and to repurchase shares of the Company's common stock under the 2017 Stock Buyback Program (See Note 13—Stockholders' Equity). On November 16, 2017, the Company sold 500 North Michigan Avenue, a 326,000 square foot office building in Chicago, Illinois for $86,350, resulting in a gain on sale of assets of $14,597. The Company used the proceeds from the sale to pay down its line of credit and for other general corporate purposes.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: The Company has certain properties that are subject to non-cancelable operating 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. Rent expense was $4,236 and $4,217 for the three months ended March 31, 2018 and 2017, respectively. No contingent rent was incurred during the three months ended March 31, 2018 or 2017. As of March 31, 2018, the Company was contingently liable for $60,588 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 agreements. At March 31, 2018, the Company had $31,916 in outstanding obligations which it believes will be settled in the next twelve months.

Related Party Transactions

3 Months Ended

Mar. 31, 2018

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 Three Months Ended March 31,
	2018		2017
Management fees	$	4,679	$	4,480
Development and leasing fees	3,604		5,270
	$	8,283	$	9,750

Certain mortgage notes on the properties are held by NML (See Note 9—Mortgage Notes Payable). Interest expense in connection with these notes was $2,147 and $2,211 for the three months ended March 31, 2018 and 2017, respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $710 and $716 at March 31, 2018 and December 31, 2017, respectively. Interest expense from related party transactions for the three months ended March 31, 2018 also includes $8,022 in connection with the Financing Arrangement (See Note 11—Financing Arrangement).

Due from affiliates includes unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies. As of March 31, 2018 and December 31, 2017, the amounts due from the unconsolidated joint ventures was $7,380 and $5,411, respectively.

In addition, due from affiliates at March 31, 2018 and December 31, 2017 included a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and matures on May 30, 2021. Interest income earned on this note was $60 and $70 for the three months ended March 31, 2018 and 2017, respectively. The balance on this note was $4,590 and $4,796 at March 31, 2018 and December 31, 2017, respectively. RED is considered a related party because it is a partner in a joint venture development project. The note is collateralized by RED's membership interest in the development project.

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. Interest income earned on this note was $749 and $611 for the three months ended March 31, 2018 and 2017, respectively. The balance on this note was $72,704 and $71,955 at March 31, 2018 and December 31, 2017, respectively. Lennar Corporation is considered a related party because it is a joint venture partner in Fashion Outlets of San Francisco.

Share and Unit-Based Plans

3 Months Ended

Mar. 31, 2018

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

Share and Unit-Based Plans

Share and Unit-Based Plans:

Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of 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 the 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.

During the three months ended March 31, 2018, the Company granted the following LTIP Units:



Grant Date	Units	Type	Fair Value per LTIP Unit		Vest Date
1/1/2018	65,466	Service-based	$	65.68	12/31/2020
1/1/2018	291,326	Market-indexed	$	44.28	12/31/2020
1/29/2018	13,632	Service-based	$	66.02	2/1/2022
1/29/2018	1,893	Service-based	$	66.02	12/31/2020
1/29/2018	7,775	Market-indexed	$	48.23	12/31/2020
3/2/2018	99,407	Service-based	$	59.04	3/2/2018
	479,499

The fair value of the marked-indexed LTIP Units granted on January 1, 2018 were estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.98% and an expected volatility of 23.38%. The fair value of the marked-indexed LTIP Units granted on January 29, 2018 were estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 2.25% and an expected volatility of 23.86%.

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



	For the Three Months Ended March 31,
	2018		2017
LTIP Units	$	10,108	$	14,381
Stock units	3,230		2,612
Stock options	31		4
Phantom stock units	243		177
	$	13,612	$	17,174

The Company capitalized share and unit-based compensation costs of $2,609 and $3,369 for the three months ended March 31, 2018 and 2017, respectively. Unrecognized compensation costs of share and unit-based plans at March 31, 2018 consisted of $14,647 from LTIP Units, $6,981 from stock units, $146 from stock options and $278 from phantom stock units.

The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units:



	LTIP Units				Phantom Stock Units				Stock Units
	Units		Value(1)		Units		Value(1)		Units		Value(1)
Balance at January 1, 2018	636,632		$	52.36	4,054		$	79.82	151,355		$	73.32
Granted	479,499		51.03		4,366		63.03		82,782		59.00
Vested	(99,407	)	59.04		(3,639	)	70.71		(102,596	)	73.42
Forfeited	—		—		(790	)	80.20		—		—
Balance at March 31, 2018	1,016,724		$	51.08	3,991		$	69.67	131,541		$	64.24


(1) Value represents the weighted average grant date fair value.

The following table summarizes the activity of the stock appreciations rights ("SARs") and stock options outstanding:



	SARs				Stock Options
	Units		Value(1)		Units	Value(1)
Balance at January 1, 2018	235,439		$	53.83	35,565	$	57.32
Granted	—		—		—	—
Exercised	(225,439	)	53.95		—	—
Balance at March 31, 2018	10,000		$	51.70	35,565	$	57.32


(1) Value represents the weighted average exercise price.

Income Taxes

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes:

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 Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC.

The income tax provision of the TRSs are as follows:



	For the Three Months Ended March 31,
	2018		2017
Current	$	439	$	—
Deferred	2,510		3,484
Total income tax benefit	$	2,949	$	3,484

The net operating loss carryforwards are currently scheduled to expire through 2037, beginning in 2025. Net deferred tax assets of $31,517 and $29,006 were included in deferred charges and other assets, net at March 31, 2018 and December 31, 2017, respectively.

The tax years 2014 through 2017 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 twelve months.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events: On April 27, 2018, the Company announced a dividend/distribution of $0.74 per share for common stockholders and OP Unit holders of record on May 8, 2018. All dividends/distributions will be paid 100% in cash on June 1, 2018.

Collaborative Agreement

3 Months Ended

Mar. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Collaborative Arrangement

Investments in Unconsolidated Joint Ventures:

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

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:



	March 31, 2018			December 31, 2017
Assets(1):
Property, net	$	8,994,424		$	9,052,105
Other assets	602,553			635,838
Total assets	$	9,596,977		$	9,687,943
Liabilities and partners' capital(1):
Mortgage and other notes payable(2)	$	5,979,160		$	5,296,594
Other liabilities	388,245			405,052
Company's capital	1,822,298			2,188,057
Outside partners' capital	1,407,274			1,798,240
Total liabilities and partners' capital	$	9,596,977		$	9,687,943
Investments in unconsolidated joint ventures:
Company's capital	$	1,822,298		$	2,188,057
Basis adjustment(3)	(555,691		)	(562,021		)
	$	1,266,607		$	1,626,036

Assets—Investments in unconsolidated joint ventures	$	1,360,486		$	1,709,522
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(93,879		)	(83,486		)
	$	1,266,607		$	1,626,036


(1)	These amounts include the assets of $3,068,722 and $3,106,105 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2018 and December 31, 2017, respectively, and liabilities of $1,864,302 and $1,872,227 of the PPR Portfolio as of March 31, 2018 and December 31, 2017, 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 $4,103 and $4,027 for the three months ended March 31, 2018 and 2017, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:



	PPR Portfolio			Other Joint Ventures		Total
Three Months Ended March 31, 2018
Revenues:
Minimum rents	$	32,739		$	127,708	$	160,447
Percentage rents	432			1,811		2,243
Tenant recoveries	11,400			48,104		59,504
Other	1,017			11,091		12,108
Total revenues	45,588			188,714		234,302
Expenses:
Shopping center and operating expenses	9,681			61,321		71,002
Interest expense	16,726			33,032		49,758
Depreciation and amortization	24,484			62,412		86,896
Total operating expenses	50,891			156,765		207,656
Gain on sale or write down of assets, net	—			970		970
Net (loss) income	$	(5,303	)	$	32,919	$	27,616
Company's equity in net (loss) income	$	(616	)	$	17,488	$	16,872
Three Months Ended March 31, 2017
Revenues:
Minimum rents	$	33,536		$	123,503	$	157,039
Percentage rents	730			1,738		2,468
Tenant recoveries	11,439			47,915		59,354
Other	1,026			11,511		12,537
Total revenues	46,731			184,667		231,398
Expenses:
Shopping center and operating expenses	9,760			62,195		71,955
Interest expense	16,726			32,279		49,005
Depreciation and amortization	26,275			62,879		89,154
Total operating expenses	52,761			157,353		210,114
(Loss) gain on sale or write down of assets, net	(35		)	4,581		4,546
Net (loss) income	$	(6,065	)	$	31,895	$	25,830
Company's equity in net (loss) income	$	(962	)	$	16,805	$	15,843

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

Collaborative Arrangement:

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation:

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



	March 31, 2018		December 31, 2017
Assets:
Property, net	$	288,521	$	288,881
Other assets	59,321		60,586
Total assets	$	347,842	$	349,467
Liabilities:
Mortgage notes payable	$	128,449	$	129,436
Other liabilities	74,841		72,705
Total liabilities	$	203,290	$	202,141

All intercompany accounts and transactions have been eliminated in the consolidated financial statements.

Recent Accounting Pronouncements

Recent Accounting Pronouncements:

Recent Accounting Pronouncements: (Continued)



	For the Three Months Ended March 31,
	2018		2017
Beginning of period
Cash and cash equivalents	$	91,038	$	94,046
Restricted cash	52,067		49,951
Cash, cash equivalents and restricted cash	$	143,105	$	143,997
End of period
Cash and cash equivalents	$	118,175	$	92,296
Restricted cash	49,677		50,014
Cash, cash equivalents and restricted cash	$	167,852	$	142,310

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Schedule of variable interest entities

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



	March 31, 2018		December 31, 2017
Assets:
Property, net	$	288,521	$	288,881
Other assets	59,321		60,586
Total assets	$	347,842	$	349,467
Liabilities:
Mortgage notes payable	$	128,449	$	129,436
Other liabilities	74,841		72,705
Total liabilities	$	203,290	$	202,141

Schedule of cash, cash equivalents and restricted cash



	For the Three Months Ended March 31,
	2018		2017
Beginning of period
Cash and cash equivalents	$	91,038	$	94,046
Restricted cash	52,067		49,951
Cash, cash equivalents and restricted cash	$	143,105	$	143,997
End of period
Cash and cash equivalents	$	118,175	$	92,296
Restricted cash	49,677		50,014
Cash, cash equivalents and restricted cash	$	167,852	$	142,310

- 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)

3 Months Ended

Mar. 31, 2018

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 EPS for the three months ended March 31, 2018 and 2017 (shares in thousands):



	For the Three Months Ended March 31,
	2018			2017
Numerator
Net (loss) income	$	(34,381	)	$	74,809
Less net (loss) income attributable to noncontrolling interests	(808		)	5,566
Net (loss) income attributable to the Company	(33,573		)	69,243
Allocation of earnings to participating securities	(244		)	(184		)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$	(33,817	)	$	69,059
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding	141,024			143,596
Effect of dilutive securities(1):
Share and unit-based compensation plans	26			59
Denominator for diluted EPS—weighted average number of common shares outstanding	141,050			143,655
EPS—net (loss) income attributable to common stockholders:
Basic	$	(0.24	)	$	0.48
Diluted	$	(0.24	)	$	0.48


(1)	Diluted EPS excludes 90,619 convertible preferred partnership units for the three months ended March 31, 2018 and 2017 as their impact was antidilutive. Diluted EPS excludes 10,291,217 and 10,591,428 Operating Partnership units ("OP Units") for the three months ended March 31, 2018 and 2017, respectively, as their impact was antidilutive.

Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Combined and condensed balance sheets of unconsolidated joint ventures

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:



	March 31, 2018			December 31, 2017
Assets(1):
Property, net	$	8,994,424		$	9,052,105
Other assets	602,553			635,838
Total assets	$	9,596,977		$	9,687,943
Liabilities and partners' capital(1):
Mortgage and other notes payable(2)	$	5,979,160		$	5,296,594
Other liabilities	388,245			405,052
Company's capital	1,822,298			2,188,057
Outside partners' capital	1,407,274			1,798,240
Total liabilities and partners' capital	$	9,596,977		$	9,687,943
Investments in unconsolidated joint ventures:
Company's capital	$	1,822,298		$	2,188,057
Basis adjustment(3)	(555,691		)	(562,021		)
	$	1,266,607		$	1,626,036

Assets—Investments in unconsolidated joint ventures	$	1,360,486		$	1,709,522
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(93,879		)	(83,486		)
	$	1,266,607		$	1,626,036


(1)	These amounts include the assets of $3,068,722 and $3,106,105 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2018 and December 31, 2017, respectively, and liabilities of $1,864,302 and $1,872,227 of the PPR Portfolio as of March 31, 2018 and December 31, 2017, 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 $4,103 and $4,027 for the three months ended March 31, 2018 and 2017, respectively.

Combined and condensed statements of operations of unconsolidated joint ventures

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:



	PPR Portfolio			Other Joint Ventures		Total
Three Months Ended March 31, 2018
Revenues:
Minimum rents	$	32,739		$	127,708	$	160,447
Percentage rents	432			1,811		2,243
Tenant recoveries	11,400			48,104		59,504
Other	1,017			11,091		12,108
Total revenues	45,588			188,714		234,302
Expenses:
Shopping center and operating expenses	9,681			61,321		71,002
Interest expense	16,726			33,032		49,758
Depreciation and amortization	24,484			62,412		86,896
Total operating expenses	50,891			156,765		207,656
Gain on sale or write down of assets, net	—			970		970
Net (loss) income	$	(5,303	)	$	32,919	$	27,616
Company's equity in net (loss) income	$	(616	)	$	17,488	$	16,872
Three Months Ended March 31, 2017
Revenues:
Minimum rents	$	33,536		$	123,503	$	157,039
Percentage rents	730			1,738		2,468
Tenant recoveries	11,439			47,915		59,354
Other	1,026			11,511		12,537
Total revenues	46,731			184,667		231,398
Expenses:
Shopping center and operating expenses	9,760			62,195		71,955
Interest expense	16,726			32,279		49,005
Depreciation and amortization	26,275			62,879		89,154
Total operating expenses	52,761			157,353		210,114
(Loss) gain on sale or write down of assets, net	(35		)	4,581		4,546
Net (loss) income	$	(6,065	)	$	31,895	$	25,830
Company's equity in net (loss) income	$	(962	)	$	16,805	$	15,843

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The following derivative was outstanding at March 31, 2018:



Property	Notional Amount		Product	LIBOR Rate		Maturity	Fair Value
Santa Monica Place	$	300,000	Cap	4.00	%	12/9/2019	$	65

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579240-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41620-113959

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.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Property, net (Tables)

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

Components of property

Property, net consists of the following:



	March 31, 2018			December 31, 2017
Land	$	1,527,460		$	1,567,152
Buildings and improvements	6,164,004			6,385,035
Tenant improvements	616,955			620,352
Equipment and furnishings	183,434			187,998
Construction in progress	391,222			366,996
	8,883,075			9,127,533
Less accumulated depreciation	(1,974,659		)	(2,018,303		)
	$	6,908,416		$	7,109,230

Assets measured on a nonrecurring basis



	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Unobservable Inputs		Significant Unobservable Inputs
	Total Fair Value Measurement		(Level 1)		(Level 2)		(Level 3)
2018	$	49,000	$	—	$	49,000	$	—

Deferred Charges and Other Assets, net (Tables)

3 Months Ended

Mar. 31, 2018

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

Schedule of deferred charges and other assets, net

Deferred charges and other assets, net consist of the following:



	March 31, 2018			December 31, 2017
Leasing	$	213,550		$	232,819
Intangible assets:
In-place lease values	99,339			108,432
Leasing commissions and legal costs	24,830			25,958
Above-market leases	152,270			164,040
Deferred tax assets	31,517			29,006
Deferred compensation plan assets	51,983			52,221
Distributions in excess of co-venture obligation(1)	—			31,150
Other assets	56,313			66,990
	629,802			710,616
Less accumulated amortization(2)	(230,649		)	(261,426		)
	$	399,153		$	449,190


(1)	See Note 11—Financing Arrangement.


(2)	Accumulated amortization includes $68,181 and $74,507 relating to in-place lease values, leasing commissions and legal costs at March 31, 2018 and December 31, 2017, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $3,835 and $6,004 for the three months ended March 31, 2018 and 2017, respectively.

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:



	March 31, 2018			December 31, 2017
Above-Market Leases
Original allocated value	$	152,270		$	164,040
Less accumulated amortization	(52,021		)	(60,210		)
	$	100,249		$	103,830
Below-Market Leases(1)
Original allocated value	$	118,089		$	120,573
Less accumulated amortization	(56,029		)	(55,489		)
	$	62,060		$	65,084


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

Mortgage Notes Payable (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Mortgage notes payable

Mortgage notes payable at March 31, 2018 and December 31, 2017 consist of the following:



	Carrying Amount of Mortgage Notes(1)
	March 31, 2018				December 31, 2017
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	—	$	199,920	$	—	$	199,904	3.77	%	$	625	2019
Danbury Fair Mall	103,737		103,736		104,599		104,598		5.53	%	1,538		2020
Fashion Outlets of Chicago(6)	—		199,379		—		199,298		3.32	%	527		2020
Fashion Outlets of Niagara Falls USA	—		111,981		—		112,770		4.89	%	727		2020
Freehold Raceway Mall(5)	—		398,088		—		398,050		3.94	%	1,300		2029
Fresno Fashion Fair	—		323,311		—		323,261		3.67	%	971		2026
Green Acres Commons(7)	—		127,105		—		107,219		4.38	%	413		2021
Green Acres Mall	—		289,684		—		291,366		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		444,688		—		447,231		3.67	%	2,229		2019
Oaks, The	—		195,576		—		196,732		4.14	%	1,064		2022
Pacific View	—		123,650		—		124,397		4.08	%	668		2022
Queens Center	—		600,000		—		600,000		3.49	%	1,744		2025
Santa Monica Place(8)	—		296,550		—		296,366		3.38	%	771		2022
SanTan Village Regional Center	—		123,919		—		124,703		3.14	%	589		2019
Towne Mall	—		21,053		—		21,161		4.48	%	117		2022
Tucson La Encantada	66,574		—		66,970		—		4.23	%	368		2022
Victor Valley, Mall of	—		114,631		—		114,617		4.00	%	380		2024
Vintage Faire Mall	—		262,403		—		263,818		3.55	%	1,256		2026
Westside Pavilion(9)	—		140,262		—		141,020		4.49	%	783		2022
	$	170,311	$	4,075,936	$	171,569	$	4,066,511

(1)


(2)	The interest rate disclosed represents the effective interest rate, including the debt premiums 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)	A 49.9% interest in the loan has been assumed by a third party in connection with the Company's joint venture in Chandler Freehold (See Note 11—Financing Arrangement).


(6)	The loan bears interest at LIBOR plus 1.50%. At March 31, 2018 and December 31, 2017, the total interest rate was 3.32% and 3.02%, respectively.


(7)	On March 1, 2018, the Company borrowed the remaining $20,000 available under the loan agreement on the property. The loan bears interest at LIBOR plus 2.15%. At March 31, 2018 and December 31, 2017, the total interest rate was 4.38% and 4.07%, respectively.


(8)	The loan bears interest at LIBOR plus 1.35%. At March 31, 2018 and December 31, 2017, the total interest rate was 3.38% and 3.13%, respectively.


(9)	On March 1, 2018, the Company entered into an agreement to contribute the underlying property into an unconsolidated joint venture (See Note 14—Collaborative Arrangement).

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of fees charged to unconsolidated joint ventures

The following are fees charged to unconsolidated joint ventures:



	For the Three Months Ended March 31,
	2018		2017
Management fees	$	4,679	$	4,480
Development and leasing fees	3,604		5,270
	$	8,283	$	9,750

Share and Unit-Based Plans (Tables)

3 Months Ended

Mar. 31, 2018

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

Summary of activity of non-vested LTIP Units, stock awards, phantom stock and stock units

The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units:



	LTIP Units				Phantom Stock Units				Stock Units
	Units		Value(1)		Units		Value(1)		Units		Value(1)
Balance at January 1, 2018	636,632		$	52.36	4,054		$	79.82	151,355		$	73.32
Granted	479,499		51.03		4,366		63.03		82,782		59.00
Vested	(99,407	)	59.04		(3,639	)	70.71		(102,596	)	73.42
Forfeited	—		—		(790	)	80.20		—		—
Balance at March 31, 2018	1,016,724		$	51.08	3,991		$	69.67	131,541		$	64.24


(1) Value represents the weighted average grant date fair value.

During the three months ended March 31, 2018, the Company granted the following LTIP Units:



Grant Date	Units	Type	Fair Value per LTIP Unit		Vest Date
1/1/2018	65,466	Service-based	$	65.68	12/31/2020
1/1/2018	291,326	Market-indexed	$	44.28	12/31/2020
1/29/2018	13,632	Service-based	$	66.02	2/1/2022
1/29/2018	1,893	Service-based	$	66.02	12/31/2020
1/29/2018	7,775	Market-indexed	$	48.23	12/31/2020
3/2/2018	99,407	Service-based	$	59.04	3/2/2018
	479,499

Compensation cost under the share and unit-based plans

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



	For the Three Months Ended March 31,
	2018		2017
LTIP Units	$	10,108	$	14,381
Stock units	3,230		2,612
Stock options	31		4
Phantom stock units	243		177
	$	13,612	$	17,174

Summary of activity of SARs and stock options outstanding

The following table summarizes the activity of the stock appreciations rights ("SARs") and stock options outstanding:



	SARs				Stock Options
	Units		Value(1)		Units	Value(1)
Balance at January 1, 2018	235,439		$	53.83	35,565	$	57.32
Granted	—		—		—	—
Exercised	(225,439	)	53.95		—	—
Balance at March 31, 2018	10,000		$	51.70	35,565	$	57.32


(1) Value represents the weighted average exercise price.

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of income tax benefit of TRSs

The income tax provision of the TRSs are as follows:



	For the Three Months Ended March 31,
	2018		2017
Current	$	439	$	—
Deferred	2,510		3,484
Total income tax benefit	$	2,949	$	3,484

Organization (Details) - entity	3 Months Ended
Organization (Details) - entity	Mar. 31, 2018	Dec. 31, 2017
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	93.00%	93.00%

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Deferred tax assets	$ 31,517			$ 29,006
Financing arrangement obligation	398,091			0
Accumulated deficit	(1,393,418)			(830,279)
Increase in net cash provided by investing activities	(311,401)	$ (207,166)
ASU 2016-18
Variable Interest Entity [Line Items]
Increase in net cash provided by investing activities		$ (63)
Joint Venture \| Chandler Freehold \| Difference between revenue guidance in effect before and after topic 606 \| ASU 2014-09 \| Financing Arrangement
Variable Interest Entity [Line Items]
Financing arrangement obligation			$ 393,709
Accumulated deficit	424,859
Joint Venture \| Chandler Freehold
Variable Interest Entity [Line Items]
Distributions in excess of co-venture obligation	0
Joint Venture \| Chandler Freehold \| Financing Arrangement
Variable Interest Entity [Line Items]
Distributions in excess of co-venture obligation				31,150
Operating Partnership
Variable Interest Entity [Line Items]
Total assets	347,842			349,467
Total liabilities	203,290			202,141
Operating Partnership \| Property, net
Variable Interest Entity [Line Items]
Total assets	288,521			288,881
Operating Partnership \| Other assets
Variable Interest Entity [Line Items]
Total assets	59,321			60,586
Operating Partnership \| Mortgage notes payable
Variable Interest Entity [Line Items]
Total liabilities	128,449			129,436
Operating Partnership \| Other liabilities
Variable Interest Entity [Line Items]
Total liabilities	$ 74,841			$ 72,705

Summary of Significant Accounting Policies - Schedule of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 118,175	$ 91,038	$ 92,296	$ 94,046
Restricted cash	49,677	52,067	50,014	49,951
Cash, cash equivalents and restricted cash	$ 167,852	$ 143,105	$ 142,310	$ 143,997

Earnings per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator
Net (loss) income	$ (34,381)	$ 74,809
Less net (loss) income attributable to noncontrolling interests	(808)	5,566
Net (loss) income attributable to the Company	(33,573)	69,243
Allocation of earnings to participating securities	(244)	(184)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$ (33,817)	$ 69,059
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding (in shares)	141,024,000	143,596,000
Effect of dilutive securities(1):
Share and unit-based compensation plans (in shares)	26,000	59,000
Denominator for diluted EPS—weighted average number of common shares outstanding (in shares)	141,050,000	143,655,000
Earnings per common share—attributable to common stockholders:
Basic (in dollars per share)	$ (0.24)	$ 0.48
Diluted (in dollars per share)	$ (0.24)	$ 0.48
Convertible non-participating preferred units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from Diluted EPS (in shares)	90,619	90,619
Partnership unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from Diluted EPS (in shares)	10,291,217	10,591,428

Investments in Unconsolidated Joint Ventures - Narrative (Details) - USD ($) $ in Thousands	Feb. 16, 2018	Dec. 14, 2017	Sep. 18, 2017	Mar. 17, 2017
Westcor/Queen Creek LLC
Schedule of Equity Method Investments [Line Items]
Gain (Loss) On Land Sales		$ 5,436
Joint Venture \| Westcor/Queen Creek LLC
Schedule of Equity Method Investments [Line Items]
Land sold		30,491
Gain (Loss) On Land Sales		$ 14,853
Office building \| Country Club Plaza
Schedule of Equity Method Investments [Line Items]
Gain on sale of building				$ 2,290
Office building \| Country Club Plaza \| Joint Venture
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of building				78,000
Gain on sale of building				$ 4,580
Office building \| Fashion District Philadelphia
Schedule of Equity Method Investments [Line Items]
Gain on sale of building	$ 2,773		$ 6,539
Office building \| Fashion District Philadelphia \| Joint Venture
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of building	41,800		61,500
Gain on sale of building	$ 5,545		$ 13,078

Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Property, net	$ 8,994,424	$ 9,052,105
Other assets	602,553	635,838
Total assets	9,596,977	9,687,943
Liabilities and partners' capital:
Mortgage notes payable	5,979,160	5,296,594
Other liabilities	388,245	405,052
Company's capital	1,822,298	2,188,057
Outside partners' capital	1,407,274	1,798,240
Total liabilities and partners' capital	9,596,977	9,687,943
Investments in unconsolidated joint ventures:
Company's capital	1,822,298	2,188,057
Basis adjustment	(555,691)	(562,021)
Investments in unconsolidated joint ventures	1,266,607	1,626,036
Assets—Investments in unconsolidated joint ventures	1,360,486	1,709,522
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(93,879)	(83,486)
Investments in unconsolidated joint ventures	$ 1,266,607	$ 1,626,036

Investments in Unconsolidated Joint Ventures - Balance Sheet Footnotes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Total assets	$ 9,596,977		$ 9,687,943
Amortization of difference between cost of investments and book value of underlying equity	4,103	$ 4,027
Northwestern Mutual Life (NML)
Schedule of Equity Method Investments [Line Items]
Mortgage notes payable to affiliate	704,402		482,332
Interest expense on borrowings from related party	4,958	$ 3,160
PPR Portfolio
Schedule of Equity Method Investments [Line Items]
Total assets	3,068,722		3,106,105
Total liabilities	$ 1,864,302		$ 1,872,227

Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Minimum rents	$ 160,447	$ 157,039
Percentage rents	2,243	2,468
Tenant recoveries	59,504	59,354
Other	12,108	12,537
Total revenues	234,302	231,398
Expenses:
Shopping center and operating expenses	71,002	71,955
Interest expense	49,758	49,005
Depreciation and amortization	86,896	89,154
Total operating expenses	207,656	210,114
Gain (loss) on sale or write down of assets, net	970	4,546
Net (loss) income	27,616	25,830
Company's equity in net (loss) income	16,872	15,843
PPR Portfolio
Revenues:
Minimum rents	32,739	33,536
Percentage rents	432	730
Tenant recoveries	11,400	11,439
Other	1,017	1,026
Total revenues	45,588	46,731
Expenses:
Shopping center and operating expenses	9,681	9,760
Interest expense	16,726	16,726
Depreciation and amortization	24,484	26,275
Total operating expenses	50,891	52,761
Gain (loss) on sale or write down of assets, net	0	(35)
Net (loss) income	(5,303)	(6,065)
Company's equity in net (loss) income	(616)	(962)
Other Joint Ventures
Revenues:
Minimum rents	127,708	123,503
Percentage rents	1,811	1,738
Tenant recoveries	48,104	47,915
Other	11,091	11,511
Total revenues	188,714	184,667
Expenses:
Shopping center and operating expenses	61,321	62,195
Interest expense	33,032	32,279
Depreciation and amortization	62,412	62,879
Total operating expenses	156,765	157,353
Gain (loss) on sale or write down of assets, net	970	4,581
Net (loss) income	32,919	31,895
Company's equity in net (loss) income	$ 17,488	$ 16,805

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate cap	$ 61	$ 0
Level 2 measurement \| Interest rate cap
Derivatives, Fair Value [Line Items]
Notional Amount	$ 300,000
LIBOR Rate	4.00%
Fair Value	$ 65		$ 11

Property, net - Components of property (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 1,527,460	$ 1,567,152
Buildings and improvements	6,164,004	6,385,035
Tenant improvements	616,955	620,352
Equipment and furnishings	183,434	187,998
Construction in progress	391,222	366,996
Total	8,883,075	9,127,533
Less accumulated depreciation	(1,974,659)	(2,018,303)
Property, net	$ 6,908,416	$ 7,109,230

Property, net - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 18, 2017	Mar. 31, 2018	Mar. 31, 2017
Real Estate [Abstract]
Depreciation expense		$ 67,944	$ 68,956
Property, Plant and Equipment [Line Items]
Gain on sale or write down of assets, net		37,512	(49,565)
Write down of investment			$ (10,138)
Cascade and Northgate Malls
Property, Plant and Equipment [Line Items]
Gain (loss) on disposal	$ 59,713
South Park Mall
Property, Plant and Equipment [Line Items]
Impairment loss		(36,338)
Promenade at Casa Grande
Property, Plant and Equipment [Line Items]
Impairment loss		$ (1,043)

Property, net - Assets measured on a nonrecurring basis (Details) $ in Thousands	Mar. 31, 2018 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 49,000
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair value measurements on a nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0
Significant Other Unobservable Inputs (Level 2) \| Fair value measurements on a nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	49,000
Significant Unobservable Inputs (Level 3) \| Fair value measurements on a nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 0

Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Loans and Leases Receivable Disclosure [Abstract]
Allowance for doubtful accounts	$ 3,139	$ 2,786
Components of tenant and other receivables, net
Deferred rent receivable due to straight-line rent adjustments	64,538	61,859
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	$ 1,373	$ 8,711

Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 213,550		$ 232,819
Intangible assets:
In-place lease values	99,339		108,432
Leasing commissions and legal costs	24,830		25,958
Above-market leases	152,270		164,040
Deferred tax assets	31,517		29,006
Deferred compensation plan assets	51,983		52,221
Other assets	56,313		66,990
Deferred charges and other assets, gross	629,802		710,616
Less accumulated amortization	(230,649)		(261,426)
Deferred charges and other assets, net	399,153		449,190
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization for intangible assets	68,181		$ 74,507
Amortization expense for intangible assets	$ 3,835	$ 6,004

Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Above-Market Leases
Above-Market Leases
Original allocated value	$ 152,270	$ 164,040
Less accumulated amortization	(52,021)	(60,210)
Allocated value net	100,249	103,830
Below-Market Leases
Below-Market Leases
Original allocated value	118,089	120,573
Less accumulated amortization	(56,029)	(55,489)
Allocated value net	$ 62,060	$ 65,084

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	$ 170,311	$ 171,569
Carrying Amount of Mortgage Notes, Other	4,075,936	4,066,511
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 199,920	199,904
Effective interest rate	3.77%
Monthly Debt Service	$ 625
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	103,737	104,599
Carrying Amount of Mortgage Notes, Other	$ 103,736	104,598
Effective interest rate	5.53%
Monthly Debt Service	$ 1,538
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	$ 199,379	199,298
Effective interest rate	3.32%
Monthly Debt Service	$ 527
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	$ 111,981	112,770
Effective interest rate	4.89%
Monthly Debt Service	$ 727
Freehold Raceway
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 398,088	398,050
Effective interest rate	3.94%
Monthly Debt Service	$ 1,300
Fresno Fashion Fair
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 323,311	323,261
Effective interest rate	3.67%
Monthly Debt Service	$ 971
Green Acres Commons
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 127,105	$ 107,219
Effective interest rate	4.38%	4.07%
Monthly Debt Service	$ 413
Green Acres Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	$ 0
Carrying Amount of Mortgage Notes, Other	$ 289,684	291,366
Effective interest rate	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	$ 444,688	447,231
Effective interest rate	3.67%
Monthly Debt Service	$ 2,229
Oaks, The
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 195,576	196,732
Effective interest rate	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	$ 123,650	124,397
Effective interest rate	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	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	296,550	296,366
Monthly Debt Service	771
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	$ 123,919	124,703
Effective interest rate	3.14%
Monthly Debt Service	$ 589
Towne Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 21,053	21,161
Effective interest rate	4.48%
Monthly Debt Service	$ 117
Tucson La Encantada
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	66,574	66,970
Carrying Amount of Mortgage Notes, Other	$ 0	0
Effective interest rate	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	$ 114,631	114,617
Effective interest rate	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	$ 262,403	263,818
Effective interest rate	3.55%
Monthly Debt Service	$ 1,256
Westside Pavilion(9)
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 140,262	$ 141,020
Effective interest rate	4.49%
Monthly Debt Service	$ 783

Mortgage Notes Payable - Footnotes (Details) - USD ($)		3 Months Ended
Mortgage Notes Payable - Footnotes (Details) - USD ($)	Dec. 04, 2017	Mar. 31, 2018	Mar. 01, 2018	Dec. 31, 2017
Mortgage loans payable on real estate
Unamortized deferred finance costs		$ 16,997,000		$ 17,838,000
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Debt premiums		$ 2,398,000		$ 2,630,000
Chandler Freehold
Mortgage loans payable on real estate
Percentage of loan assumed by third party		49.90%
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Interest rate spread over basis		1.50%
Effective interest rate				3.02%
Green Acres Commons
Mortgage loans payable on real estate
Interest rate spread over basis		2.15%
Santa Monica Place
Mortgage loans payable on real estate
Interest rate spread over basis	1.35%
Effective interest rate		3.38%		3.13%
Green Acres Commons
Mortgage loans payable on real estate
Effective interest rate		4.38%		4.07%
Mortgage Loans on Real Estate, Face Amount of Mortgages, Additional Borrowing			$ 20,000,000

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Debt Disclosure [Abstract]
Interest expense capitalized	$ 4,331	$ 2,634
Fair value of mortgage notes payable	$ 4,244,902		$ 4,250,816

Bank and Other Notes Payable (Details) - USD ($)		3 Months Ended	12 Months Ended
Bank and Other Notes Payable (Details) - USD ($)	Mar. 29, 2013	Mar. 31, 2018	Dec. 31, 2017
Mortgage loans payable on real estate
Unamortized deferred finance costs		$ 16,997,000	$ 17,838,000
Line of Credit
Mortgage loans payable on real estate
Revolving line of credit		$ 1,500,000,000
Extension option (years)		1 year
Maximum contingent borrowing capacity		$ 2,000,000,000
Outstanding borrowings under the line of credit		660,000,000	935,000,000
Unamortized deferred finance costs		$ 6,936,000	$ 7,548,000
Line of credit, average interest rate		3.47%	3.13%
Line of Credit \| Level 2 measurement
Mortgage loans payable on real estate
Fair value of outstanding line of credit		$ 649,031,000	$ 919,158,000
Line of Credit \| LIBOR
Mortgage loans payable on real estate
Interest rate spread over basis		1.45%
Line of Credit \| LIBOR \| Low end of range
Mortgage loans payable on real estate
Interest rate spread over basis		1.30%
Line of Credit \| LIBOR \| High end of range
Mortgage loans payable on real estate
Interest rate spread over basis		1.90%
Prasada Note
Mortgage loans payable on real estate
Amount of additional borrowing	$ 13,330,000
Interest rate on debt	5.25%
Debt, carrying value		$ 4,530,000	4,732,000
Debt, fair value		$ 4,515,000	$ 4,717,000

Financing Arrangement (Details) ft² in Thousands, $ in Thousands		3 Months Ended
	Sep. 30, 2009 ft²	Mar. 31, 2018 USD ($)	Jan. 01, 2018 USD ($)	Dec. 31, 2017 USD ($)
Co-Venture Arrangement
Financing arrangement obligation		$ 398,091		$ 0
Accumulated deficit		$ (1,393,418)		(830,279)
Discount rate		5.80%
Joint Venture \| Chandler Freehold
Co-Venture Arrangement
Distributions in excess of co-venture obligation		$ 0
Financing Arrangement
Co-Venture Arrangement
Operating income multiple		20.8333333333
Financing Arrangement \| Minimum
Co-Venture Arrangement
Market rents per square foot		20
Financing Arrangement \| Maximum
Co-Venture Arrangement
Market rents per square foot		225
Financing Arrangement \| Joint Venture
Co-Venture Arrangement
Interest expense		$ 8,022
Equity in income of unconsolidated joint ventures		2,002
Change in fair value of financing arrangement obligation		4,382
Distributions of excess income		1,638
Financing Arrangement \| Joint Venture \| Chandler Freehold \| ASU 2014-09 \| Difference between revenue guidance in effect before and after topic 606
Co-Venture Arrangement
Financing arrangement obligation			$ 393,709
Accumulated deficit		$ 424,859
Financing Arrangement \| Joint Venture \| Chandler Freehold
Co-Venture Arrangement
Distributions in excess of co-venture obligation				$ 31,150
Financing Arrangement \| Chandler Freehold
Co-Venture Arrangement
Percentage of loan assumed by third party	49.90%
Financing Arrangement \| Chandler Fashion Center
Co-Venture Arrangement
Property area (in square feet) \| ft²	1,318
Financing Arrangement \| Freehold Raceway Mall
Co-Venture Arrangement
Property area (in square feet) \| ft²	1,671

Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Aug. 20, 2014
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partnership interest of the operating partnership	7.00%	7.00%
Common stock, par value (in dollars per share)	$ 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	$ 593,454	$ 671,592
The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership	93.00%	93.00%

Stockholders' Equity (Details) - USD ($)	11 Months Ended
Stockholders' Equity (Details) - USD ($)	Dec. 31, 2017	Mar. 31, 2018	Feb. 12, 2017	Aug. 20, 2014
Stockholders' Equity Note [Abstract]
Authorized repurchase amount			$ 500,000,000
Total shares acquired (in shares)	3,627,390
Total shares acquired	$ 221,428,000
Average cost of shares acquired (in dollars per share)	$ 61.01
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01		$ 0.01
Maximum price of common stock available to be issued				$ 500,000,000

Dispositions (Details) ft² in Thousands, $ in Thousands	Mar. 01, 2018 USD ($)	Nov. 16, 2017 USD ($) ft²	Jan. 18, 2017 USD ($) ft²
Discontinued Operations:
Proceeds from sale	$ 142,500
Cascade Mall
Discontinued Operations:
Property area (in square feet) \| ft²			589
Northgate Mall
Discontinued Operations:
Property area (in square feet) \| ft²			750
Cascade and Northgate Malls
Discontinued Operations:
Proceeds from sale			$ 170,000
Gain (loss) on disposal			$ 59,713
500 North Michigan Avenue
Discontinued Operations:
Property area (in square feet) \| ft²		326
Proceeds from sale		$ 86,350
Gain (loss) on disposal		$ 14,597

Commitments and Contingencies (Details) - USD ($)	3 Months Ended
Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Operating lease rent expense	$ 4,236,000	$ 4,217,000
Contingent rent	0	$ 0
Contingent liability under letters of credit	60,588,000
Outstanding obligations under construction agreements	$ 31,916,000

- Definition

The increases or decreases in lease payments that result from changes occurring after the inception of the lease in the factors (other than the passage of time) on which lease payments are based, except that any escalation of minimum lease payments relating to increases in construction or acquisition cost of the leased property or for increases in some measure of cost or value during the construction or preconstruction period, are excluded from contingent rentals. Contingent rentals also may include amounts for which the triggering events have not yet occurred or the specified targets for which have not yet been achieved (such as sales based percentage rent), but which events are considered probable of occurring or which specified targets are considered probable of being achieved.

+ References + Details

Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - Unconsolidated Joint Ventures and Third Party Managed Properties - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Management fees	$ 4,679	$ 4,480
Development and leasing fees	3,604	5,270
Fees charged to unconsolidated joint ventures	$ 8,283	$ 9,750

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Interest expense, related party	$ 10,169	$ 2,211
Due from affiliates	84,674		$ 82,162
Related parties note receivable, RED Consolidated Holdings, LLC
Related Party Transaction [Line Items]
Due from affiliates	$ 4,590		4,796
Note receivable, interest rate	5.25%
Interest income, related party	$ 60	70
Northwestern Mutual Life (NML)
Related Party Transaction [Line Items]
Interest expense, related party	2,147	2,211
Interest expense payable, related party	710		716
Unconsolidated Joint Ventures
Related Party Transaction [Line Items]
Due from affiliates	7,380
Due to affiliates			5,411
Affiliated Entity \| Notes Receivable \| Fashion Outlets of San Francisco
Related Party Transaction [Line Items]
Interest income, related party	749	$ 611
Note receivable	$ 72,704		$ 71,955
Affiliated Entity \| Notes Receivable \| Fashion Outlets of San Francisco \| LIBOR
Related Party Transaction [Line Items]
Note receivable, interest rate	2.00%

Share and Unit-Based Plans - Narrative (Details) $ in Thousands			3 Months Ended
	Jan. 29, 2018	Jan. 01, 2018	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized share and unit-based compensation costs			$ 2,609	$ 3,369
Stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion rate of shares			1
Unrecognized compensation cost of share and unit-based plans			$ 6,981
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion rate of shares			1
Unrecognized compensation cost of share and unit-based plans			$ 14,647
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost of share and unit-based plans			146
Phantom stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost of share and unit-based plans			$ 278
January 1, 2018 \| LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free rate		1.98%
Volatility		23.38%
January 29, 2018 \| LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free rate	2.25%
Volatility	23.86%

Share and Unit-Based Plans Share and Unit-Based Plans - LTIP Units Granted (Details)	3 Months Ended
	Mar. 31, 2018 $ / shares shares
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	479,499.000
Average grant date fair value (in dollars per share) \| $ / shares	$ 51.03
1/1/2018 \| LTIP, Service-based \| 12/31/2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	65,466
Average grant date fair value (in dollars per share) \| $ / shares	$ 65.68
1/1/2018 \| LTIP, Market-based \| 12/31/2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	291,326
Average grant date fair value (in dollars per share) \| $ / shares	$ 44.28
1/29/2018 \| LTIP, Service-based \| 12/31/2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	1,893
Average grant date fair value (in dollars per share) \| $ / shares	$ 66.02
1/29/2018 \| LTIP, Service-based \| 2/1/2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	13,632
Average grant date fair value (in dollars per share) \| $ / shares	$ 66.02
1/29/2018 \| LTIP, Market-based \| 12/31/2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	7,775
Average grant date fair value (in dollars per share) \| $ / shares	$ 48.23
3/2/2018 \| LTIP, Service-based \| 3/2/2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	99,407
Average grant date fair value (in dollars per share) \| $ / shares	$ 59.04

Share and Unit-Based Plans - Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	$ 13,612	$ 17,174
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	10,108	14,381
Stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	3,230	2,612
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	31	4
Phantom stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	$ 243	$ 177

Share and Unit-Based Plans - Nonvested Equity Awards (Details)	3 Months Ended
	Mar. 31, 2018 $ / shares shares
LTIP Units
Units
Balance at beginning of period (in shares) \| shares	636,632
Granted (in shares) \| shares	479,499.000
Vested (in shares) \| shares	(99,407)
Forfeited (in shares) \| shares	0
Balance at end of period (in shares) \| shares	1,016,724
Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 52.36
Granted (in dollars per share) \| $ / shares	51.03
Vested (in dollars per share) \| $ / shares	59.04
Forfeited (in dollars per share) \| $ / shares	0.00
Balance at end of period (in dollars per share) \| $ / shares	$ 51.08
Phantom Stock Units
Units
Balance at beginning of period (in shares) \| shares	4,054
Granted (in shares) \| shares	4,366
Vested (in shares) \| shares	(3,639)
Forfeited (in shares) \| shares	(790)
Balance at end of period (in shares) \| shares	3,991
Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 79.82
Granted (in dollars per share) \| $ / shares	63.03
Vested (in dollars per share) \| $ / shares	70.71
Forfeited (in dollars per share) \| $ / shares	80.20
Balance at end of period (in dollars per share) \| $ / shares	$ 69.67
Stock Units
Units
Balance at beginning of period (in shares) \| shares	151,355
Granted (in shares) \| shares	82,782
Vested (in shares) \| shares	(102,596)
Forfeited (in shares) \| shares	0
Balance at end of period (in shares) \| shares	131,541
Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 73.32
Granted (in dollars per share) \| $ / shares	59.00
Vested (in dollars per share) \| $ / shares	73.42
Forfeited (in dollars per share) \| $ / shares	0.00
Balance at end of period (in dollars per share) \| $ / shares	$ 64.24

Share and Unit-Based Plans - SARs (Details)	3 Months Ended
Share and Unit-Based Plans - SARs (Details)	Mar. 31, 2018 $ / shares shares
SARs
Units
Balance at beginning of period (in shares) \| shares	235,439
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(225,439)
Balance at end of period (in shares) \| shares	10,000
Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 53.83
Granted (in dollars per share) \| $ / shares	0.00
Vested (in dollars per share) \| $ / shares	53.95
Balance at end of period (in dollars per share) \| $ / shares	$ 51.70
Stock Options
Units
Balance at beginning of period (in shares) \| shares	35,565
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Balance at end of period (in shares) \| shares	35,565
Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 57.32
Granted (in dollars per share) \| $ / shares	0.00
Exercised (in dollars per share) \| $ / shares	0.00
Balance at end of period (in dollars per share) \| $ / shares	$ 57.32

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Current	$ 439	$ 0
Deferred	2,510	3,484
Total income tax benefit	2,949	$ 3,484
Net deferred tax assets	$ 31,517		$ 29,006

Subsequent Events (Details)	Apr. 27, 2018 $ / shares
Subsequent event
Subsequent events
Dividend declared (in dollars per share)	$ 0.74

Collaborative Agreement (Details) ft² in Thousands, $ in Thousands	Mar. 01, 2018 USD ($) ft²
Schedule of Equity Method Investments [Line Items]
Ownership percentage	25.00%
Outside partner interest of the operating partnership	75.00%
Proceeds from sale \| $	$ 142,500
Reimbursement percent	75.00%
Westside Pavilion
Schedule of Equity Method Investments [Line Items]
Property area (in square feet) \| ft²	755