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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2018	Feb. 21, 2019	Jun. 30, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	MACERICH CO
Entity Central Index Key	0000912242
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		141,161,293
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Public Float			$ 8.0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS:
Property, net	$ 6,785,776	$ 7,109,230
Cash and cash equivalents	102,711	91,038
Restricted cash	46,590	52,067
Tenant and other receivables, net	123,492	112,653
Deferred charges and other assets, net	390,403	449,190
Due from affiliates	85,181	82,162
Investments in unconsolidated joint ventures	1,492,655	1,709,522
Total assets	9,026,808	9,605,862
Mortgage notes payable:
Related parties	0	171,569
Others	4,073,916	4,066,511
Total	4,073,916	4,238,080
Bank and other notes payable	908,544	932,184
Accounts payable and accrued expenses	59,392	58,412
Other accrued liabilities	303,051	325,701
Distributions in excess of investments in unconsolidated joint ventures	114,988	83,486
Financing arrangement obligation	378,485	0
Total liabilities	5,838,376	5,637,863
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 141,221,712 and 140,993,985 shares issued and outstanding at December 31, 2018 and 2017, respectively	1,412	1,410
Additional paid-in capital	4,567,643	4,510,489
Accumulated deficit	(1,614,357)	(830,279)
Accumulated other comprehensive loss	(4,466)	(42)
Total stockholders' equity	2,950,232	3,681,578
Noncontrolling interests	238,200	286,421
Total equity	3,188,432	3,967,999
Total liabilities and equity	$ 9,026,808	$ 9,605,862

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 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	141,221,712	140,993,985
Common stock, shares outstanding	141,221,712	140,993,985

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Minimum rents	$ 575,856	$ 594,030	$ 616,295
Percentage rents	17,569	17,124	20,902
Total revenues	960,351	993,662	1,041,271
Expenses:
REIT general and administrative expenses	24,160	28,240	28,217
Costs related to shareholder activism	19,369	0	0
Depreciation and amortization	327,436	335,431	348,488
Total expenses before interest	751,969	758,982	782,651
Interest expense:
Related parties	6,883	8,731	8,973
Other	176,079	163,045	154,702
Total interest expense	182,962	171,776	163,675
Gain on extinguishment of debt, net	0	0	(1,709)
Total expenses	934,931	930,758	944,617
Equity in income of unconsolidated joint ventures	71,773	85,546	56,941
Co-venture expense	0	(13,629)	(13,382)
Income tax benefit (expense)	3,604	(15,594)	(722)
(Loss) gain on sale or write down of assets, net	(31,825)	42,446	415,348
Net income	68,972	161,673	554,839
Less net income attributable to noncontrolling interests	8,952	15,543	37,844
Net income attributable to the Company	$ 60,020	$ 146,130	$ 516,995
Earnings per common share attributable to common stockholders:
Net income attributable to common stockholders (dollars per share)	$ 0.42	$ 1.02	$ 3.52
Net income attributable to common stockholders (dollars per share)	$ 0.42	$ 1.02	$ 3.52
Weighted average number of common shares outstanding:
Basic (shares)	141,142	141,877	146,599
Diluted (shares)	141,144	141,913	146,711
Tenant recoveries
Revenues:
Revenues	$ 263,477	$ 283,295	$ 305,282
Other
Revenues:
Revenues	59,969	55,819	59,328
Management Companies
Revenues:
Revenues	43,480	43,394	39,464
Expenses:
Operating expenses	103,534	100,121	98,323
Shopping center and operating expenses
Expenses:
Operating expenses	$ 277,470	$ 295,190	$ 307,623

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 68,972,000	$ 161,673,000	$ 554,839,000
Other comprehensive loss:
Interest rate cap/swap agreements	(4,424,000)	(42,000)	0
Comprehensive income	64,548,000	161,631,000	554,839,000
Less net income attributable to noncontrolling interests	8,952,000	15,543,000	37,844,000
Comprehensive income attributable to the Company	$ 55,596,000	$ 146,088,000	$ 516,995,000

- Definition

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

+ References

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF EQUITY - USD ($)	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2015			154,404,986
Balance at Dec. 31, 2015	$ 5,071,239,000	$ 4,715,414,000	$ 1,544,000	$ 4,926,630,000	$ (212,760,000)		$ 355,825,000
Increase (Decrease) in Stockholders' Equity
Net income	554,839,000	516,995,000			516,995,000		37,844,000
Interest rate cap/swap agreements	0
Amortization of share and unit-based plans (in shares)			139,671
Amortization of share and unit-based plans	40,529,000	40,529,000	$ 2,000	40,527,000
Employee stock purchases (in shares)			28,147
Employee stock purchases	1,697,000	1,697,000		1,697,000
Stock repurchase (in shares)			(11,123,011)
Stock repurchases	(800,018,000)	(800,018,000)	$ (111,000)	(412,391,000)	(387,516,000)
Distributions	(405,501,000)	(405,501,000)			(405,501,000)
Distributions to noncontrolling interests	(35,677,000)						(35,677,000)
Contributions from noncontrolling interests	90,000						90,000
Conversion of noncontrolling interests to common shares (in shares)			535,243
Conversion of noncontrolling interests to common shares	0	12,448,000	$ 5,000	12,443,000			(12,448,000)
Redemption of noncontrolling interests	(30,000)	(23,000)		(23,000)			(7,000)
Adjustment of noncontrolling interests in Operating Partnership	0	24,346,000		24,346,000			(24,346,000)
Balance (in shares) at Dec. 31, 2016			143,985,036
Balance at Dec. 31, 2016	4,427,168,000	4,105,887,000	$ 1,440,000	4,593,229,000	(488,782,000)	$ 0	321,281,000
Increase (Decrease) in Stockholders' Equity
Net income	161,673,000	146,130,000			146,130,000		15,543,000
Interest rate cap/swap agreements	(42,000)	(42,000)				(42,000)
Amortization of share and unit-based plans (in shares)			97,694
Amortization of share and unit-based plans	37,005,000	37,005,000	$ 1,000	37,004,000
Employee stock purchases (in shares)			38,832
Employee stock purchases	1,868,000	1,868,000		1,868,000
Stock repurchase (in shares)			(3,627,390)
Stock repurchases	(221,428,000)	(221,428,000)	$ (36,000)	(135,176,000)	(86,216,000)
Distributions	(407,895,000)	(407,895,000)			(407,895,000)
Distributions to noncontrolling interests	(35,944,000)						(35,944,000)
Contributions from noncontrolling interests	30,000						30,000
Conversion of noncontrolling interests to common shares (in shares)			499,813
Conversion of noncontrolling interests to common shares	0	16,797,000	$ 5,000	16,792,000			(16,797,000)
Redemption of noncontrolling interests	(920,000)	(615,000)		(615,000)			(305,000)
Adjustment of noncontrolling interests in Operating Partnership	$ 0	(2,613,000)		(2,613,000)			2,613,000
Balance (in shares) at Dec. 31, 2017	140,993,985		140,993,985
Balance at Dec. 31, 2017	$ 3,967,999,000	3,681,578,000	$ 1,410,000	4,510,489,000	(830,279,000)	(42,000)	286,421,000
Increase (Decrease) in Stockholders' Equity
Net income	68,972,000	60,020,000			60,020,000		8,952,000
Interest rate cap/swap agreements	(4,424,000)	(4,424,000)				(4,424,000)
Amortization of share and unit-based plans (in shares)			125,723
Amortization of share and unit-based plans	33,551,000	33,551,000	$ 1,000	33,550,000
Exercise of stock options	0
Exercise of stock warrants	0
Employee stock purchases (in shares)			35,293
Employee stock purchases	1,570,000	1,570,000		1,570,000
Stock offerings, net	0
Stock issued to acquire properties	0
Stock repurchases	0
Distributions	(419,239,000)	(419,239,000)			(419,239,000)
Distributions to noncontrolling interests	(34,395,000)						(34,395,000)
Contributions from noncontrolling interests	16,000						16,000
Conversion of noncontrolling interests to common shares (in shares)			66,711
Conversion of noncontrolling interests to common shares	0	75,000	$ 1,000	74,000			(75,000)
Redemption of noncontrolling interests	(759,000)	(511,000)		(511,000)			(248,000)
Adjustment of noncontrolling interests in Operating Partnership	$ 0	22,471,000		22,471,000			(22,471,000)
Balance (in shares) at Dec. 31, 2018	141,221,712		141,221,712
Balance at Dec. 31, 2018	$ 3,188,432,000	$ 2,950,232,000	$ 1,412,000	$ 4,567,643,000	$ (1,614,357,000)	$ (4,466,000)	$ 238,200,000

CONSOLIDATED STATEMENTS OF EQUITY (parenthetical) - $ / shares			12 Months Ended
	Nov. 12, 2015	Oct. 30, 2015	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Dividends declared for common stock (in dollars per share)	$ 2.00	$ 2.00	$ 2.97	$ 2.87	$ 2.75

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income	$ 68,972	$ 161,673	$ 554,839
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on extinguishment of debt, net	0	0	(1,709)
Loss (gain) on sale or write down of assets, net	31,825	(42,446)	(415,348)
Depreciation and amortization	334,682	341,275	355,358
Amortization of net premium on mortgage notes payable	(929)	(3,277)	(4,048)
Amortization of share and unit-based plans	27,367	30,799	33,288
Straight-line rent adjustment	(11,755)	(8,597)	(5,237)
Amortization of above and below-market leases	(1,946)	(964)	(12,815)
Provision for doubtful accounts	4,663	4,314	3,586
Income tax (benefit) expense	(3,604)	15,594	722
Equity in income of unconsolidated joint ventures	(71,773)	(85,546)	(56,941)
Change in fair value of financing arrangement obligation	(15,225)	0	0
Co-venture expense	0	13,629	13,382
Distributions of income from unconsolidated joint ventures	1,959	463	7,248
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	(13,912)	(6,508)	(7,585)
Other assets	8,439	(4,414)	(20,033)
Due from affiliates	(3,019)	(13,982)	15,983
Accounts payable and accrued expenses	(2,159)	(5,822)	(8,929)
Other accrued liabilities	(9,274)	(9,802)	(22,227)
Net cash provided by operating activities	344,311	386,389	429,534
Cash flows from investing activities:
Development, redevelopment, expansion and renovation of properties	(181,089)	(160,343)	(211,616)
Property improvements	(56,142)	(41,807)	(47,863)
Proceeds from repayment of notes receivable	1,043	7,073	3,677
Deferred leasing costs	(28,769)	(31,655)	(28,074)
Distributions from unconsolidated joint ventures	536,643	267,964	444,095
Contributions to unconsolidated joint ventures	(181,239)	(117,538)	(430,428)
Proceeds from sale of assets	85,876	255,294	724,275
Net cash provided by investing activities	176,323	178,988	454,066
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	415,000	1,430,000	3,201,138
Payments on mortgages, bank and other notes payable	(469,814)	(1,219,728)	(2,437,891)
Deferred financing costs	(275)	(8,500)	(10,584)
Payment of finance deposits, net of refunds received	(6,542)	0	0
Payment of debt extinguishment costs	0	0	(14,419)
Proceeds from share and unit-based plans	1,570	1,868	1,697
Stock repurchases	0	(221,428)	(800,018)
Redemption of noncontrolling interests	(759)	(920)	(30)
Contributions from noncontrolling interests	16	30	90
Settlement of contingent consideration	0	0	(10,012)
Dividends and distributions	(453,634)	(443,839)	(779,308)
Distributions to co-venture partner	0	(103,752)	(18,165)
Net cash used in financing activities	(514,438)	(566,269)	(867,502)
Net increase (decrease) in cash, cash equivalents and restricted cash	6,196	(892)	16,098
Cash, cash equivalents and restricted cash at beginning of year	143,105	143,997	127,899
Cash, cash equivalents, and restricted cash at end of year	149,301	143,105	143,997
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	192,254	168,493	153,838
Non-cash investing and financing activities:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	50,006	43,726	49,484
Conversion of Operating Partnership Units to common stock	75	16,797	12,448
Mortgage notes payable settled by deed-in-lieu of foreclosure	0	0	37,000
Mortgage notes payable assumed by buyer in exchange for investment in unconsolidated joint venture	139,249	0	$ 997,695
Disposition of property in exchange for investments in unconsolidated joint ventures	$ 25,177	$ 0

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

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies:

Basis of Presentation:

These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America.

The accompanying consolidated financial statements include the accounts of the Company. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity ("VIE") in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures.

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

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



	December 31,
	2018		2017
Assets:
Property, net	$	263,511	$	288,881
Other assets	23,001		60,586
Total assets	$	286,512	$	349,467
Liabilities:
Mortgage notes payable	$	125,273	$	129,436
Other liabilities	32,503		72,705
Total liabilities	$	157,776	$	202,141

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

Cash and Cash Equivalents and Restricted Cash:

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

Revenues:

Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." Minimum rents were increased by $11,755, $8,597 and $5,237 due to the straight-line rent adjustment during the years ended December 31, 2018, 2017 and 2016, respectively. Percentage rents are recognized and accrued when tenants' specified sales targets have been met.

Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases.

The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers. In consideration for these services, the Management Companies receive monthly management fees generally ranging from 1.5% to 4% of the gross monthly rental revenue of the properties managed.

Property:

Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings.

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



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

Capitalization of Costs:

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

Investment in Unconsolidated Joint Ventures:

The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. Although the Company has a greater than 50% interest in Corte Madera Village, LLC, Macerich HHF Centers LLC, New River Associates LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures due to the substantive participation rights of the outside partners in these joint ventures and, therefore, accounts for its investments in these joint ventures using the equity method of accounting.

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

Acquisitions:

The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases are recorded in deferred charges and other assets and amortized over the remaining lease terms plus any below-market fixed rate renewal options. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space. The initial allocation of purchase price is based on management's preliminary assessment, which may change when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which does not exceed one year. The purchase price allocation is described as preliminary if it is not yet final. The use of different assumptions in the allocation of the purchase price of the acquired assets and liabilities assumed could affect the timing of recognition of the related revenues and expenses.

The Company immediately expenses costs associated with business combinations as period costs and capitalizes costs associated with asset acquisitions.

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

Deferred Charges:

Costs relating to obtaining tenant leases are deferred and amortized over the initial term of the lease agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's leasing arrangements at the Centers, the related cash flows are classified as investing activities within the accompanying Consolidated Statements of Cash Flows. Costs relating to financing of shopping center properties are deferred and amortized over the life of the related loan using the straight-line method, which approximates the effective interest method.

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



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

Accounting for Impairment:

The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell.

The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary.

Share and Unit-based Compensation Plans:

The cost of share and unit-based compensation awards is measured at the grant date based on the calculated fair value of the awards and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. For market-indexed LTIP awards, compensation cost is recognized under the graded attribution method.

Derivative Instruments and Hedging Activities:

The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value are recorded in comprehensive income. Ineffective portions, if any, are included in net income (loss).

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

If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations.

Income Taxes:

The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 1994. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, then it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income, if any.

Each partner is taxed individually on its share of partnership income or loss, and accordingly, no provision for federal and state income tax is provided for the Operating Partnership in the consolidated financial statements. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes, which are provided for in the Company's consolidated financial statements.

Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to differences in the book and tax bases of property and to operating loss carryforwards for federal and state income tax purposes. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods.

Segment Information:

The Company currently operates in one business segment, the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers. Additionally, the Company operates in one geographic area, the United States.

Fair Value of Financial Instruments:

The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions.

Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

The Company calculates the fair value of financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made.

Fair Value of Financial Instruments:(Continued)

The fair values of interest rate agreements are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below or rose above the strike rate of the interest rate agreements. The variable interest rates used in the calculation of projected receipts on the interest rate agreements are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.

The Company records its financing arrangement obligation at fair value on a recurring basis with changes in fair value being recorded as interest expense in the Company’s consolidated statements of operations. The fair value is determined based on a discounted cash flow model, with the significant unobservable inputs including the multiple of net operating income, discount rate, and market rents. 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.

Concentration of Risk:

The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250. At various times during the year, the Company had deposits in excess of the FDIC insurance limit.

No Center or tenant generated more than 10% of total revenues during the years ended December 31, 2018, 2017 or 2016.

Management Estimates:

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

Shareholder Activism Costs:

During the year ended December 31, 2018, the Company incurred $19,369 in costs associated with activities related to shareholder activism. These costs were primarily for legal and advisory services.

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.

Recent Accounting Pronouncements: (Continued)

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 is effective for the Company under a modified retrospective approach beginning January 1, 2019.

The FASB has provided a transition package of practical expedients for implementation, which include (i) relief from re-assessing whether an expired or existing contract meets the definition of a lease, (ii) relief from re-assessing the classification of expired or existing leases at the adoption date and (iii) allowing previously capitalized initial direct leasing costs to continue to be amortized. In July 2018, the FASB issued ASU 2018-11, “Leases: Targeted improvements”, which provides companies with an additional transition option that would permit the application of the standard as of the adoption date rather than to all periods presented. The Company plans to utilize this transition option when it adopts the new standard on January 1, 2019 and also plans to elect to use the transition practical expedients package available to the Company under the new standard.

Under ASU 2016-02, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, the Company will no longer be able to capitalize internal leasing costs and instead will be required to expense these costs as incurred. The Company capitalized internal leasing costs of $22,536, $22,403 and $25,788 during the years ended December 31, 2018, 2017 and 2016, respectively.

For leases where the Company is the lessee, the adoption of the standard will significantly change the accounting on the Company's consolidated balance sheets since these leases will be required to be recorded on the Company’s consolidated balance sheets as an obligation of the Company. Existing leases executed before the January 1, 2019 adoption date will continue to be accounted for as operating leases and the new guidance will not have a material impact on the Company's recognition of lease expense. The Company anticipates that upon adoption, it will a recognize a right of use asset and a lease liability estimated to be between $110,000 and $130,000 on it consolidated balance sheets, which represents the present value of the minimum lease payments required in accordance with each lease. The right of use asset and lease liability are still being evaluated by management and will be finalized on the the Company's consolidated financial statements for the three months ending March 31, 2019.

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 $2,116 and $8,562 in net cash on its consolidated statements of cash flows for the years ended December 31, 2017 and 2016, respectively.

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:



	2018		2017		2016
Beginning of period
Cash and cash equivalents	$	91,038	$	94,046	$	86,510
Restricted cash	52,067		49,951		41,389
Cash, cash equivalents and restricted cash	$	143,105	$	143,997	$	127,899
End of period
Cash and cash equivalents	$	102,711	$	91,038	$	94,046
Restricted cash	46,590		52,067		49,951
Cash, cash equivalents and restricted cash	$	149,301	$	143,105	$	143,997

On January 5, 2017, the FASB issued ASU 2017-01, “Clarifying the Definition of a Business,” 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. As a result of the adoption of the standard on January 1, 2018, the Company began measuring the noncontrolling interest retained in partial sale transactions of real estate at fair value.

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. The Company does not expect the adoption of this standard to have a significant impact on its consolidated financial statements.

Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share (EPS)

Earnings Per Share ("EPS"):

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



	2018			2017			2016
Numerator
Net income	$	68,972		$	161,673		$	554,839
Net income attributable to noncontrolling interests	(8,952		)	(15,543		)	(37,844		)
Net income attributable to the Company	60,020			146,130			516,995
Allocation of earnings to participating securities	(1,106		)	(757		)	(779		)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$	58,914		$	145,373		$	516,216
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding	141,142			141,877			146,599
Effect of dilutive securities (1)
Share and unit based compensation	2			36			112
Denominator for diluted EPS—weighted average number of common shares outstanding	141,144			141,913			146,711
EPS—net income attributable to common stockholders:
Basic	$	0.42		$	1.02		$	3.52
Diluted	$	0.42		$	1.02		$	3.52

____________________________________


(1)	Diluted EPS excludes 90,619, 90,619 and 133,366 convertible preferred units for the years ended December 31, 2018, 2017 and 2016, respectively, as their impact was antidilutive.

Diluted EPS excludes 10,360,390, 10,416,321 and 10,721,271 Operating Partnership units ("OP Units") for the years ended December 31, 2018, 2017 and 2016, respectively, as their effect was antidilutive.

Investments in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures:

The following are the Company's direct or indirect investments in various joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2018 was as follows:



Joint Venture	Ownership %(1)
443 Wabash MAB LLC	50.0	%
AM Tysons LLC	50.0	%
Biltmore Shopping Center Partners LLC	50.0	%
CAM-CARSON LLC—Los Angeles Premium Outlets	50.0	%
Coolidge Holding LLC	37.5	%
Corte Madera Village, LLC	50.1	%
Country Club Plaza KC Partners LLC	50.0	%
Fashion District Philadelphia—Various Entities	50.0	%
HPP-MAC WSP, LLC—One Westside	25.0	%
Jaren Associates #4	12.5	%
Kierland Commons Investment LLC	50.0	%
Macerich HHF Broadway Plaza LLC—Broadway Plaza	50.0	%
Macerich HHF Centers LLC—Various Properties	51.0	%
MS Portfolio LLC	50.0	%
New River Associates LLC—Arrowhead Towne Center	60.0	%
North Bridge Chicago LLC	50.0	%
One Scottsdale Investors LLC	50.0	%
Pacific Premier Retail LLC—Various Properties	60.0	%
Propcor II Associates, LLC—Boulevard Shops	50.0	%
Scottsdale Fashion Square Partnership	50.0	%
TM TRS Holding Company LLC	50.0	%
Tysons Corner LLC	50.0	%
Tysons Corner Hotel I LLC	50.0	%
Tysons Corner Property Holdings II LLC	50.0	%
Tysons Corner Property LLC	50.0	%
West Acres Development, LLP	19.0	%
Westcor/Surprise Auto Park LLC	33.3	%
WMAP, L.L.C.—Atlas Park, The Shops at	50.0	%

_______________________________________________________________________________

(1)

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

The Company has made the following investments and dispositions in unconsolidated joint ventures during the years ended December 31, 2018, 2017 and 2016:

On January 6, 2016, the Company sold a 40% ownership interest in Arrowhead Towne Center, a 1,197,000 square foot regional shopping center in Glendale, Arizona, for $289,496, resulting in a gain on the sale of assets of $101,629. The sales price was funded by a cash payment of $129,496 and the assumption of a pro rata share of the mortgage note payable on the property of $160,000. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes, which included funding the Special Dividend (See Note 13—Stockholders' Equity). Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in Arrowhead Towne Center under the equity method of accounting.

On January 14, 2016, the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall, a 1,040,000 square foot regional shopping center in Deptford, New Jersey; FlatIron Crossing, a 1,428,000 square foot regional shopping center in Broomfield, Colorado; and Twenty Ninth Street, an 845,000 square foot regional shopping center in Boulder, Colorado (the "MAC Heitman Portfolio"), for $771,478, resulting in a gain on the sale of assets of $340,734. The sales price was funded by a cash payment of $478,608 and the assumption of a pro rata share of the mortgage notes payable on the properties of $292,870. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in the MAC Heitman Portfolio under the equity method of accounting.

On March 1, 2016, the Company, through a 50/50 joint venture, acquired Country Club Plaza, a 1,003,000 square foot regional shopping center in Kansas City, Missouri, for a purchase price of $660,000. The Company funded its pro rata share of the purchase price of $330,000 from borrowings under its line of credit. On March 28, 2016, the joint venture placed a $320,000 loan on the property that bears interest at an effective rate of 3.88% and matures on April 1, 2026. The Company used its pro rata share of the proceeds to pay down its line of credit and for general corporate purposes.

On March 17, 2017, the Company's joint venture in Country Club Plaza sold an ownership interest in 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 sale of assets of $2,290 was included in equity in income of 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 an 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 sale of assets of $6,539 was included in equity in income of 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.

On March 1, 2018, the Company formed a 25/75 joint venture with Hudson Pacific Properties, whereby the Company agreed to contribute Westside Pavilion, a 680,000 square foot regional shopping center in Los Angeles, California in exchange for $142,500. From March 1, 2018 to August 31, 2018, the Company accounted for its interest in the property as a collaborative arrangement (See Note 14—Collaborative Arrangement). On August 31, 2018, the Company completed the sale of the 75% ownership interest in the property to Hudson Pacific Properties, resulting in a gain on sale of assets of $46,242. The sales price was funded by a cash payment of $36,903 and the assumption of a pro rata share of the mortgage note payable on the property of $105,597. Concurrent with the sale of the ownership interest, the joint venture defeased the loan on the property by providing $149,175 portfolio of marketable securities as replacement collateral in lieu of the property. The Company funded its $37,294 share of the purchase price of the marketable securities portfolio with the proceeds from the sale of the ownership interest in the property. Upon completion of the sale of the ownership interest in the property, the Company has accounted for its remaining ownership interest in the property, also referred to as One Westside, under the equity method of accounting.

On July 6, 2018, the Company’s joint venture in The Market at Estrella Falls, a 298,000 square foot community center in Goodyear, Arizona, sold the property for $49,100, resulting in a gain on sale of assets of $12,598. The Company's share of the gain of $2,996 was included in equity in income from unconsolidated joint ventures. The proceeds were used to pay off the $24,118 mortgage loan payable on the property, settle development obligations and for distributions to the partners. The Company used its share of the net proceeds for general corporate purposes.

On September 6, 2018, the Company formed a 50/50 joint venture with Simon Property Group to develop Los Angeles Premium Outlets, a premium outlet center in Carson, California that is planned to open with approximately 400,000 square feet, followed by an additional 165,000 square feet in the second stage. The joint venture expects to complete the first phase of the development in Fall 2021.

Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures.

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



	2018			2017
Assets(1):
Property, net	$	9,241,003		$	9,052,105
Other assets	703,861			635,838
Total assets	$	9,944,864		$	9,687,943
Liabilities and partners' capital(1):
Mortgage and other notes payable(2)	$	6,050,930		$	5,296,594
Other liabilities	388,509			405,052
Company's capital	1,913,475			2,188,057
Outside partners' capital	1,591,950			1,798,240
Total liabilities and partners' capital	$	9,944,864		$	9,687,943
Investment in unconsolidated joint ventures:
Company's capital	$	1,913,475		$	2,188,057
Basis adjustment(3)	(535,808		)	(562,021		)
	$	1,377,667		$	1,626,036

Assets—Investments in unconsolidated joint ventures	$	1,492,655		$	1,709,522
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(114,988		)	(83,486		)
	$	1,377,667		$	1,626,036

_______________________________________________________________________________


(1)	These amounts include the assets of $3,047,851 and $3,106,105 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2018 and 2017, respectively, and liabilities of $1,859,637 and $1,872,227 of the PPR Portfolio as of December 31, 2018 and 2017, respectively.


(2)	Included in mortgage and other notes payable at December 31, 2017 was $482,332 due to NML (See Note 18—Related Party Transactions). Interest expense incurred on these borrowings, during the period NML was a related party, amounted to $20,197, $17,898 and $16,898 for the years ended December 31, 2018, 2017 and 2016, 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 $12,793, $16,562 and $17,610 for the years ended December 31, 2018, 2017 and 2016, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:



	PPR Portfolio			Other Joint Ventures		Total
Year Ended December 31, 2018
Revenues:
Minimum rents	$	132,258		$	506,537	$	638,795
Percentage rents	4,597			15,139		19,736
Tenant recoveries	46,067			191,228		237,295
Other	4,907			55,844		60,751
Total revenues	187,829			768,748		956,577
Expenses:
Shopping center and operating expenses	39,283			246,652		285,935
Interest expense	67,117			145,915		213,032
Depreciation and amortization	97,885			248,778		346,663
Total operating expenses	204,285			641,345		845,630
(Loss) gain on sale of assets	(140		)	14,471		14,331
Net (loss) income	$	(16,596	)	$	141,874	$	125,278
Company's equity in net (loss) income	$	(16	)	$	71,789	$	71,773

Year Ended December 31, 2017
Revenues:
Minimum rents	$	134,450		$	501,732	$	636,182
Percentage rents	5,050			13,866		18,916
Tenant recoveries	46,575			189,059		235,634
Other	5,959			51,767		57,726
Total revenues	192,034			756,424		948,458
Expenses:
Shopping center and operating expenses	41,340			243,271		284,611
Interest expense	67,053			131,714		198,767
Depreciation and amortization	101,625			250,921		352,546
Total operating expenses	210,018			625,906		835,924
(Loss) gain on sale of assets	(36		)	33,861		33,825
Net (loss) income	$	(18,020	)	$	164,379	$	146,359
Company's equity in net (loss) income	$	(453	)	$	85,999	$	85,546



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

_______________________________________________________________________________

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 completed the transfer on August 31, 2018.

During the period from March 1, 2018 to August 31, 2018, the Company accounted for the operations of Westside Pavilion as a collaborative arrangement. Both partners shared operating control of the property and the Company was reimbursed by the outside partner for 75% of the carrying cost of the property, which were defined in the agreement as operating expenses in excess of revenues, debt service and capital expenditures. Accordingly, the Company 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 was settled upon completion of the transfer of the property. In addition, the Company was reimbursed by its partner for its 75% share of mortgage loan principal payments and capital expenditures during the period. Since completion of the transfer, the Company has accounted for its investment in Westside Pavilion, also referred to as One Westside, under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures).

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities:

The Company uses an interest rate cap and four interest rate swap agreements to manage the interest rate risk of its floating rate debt. The Company recorded other comprehensive loss related to the marking-to-market of derivative instruments of $(4,424) and $(42) during the years ended December 31, 2018 and 2017, respectively. There were no derivatives outstanding during the year ended December 31, 2016. The fair value of the Company's derivatives was $(4,413) and $11 at December 31, 2018 and 2017, respectively.

The following derivatives were outstanding at December 31, 2018:



Property	Notional Amount		Product	LIBOR Rate		Maturity	Fair Value
Santa Monica Place	$	300,000	Cap	4.00	%	12/9/2019	$	—
The Macerich Partnership, L.P.	$	400,000	Swaps	2.85	%	9/30/2021	$	(4,413	)

The above derivative instruments were designated as hedging instruments with an aggregate fair value (Level 2 measurement) and were included in other accrued liabilities. The fair value of the Company's interest rate derivatives was determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swap. As a result, the Company determined that its interest rate cap and swap valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Property, net

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property, net

Property, net:

Property at December 31, 2018 and 2017 consists of the following:



	2018			2017
Land	$	1,506,678		$	1,567,152
Buildings and improvements	6,288,308			6,385,035
Tenant improvements	678,110			620,352
Equipment and furnishings	206,398			187,998
Construction in progress	199,326			366,996
	8,878,820			9,127,533
Less accumulated depreciation	(2,093,044		)	(2,018,303		)
	$	6,785,776		$	7,109,230

Depreciation expense for the years ended December 31, 2018, 2017 and 2016 was $275,236, $277,917 and $277,270, respectively.

The loss on the sale or write down of assets, net for the year ended December 31, 2018 includes a loss of $54,469 on impairment, $28,266 on the write off of development costs and $311 on the sale of Promenade at Casa Grande (See Note 15—Dispositions). These losses were offset in part by a gain of $46,242 on the sale of a 75% ownership interest in One Westside (See Note 4—Investments in Unconsolidated Joint Ventures) and $4,989 on the sale of land parcels. The loss on impairment was due to the reduction of the estimated holding periods of SouthPark Mall, La Cumbre Plaza, Southridge Center and Promenade at Casa Grande.

The gain on sale or write down of assets, net for the year ended December 31, 2017 includes a gain of $59,577 on the sale of Cascade Mall and Northgate Mall (See Note 15—Dispositions), $14,597 on the sale of 500 North Michigan Avenue (See Note 15—Dispositions) and $1,564 on the sales of land. These gains were offset in part by a loss of $22,108 on impairment, $10,138 on the write down of an investment in non-real estate assets and $1,046 on the write off of development costs. The loss on impairment was due to the reduction of the estimated holding periods of Southridge Center and Promenade at Casa Grande.

The gain on sale or write down of assets, net for the year ended December 31, 2016 includes a gain of $101,629 on the sale of a 40% ownership interest in Arrowhead Towne Center (See Note 4—Investments in Unconsolidated Joint Ventures), $340,734 on the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures), $24,894 on the sale of Capitola Mall (See Note 15—Dispositions) and $4,546 on the sale of land. These gains were offset in part by a loss of $39,671 on impairment, a charge of $12,180 from a contingent consideration obligation, a loss of $3,066 on the sale of a former Mervyn's store (See Note 15—Dispositions) and $1,538 on the write-off of development costs. The loss on impairment was due to the reduction of the estimated holding periods of Cascade Mall, Promenade at Casa Grande, The Marketplace at Flagstaff and a freestanding store.

The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment charges recorded for the years ended December 31, 2018, 2017 and 2016 as described above:



Years ended December, 31	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Years ended December, 31	Total Fair Value Measurement		(Level 1)		(Level 2)		(Level 3)
2018	$	104,700	$	—	$	104,700	$	—
2017	$	38,000	$	—	$	38,000	$	—
2016	$	86,100	$	—	$	—	$	86,100

The fair value relating to impairments that were based on sales contracts were classified within Level 2 of the fair value hierarchy. The fair value relating to impairment assessments that were not based on sales contracts were based on a discounted cash flow model that included all cash inflows and outflows over a specific holding period. Such projected cash flows are comprised of contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Terminal capitalization rates and discount rates utilized in these models are based on a reasonable range of current market rates for each property analyzed. Based upon these inputs, the Company determined that its valuations of properties using a discounted cash flow model are classified within Level 3 of the fair value hierarchy.

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



Terminal capitalization rate			7.0% - 10.0%
Discount rate			8.0% - 15.0%
Market rents per square foot			$2.00 - $20.00

Tenant and Other Receivables, net	12 Months Ended
Tenant and Other Receivables, net	Dec. 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 $2,919 and $2,786 at December 31, 2018 and 2017, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $8,949 and $8,711 at December 31, 2018 and 2017, respectively, and a deferred rent receivable due to straight-line rent adjustments of $72,456 and $61,859 at December 31, 2018 and 2017, respectively. On March 17, 2014, in connection with the sale of Lake Square Mall, a 559,000 square foot regional shopping center in Leesburg, Florida, the Company issued a note receivable for $6,500 that bore interest at an effective rate of 6.5% and was to mature on March 17, 2018. The note was paid off on October 20, 2017.

- Definition

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

+ References + Details

Deferred Charges and Other Assets, net

12 Months Ended

Dec. 31, 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 at December 31, 2018 and 2017 consist of the following:



	2018			2017
Leasing	$	226,885		$	232,819
Intangible assets:
In-place lease values(1)	94,966			108,432
Leasing commissions and legal costs(1)	23,508			25,958
Above-market leases	140,889			164,040
Deferred tax assets	32,197			29,006
Deferred compensation plan assets	45,857			52,221
Distributions in excess of co-venture obligation(2)	—			31,150
Other assets	75,497			66,990
	639,799			710,616
Less accumulated amortization(3)	(249,396		)	(261,426		)
	$	390,403		$	449,190

_______________________________


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



Year Ending December 31,
2019	$	10,957
2020	8,260
2021	6,780
2022	5,111
2023	3,685
Thereafter	11,395
	$	46,188


(2)	See Note 11—Financing Arrangement.


(3)	Accumulated amortization includes $72,286 and $74,507 relating to in-place lease values, leasing commissions and legal costs at December 31, 2018 and 2017, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $13,635, $19,958 and $33,048 for the years ended December 31, 2018, 2017 and 2016, respectively.

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



	2018			2017
Above-Market Leases
Original allocated value	$	140,889		$	164,040
Less accumulated amortization	(49,847		)	(60,210		)
	$	91,042		$	103,830
Below-Market Leases(1)
Original allocated value	$	108,330		$	120,573
Less accumulated amortization	(56,345		)	(55,489		)
	$	51,985		$	65,084

_______________________________


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

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



Year Ending December 31,	Above Market		Below Market
2019	$	8,303	$	9,968
2020	7,286		7,716
2021	6,621		6,095
2022	5,882		5,122
2023	5,482		4,080
Thereafter	57,468		19,004
	$	91,042	$	51,985

Mortgage Notes Payable

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Mortgage Notes Payable

Mortgage Notes Payable:

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



	Carrying Amount of Mortgage Notes(1)
	2018				2017				Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	—	$	199,972	$	—	$	199,904	3.77	%	$	625	2019
Danbury Fair Mall(6)	—		202,158		104,599		104,598		5.53	%	1,538		2020
Fashion Outlets of Chicago(7)	—		199,622		—		199,298		4.01	%	642		2020
Fashion Outlets of Niagara Falls USA	—		109,651		—		112,770		4.89	%	727		2020
Freehold Raceway Mall(5)	—		398,212		—		398,050		3.94	%	1,300		2029
Fresno Fashion Fair	—		323,460		—		323,261		3.67	%	971		2026
Green Acres Commons(8)	—		128,006		—		107,219		5.06	%	488		2021
Green Acres Mall	—		284,686		—		291,366		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		437,120		—		447,231		3.67	%	2,229		2019
Oaks, The	—		192,037		—		196,732		4.14	%	1,064		2022
Pacific View	—		121,362		—		124,397		4.08	%	668		2022
Queens Center	—		600,000		—		600,000		3.49	%	1,744		2025
Santa Monica Place(9)	—		297,069		—		296,366		4.01	%	939		2022
SanTan Village Regional Center(10)	—		121,585		—		124,703		3.14	%	589		2019
Towne Mall	—		20,733		—		21,161		4.48	%	117		2022
Tucson La Encantada(6)	—		65,361		66,970		—		4.23	%	368		2022
Victor Valley, Mall of	—		114,675		—		114,617		4.00	%	380		2024
Vintage Faire Mall	—		258,207		—		263,818		3.55	%	1,256		2026
Westside Pavilion(11)	—		—		—		141,020
	$	—	$	4,073,916	$	171,569	$	4,066,511

(1)

The mortgage notes payable balances includes an unamortized debt premium. 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 $1,701 and $2,630 at December 31, 2018 and 2017, respectively.

The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $13,053 and $17,838 at December 31, 2018 and 2017, respectively.


(2)	The interest rate disclosed represents the effective interest rate, including the impact of debt premium 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)	Related party mortgage notes payable were amounts due to NML (See Note 18—Related Party Transactions).


(7)	The loan bears interest at LIBOR plus 1.50%. At December 31, 2018 and 2017, the total interest rate was 4.01% and 3.02%, respectively. On January 10, 2019, the Company replaced the existing loan on the property with a new $300,000 loan that bears interest at 4.58% and matures on February 1, 2031.


(8)	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 December 31, 2018 and 2017, the total interest rate was 5.06% and 4.07%, respectively.


(9)	The loan bears interest at LIBOR plus 1.35%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2019 (See Note 5—Derivative Instruments and Hedging Activities). At December 31, 2018 and 2017, the total interest rate was 4.01% and 3.13%, respectively.


(10)	On February 13, 2019, the Company’s joint venture in SanTan Village Regional Center entered into a commitment for a ten-year $220,000 loan to replace the existing loan on the property. The new loan will bear interest at a fixed rate of 4.30% and is expected to close during the second quarter of 2019.


(11)	On August 31, 2018, a 75% interest in the loan was assumed by a third party in connection with the sale of a 75% ownership interest in the underlying property (See Note 4—Investments in Unconsolidated Joint Ventures).

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

As of December 31, 2018, all of the Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company.

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

Total interest expense capitalized during the years ended December 31, 2018, 2017 and 2016 was $15,422, $13,160 and $10,316, respectively.

The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2018 and 2017 was $4,082,448 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.

The future maturities of mortgage notes payable are as follows:



Year Ending December 31,
2019	$	793,399
2020	525,133
2021	418,239
2022	674,341
2023	6,895
Thereafter	1,667,261
	4,085,268
Debt premium	1,701
Deferred finance cost, net	(13,053		)
	$	4,073,916

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

Bank and Other Notes Payable

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Bank and Other Notes Payable

Bank and Other Notes Payable:

Bank and other notes payable at December 31, 2018 and 2017 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 December 31, 2018, the borrowing rate on the facility was LIBOR plus 1.45%. The Company has four interest rate swap agreements that effectively convert a total of $400,000 of the outstanding balance from floating rate debt of LIBOR plus 1.45% to fixed rate debt of 4.30% until September 30, 2021 (See Note 5—Derivative Instruments and Hedging Activities). As of December 31, 2018 and 2017, borrowings under the line of credit, were $910,000 and $935,000, respectively, less unamortized deferred finance costs of $5,145 and $7,548, respectively, at a total interest rate of 4.20% and 3.13%, respectively. As of December 31, 2018 and 2017, the Company's availability under the line of credit for additional borrowings was $589,719 and $504,412, respectively, The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2018 and 2017 was $912,163 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 December 31, 2018 and 2017, the note had a balance of $3,689 and $4,732, respectively. The estimated fair value (Level 2 measurement) of the note at December 31, 2018 and 2017 was $3,690 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 December 31, 2018 and 2017, the Company was in compliance with all applicable financial loan covenants.

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



Year Ending December 31,
2019	$	887
2020	934
2021	911,868
	913,689
Deferred finance cost	(5,145		)
	$	908,544

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

Financing Arrangement	12 Months Ended
Financing Arrangement	Dec. 31, 2018
Co-Venture Arrangement [Abstract]
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 1,672,000 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. 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 year ended December 31, 2018, the Company incurred interest expense (income) in connection with the financing arrangement that included $9,079 from distributions of the partner's share of net income, $6,376 from the distributions in excess of the partner's share of net income and $(15,225) from the adjustment to fair value of the financing arrangement obligation.

Noncontrolling Interests	12 Months Ended
Noncontrolling Interests	Dec. 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 periodically to reflect its ownership interest in the Company. The Company had a 93% ownership interest in the Operating Partnership as of December 31, 2018 and 2017. The remaining 7% limited partnership interest as of December 31, 2018 and 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 registered or unregistered stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the ten trading days ending on the respective balance sheet date. Accordingly, as of December 31, 2018 and 2017, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $448,116 and $671,592, respectively. The Company issued common and cumulative preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder, the Company may redeem them for cash or shares of the Company's stock at the Company's option, and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity: 2015 Stock Buyback Program: On September 30, 2015, the Company's Board of Directors authorized the repurchase of up to $1,200,000 of the Company's outstanding common shares over the period ending September 30, 2017, as market conditions warranted. On February 17, 2016, the Company entered into an accelerated share repurchase program ("ASR") to repurchase an $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,222,193 shares. On April 19, 2016, the ASR was completed and the Company received delivery of an additional 861,235 shares. The average price of the 5,083,428 shares repurchased under the ASR was $78.69 per share. The ASR was funded from borrowings under the Company's line of credit, which had been recently paid down from the proceeds from the financings and sale of ownership interests in Arrowhead Towne Center and the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures). On May 9, 2016, the Company entered into an ASR to repurchase the remaining $400,000 of the Company's common stock authorized for repurchase. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 3,964,812 shares. On July 11, 2016, the ASR was completed and the Company received delivery of an additional 1,104,162 shares. The average price of the 5,068,974 shares repurchased under the ASR was $78.91 per share. The ASR was funded from borrowings under the Company's line of credit, which had been recently paid down from the proceeds from the financings and sale of ownership interests in Arrowhead Towne Center and the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures). 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 Country Club Plaza and Fashion District Philadelphia (See Note 4—Investments in Unconsolidated Joint Ventures) and from borrowings under its line of credit. There were no repurchases during the year ended December 31, 2018. Special Dividend: On October 30, 2015, the Company declared a special dividend/distribution ("Special Dividend") of $2.00 per share of common stock and per OP Unit that was paid on January 6, 2016 to common stockholders and OP Unit holders of record on November 12, 2015. The Special Dividend was funded from proceeds in connection with the financing and sale of ownership interests in the PPR Portfolio and Arrowhead Towne Center (See Note 4—Investments in Unconsolidated Joint Ventures). At-The-Market Stock Offering Program ("ATM Program"): On August 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.

Collaborative Agreement

12 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Collaborative Arrangement

Investments in Unconsolidated Joint Ventures:



Joint Venture	Ownership %(1)
443 Wabash MAB LLC	50.0	%
AM Tysons LLC	50.0	%
Biltmore Shopping Center Partners LLC	50.0	%
CAM-CARSON LLC—Los Angeles Premium Outlets	50.0	%
Coolidge Holding LLC	37.5	%
Corte Madera Village, LLC	50.1	%
Country Club Plaza KC Partners LLC	50.0	%
Fashion District Philadelphia—Various Entities	50.0	%
HPP-MAC WSP, LLC—One Westside	25.0	%
Jaren Associates #4	12.5	%
Kierland Commons Investment LLC	50.0	%
Macerich HHF Broadway Plaza LLC—Broadway Plaza	50.0	%
Macerich HHF Centers LLC—Various Properties	51.0	%
MS Portfolio LLC	50.0	%
New River Associates LLC—Arrowhead Towne Center	60.0	%
North Bridge Chicago LLC	50.0	%
One Scottsdale Investors LLC	50.0	%
Pacific Premier Retail LLC—Various Properties	60.0	%
Propcor II Associates, LLC—Boulevard Shops	50.0	%
Scottsdale Fashion Square Partnership	50.0	%
TM TRS Holding Company LLC	50.0	%
Tysons Corner LLC	50.0	%
Tysons Corner Hotel I LLC	50.0	%
Tysons Corner Property Holdings II LLC	50.0	%
Tysons Corner Property LLC	50.0	%
West Acres Development, LLP	19.0	%
Westcor/Surprise Auto Park LLC	33.3	%
WMAP, L.L.C.—Atlas Park, The Shops at	50.0	%

_______________________________________________________________________________

(1)

The Company has made the following investments and dispositions in unconsolidated joint ventures during the years ended December 31, 2018, 2017 and 2016:

Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures.

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



	2018			2017
Assets(1):
Property, net	$	9,241,003		$	9,052,105
Other assets	703,861			635,838
Total assets	$	9,944,864		$	9,687,943
Liabilities and partners' capital(1):
Mortgage and other notes payable(2)	$	6,050,930		$	5,296,594
Other liabilities	388,509			405,052
Company's capital	1,913,475			2,188,057
Outside partners' capital	1,591,950			1,798,240
Total liabilities and partners' capital	$	9,944,864		$	9,687,943
Investment in unconsolidated joint ventures:
Company's capital	$	1,913,475		$	2,188,057
Basis adjustment(3)	(535,808		)	(562,021		)
	$	1,377,667		$	1,626,036

Assets—Investments in unconsolidated joint ventures	$	1,492,655		$	1,709,522
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(114,988		)	(83,486		)
	$	1,377,667		$	1,626,036

_______________________________________________________________________________


(1)	These amounts include the assets of $3,047,851 and $3,106,105 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2018 and 2017, respectively, and liabilities of $1,859,637 and $1,872,227 of the PPR Portfolio as of December 31, 2018 and 2017, respectively.


(2)	Included in mortgage and other notes payable at December 31, 2017 was $482,332 due to NML (See Note 18—Related Party Transactions). Interest expense incurred on these borrowings, during the period NML was a related party, amounted to $20,197, $17,898 and $16,898 for the years ended December 31, 2018, 2017 and 2016, 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 $12,793, $16,562 and $17,610 for the years ended December 31, 2018, 2017 and 2016, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:



	PPR Portfolio			Other Joint Ventures		Total
Year Ended December 31, 2018
Revenues:
Minimum rents	$	132,258		$	506,537	$	638,795
Percentage rents	4,597			15,139		19,736
Tenant recoveries	46,067			191,228		237,295
Other	4,907			55,844		60,751
Total revenues	187,829			768,748		956,577
Expenses:
Shopping center and operating expenses	39,283			246,652		285,935
Interest expense	67,117			145,915		213,032
Depreciation and amortization	97,885			248,778		346,663
Total operating expenses	204,285			641,345		845,630
(Loss) gain on sale of assets	(140		)	14,471		14,331
Net (loss) income	$	(16,596	)	$	141,874	$	125,278
Company's equity in net (loss) income	$	(16	)	$	71,789	$	71,773

Year Ended December 31, 2017
Revenues:
Minimum rents	$	134,450		$	501,732	$	636,182
Percentage rents	5,050			13,866		18,916
Tenant recoveries	46,575			189,059		235,634
Other	5,959			51,767		57,726
Total revenues	192,034			756,424		948,458
Expenses:
Shopping center and operating expenses	41,340			243,271		284,611
Interest expense	67,053			131,714		198,767
Depreciation and amortization	101,625			250,921		352,546
Total operating expenses	210,018			625,906		835,924
(Loss) gain on sale of assets	(36		)	33,861		33,825
Net (loss) income	$	(18,020	)	$	164,379	$	146,359
Company's equity in net (loss) income	$	(453	)	$	85,999	$	85,546



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

_______________________________________________________________________________

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

Collaborative Arrangement:

Dispositions	12 Months Ended
Dispositions	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions: On April 13, 2016, the Company sold Capitola Mall, a 586,000 square foot regional shopping center in Capitola, California, for $93,000, resulting in a gain on the sale of assets of $24,894. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On May 31, 2016, the Company sold a former Mervyn's store in Yuma, Arizona, for $3,200, resulting in a loss on the sale of assets of $3,066. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On July 15, 2016, the Company conveyed Flagstaff Mall, a 347,000 square foot regional shopping center in Flagstaff, Arizona, to the mortgage lender by a deed-in-lieu of foreclosure and was discharged from the mortgage note payable. The loan was non-recourse to the Company. As a result, the Company recognized a gain on the extinguishment of debt of $5,284. 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 $59,577. 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. On May 17, 2018, the Company sold Promenade at Casa Grande, a 761,000 square foot community center in Casa Grande, Arizona, for $26,000, resulting in a loss on sale of assets of $311. The Company used the proceeds from the sale to pay down its line of credit and for other general corporate purposes.

Future Rental Revenues

12 Months Ended

Dec. 31, 2018

Leases [Abstract]

Future Rental Revenues

Future Rental Revenues:

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



Year Ending December 31,
2019	$	505,404
2020	439,094
2021	380,266
2022	329,840
2023	283,792
Thereafter	816,933
	$	2,755,329

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies:

The Company has certain properties 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 expenses were $17,709, $18,442 and $16,495 for the years ended December 31, 2018, 2017 and 2016, respectively. No contingent rent was incurred for the years ended December 31, 2018, 2017 or 2016.

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



Year Ending December 31,
2019	$	16,627
2020	17,183
2021	17,124
2022	17,450
2023	11,390
Thereafter	140,562
	$	220,336

As of December 31, 2018, the Company was contingently liable for $65,814 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company.

The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the relevant agreement. At December 31, 2018, the Company had $8,360 in outstanding obligations, which it believes will be settled in the next twelve months.

Related Party Transactions

12 Months Ended

Dec. 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 years ended December 31:



	2018		2017		2016
Management fees	$	19,752	$	19,105	$	17,937
Development and leasing fees	14,412		15,558		13,907
	$	34,164	$	34,663	$	31,844

Northwestern Mutual Life ("NML") was considered a related party due its ownership interest in Broadway Plaza until it sold its ownership interest in the property to a third party on October 12, 2018. Certain mortgage notes on the properties are held by NML (See Note 9—Mortgage Notes Payable). Interest expense in connection with these notes during the period NML was a related party was $6,883, $8,731 and $8,973 for the years ended December 31, 2018, 2017 and 2016, respectively. Included in accounts payable and accrued expenses at December 31, 2017 was interest payable of $716 to NML.

Due from affiliates includes $6,385 and $5,411 of unreimbursed costs and fees due from unconsolidated joint ventures under management agreements at December 31, 2018 and 2017, respectively.

In addition, due from affiliates at December 31, 2018 and 2017 includes 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 $224, $268 and $366 for the years ended December 31, 2018, 2017 and 2016, respectively. The balance on this note receivable was $3,689 and $4,796 at December 31, 2018 and 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 interest in a development agreement.

Also included in due from affiliates is a note receivable from Lennar Corporation that bore interest at LIBOR plus 2% and was to mature upon the completion of certain milestones in connection with the planned development of Fashion Outlets of San Francisco. As a result of those milestones not being completed, the Company elected to terminate the development agreement and the note was paid off on February 13, 2019. Interest income earned on this note was $3,152, $2,513 and $2,234 for the years ended December 31, 2018, 2017 and 2016, respectively. The balance on this note was $75,107 and $71,955 at December 31, 2018 and 2017, respectively. Lennar Corporation was considered a related party because it had an ownership interest in the project.

Share and Unit-based Plans

12 Months Ended

Dec. 31, 2018

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

Share and Unit-based Plans

Share and Unit-based Plans:

The Company has established share and unit-based compensation plans for the purpose of attracting and retaining executive officers, directors and key employees.

2003 Equity Incentive Plan:

The 2003 Equity Incentive Plan ("2003 Plan") authorizes the grant of stock awards, stock options, stock appreciation rights, stock units, stock bonuses, performance-based awards, dividend equivalent rights and OP Units or other convertible or exchangeable units. As of December 31, 2018, stock awards, stock units, LTIP Units (as defined below), stock appreciation rights ("SARs") and stock options have been granted under the 2003 Plan. All stock options or other rights to acquire common stock granted under the 2003 Plan have a term of 10 years or less. These awards were generally granted based on the performance of the Company and the employees. None of the awards have performance requirements other than a service condition of continued employment unless otherwise provided. All awards are subject to restrictions determined by the Company's compensation committee. The aggregate number of shares of common stock that may be issued under the 2003 Plan is 19,825,428 shares. As of December 31, 2018, there were 6,243,447 shares available for issuance under the 2003 Plan.

Stock Awards:

The value of the stock awards was determined by the market price of the Company's common stock on the date of the grant. The following table summarizes the activity of non-vested stock awards during the years ended December 31, 2018, 2017 and 2016:



	2018			2017			2016
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Balance at beginning of year	—	$	—	—	$	—	1,612		$	62.01
Granted	—	—		—	—		—		—
Vested	—	—		—	—		(1,612	)	62.01
Balance at end of year	—	$	—	—	$	—	—		$	—

Stock Units:

The stock units represent the right to receive upon vesting one share of the Company's common stock for one stock unit. The value of the stock units was determined by the market price of the Company's common stock on the date of the grant. The following table summarizes the activity of non-vested stock units during the years ended December 31, 2018, 2017 and 2016:



	2018				2017				2016
	Units		Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value
Balance at beginning of year	151,355		$	73.32	148,428		$	78.53	132,086		$	74.58
Granted	87,983		58.79		86,827		66.46		85,601		79.22
Vested	(108,991	)	74.04		(81,205	)	75.62		(69,259	)	71.82
Forfeited	(890	)	68.81		(2,695	)	69.57		—		—
Balance at end of year	129,457		$	64.21	151,355		$	73.32	148,428		$	78.53

SARs:

The executives and key employees have up to 10 years from the grant date to exercise the SARs. Upon exercise, the executives and key employees will receive unrestricted common shares for the appreciation in value of the SARs from the grant date to the exercise date.

In connection with the payment of the Special Dividend (See Note 13—Stockholders' Equity), the compensation committee approved an adjustment to all outstanding SARs. The exercise price and number of outstanding SARs were adjusted such that each SAR had the same fair value to the holder before and after giving effect to the payment of the special dividend. As a result, the 417,783 outstanding SARs on January 6, 2016 with a weighted-average price of $55.13 were adjusted to 427,968 outstanding SARs with a weighted average price of $53.85.

The following table summarizes the activity of SARs awards during the years ended December 31, 2018, 2017 and 2016:



	2018				2017				2016
	Units		Weighted Average Exercise Price		Units		Weighted Average Exercise Price		Units		Weighted Average Exercise Price
Balance at beginning of year	235,439		$	53.83	284,146		$	53.85	417,783		$	55.13
Granted	—		—		—		—		—		—
Exercised	(235,439	)	53.83		(48,707	)	53.95		(143,822	)	53.73
Special dividend adjustment	—		—		—		—		10,185		53.88
Balance at end of year	—		$	—	235,439		$	53.83	284,146		$	53.85

Long-Term Incentive Plan Units:

Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of operating partnership units ("LTIP Units") in the Operating Partnership. Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company, or cash at the Company's option, on a one-unit for one-share basis. LTIP Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include both market-indexed awards and service-based awards.

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

The fair value of the service-based LTIP Units was determined by the market price of the Company's common stock on the date of the grant. The fair value of the market-indexed LTIP Units are estimated on the date of grant using a Monte Carlo Simulation model. The stock price of the Company, along with the stock prices of the group of peer REITs (for market-indexed awards), is assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on the share price of the Company and the peer group REITs were estimated based on a look-back period. The expected growth rate of the stock prices over the "derived service period" is determined with consideration of the risk free rate as of the grant date.

The Company has granted the following LTIP units during the years ended December 31, 2018, 2017 and 2016:



Grant Date	Units	Type	Fair Value per LTIP Unit		Vest Date
1/1/2016	58,786	Service-based	$	80.69	12/31/2018
1/1/2016	266,899	Market-indexed	$	53.32	12/31/2018
3/4/2016	154,686	Service-based	$	79.20	3/4/2016
	480,371

1/1/2017	66,079	Service-based	$	70.84	12/31/2019
1/1/2017	297,849	Market-indexed	$	47.15	12/31/2019
3/3/2017	134,742	Service-based	$	66.57	3/3/2017
6/1/2017	1,522	Service-based	$	58.31	5/29/2020
6/1/2017	6,714	Market-indexed	$	39.66	5/29/2020
	506,906

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
4/26/2018	89,637	Service-based	$	55.78	4/26/2018
	569,136

The fair value of the market-indexed LTIP Units (Level 3) were estimated on the date of grant using a Monte Carlo Simulation model that based on the following assumptions



Grant Date	Risk Free Interest Rate		Expected Volatility
1/1/2016	1.32	%	20.31	%
1/1/2017	1.49	%	20.75	%
6/1/2017	1.45	%	21.40	%
1/1/2018	1.98	%	23.38	%
1/29/2018	2.25	%	23.86	%

The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2018, 2017 and 2016:



	2018				2017				2016
	Units		Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value
Balance at beginning of year	636,632		$	52.36	322,572		$	58.18	56,315		$	73.24
Granted	569,136		51.78		506,906		55.33		480,371		65.00
Vested	(253,625	)	61.17		(192,846	)	69.93		(214,114	)	77.45
Forfeited	(290,565	)	52.58		—		—		—		—
Balance at end of year	661,578		$	48.38	636,632		$	52.36	322,572		$	58.18

Stock Options:

In connection with the payment of the Special Dividend (See Note 13—Stockholders' Equity), the compensation committee approved an adjustment to all outstanding stock options. The exercise price and number of outstanding stock options were adjusted such that each stock option had the same fair value to the holder before and after giving effect to the payment of the Special Dividend. As a result, the 10,314 outstanding stock options on January 6, 2016 with a weighted-average price of $58.15 were adjusted to 10,565 outstanding stock options with a weighted average price of $56.77.

On May 30, 2017, the Company granted 25,000 non-qualified stock options with a grant date fair value of $10.02 that will vest on May 30, 2019. The Company measured the value of each option awarded using the Black-Scholes Option Pricing Model based upon the following assumptions: volatility of 30.19%, dividend yield of 4.93%, risk free rate of 2.08%, current value of $57.55 and an expected term of 8 years.

The following table summarizes the activity of stock options for the years ended December 31, 2018, 2017 and 2016:



	2018			2017			2016
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Balance at beginning of year	35,565	$	57.32	10,565	$	56.77	10,314	$	58.15
Granted	—	—		25,000	57.55		—	—
Exercised	—	—		—	—		—	—
Special dividend adjustment	—	—		—	—		251	56.77
Balance at end of year	35,565	$	57.32	35,565	$	57.32	10,565	$	56.77

Directors' Phantom Stock Plan:

The Directors' Phantom Stock Plan offers non-employee members of the board of directors ("Directors") the opportunity to defer their cash compensation and to receive that compensation in common stock rather than in cash after termination of service or a predetermined period. Compensation generally includes the annual retainers payable by the Company to the Directors. Deferred amounts are generally credited as units of phantom stock at the beginning of each three-year deferral period by dividing the present value of the deferred compensation by the average fair market value of the Company's common stock at the date of award. Compensation expense related to the phantom stock awards was determined by the amortization of the value of the stock units on a straight-line basis over the applicable service period. The stock units (including dividend equivalents) vest as the Directors' services (to which the fees relate) are rendered. Vested phantom stock units are ultimately paid out in common stock on a one-unit for one-share basis. To the extent elected by a Director, stock units receive dividend equivalents in the form of additional stock units based on the dividend amount paid on the common stock. The aggregate number of phantom stock units that may be granted under the Directors' Phantom Stock Plan is 500,000. As of December 31, 2018, there were 159,374 stock units available for grant under the Directors' Phantom Stock Plan.

The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2018, 2017 and 2016:



	2018				2017				2016
	Stock Units		Weighted Average Grant Date Fair Value		Stock Units		Weighted Average Grant Date Fair Value		Stock Units		Weighted Average Grant Date Fair Value
Balance at beginning of year	4,054		$	79.82	5,845		$	81.47	—		$	—
Granted	10,380		49.55		8,760		68.93		21,088		80.21
Vested	(12,193	)	54.40		(10,551	)	71.69		(15,243	)	79.73
Forfeited	(2,241	)	77.91		—		—		—		—
Balance at end of year	—		$	—	4,054		$	79.82	5,845		$	81.47

Employee Stock Purchase Plan ("ESPP"):

The ESPP authorizes eligible employees to purchase the Company's common stock through voluntary payroll deductions made during periodic offering periods. Under the ESPP common stock is purchased at a 15% discount from the lesser of the fair value of common stock at the beginning and end of the offering period. A maximum of 750,000 shares of common stock is available for purchase under the ESPP. The number of shares available for future purchase under the plan at December 31, 2018 was 415,013.

Compensation:

The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2018, 2017 and 2016:



	2018		2017		2016
Stock awards	$	—	$	—	$	20
Stock units	6,355		6,045		6,305
LTIP units	26,311		30,161		32,957
Stock options	125		85		16
Phantom stock units	760		714		1,231
	$	33,551	$	37,005	$	40,529

The Company capitalized share and unit-based compensation costs of $6,184, $6,206 and $7,241 for the years ended December 31, 2018, 2017 and 2016, respectively.

The fair value of the stock awards and stock units that vested during the years ended December 31, 2018, 2017 and 2016 was $6,479, $5,257 and $5,644, respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2018 consisted of $2,395 from LTIP Units, $1,833 from stock units and $51 from stock options.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2018
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans: 401(k) Plan: The Company has a defined contribution retirement plan that covers its eligible employees (the "Plan"). The Plan is a defined contribution retirement plan covering eligible employees of the Macerich Property Management Company, LLC and participating affiliates. The Plan is qualified in accordance with section 401(a) of the Code. Effective January 1, 1995, the Plan was amended to constitute a qualified cash or deferred arrangement under section 401(k) of the Code, whereby employees can elect to defer compensation subject to Internal Revenue Service withholding rules. This Plan was further amended effective as of February 1, 1999 to add The Macerich Company Common Stock Fund as a new investment alternative under the Plan. A total of 150,000 shares of common stock were reserved for issuance under the Plan, which was subsequently increased by an additional 500,000 shares in February 2013. On January 1, 2004, the Plan adopted the "Safe Harbor" provision under Sections 401(k)(12) and 401(m)(11) of the Code. In accordance with adopting these provisions, the Company makes matching contributions equal to 100 percent of the first three percent of compensation deferred by a participant and 50 percent of the next two percent of compensation deferred by a participant. During the years ended December 31, 2018, 2017 and 2016, these matching contributions made by the Company were $3,422, $3,481 and $3,384, respectively. Contributions and matching contributions to the Plan by the plan sponsor and/or participating affiliates are recognized as an expense of the Company in the period that they are made. Deferred Compensation Plans: The Company has established deferred compensation plans under which executives and key employees of the Company may elect to defer receiving a portion of their cash compensation otherwise payable in one calendar year until a later year. The Company may, as determined by the Board of Directors in its sole discretion prior to the beginning of the plan year, credit a participant's account with a matching amount equal to a percentage of the participant's deferral. The Company contributed $813, $1,069 and $1,032 to the plans during the years ended December 31, 2018, 2017 and 2016, respectively. Contributions are recognized as compensation in the periods they are made.

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes:

For income tax purposes, distributions paid to common stockholders consist of ordinary income, capital gains, unrecaptured Section 1250 gain and return of capital or a combination thereof. The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2018, 2017 and 2016 are as follows:



	2018 (1)				2017				2016 (2)
Ordinary income	$	1.91	64.3	%	$	1.98	69.0	%	$	0.94	20.8	%
Capital gains	0.05		1.7	%	0.51		17.8	%	3.24		71.4	%
Unrecaptured Section 1250 gain	—		—	%	0.38		13.2	%	0.36		7.8	%
Return of capital	1.01		34.0	%	—		—	%	—		—	%
Dividends paid	$	2.97	100.0	%	$	2.87	100.0	%	$	4.54	100.0	%

_______________________________________________________________________________


(1)	The 2018 taxable ordinary dividends are treated as "qualified REIT dividends" for purposes of Internal Revenue Code Section 199A.

(2)

The Company declared a $2.00 special cash dividend to shareholders of record as of November 12, 2015 which was paid on January 6, 2016 (See Note 13—Stockholders' Equity). Pursuant to relevant U.S. tax rules, $0.21 per common share of this dividend is treated as having been paid by the Company on December 31, 2015, and received by each shareholder of record as of November 12, 2015 on December 31, 2015. The balance of the special cash dividend has been included in the amount of dividends paid for the year ended December 31, 2016

The Company has made Taxable REIT Subsidiary elections for all of its corporate subsidiaries other than its Qualified REIT Subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code.

The income tax provision of the TRSs for the years ended December 31, 2018, 2017 and 2016 are as follows:



	2018		2017			2016
Current	$	413	$	185		$	(176	)
Deferred	3,191		(15,779		)	(546		)
Income tax benefit (expense)	$	3,604	$	(15,594	)	$	(722	)

The income tax provision of the TRSs for the years ended December 31, 2018, 2017 and 2016 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:



	2018			2017			2016
Book loss for TRSs	$	19,525		$	2,094		$	5,254
Tax at statutory rate on earnings from continuing operations before income taxes	$	4,100		$	712		$	1,786
Change in tax rates	—			(14,189		)	—
State taxes	513			109			160
Other	(1,009		)	(2,226		)	(2,668		)
Income tax benefit (expense)	$	3,604		$	(15,594	)	$	(722	)

The Tax Cuts and Jobs Act of 2017 (“TCJA”), signed into law on December 22, 2017, adjusted the federal corporate tax income rate to 21%. FASB Accounting Standards Codification Topic 740 requires deferred tax assets and liabilities to be measured at the enacted rate expected to apply when temporary differences are to be realized or settled. Accordingly, the Company remeasured its ending deferred tax asset and reduced the value by $14,189 for the year ended December 31, 2017. Additionally, GAAP requires that all adjustments resulting from tax rate changes be recorded to the income statement. Therefore, the Company recorded a $14,189 deferred tax expense for the year ended December 31, 2017 related to the revaluation of its deferred tax assets and liabilities.

The net operating loss ("NOL") carryforwards for NOLs generated through the 2017 tax year are scheduled to expire through 2037, beginning in 2025. Pursuant to the TCJA, NOLs generated in 2018 and subsequent tax years carryforward indefinitely subject to the 80% of taxable income limitation.

The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2018 and 2017 are summarized as follows:



	2018		2017
Net operating loss carryforwards	$	25,751	$	21,398
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	4,524		5,077
Other	1,922		2,531
Net deferred tax assets	$	32,197	$	29,006

For the years ended December 31, 2018, 2017 and 2016 there were no unrecognized tax benefits.

The tax years 2015 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 12 months.

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited):

The following is a summary of quarterly results of operations for the years ended December 31, 2018 and 2017:



	2018 Quarter Ended									2017 Quarter Ended
	Dec 31		Sep 30		Jun 30		Mar 31			Dec 31		Sep 30		Jun 30		Mar 31
Revenues	$	246,874	$	242,198	$	234,545	$	236,734		$	256,743	$	242,451	$	247,423	$	247,045
Net income (loss) attributable to the Company	$	11,749	$	74,028	$	7,816	$	(33,573	)	$	32,751	$	17,498	$	26,638	$	69,243
Net income (loss) attributable to common stockholders per share-basic	$	0.08	$	0.52	$	0.05	$	(0.24	)	$	0.23	$	0.12	$	0.19	$	0.48
Net income (loss) attributable to common stockholders per share-diluted	$	0.08	$	0.52	$	0.05	$	(0.24	)	$	0.23	$	0.12	$	0.19	$	0.48

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events: On January 10, 2019, the Company replaced the existing loan on Fashion Outlets of Chicago with a new $300,000 interest only loan that bears interest at 4.58% and matures on February 1, 2031. The Company used the net proceeds to pay down its line of credit and for general corporate purposes. On January 31, 2019, the Company announced a dividend/distribution of $0.75 per share for common stockholders and OP Unit holders of record on February 21, 2019. All dividends/distributions will be paid 100% in cash on March 1, 2019. On February 13, 2019, the Company’s joint venture in SanTan Village Regional Center entered into a commitment for a ten-year $220,000 loan to replace the existing loan on the property. The new loan will bear interest at a fixed rate of 4.30% and is expected to close during the second quarter of 2019.

Schedule III-Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III-Real Estate and Accumulated Depreciation Disclosure



	Initial Cost to Company									Gross Amount at Which Carried at Close of Period
Shopping Centers/Entities	Land		Building and Improvements		Equipment and Furnishings		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Equipment and Furnishings		Construction in Progress		Total		Accumulated Depreciation		Total Cost Net of Accumulated Depreciation
Chandler Fashion Center	$	24,188	$	223,143	$	—	$	21,764		$	24,188	$	237,835	$	6,043	$	1,029	$	269,095	$	111,436	$	157,659
Danbury Fair Mall	130,367		316,951		—		117,155			142,751		409,786		11,414		522		564,473		156,784		407,689
Desert Sky Mall	9,447		37,245		12		4,757			9,082		40,949		1,430		—		51,461		11,953		39,508
Eastland Mall	22,050		151,605		—		11,683			21,400		161,402		2,174		362		185,338		33,928		151,410
Estrella Falls	10,550		—		—		71,511			10,524		14,265		—		57,272		82,061		2,132		79,929
Fashion Outlets of Chicago	—		—		—		268,088			40,575		222,769		4,358		386		268,088		57,473		210,615
Fashion Outlets of Niagara Falls USA	18,581		210,139		—		104,604			22,936		307,958		2,430		—		333,324		74,062		259,262
The Marketplace at Flagstaff	—		—		—		45,610			—		45,610		—		—		45,610		23,524		22,086
Freehold Raceway Mall	164,986		362,841		—		125,383			168,098		474,466		10,507		139		653,210		191,173		462,037
Fresno Fashion Fair	17,966		72,194		—		47,183			17,966		115,731		2,603		1,043		137,343		55,422		81,921
Green Acres Mall	156,640		321,034		—		187,974			179,274		474,438		10,424		1,512		665,648		107,532		558,116
Inland Center	8,321		83,550		—		29,278			10,291		110,618		129		111		121,149		17,815		103,334
Kings Plaza Shopping Center	209,041		485,548		20,000		256,943			200,686		675,872		43,408		51,566		971,532		95,071		876,461
La Cumbre Plaza	18,122		21,492		—		15,699			13,856		40,425		474		558		55,313		23,950		31,363
Macerich Management Co.	1,150		10,475		26,562		54,559			3,878		13,618		71,853		3,397		92,746		55,776		36,970
MACWH, LP	—		25,771		—		19,072			11,557		27,455		—		5,831		44,843		9,832		35,011
NorthPark Mall	7,746		74,661		—		14,202			7,885		88,125		584		15		96,609		20,502		76,107
Oaks, The	32,300		117,156		—		259,772			56,387		349,426		3,085		330		409,228		150,737		258,491
Pacific View	8,697		8,696		—		137,039			7,854		144,501		2,043		34		154,432		71,282		83,150
Paradise Valley Mall	33,445		128,485		—		30,716			36,473		152,516		2,709		948		192,646		79,166		113,480
Queens Center	251,474		1,039,922		—		43,506			256,786		1,074,030		3,721		365		1,334,902		119,104		1,215,798
Santa Monica Place	26,400		105,600		—		338,853			48,374		412,436		8,189		1,854		470,853		132,506		338,347
SanTan Adjacent Land	29,414		—		—		5,156			21,923		—		—		12,647		34,570		—		34,570
SanTan Village Regional Center	7,827		—		—		208,509			6,344		207,590		1,657		745		216,336		92,694		123,642
SouthPark Mall	7,035		38,215		—		(7,977		)	2,899		33,696		319		359		37,273		13,889		23,384
Southridge Center	6,764		—		—		8,257			2,295		12,358		122		246		15,021		6,072		8,949
Stonewood Center	4,948		302,527		—		9,920			4,935		312,258		196		6		317,395		40,127		277,268
Superstition Springs Center	10,928		112,718		—		8,751			10,928		120,641		708		120		132,397		20,223		112,174
Superstition Springs Power Center	1,618		4,420		—		269			1,618		4,630		59		—		6,307		2,009		4,298
Tangerine (Marana), The Shops at	36,158		—		—		(8,059		)	16,922		—		—		11,177		28,099		—		28,099
The Macerich Partnership, L.P.	—		2,534		—		5,050			—		—		7,365		219		7,584		926		6,658
See accompanying report of independent registered public accounting firm.



	Initial Cost to Company								Gross Amount at Which Carried at Close of Period
Shopping Centers/Entities	Land		Building and Improvements		Equipment and Furnishings		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Equipment and Furnishings		Construction in Progress		Total		Accumulated Depreciation		Total Cost Net of Accumulated Depreciation
Towne Mall	6,652		31,184		—		5,343		6,877		35,708		495		99		43,179		16,062		27,117
Tucson La Encantada	12,800		19,699		—		56,522		12,800		75,422		716		83		89,021		43,880		45,141
Valley Mall	16,045		26,098		—		14,065		15,616		40,185		407		—		56,208		10,319		45,889
Valley River Center	24,854		147,715		—		24,119		23,487		157,244		1,643		14,314		196,688		60,515		136,173
Victor Valley, Mall of	15,700		75,230		—		53,101		20,080		121,973		1,919		59		144,031		53,532		90,499
Vintage Faire Mall	14,902		60,532		—		59,564		17,647		115,230		1,759		362		134,998		72,801		62,197
Wilton Mall	19,743		67,855		—		27,044		19,810		93,673		1,159		—		114,642		40,771		73,871
Other freestanding stores	5,926		31,785		—		10,151		5,927		41,579		296		60		47,862		18,064		29,798
Other land and development properties	33,795		—		—		23,510		25,749		—		—		31,556		57,305		—		57,305
	$	1,406,580	$	4,717,020	$	46,574	$	2,708,646	$	1,506,678	$	6,966,418	$	206,398	$	199,326	$	8,878,820	$	2,093,044	$	6,785,776

Depreciation of the Company's investment in buildings and improvements reflected in the consolidated statements of operations are calculated over the estimated useful lives of the asset as follows:



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

The changes in total real estate assets for the three years ended December 31, 2018 are as follows:



	2018			2017			2016
Balances, beginning of year	$	9,127,533		$	9,209,211		$	10,689,656
Additions	246,719			202,280			254,604
Dispositions and retirements	(495,432		)	(283,958		)	(1,735,049		)
Balances, end of year	$	8,878,820		$	9,127,533		$	9,209,211

The aggregate cost of the property included in the table above for federal income tax purposes was $8,363,296 (unaudited) at December 31, 2018.

The changes in accumulated depreciation for the three years ended December 31, 2018 are as follows:



	2018			2017			2016
Balances, beginning of year	$	2,018,303		$	1,851,901		$	1,892,744
Additions	275,236			277,917			277,270
Dispositions and retirements	(200,495		)	(111,515		)	(318,113		)
Balances, end of year	$	2,093,044		$	2,018,303		$	1,851,901

See accompanying report of independent registered public accounting firm.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation:

These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America.

Consolidation of VIE

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents and Restricted Cash:

Revenues

Revenues:

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

Property

Property:

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



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

Capitalization of Costs

Capitalization of Costs:

Investment in Unconsolidated Joint Ventures

Investment in Unconsolidated Joint Ventures:

Acquisitions

Acquisitions:

The Company immediately expenses costs associated with business combinations as period costs and capitalizes costs associated with asset acquisitions.

Deferred Charges

Deferred Charges:

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



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

Accounting for Impairment

Accounting for Impairment:

Share and Unit-based Compensation Plans

Share and Unit-based Compensation Plans:

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities:

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

Income Taxes

Income Taxes:

Segment Information

Segment Information:

Fair Value of Financial Instruments

Fair Value of Financial Instruments:

Fair Value of Financial Instruments:(Continued)

Concentration of Risk

Concentration of Risk:

The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250.

Management Estimates

Management Estimates:

Recent Accounting Pronouncements

Recent Accounting Pronouncements:

Recent Accounting Pronouncements: (Continued)



	2018		2017		2016
Beginning of period
Cash and cash equivalents	$	91,038	$	94,046	$	86,510
Restricted cash	52,067		49,951		41,389
Cash, cash equivalents and restricted cash	$	143,105	$	143,997	$	127,899
End of period
Cash and cash equivalents	$	102,711	$	91,038	$	94,046
Restricted cash	46,590		52,067		49,951
Cash, cash equivalents and restricted cash	$	149,301	$	143,105	$	143,997

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Schedule Operating Partnership's VIEs

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



	December 31,
	2018		2017
Assets:
Property, net	$	263,511	$	288,881
Other assets	23,001		60,586
Total assets	$	286,512	$	349,467
Liabilities:
Mortgage notes payable	$	125,273	$	129,436
Other liabilities	32,503		72,705
Total liabilities	$	157,776	$	202,141

Schedule of Estimated Useful Lives of Property

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



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

Schedule of Range of the Terms of Loan and Lease Agreements

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



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

Schedule of Cash and Cash Equivalents



	2018		2017		2016
Beginning of period
Cash and cash equivalents	$	91,038	$	94,046	$	86,510
Restricted cash	52,067		49,951		41,389
Cash, cash equivalents and restricted cash	$	143,105	$	143,997	$	127,899
End of period
Cash and cash equivalents	$	102,711	$	91,038	$	94,046
Restricted cash	46,590		52,067		49,951
Cash, cash equivalents and restricted cash	$	149,301	$	143,105	$	143,997

Schedule of Restricted Cash



	2018		2017		2016
Beginning of period
Cash and cash equivalents	$	91,038	$	94,046	$	86,510
Restricted cash	52,067		49,951		41,389
Cash, cash equivalents and restricted cash	$	143,105	$	143,997	$	127,899
End of period
Cash and cash equivalents	$	102,711	$	91,038	$	94,046
Restricted cash	46,590		52,067		49,951
Cash, cash equivalents and restricted cash	$	149,301	$	143,105	$	143,997

- Definition

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

+ References + Details

Earnings Per Share ("EPS") (Tables)

12 Months Ended

Dec. 31, 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 earnings per share for the years ended December 31 (shares in thousands):



	2018			2017			2016
Numerator
Net income	$	68,972		$	161,673		$	554,839
Net income attributable to noncontrolling interests	(8,952		)	(15,543		)	(37,844		)
Net income attributable to the Company	60,020			146,130			516,995
Allocation of earnings to participating securities	(1,106		)	(757		)	(779		)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$	58,914		$	145,373		$	516,216
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding	141,142			141,877			146,599
Effect of dilutive securities (1)
Share and unit based compensation	2			36			112
Denominator for diluted EPS—weighted average number of common shares outstanding	141,144			141,913			146,711
EPS—net income attributable to common stockholders:
Basic	$	0.42		$	1.02		$	3.52
Diluted	$	0.42		$	1.02		$	3.52

____________________________________


(1)	Diluted EPS excludes 90,619, 90,619 and 133,366 convertible preferred units for the years ended December 31, 2018, 2017 and 2016, respectively, as their impact was antidilutive.

Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Ownership Interest in Joint Ventures



Joint Venture	Ownership %(1)
443 Wabash MAB LLC	50.0	%
AM Tysons LLC	50.0	%
Biltmore Shopping Center Partners LLC	50.0	%
CAM-CARSON LLC—Los Angeles Premium Outlets	50.0	%
Coolidge Holding LLC	37.5	%
Corte Madera Village, LLC	50.1	%
Country Club Plaza KC Partners LLC	50.0	%
Fashion District Philadelphia—Various Entities	50.0	%
HPP-MAC WSP, LLC—One Westside	25.0	%
Jaren Associates #4	12.5	%
Kierland Commons Investment LLC	50.0	%
Macerich HHF Broadway Plaza LLC—Broadway Plaza	50.0	%
Macerich HHF Centers LLC—Various Properties	51.0	%
MS Portfolio LLC	50.0	%
New River Associates LLC—Arrowhead Towne Center	60.0	%
North Bridge Chicago LLC	50.0	%
One Scottsdale Investors LLC	50.0	%
Pacific Premier Retail LLC—Various Properties	60.0	%
Propcor II Associates, LLC—Boulevard Shops	50.0	%
Scottsdale Fashion Square Partnership	50.0	%
TM TRS Holding Company LLC	50.0	%
Tysons Corner LLC	50.0	%
Tysons Corner Hotel I LLC	50.0	%
Tysons Corner Property Holdings II LLC	50.0	%
Tysons Corner Property LLC	50.0	%
West Acres Development, LLP	19.0	%
Westcor/Surprise Auto Park LLC	33.3	%
WMAP, L.L.C.—Atlas Park, The Shops at	50.0	%

_______________________________________________________________________________

(1)

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

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



	2018			2017
Assets(1):
Property, net	$	9,241,003		$	9,052,105
Other assets	703,861			635,838
Total assets	$	9,944,864		$	9,687,943
Liabilities and partners' capital(1):
Mortgage and other notes payable(2)	$	6,050,930		$	5,296,594
Other liabilities	388,509			405,052
Company's capital	1,913,475			2,188,057
Outside partners' capital	1,591,950			1,798,240
Total liabilities and partners' capital	$	9,944,864		$	9,687,943
Investment in unconsolidated joint ventures:
Company's capital	$	1,913,475		$	2,188,057
Basis adjustment(3)	(535,808		)	(562,021		)
	$	1,377,667		$	1,626,036

Assets—Investments in unconsolidated joint ventures	$	1,492,655		$	1,709,522
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(114,988		)	(83,486		)
	$	1,377,667		$	1,626,036

_______________________________________________________________________________


(1)	These amounts include the assets of $3,047,851 and $3,106,105 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2018 and 2017, respectively, and liabilities of $1,859,637 and $1,872,227 of the PPR Portfolio as of December 31, 2018 and 2017, respectively.


(2)	Included in mortgage and other notes payable at December 31, 2017 was $482,332 due to NML (See Note 18—Related Party Transactions). Interest expense incurred on these borrowings, during the period NML was a related party, amounted to $20,197, $17,898 and $16,898 for the years ended December 31, 2018, 2017 and 2016, 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 $12,793, $16,562 and $17,610 for the years ended December 31, 2018, 2017 and 2016, 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
Year Ended December 31, 2018
Revenues:
Minimum rents	$	132,258		$	506,537	$	638,795
Percentage rents	4,597			15,139		19,736
Tenant recoveries	46,067			191,228		237,295
Other	4,907			55,844		60,751
Total revenues	187,829			768,748		956,577
Expenses:
Shopping center and operating expenses	39,283			246,652		285,935
Interest expense	67,117			145,915		213,032
Depreciation and amortization	97,885			248,778		346,663
Total operating expenses	204,285			641,345		845,630
(Loss) gain on sale of assets	(140		)	14,471		14,331
Net (loss) income	$	(16,596	)	$	141,874	$	125,278
Company's equity in net (loss) income	$	(16	)	$	71,789	$	71,773

Year Ended December 31, 2017
Revenues:
Minimum rents	$	134,450		$	501,732	$	636,182
Percentage rents	5,050			13,866		18,916
Tenant recoveries	46,575			189,059		235,634
Other	5,959			51,767		57,726
Total revenues	192,034			756,424		948,458
Expenses:
Shopping center and operating expenses	41,340			243,271		284,611
Interest expense	67,053			131,714		198,767
Depreciation and amortization	101,625			250,921		352,546
Total operating expenses	210,018			625,906		835,924
(Loss) gain on sale of assets	(36		)	33,861		33,825
Net (loss) income	$	(18,020	)	$	164,379	$	146,359
Company's equity in net (loss) income	$	(453	)	$	85,999	$	85,546



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

_______________________________________________________________________________

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Outstanding

The following derivatives were outstanding at December 31, 2018:



Property	Notional Amount		Product	LIBOR Rate		Maturity	Fair Value
Santa Monica Place	$	300,000	Cap	4.00	%	12/9/2019	$	—
The Macerich Partnership, L.P.	$	400,000	Swaps	2.85	%	9/30/2021	$	(4,413	)

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-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

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Property, net (Tables)

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Schedule of Real Estate Properties

Property at December 31, 2018 and 2017 consists of the following:



	2018			2017
Land	$	1,506,678		$	1,567,152
Buildings and improvements	6,288,308			6,385,035
Tenant improvements	678,110			620,352
Equipment and furnishings	206,398			187,998
Construction in progress	199,326			366,996
	8,878,820			9,127,533
Less accumulated depreciation	(2,093,044		)	(2,018,303		)
	$	6,785,776		$	7,109,230

Assets Measured on a Nonrecurring Basis



Years ended December, 31	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Years ended December, 31	Total Fair Value Measurement		(Level 1)		(Level 2)		(Level 3)
2018	$	104,700	$	—	$	104,700	$	—
2017	$	38,000	$	—	$	38,000	$	—
2016	$	86,100	$	—	$	—	$	86,100

Quantitative Information, Unobservable Inputs

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



Terminal capitalization rate			7.0% - 10.0%
Discount rate			8.0% - 15.0%
Market rents per square foot			$2.00 - $20.00

Deferred Charges and Other Assets, net (Tables)

12 Months Ended

Dec. 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 at December 31, 2018 and 2017 consist of the following:



	2018			2017
Leasing	$	226,885		$	232,819
Intangible assets:
In-place lease values(1)	94,966			108,432
Leasing commissions and legal costs(1)	23,508			25,958
Above-market leases	140,889			164,040
Deferred tax assets	32,197			29,006
Deferred compensation plan assets	45,857			52,221
Distributions in excess of co-venture obligation(2)	—			31,150
Other assets	75,497			66,990
	639,799			710,616
Less accumulated amortization(3)	(249,396		)	(261,426		)
	$	390,403		$	449,190

_______________________________


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



Year Ending December 31,
2019	$	10,957
2020	8,260
2021	6,780
2022	5,111
2023	3,685
Thereafter	11,395
	$	46,188


(2)	See Note 11—Financing Arrangement.


(3)	Accumulated amortization includes $72,286 and $74,507 relating to in-place lease values, leasing commissions and legal costs at December 31, 2018 and 2017, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $13,635, $19,958 and $33,048 for the years ended December 31, 2018, 2017 and 2016, respectively.

Schedule of Estimated Amortization of Intangible Assets for the Next Five Years and Thereafter

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



Year Ending December 31,
2019	$	10,957
2020	8,260
2021	6,780
2022	5,111
2023	3,685
Thereafter	11,395
	$	46,188

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:



	2018			2017
Above-Market Leases
Original allocated value	$	140,889		$	164,040
Less accumulated amortization	(49,847		)	(60,210		)
	$	91,042		$	103,830
Below-Market Leases(1)
Original allocated value	$	108,330		$	120,573
Less accumulated amortization	(56,345		)	(55,489		)
	$	51,985		$	65,084

_______________________________


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

Schedule of Estimated Amortization of Allocated Values of Above and Below-market Leases for the Next Five Years and Thereafter

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



Year Ending December 31,	Above Market		Below Market
2019	$	8,303	$	9,968
2020	7,286		7,716
2021	6,621		6,095
2022	5,882		5,122
2023	5,482		4,080
Thereafter	57,468		19,004
	$	91,042	$	51,985

Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Mortgage Notes Payable

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



	Carrying Amount of Mortgage Notes(1)
	2018				2017				Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	—	$	199,972	$	—	$	199,904	3.77	%	$	625	2019
Danbury Fair Mall(6)	—		202,158		104,599		104,598		5.53	%	1,538		2020
Fashion Outlets of Chicago(7)	—		199,622		—		199,298		4.01	%	642		2020
Fashion Outlets of Niagara Falls USA	—		109,651		—		112,770		4.89	%	727		2020
Freehold Raceway Mall(5)	—		398,212		—		398,050		3.94	%	1,300		2029
Fresno Fashion Fair	—		323,460		—		323,261		3.67	%	971		2026
Green Acres Commons(8)	—		128,006		—		107,219		5.06	%	488		2021
Green Acres Mall	—		284,686		—		291,366		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		437,120		—		447,231		3.67	%	2,229		2019
Oaks, The	—		192,037		—		196,732		4.14	%	1,064		2022
Pacific View	—		121,362		—		124,397		4.08	%	668		2022
Queens Center	—		600,000		—		600,000		3.49	%	1,744		2025
Santa Monica Place(9)	—		297,069		—		296,366		4.01	%	939		2022
SanTan Village Regional Center(10)	—		121,585		—		124,703		3.14	%	589		2019
Towne Mall	—		20,733		—		21,161		4.48	%	117		2022
Tucson La Encantada(6)	—		65,361		66,970		—		4.23	%	368		2022
Victor Valley, Mall of	—		114,675		—		114,617		4.00	%	380		2024
Vintage Faire Mall	—		258,207		—		263,818		3.55	%	1,256		2026
Westside Pavilion(11)	—		—		—		141,020
	$	—	$	4,073,916	$	171,569	$	4,066,511

(1)


(2)	The interest rate disclosed represents the effective interest rate, including the impact of debt premium 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)	Related party mortgage notes payable were amounts due to NML (See Note 18—Related Party Transactions).


(7)	The loan bears interest at LIBOR plus 1.50%. At December 31, 2018 and 2017, the total interest rate was 4.01% and 3.02%, respectively. On January 10, 2019, the Company replaced the existing loan on the property with a new $300,000 loan that bears interest at 4.58% and matures on February 1, 2031.


(8)	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 December 31, 2018 and 2017, the total interest rate was 5.06% and 4.07%, respectively.


(9)	The loan bears interest at LIBOR plus 1.35%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2019 (See Note 5—Derivative Instruments and Hedging Activities). At December 31, 2018 and 2017, the total interest rate was 4.01% and 3.13%, respectively.


(10)	On February 13, 2019, the Company’s joint venture in SanTan Village Regional Center entered into a commitment for a ten-year $220,000 loan to replace the existing loan on the property. The new loan will bear interest at a fixed rate of 4.30% and is expected to close during the second quarter of 2019.


(11)	On August 31, 2018, a 75% interest in the loan was assumed by a third party in connection with the sale of a 75% ownership interest in the underlying property (See Note 4—Investments in Unconsolidated Joint Ventures).

Future Maturities of Mortgage Notes Payable

The future maturities of mortgage notes payable are as follows:



Year Ending December 31,
2019	$	793,399
2020	525,133
2021	418,239
2022	674,341
2023	6,895
Thereafter	1,667,261
	4,085,268
Debt premium	1,701
Deferred finance cost, net	(13,053		)
	$	4,073,916

Bank and Other Notes Payable (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Future Maturities of Bank and Other Notes Payable

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



Year Ending December 31,
2019	$	887
2020	934
2021	911,868
	913,689
Deferred finance cost	(5,145		)
	$	908,544

Future Rental Revenues (Tables)

12 Months Ended

Dec. 31, 2018

Leases [Abstract]

Schedule of Future Minimum Rental Payments by the Company

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



Year Ending December 31,
2019	$	505,404
2020	439,094
2021	380,266
2022	329,840
2023	283,792
Thereafter	816,933
	$	2,755,329

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



Year Ending December 31,
2019	$	16,627
2020	17,183
2021	17,124
2022	17,450
2023	11,390
Thereafter	140,562
	$	220,336

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments by the Company

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



Year Ending December 31,
2019	$	505,404
2020	439,094
2021	380,266
2022	329,840
2023	283,792
Thereafter	816,933
	$	2,755,329

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



Year Ending December 31,
2019	$	16,627
2020	17,183
2021	17,124
2022	17,450
2023	11,390
Thereafter	140,562
	$	220,336

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Fees Charged to Unconsolidated Joint Ventures

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



	2018		2017		2016
Management fees	$	19,752	$	19,105	$	17,937
Development and leasing fees	14,412		15,558		13,907
	$	34,164	$	34,663	$	31,844

Share and Unit-based Plans (Tables)

12 Months Ended

Dec. 31, 2018

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

Summary of Activity of Non-vested Stock Awards

The following table summarizes the activity of non-vested stock awards during the years ended December 31, 2018, 2017 and 2016:



	2018			2017			2016
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Balance at beginning of year	—	$	—	—	$	—	1,612		$	62.01
Granted	—	—		—	—		—		—
Vested	—	—		—	—		(1,612	)	62.01
Balance at end of year	—	$	—	—	$	—	—		$	—

Summary of Activity of Non-vested Stock Units

The following table summarizes the activity of non-vested stock units during the years ended December 31, 2018, 2017 and 2016:



	2018				2017				2016
	Units		Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value
Balance at beginning of year	151,355		$	73.32	148,428		$	78.53	132,086		$	74.58
Granted	87,983		58.79		86,827		66.46		85,601		79.22
Vested	(108,991	)	74.04		(81,205	)	75.62		(69,259	)	71.82
Forfeited	(890	)	68.81		(2,695	)	69.57		—		—
Balance at end of year	129,457		$	64.21	151,355		$	73.32	148,428		$	78.53

Summary of Activity of SARs Awards

The following table summarizes the activity of SARs awards during the years ended December 31, 2018, 2017 and 2016:



	2018				2017				2016
	Units		Weighted Average Exercise Price		Units		Weighted Average Exercise Price		Units		Weighted Average Exercise Price
Balance at beginning of year	235,439		$	53.83	284,146		$	53.85	417,783		$	55.13
Granted	—		—		—		—		—		—
Exercised	(235,439	)	53.83		(48,707	)	53.95		(143,822	)	53.73
Special dividend adjustment	—		—		—		—		10,185		53.88
Balance at end of year	—		$	—	235,439		$	53.83	284,146		$	53.85

Schedule of LTIP Units Granted

The Company has granted the following LTIP units during the years ended December 31, 2018, 2017 and 2016:



Grant Date	Units	Type	Fair Value per LTIP Unit		Vest Date
1/1/2016	58,786	Service-based	$	80.69	12/31/2018
1/1/2016	266,899	Market-indexed	$	53.32	12/31/2018
3/4/2016	154,686	Service-based	$	79.20	3/4/2016
	480,371

1/1/2017	66,079	Service-based	$	70.84	12/31/2019
1/1/2017	297,849	Market-indexed	$	47.15	12/31/2019
3/3/2017	134,742	Service-based	$	66.57	3/3/2017
6/1/2017	1,522	Service-based	$	58.31	5/29/2020
6/1/2017	6,714	Market-indexed	$	39.66	5/29/2020
	506,906

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
4/26/2018	89,637	Service-based	$	55.78	4/26/2018
	569,136

Schedule LTIP Units Valuation Assumptions

The fair value of the market-indexed LTIP Units (Level 3) were estimated on the date of grant using a Monte Carlo Simulation model that based on the following assumptions



Grant Date	Risk Free Interest Rate		Expected Volatility
1/1/2016	1.32	%	20.31	%
1/1/2017	1.49	%	20.75	%
6/1/2017	1.45	%	21.40	%
1/1/2018	1.98	%	23.38	%
1/29/2018	2.25	%	23.86	%

Summary of Activity of Stock Options

The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2018, 2017 and 2016:



	2018				2017				2016
	Units		Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value
Balance at beginning of year	636,632		$	52.36	322,572		$	58.18	56,315		$	73.24
Granted	569,136		51.78		506,906		55.33		480,371		65.00
Vested	(253,625	)	61.17		(192,846	)	69.93		(214,114	)	77.45
Forfeited	(290,565	)	52.58		—		—		—		—
Balance at end of year	661,578		$	48.38	636,632		$	52.36	322,572		$	58.18

The following table summarizes the activity of stock options for the years ended December 31, 2018, 2017 and 2016:



	2018			2017			2016
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Balance at beginning of year	35,565	$	57.32	10,565	$	56.77	10,314	$	58.15
Granted	—	—		25,000	57.55		—	—
Exercised	—	—		—	—		—	—
Special dividend adjustment	—	—		—	—		251	56.77
Balance at end of year	35,565	$	57.32	35,565	$	57.32	10,565	$	56.77

Summary of Activity of Non-vested Phantom Stock Units

The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2018, 2017 and 2016:



	2018				2017				2016
	Stock Units		Weighted Average Grant Date Fair Value		Stock Units		Weighted Average Grant Date Fair Value		Stock Units		Weighted Average Grant Date Fair Value
Balance at beginning of year	4,054		$	79.82	5,845		$	81.47	—		$	—
Granted	10,380		49.55		8,760		68.93		21,088		80.21
Vested	(12,193	)	54.40		(10,551	)	71.69		(15,243	)	79.73
Forfeited	(2,241	)	77.91		—		—		—		—
Balance at end of year	—		$	—	4,054		$	79.82	5,845		$	81.47

Compensation Cost Under the Share and Unit-based Plans

The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2018, 2017 and 2016:



	2018		2017		2016
Stock awards	$	—	$	—	$	20
Stock units	6,355		6,045		6,305
LTIP units	26,311		30,161		32,957
Stock options	125		85		16
Phantom stock units	760		714		1,231
	$	33,551	$	37,005	$	40,529

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Distributions Made to Common Stockholders on a Per Share Basis

The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2018, 2017 and 2016 are as follows:



	2018 (1)				2017				2016 (2)
Ordinary income	$	1.91	64.3	%	$	1.98	69.0	%	$	0.94	20.8	%
Capital gains	0.05		1.7	%	0.51		17.8	%	3.24		71.4	%
Unrecaptured Section 1250 gain	—		—	%	0.38		13.2	%	0.36		7.8	%
Return of capital	1.01		34.0	%	—		—	%	—		—	%
Dividends paid	$	2.97	100.0	%	$	2.87	100.0	%	$	4.54	100.0	%

_______________________________________________________________________________


(1)	The 2018 taxable ordinary dividends are treated as "qualified REIT dividends" for purposes of Internal Revenue Code Section 199A.

(2)

Schedule of Income Tax Provision of TRSs

The income tax provision of the TRSs for the years ended December 31, 2018, 2017 and 2016 are as follows:



	2018		2017			2016
Current	$	413	$	185		$	(176	)
Deferred	3,191		(15,779		)	(546		)
Income tax benefit (expense)	$	3,604	$	(15,594	)	$	(722	)

Reconciliation of Income Tax Provision of the TRSs to the Amount Computed by Applying the Federal Corporate Tax Rate

The income tax provision of the TRSs for the years ended December 31, 2018, 2017 and 2016 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:



	2018			2017			2016
Book loss for TRSs	$	19,525		$	2,094		$	5,254
Tax at statutory rate on earnings from continuing operations before income taxes	$	4,100		$	712		$	1,786
Change in tax rates	—			(14,189		)	—
State taxes	513			109			160
Other	(1,009		)	(2,226		)	(2,668		)
Income tax benefit (expense)	$	3,604		$	(15,594	)	$	(722	)

Schedule of Tax Effects of Temporary Differences and Carryforwards of the TRSs Included in Net Deferred Tax Assets

The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2018 and 2017 are summarized as follows:



	2018		2017
Net operating loss carryforwards	$	25,751	$	21,398
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	4,524		5,077
Other	1,922		2,531
Net deferred tax assets	$	32,197	$	29,006

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results of Operations

The following is a summary of quarterly results of operations for the years ended December 31, 2018 and 2017:



	2018 Quarter Ended									2017 Quarter Ended
	Dec 31		Sep 30		Jun 30		Mar 31			Dec 31		Sep 30		Jun 30		Mar 31
Revenues	$	246,874	$	242,198	$	234,545	$	236,734		$	256,743	$	242,451	$	247,423	$	247,045
Net income (loss) attributable to the Company	$	11,749	$	74,028	$	7,816	$	(33,573	)	$	32,751	$	17,498	$	26,638	$	69,243
Net income (loss) attributable to common stockholders per share-basic	$	0.08	$	0.52	$	0.05	$	(0.24	)	$	0.23	$	0.12	$	0.19	$	0.48
Net income (loss) attributable to common stockholders per share-diluted	$	0.08	$	0.52	$	0.05	$	(0.24	)	$	0.23	$	0.12	$	0.19	$	0.48

Organization (Details)	12 Months Ended
Organization (Details)	Dec. 31, 2018 entity
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of management companies (in entities)	7
The Macerich Partnership, L.P. \| The Company
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership (as a percent)	93.00%

Summary of Significant Accounting Policies - Schedule Operating Partnership's VIEs (Details) - Operating Partnership's VIEs - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property, net
Variable Interest Entity [Line Items]
Assets	$ 263,511	$ 288,881
Other assets
Variable Interest Entity [Line Items]
Assets	23,001	60,586
Total assets
Variable Interest Entity [Line Items]
Assets	286,512	349,467
Mortgage notes payable
Variable Interest Entity [Line Items]
Liabilities	125,273	129,436
Other liabilities
Variable Interest Entity [Line Items]
Liabilities	32,503	72,705
Total liabilities
Variable Interest Entity [Line Items]
Liabilities	$ 157,776	$ 202,141

Summary of Significant Accounting Policies - Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Increase in minimum rent due to straight-line rent adjustment	$ 11,755	$ 8,597	$ 5,237
Minimum
Revenues
Management fees as a percentage of gross monthly rental revenue	1.50%
Maximum
Revenues
Management fees as a percentage of gross monthly rental revenue	4.00%

Summary of Significant Accounting Policies - Property and Investment in Unconsolidated Joint Ventures (Details)	12 Months Ended
	Dec. 31, 2018
Investment in unconsolidated joint ventures
Threshold ownership percentage above which to use equity method of accounting only if no controlling financial interest	50.00%
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	40 years
Tenant improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	5 years
Tenant improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	7 years
Equipment and furnishings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	5 years
Equipment and furnishings \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	7 years

Summary of Significant Accounting Policies - Acquisitions (Details)	12 Months Ended
	Dec. 31, 2018 form
Accounting Policies [Abstract]
Number of forms of in-place operating lease intangible assets and liabilities	3

Summary of Significant Accounting Policies - Deferred Charges, Segment Information and Shareholder Activism Costs (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($) segment area	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Segment Reporting Information [Line Items]
Shareholder activism	$ 19,369
Capitalized internal leasing costs		$ 22,536	$ 22,403	$ 25,788
Segment Information:
Number of business segments \| segment		1
Number of geographic areas in which the Company operates \| area		1
Minimum
Deferred Charges:
Deferred lease costs, amortization period (in years)		1 year
Deferred financing costs, amortization period (in years)		1 year
Maximum
Deferred Charges:
Deferred lease costs, amortization period (in years)		15 years
Deferred financing costs, amortization period (in years)		15 years

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2019	Jan. 01, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investments in unconsolidated joint ventures	$ 0	$ 31,150
Financing arrangement obligation	378,485	0
Accumulated deficit	(1,614,357)	(830,279)
Capitalized internal leasing costs	22,536	22,403	$ 25,788
Net cash provided by investing activities	$ 176,323	178,988	454,066
ASU 2016-18
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net cash provided by investing activities		$ 2,116	$ 8,562
Joint venture \| Financing arrangement \| ASU 2014-09 \| Difference between revenue guidance in effect before and after topic 606 \| Freehold Raceway Mall and Chandler Fashion Center
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Financing arrangement obligation					$ 393,709
Accumulated deficit					424,859
Joint venture \| Freehold Raceway Mall and Chandler Fashion Center
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investments in unconsolidated joint ventures					$ 31,150
Minimum \| ASU 2016-02 \| Forecast
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Right of use asset				$ 110,000
Lease liability				100,000
Maximum \| ASU 2016-02 \| Forecast
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Right of use asset				130,000
Lease liability				$ 120,000

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Cash and cash equivalents	$ 102,711	$ 91,038	$ 94,046	$ 86,510
Restricted cash	46,590	52,067	49,951	41,389
Cash, cash equivalents and restricted cash	$ 149,301	$ 143,105	$ 143,997	$ 127,899

Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator
Net income									$ 68,972	$ 161,673	$ 554,839
Net income attributable to noncontrolling interests									(8,952)	(15,543)	(37,844)
Net income attributable to the Company	$ 11,749	$ 74,028	$ 7,816	$ (33,573)	$ 32,751	$ 17,498	$ 26,638	$ 69,243	60,020	146,130	516,995
Allocation of earnings to participating securities									(1,106)	(757)	(779)
Numerator for basic and diluted EPS—net income attributable to common stockholders									$ 58,914	$ 145,373	$ 516,216
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding (shares)									141,142,000	141,877,000	146,599,000
Effect of dilutive securities
Share and unit based compensation (shares)									2,000	36,000	112,000
Denominator for diluted EPS—weighted average number of common shares outstanding (shares)									141,144,000	141,913,000	146,711,000
EPS—net income attributable to common stockholders:
Basic (dollars per share)	$ 0.08	$ 0.52	$ 0.05	$ (0.24)	$ 0.23	$ 0.12	$ 0.19	$ 0.48	$ 0.42	$ 1.02	$ 3.52
Diluted (dollars per share)	$ 0.08	$ 0.52	$ 0.05	$ (0.24)	$ 0.23	$ 0.12	$ 0.19	$ 0.48	$ 0.42	$ 1.02	$ 3.52
Convertible preferred units
Antidilutive securities
Antidilutive securities (shares)									90,619	90,619	133,366
Partnership unit
Antidilutive securities
Antidilutive securities (shares)									10,360,390	10,416,321	10,721,271

Investments in Unconsolidated Joint Ventures - Company Ownership (Details)	Dec. 31, 2018
443 Wabash MAB LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
AM Tysons LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Biltmore Shopping Center Partners LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
CAM-CARSON LLC—Los Angeles Premium Outlets
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Coolidge Holding LLC
Investments in unconsolidated joint ventures:
Ownership %	37.50%
Corte Madera Village, LLC
Investments in unconsolidated joint ventures:
Ownership %	50.10%
Country Club Plaza KC Partners LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Fashion District Philadelphia—Various Entities
Investments in unconsolidated joint ventures:
Ownership %	50.00%
HPP-MAC WSP, LLC—One Westside
Investments in unconsolidated joint ventures:
Ownership %	25.00%
Jaren Associates 4
Investments in unconsolidated joint ventures:
Ownership %	12.50%
Kierland Commons Investment LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Macerich HHF Broadway Plaza LLC—Broadway Plaza
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Macerich HHF Centers LLC—Various Properties
Investments in unconsolidated joint ventures:
Ownership %	51.00%
MS Portfolio LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
New River Associates LLC—Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Ownership %	60.00%
North Bridge Chicago LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
One Scottsdale Investors LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Pacific Premier Retail LLC—Various Properties
Investments in unconsolidated joint ventures:
Ownership %	60.00%
Propcor II Associates, LLC—Boulevard Shops
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Scottsdale Fashion Square Partnership
Investments in unconsolidated joint ventures:
Ownership %	50.00%
TM TRS Holding Company LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Tysons Corner LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Tysons Corner Hotel I LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Tysons Corner Property Holdings II LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Tysons Corner Property LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
West Acres Development, LLP
Investments in unconsolidated joint ventures:
Ownership %	19.00%
Westcor/Surprise Auto Park LLC
Investments in unconsolidated joint ventures:
Ownership %	33.30%
WMAP, L.L.C.—Atlas Park, The Shops at
Investments in unconsolidated joint ventures:
Ownership %	50.00%

Investments in Unconsolidated Joint Ventures - Narrative (Details) ft² in Thousands, $ in Thousands											3 Months Ended	12 Months Ended
	Aug. 31, 2018 USD ($) ft²	Jul. 06, 2018 USD ($) ft²	Feb. 16, 2018 USD ($)	Dec. 14, 2017 USD ($)	Sep. 18, 2017 USD ($)	Mar. 17, 2017 USD ($)	Mar. 28, 2016 USD ($)	Mar. 01, 2016 USD ($) ft²	Jan. 14, 2016 USD ($) ft²	Jan. 06, 2016 USD ($) ft²	Dec. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 06, 2018 ft²	Mar. 01, 2018
Investments in unconsolidated joint ventures:
Proceeds from sale	$ 142,500
Gain on sale of assets												$ (31,825)	$ 42,446	$ 415,348
Gain on land sales												4,989	1,564	$ 4,546
Proceeds received in disposition of property												$ 25,177	$ 0
Outside partner interest of the operating partnership																75.00%
Ownership percentage																25.00%
The Market at Estrella Falls LLC
Investments in unconsolidated joint ventures:
Gain on sale of assets		$ 2,996
Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Ownership %										40.00%
Property area (in square feet) \| ft²										1,197
Proceeds from sale										$ 289,496
Cash payment										129,496
Assumption of debt										160,000
Westcor/Queen Creek LLC \| Land
Investments in unconsolidated joint ventures:
Gain on land sales				$ 5,436
Joint venture \| The Market at Estrella Falls LLC
Investments in unconsolidated joint ventures:
Property area (in square feet) \| ft²		298
Proceeds from sale		$ 49,100
Gain on sale of assets		12,598
Pay off of mortgage loans		$ 24,118
Joint venture \| Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Gain on sale of assets										$ 101,629
Joint venture \| MAC Heitman Portfolio
Investments in unconsolidated joint ventures:
Ownership %									49.00%
Proceeds from sale									$ 771,478
Gain on sale of assets									340,734
Cash payment									478,608
Assumption of debt									$ 292,870
Joint venture \| Westcor/Queen Creek LLC \| Land
Investments in unconsolidated joint ventures:
Revenues				30,491
Gain on land sales				14,853
Joint venture \| Westside Pavilion
Investments in unconsolidated joint ventures:
Property area (in square feet) \| ft²	680
Proceeds from sale	$ 36,903
Assumption of debt	105,597
Gain on sale of assets	46,242										$ 46,242
Proceeds received in disposition of property	$ 142,500
Outside partner interest of the operating partnership	75.00%
Deptford Mall \| Joint venture \| MAC Heitman Portfolio
Investments in unconsolidated joint ventures:
Property area (in square feet) \| ft²									1,040
FlatIron Crossing \| Joint venture \| MAC Heitman Portfolio
Investments in unconsolidated joint ventures:
Property area (in square feet) \| ft²									1,428
Twenty Ninth Street \| Joint venture \| MAC Heitman Portfolio
Investments in unconsolidated joint ventures:
Property area (in square feet) \| ft²									845
Los Angeles Premium Outlets \| Joint venture
Investments in unconsolidated joint ventures:
Property area (in square feet) \| ft²															400
Ownership percentage															50.00%
Los Angeles Premium Outlets, second stage \| Joint venture
Investments in unconsolidated joint ventures:
Property area (in square feet) \| ft²															200
Country Club Plaza \| Joint venture
Investments in unconsolidated joint ventures:
Property area (in square feet) \| ft²								1,003
Joint venture ownership percentage								50.00%
Purchase price on acquisition								$ 660,000
Purchase price paid through assumption of debt by the Company							$ 320,000	$ 330,000
Interest rate (as a percent)							3.88%
Pacific Premier Retail LLC—Various Properties
Investments in unconsolidated joint ventures:
Ownership %											60.00%	60.00%
Office building \| Country Club Plaza
Investments in unconsolidated joint ventures:
Gain on sale of assets						$ 2,290
Office building \| Fashion District Philadelphia
Investments in unconsolidated joint ventures:
Gain on sale of assets					$ 6,539
Office building \| Westcor/Queen Creek LLC \| Land
Investments in unconsolidated joint ventures:
Gain on sale of assets				2,773
Office building \| Joint venture \| Country Club Plaza
Investments in unconsolidated joint ventures:
Proceeds from sale of building						78,000
Gain on sale of assets						$ 4,580
Office building \| Joint venture \| Fashion District Philadelphia
Investments in unconsolidated joint ventures:
Proceeds from sale of building			$ 41,800		61,500
Gain on sale of assets					$ 13,078
Office building \| Joint venture \| Westcor/Queen Creek LLC \| Land
Investments in unconsolidated joint ventures:
Gain on sale of assets				$ 5,545
Replacement collateral
Investments in unconsolidated joint ventures:
Proceeds from sale	$ 37,294
Replacement collateral \| Joint venture
Investments in unconsolidated joint ventures:
Portfolio of marketable securities	$ 149,175

Investments in Unconsolidated Joint Ventures - Financial Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets:
Property, net	$ 9,241,003	$ 9,052,105
Other assets	703,861	635,838
Total assets	9,944,864	9,687,943
Liabilities and partners' capital:
Mortgage and other notes payable	6,050,930	5,296,594
Other liabilities	388,509	405,052
Company's capital	1,913,475	2,188,057
Outside partners' capital	1,591,950	1,798,240
Total liabilities and partners' capital	9,944,864	9,687,943
Investment in unconsolidated joint ventures:
Company's capital	1,913,475	2,188,057
Basis adjustment	(535,808)	(562,021)
Investments in unconsolidated joint ventures	1,377,667	1,626,036
Assets—Investments in unconsolidated joint ventures	1,492,655	1,709,522
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(114,988)	(83,486)
Investments in unconsolidated joint ventures	1,377,667	1,626,036
Total assets	9,944,864	9,687,943
Amortization of difference between cost of investments and book value of underlying equity	12,793	16,562	$ 17,610
Revenues:
Minimum rents	638,795	636,182	600,284
Percentage rents	19,736	18,916	20,917
Tenant recoveries	237,295	235,634	235,144
Other	60,751	57,726	56,240
Total revenues	956,577	948,458	912,585
Expenses:
Shopping center and operating expenses	285,935	284,611	274,508
Interest expense	213,032	198,767	187,669
Depreciation and amortization	346,663	352,546	360,378
Total operating expenses	845,630	835,924	822,555
(Loss) gain on sale of assets	14,331	33,825	(375)
Net (loss) income	125,278	146,359	89,655
Company's equity in net (loss) income	71,773	85,546	56,941
PPR Portfolio
Revenues:
Minimum rents	132,258	134,450	129,145
Percentage rents	4,597	5,050	5,437
Tenant recoveries	46,067	46,575	47,856
Other	4,907	5,959	6,303
Total revenues	187,829	192,034	188,741
Expenses:
Shopping center and operating expenses	39,283	41,340	39,804
Interest expense	67,117	67,053	64,626
Depreciation and amortization	97,885	101,625	108,880
Total operating expenses	204,285	210,018	213,310
(Loss) gain on sale of assets	(140)	(36)	0
Net (loss) income	(16,596)	(18,020)	(24,569)
Company's equity in net (loss) income	(16)	(453)	(3,088)
Other Joint Ventures
Revenues:
Minimum rents	506,537	501,732	471,139
Percentage rents	15,139	13,866	15,480
Tenant recoveries	191,228	189,059	187,288
Other	55,844	51,767	49,937
Total revenues	768,748	756,424	723,844
Expenses:
Shopping center and operating expenses	246,652	243,271	234,704
Interest expense	145,915	131,714	123,043
Depreciation and amortization	248,778	250,921	251,498
Total operating expenses	641,345	625,906	609,245
(Loss) gain on sale of assets	14,471	33,861	(375)
Net (loss) income	141,874	164,379	114,224
Company's equity in net (loss) income	71,789	85,999	60,029
Northwestern Mutual Life (NML)
Investment in unconsolidated joint ventures:
Mortgage notes payable to affiliate		482,332
Interest expense on borrowings from related party	20,197	17,898	$ 16,898
Pacific Premier Retail LLC—Various Properties
Assets:
Total assets	3,047,851	3,106,105
Investment in unconsolidated joint ventures:
Total assets	3,047,851	3,106,105
Total liabilities	$ 1,859,637	$ 1,872,227

Derivative Instruments and Hedging Activities (Details)	12 Months Ended
Derivative Instruments and Hedging Activities (Details)	Dec. 31, 2018 USD ($) derivative	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate cap/swap agreements	$ (4,424,000)	$ (42,000)	$ 0
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements \| derivative	4
Fair Value	$ (4,413,000)	$ 11,000
Interest rate swap
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements \| derivative	4
Level 2 \| Interest rate cap
Derivatives, Fair Value [Line Items]
Notional Amount	$ 300,000,000
LIBOR Rate	4.00%
Fair Value	$ 0
Level 2 \| Interest rate swap
Derivatives, Fair Value [Line Items]
Notional Amount	$ 400,000,000
LIBOR Rate	2.85%
Fair Value	$ (4,413,000)

Property, net - Components of Property (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Land	$ 1,506,678		$ 1,567,152
Buildings and improvements	6,288,308		6,385,035
Tenant improvements	678,110		620,352
Equipment and furnishings	206,398	$ 206,398	187,998
Construction in progress	199,326	$ 199,326	366,996
Total	8,878,820		9,127,533
Less accumulated depreciation	(2,093,044)		(2,018,303)
Property, net	$ 6,785,776		$ 7,109,230

Property, net - Narrative (Details) - USD ($) $ in Thousands							3 Months Ended	9 Months Ended	12 Months Ended
	Aug. 31, 2018	Nov. 16, 2017	May 31, 2016	Apr. 13, 2016	Jan. 14, 2016	Jan. 06, 2016	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 01, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense									$ 275,236	$ 277,917	$ 277,270
Property, Plant and Equipment [Line Items]
Impairment of real estate									(54,469)	(22,108)	(39,671)
Write-off of development cost									28,266	1,046
Gain on sale of assets									(31,825)	42,446	415,348
Outside partner interest of the operating partnership												75.00%
Gain on land sales									4,989	1,564	4,546
Write down of non-real estate investment assets										10,138
Gain on sale of assets									14,331	33,825	(375)
Gain (loss) on sale or write down of assets, net									$ (31,825)	42,446	415,348
Loss on write-off of development costs											1,538
Contingent settlement payment											(12,180)
Westside Pavilion \| Joint venture
Property, Plant and Equipment [Line Items]
Gain on sale of assets	$ 46,242						$ 46,242
Outside partner interest of the operating partnership	75.00%
Cascade and Northgate Malls
Property, Plant and Equipment [Line Items]
Gain on disposal										$ 59,577
500 North Michigan Avenue
Property, Plant and Equipment [Line Items]
Gain on disposal		$ 14,597
Arrowhead Towne Center
Property, Plant and Equipment [Line Items]
Gain on sale of assets											$ 101,629
Percentage of ownership interest sold											40.00%
Arrowhead Towne Center \| Joint venture
Property, Plant and Equipment [Line Items]
Gain on sale of assets						$ 101,629
MAC Heitman Portfolio
Property, Plant and Equipment [Line Items]
Percentage of ownership interest sold										49.00%
MAC Heitman Portfolio \| Joint venture
Property, Plant and Equipment [Line Items]
Gain on sale of assets					$ 340,734
Capitola Mall
Property, Plant and Equipment [Line Items]
Gain on disposal				$ 24,894
Gain (loss) on sale or write down of assets, net										$ 24,894
Mervyn's (former locations)
Property, Plant and Equipment [Line Items]
Gain on disposal			$ (3,066)
Gain (loss) on sale or write down of assets, net										$ (3,066)
Promenade at Casa Grande
Property, Plant and Equipment [Line Items]
Gain on sale of assets								$ (311)

Property, net - Assets Measured on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement	$ 104,700	$ 38,000		$ 86,100
(Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement	0		$ 0	0
(Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement	104,700		38,000	0
(Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement	$ 0		$ 0	$ 86,100

Property, net - Quantitative Information, Unobservable Inputs (Details) - (Level 3)	Dec. 31, 2016
Terminal capitalization rate \| Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Fair value input	0.07
Terminal capitalization rate \| Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Fair value input	0.1
Discount rate \| Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Fair value input	0.08
Discount rate \| Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Fair value input	0.15
Market rents per square foot \| Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Fair value input	2
Market rents per square foot \| Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Fair value input	20

Tenant and Other Receivables, net (Details) ft² in Thousands, $ in Thousands	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Mar. 17, 2014 USD ($) ft²
Components of tenant and other receivables, net
Allowance for doubtful accounts	$ 2,919	$ 2,786
Deferred rent receivables due to straight-line rent adjustments	72,456	61,859
Lake Square Mall
Components of tenant and other receivables, net
Property area (in square feet) \| ft²			559
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	$ 8,949	$ 8,711
LSM Note
Components of tenant and other receivables, net
Notes receivable			$ 6,500
Notes receivable interest rate (as a percent)			6.50%

Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 226,885	$ 232,819
Intangible assets:
In-place lease values	94,966	108,432
Leasing commissions and legal costs	23,508	25,958
Above-market leases	140,889	164,040
Deferred tax assets	32,197	29,006
Deferred compensation plan assets	45,857	52,221
Finite-Lived Intangible Assets [Line Items]
Investments in unconsolidated joint ventures	0	31,150
Other assets	75,497	66,990
Deferred charges and other assets, gross	639,799	710,616
Less accumulated amortization	(249,396)	(261,426)
Deferred charges and other assets, net	390,403	449,190
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	72,286	74,507
Amortization expense	$ 13,635	$ 19,958	$ 33,048

Deferred Charges and Other Assets, net - Schedule of estimated amortization of intangible assets for the next five years and thereafter (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
2019	$ 10,957
2020	8,260
2021	6,780
2022	5,111
2023	3,685
Thereafter	11,395
Allocated value net	$ 46,188

Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Above-Market Leases
Allocated value net	$ 46,188
Above Market
Above-Market Leases
Original allocated value	140,889	$ 164,040
Less accumulated amortization	(49,847)	(60,210)
Allocated value net	91,042	103,830
Below Market
Below-Market Leases
Original allocated value	108,330	120,573
Less accumulated amortization	(56,345)	(55,489)
Allocated value, net	$ 51,985	$ 65,084

Deferred Charges and Other Assets, net - Schedule of estimated amortization of allocated values of above and below-market leases for the next five years and thereafter (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Above Market
2019	$ 10,957
2020	8,260
2021	6,780
2022	5,111
2023	3,685
Thereafter	11,395
Allocated value net	46,188
Above Market
Above Market
2019	8,303
2020	7,286
2021	6,621
2022	5,882
2023	5,482
Thereafter	57,468
Allocated value net	91,042	$ 103,830
Below Market
Below Market
2019	9,968
2020	7,716
2021	6,095
2022	5,122
2023	4,080
Thereafter	19,004
Allocated value, net	$ 51,985	$ 65,084

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	$ 0	$ 171,569
Carrying amount of mortgage notes, other	4,073,916	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	$ 199,972	199,904
Effective interest rate (as a percent)	3.77%
Monthly debt service	$ 625
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	104,599
Carrying amount of mortgage notes, other	$ 202,158	104,598
Effective interest rate (as a percent)	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	$ 199,622	199,298
Effective interest rate (as a percent)	4.01%
Monthly debt service	$ 642
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	$ 109,651	112,770
Effective interest rate (as a percent)	4.89%
Monthly debt service	$ 727
Freehold Raceway Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 398,212	398,050
Effective interest rate (as a percent)	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	$ 323,460	323,261
Effective interest rate (as a percent)	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	$ 128,006	$ 107,219
Effective interest rate (as a percent)	5.06%	4.07%
Monthly debt service	$ 488
Green Acres Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	$ 0
Carrying amount of mortgage notes, other	$ 284,686	291,366
Effective interest rate (as a percent)	3.61%
Monthly debt service	$ 1,447
Kings Plaza Shopping Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 437,120	447,231
Effective interest rate (as a percent)	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	$ 192,037	196,732
Effective interest rate (as a percent)	4.14%
Monthly debt service	$ 1,064
Pacific View
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 121,362	124,397
Effective interest rate (as a percent)	4.08%
Monthly debt service	$ 668
Queens Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 600,000	600,000
Effective interest rate (as a percent)	3.49%
Monthly debt service	$ 1,744
Santa Monica Place
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	297,069	296,366
Monthly debt service	939
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	$ 121,585	124,703
Effective interest rate (as a percent)	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	$ 20,733	21,161
Effective interest rate (as a percent)	4.48%
Monthly debt service	$ 117
Tucson La Encantada
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	66,970
Carrying amount of mortgage notes, other	$ 65,361	0
Effective interest rate (as a percent)	4.23%
Monthly debt service	$ 368
Victor Valley, Mall of
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 114,675	114,617
Effective interest rate (as a percent)	4.00%
Monthly debt service	$ 380
Vintage Faire Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 258,207	263,818
Effective interest rate (as a percent)	3.55%
Monthly debt service	$ 1,256
Westside Pavilion
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 0	$ 141,020

Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands				12 Months Ended
	Feb. 13, 2019	Aug. 31, 2018	Dec. 04, 2017	Dec. 31, 2018	Jan. 10, 2019	Mar. 01, 2018	Dec. 31, 2017
Mortgage loans payable on real estate
Unamortized deferred finance costs				$ 13,053			$ 17,838
Outside partner interest of the operating partnership						75.00%
Joint venture \| Westside Pavilion
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)		75.00%
Outside partner interest of the operating partnership		75.00%
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Effective interest rate (as a percent)				4.01%
Fashion Outlets of Chicago \| Subsequent event
Mortgage loans payable on real estate
Effective interest rate (as a percent)					4.58%
Mortgage loan					$ 300,000
Freehold Raceway Mall
Mortgage loans payable on real estate
Effective interest rate (as a percent)				3.94%
Green Acres Commons
Mortgage loans payable on real estate
Effective interest rate (as a percent)				5.06%			4.07%
Additional borrowing						$ 20,000
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Debt premiums				$ 1,701			$ 2,630
Freehold Raceway Mall and Chandler Fashion Center
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)				49.90%
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)				1.50%
Effective interest rate (as a percent)							3.02%
Green Acres Commons
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)				2.15%
Santa Monica Place
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)			1.35%
Effective interest rate (as a percent)				4.01%			3.13%
Santa Monica Place \| Maximum \| Interest rate cap
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)				4.00%
SanTan Village Regional Center \| Subsequent event
Mortgage loans payable on real estate
Mortgage loan	$ 220,000
Interest rate on debt (as a percent)	4.30%
Interest rate on debt, term	10 years

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Interest expense capitalized	$ 15,422	$ 13,160	$ 10,316
Fair value of mortgage notes payable	$ 4,082,448	$ 4,250,816

Mortgage Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Mortgage loans payable on real estate
Deferred finance cost	$ (13,053)	$ (17,838)
Total	4,073,916	$ 4,238,080
Mortgage notes payable
Mortgage loans payable on real estate
2019	793,399
2020	525,133
2021	418,239
2022	674,341
2023	6,895
Thereafter	1,667,261
Long term debt including debt premium	4,085,268
Debt premium	1,701
Deferred finance cost	(13,053)
Total	$ 4,073,916

Bank and Other Notes Payable - Narrative (Details)		12 Months Ended
Bank and Other Notes Payable - Narrative (Details)	Mar. 29, 2013 USD ($)	Dec. 31, 2018 USD ($) derivative	Dec. 31, 2017 USD ($)
Bank and other notes payable
Number of interest rate swap agreements \| derivative		4
Deferred finance cost		$ (13,053,000)	$ (17,838,000)
Availability for additional borrowings		589,719,000	504,412,000
Line of Credit
Bank and other notes payable
Line of credit		910,000,000	935,000,000
Deferred finance cost		$ (5,145,000)	$ (7,548,000)
Average interest rate (as a percent)		4.20%	3.13%
Line of Credit \| Level 2
Bank and other notes payable
Fair value of line of credit		$ 912,163,000	$ 919,158,000
Line of Credit \| LIBOR
Bank and other notes payable
Variable interest rate spread (as a percent)		1.45%
Prasada Note
Bank and other notes payable
Debt issued	$ 13,330,000
Interest rate on debt (as a percent)	5.25%
Carrying value of term loan		$ 3,689,000	4,732,000
Estimated fair value of term loan		3,690,000	$ 4,717,000
Revolving line of credit
Bank and other notes payable
Line of credit		$ 1,500,000,000
Extension option term		1 year
Maximum contingent borrowing capacity		$ 2,000,000,000
Revolving line of credit \| LIBOR \| Low end of range
Bank and other notes payable
Variable interest rate spread (as a percent)		1.30%
Revolving line of credit \| LIBOR \| High end of range
Bank and other notes payable
Variable interest rate spread (as a percent)		1.90%
Interest rate swap
Bank and other notes payable
Number of interest rate swap agreements \| derivative		4
Interest rate swap \| Level 2
Bank and other notes payable
Line of credit		$ 400,000,000

Bank and Other Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Mortgage loans payable on real estate
Deferred finance cost	$ (13,053)	$ (17,838)
Bank and other notes payable
Mortgage loans payable on real estate
2019	887
2020	934
2021	911,868
Long term debt including debt premium	913,689
Deferred finance cost	(5,145)
Long-term debt	$ 908,544

Financing Arrangement - Narrative (Details) ft² in Thousands, $ in Thousands		12 Months Ended
	Sep. 30, 2009 ft²	Dec. 31, 2018 USD ($)	Jan. 01, 2018 USD ($)	Dec. 31, 2017 USD ($)
Co-Venture Arrangement
Investments in unconsolidated joint ventures		$ 0		$ 31,150
Financing arrangement obligation		378,485		0
Accumulated deficit		$ (1,614,357)		$ (830,279)
Discount rate		5.80%
Freehold Raceway Mall and Chandler Fashion Center \| Joint venture
Co-Venture Arrangement
Investments in unconsolidated joint ventures			$ 31,150
Financing arrangement
Co-Venture Arrangement
Net operating income multiple		21
Financing arrangement \| Joint venture
Co-Venture Arrangement
Distributions of partner's share of net income		$ (9,079)
Distributions in excess of partner's share of net income		(6,376)
Adjustment to fair value of financing arrangement obligation		$ (15,225)
Financing arrangement \| Minimum
Co-Venture Arrangement
Market rent per square foot		20
Financing arrangement \| Maximum
Co-Venture Arrangement
Market rent per square foot		225
Financing arrangement \| ASU 2014-09 \| Difference between revenue guidance in effect before and after topic 606 \| Freehold Raceway Mall and Chandler Fashion Center \| Joint venture
Co-Venture Arrangement
Financing arrangement obligation			393,709
Accumulated deficit			$ 424,859
Financing arrangement \| Freehold Raceway Mall and Chandler Fashion Center
Co-Venture Arrangement
Ownership interest (as a percent)	49.90%
Financing arrangement \| Freehold Raceway Mall
Co-Venture Arrangement
Property area (in square feet) \| ft²	1,672
Financing arrangement \| Chandler Fashion Center
Co-Venture Arrangement
Property area (in square feet) \| ft²	1,318

Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Aug. 20, 2014
Noncontrolling Interest [Line Items]
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	$ 448,116	$ 671,592
The Macerich Partnership, L.P.
Noncontrolling Interest [Line Items]
Ownership interest in operating partnership (as a percent)	93.00%	93.00%
Limited partnership interest of the operating partnership (as a percent)	7.00%

Stockholders' Equity (Details) - USD ($)							2 Months Ended		11 Months Ended	12 Months Ended
Stockholders' Equity (Details) - USD ($)	Jul. 11, 2016	May 09, 2016	Apr. 19, 2016	Feb. 17, 2016	Nov. 12, 2015	Oct. 30, 2015	Jul. 11, 2016	Apr. 19, 2016	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Feb. 12, 2017	Sep. 30, 2015	Aug. 20, 2014
Class of Warrant or Right [Line Items]
Authorized amount for stock repurchase program		$ 400,000,000		$ 400,000,000									$ 500,000,000
Authorized amount for accelerated stock repurchase program		$ 400,000,000		$ 400,000,000
Accelerated share repurchased, number of shares purchased (shares)	1,104,162	3,964,812	861,235	4,222,193			5,068,974.000	5,083,428
Average price per share paid for stock repurchased for accelerated stock repurchases (in dollars per share)							$ 78.91	$ 78.69
Repurchased shares (in shares)									3,627,390
Repurchased shares									$ 221,428,000
Repurchased shares (in dollars per share)									$ 61.01
Dividends declared for common stock (in dollars per share)					$ 2.00	$ 2.00				$ 2.97	$ 2.87	$ 2.75
Par value of common stock (in dollars per share)									$ 0.01	$ 0.01	$ 0.01				$ 0.01
Maximum price of common stock available to be issued															$ 500,000,000
2015 Stock Buyback Program
Class of Warrant or Right [Line Items]
Authorized amount for stock repurchase program														$ 1,200,000,000

Collaborative Agreement (Details) ft² in Thousands, $ in Thousands	Aug. 31, 2018 USD ($) ft²	Mar. 01, 2018
Investments in unconsolidated joint ventures:
Ownership percentage		25.00%
Outside partner interest of the operating partnership		75.00%
Proceeds from sale \| $	$ 142,500
Reimbursement percent		75.00%
Westside Pavilion
Investments in unconsolidated joint ventures:
Property area (in square feet) \| ft²	755

Dispositions (Details) ft² in Thousands, $ in Thousands								9 Months Ended	12 Months Ended
Dispositions (Details) ft² in Thousands, $ in Thousands	Aug. 31, 2018 USD ($)	May 17, 2018 USD ($) ft²	Nov. 16, 2017 USD ($) ft²	Jan. 18, 2017 USD ($) ft²	Jul. 15, 2016 USD ($) ft²	May 31, 2016 USD ($)	Apr. 13, 2016 USD ($) ft²	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale	$ 142,500
Gain (loss) on extinguishment of debt									$ 0	$ 0	$ 1,709
(Loss) gain on sale or write down of assets, net									$ (31,825)	42,446	$ 415,348
Promenade at Casa Grande
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) gain on sale or write down of assets, net								$ (311)
Flagstaff Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on extinguishment of debt					$ 5,284
Capitola Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property area (in square feet) \| ft²							586
Proceeds from sale							$ 93,000
Gain (loss) on disposal							$ 24,894
Mervyn's (former locations)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale						$ 3,200
Gain (loss) on disposal						$ (3,066)
Flagstaff Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property area (in square feet) \| ft²					347
Cascade Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property area (in square feet) \| ft²				589
Northgate Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property area (in square feet) \| ft²				750
Cascade and Northgate Malls
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale				$ 170,000
Gain (loss) on disposal										$ 59,577
500 North Michigan Avenue
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property area (in square feet) \| ft²			326
Proceeds from sale			$ 86,350
Gain (loss) on disposal			$ 14,597
Promenade at Casa Grande
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property area (in square feet) \| ft²		761
Proceeds from sale		$ 26,000

Future Rental Revenues (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Leases [Abstract]
2019	$ 505,404
2020	439,094
2021	380,266
2022	329,840
2023	283,792
Thereafter	816,933
Total	$ 2,755,329

Commitments and Contingencies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Ground rent expenses	$ 17,709,000	$ 18,442,000	$ 16,495,000
Contingent rent incurred	0	$ 0	$ 0
Contingent liability under letters of credit	65,814,000
Outstanding obligations under construction agreements	$ 8,360,000

- 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

Commitments and Contingencies - Schedule of future minimum rental payments by the Company (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 16,627
2020	17,183
2021	17,124
2022	17,450
2023	11,390
Thereafter	140,562
Total minimum future payments	$ 220,336

Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Unconsolidated joint ventures and third party managed properties
Related Party Transaction [Line Items]
Management fees	$ 34,164	$ 34,663	$ 31,844
Management fees
Related Party Transaction [Line Items]
Management fees	43,480	43,394	39,464
Management fees \| Unconsolidated joint ventures and third party managed properties
Related Party Transaction [Line Items]
Management fees	19,752	19,105	17,937
Development and leasing fees \| Unconsolidated joint ventures and third party managed properties
Related Party Transaction [Line Items]
Management fees	$ 14,412	$ 15,558	$ 13,907

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due (to) from affiliates	$ 85,181	$ 82,162
Related Parties Note Receivable, RED Consolidated Holdings, LLC
Related Party Transaction [Line Items]
Due (to) from affiliates	$ 3,689	4,796
Notes receivable interest rate	5.25%
Interest earned	$ 224	268	$ 366
Northwestern Mutual Life (NML)
Related Party Transaction [Line Items]
Interest expense, related party	6,883	8,731	8,973
Interest expense payable, related party		716
Unconsolidated joint ventures
Related Party Transaction [Line Items]
Due (to) from affiliates	6,385	5,411
Affiliated entity \| Notes receivable \| Fashion Outlets of San Francisco
Related Party Transaction [Line Items]
Interest earned	3,152	2,513	$ 2,234
Note receivable	$ 75,107	$ 71,955
Affiliated entity \| Notes receivable \| Fashion Outlets of San Francisco \| LIBOR
Related Party Transaction [Line Items]
Notes receivable interest rate	2.00%

Share and Unit-based Plans - 2003 Equity Incentive Plan (Details) - 2003 Equity Incentive Plan	12 Months Ended
	Dec. 31, 2018 shares
Share and unit-based plans
Term of award (in years)	10 years
Maximum shares authorized under plan (shares)	19,825,428
Shares available for issuance under plan (in shares)	6,243,447

Share and Unit-based Plans - Stock Awards and Stock Units Roll Forward Activity (Details)	12 Months Ended
	Dec. 31, 2018 $ / shares shares	Dec. 31, 2017 $ / shares shares	Dec. 31, 2016 $ / shares shares
Stock awards
Shares or Units
Balance at beginning of year (shares) \| shares	0	0	1,612
Granted (shares) \| shares	0	0	0
Vested (shares) \| shares	0	0	(1,612)
Balance at end of year (shares) \| shares	0	0	0
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share) \| $ / shares	$ 0.00	$ 0.00	$ 62.01
Granted (in dollars per share) \| $ / shares	0.00	0.00	0.00
Vested (in dollars per share) \| $ / shares	0.00	0.00	62.01
Balance at end of year (in dollars per share) \| $ / shares	$ 0.00	$ 0.00	$ 0.00
Stock units
Shares or Units
Balance at beginning of year (shares) \| shares	151,355	148,428	132,086
Granted (shares) \| shares	87,983	86,827	85,601
Vested (shares) \| shares	(108,991)	(81,205)	(69,259)
Forfeited (shares) \| shares	(890)	(2,695)	0
Balance at end of year (shares) \| shares	129,457	151,355	148,428
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share) \| $ / shares	$ 73.32	$ 78.53	$ 74.58
Granted (in dollars per share) \| $ / shares	58.79	66.46	79.22
Vested (in dollars per share) \| $ / shares	74.04	75.62	71.82
Forfeited (in dollars per share) \| $ / shares	68.81	69.57	0.00
Balance at end of year (in dollars per share) \| $ / shares	$ 64.21	$ 73.32	$ 78.53
Number of common shares into which units can be converted (shares)	1

Share and Unit-based Plans - SARs Narrative (Details) - SARs - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 06, 2016	Jan. 05, 2016	Dec. 31, 2015
Share and unit-based plans
Term of award (in years)	10 years
Stock appreciation units balance (shares)	0	235,439	284,146	427,968	417,783	417,783
Stock appreciation weighted average price (in dollars per share)	$ 0.00	$ 53.83	$ 53.85	$ 53.85	$ 55.13	$ 55.13

Share and Unit-based Plans - SARs Roll Forward Activity (Details) - SARs - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Units
Balance at beginning of year (shares)	235,439	284,146	417,783
Granted (shares)	0	0	0
Exercised (shares)	(235,439)	(48,707)	(143,822)
Special dividend adjustment (shares)	0	0	10,185
Balance at end of year (shares)	0	235,439	284,146
Weighted Average Exercise Price (in dollars per share)
Balance at beginning of year (in dollars per share)	$ 53.83	$ 53.85	$ 55.13
Granted (in dollars per share)	0.00	0.00	0.00
Vested (in dollars per share)	53.83	53.95	53.73
Special dividend adjustment (in dollars per share)	0.00	0.00	53.88
Balance at end of year (in dollars per share)	$ 0.00	$ 53.83	$ 53.85

Share and Unit-based Plans - Long-Term Incentive Plan Units Narrative (Details)	12 Months Ended
	Dec. 31, 2018
Stock units
Share and unit-based plans
Conversion rate	1
LTIP units
Share and unit-based plans
Conversion rate	1

Share and Unit-based Plans - Schedule of LTIP Grants (Details) - $ / shares						12 Months Ended
	Jun. 01, 2017	Mar. 03, 2017	Jan. 01, 2017	Mar. 04, 2016	Jan. 01, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
LTIP units
Share and unit-based plans
Granted (shares)						569,136	506,906	480,371
Granted (in dollars per share)						$ 51.78	$ 55.33	$ 65.00
Service-based
Share and unit-based plans
Granted (shares)						569,136.000	506,906	480,371
January 1, 2016 \| Service-based \| First vesting period
Share and unit-based plans
Granted (shares)					58,786
Granted (in dollars per share)					$ 80.69
January 1, 2016 \| Market-indexed \| First vesting period
Share and unit-based plans
Granted (shares)					266,899
Granted (in dollars per share)					$ 53.32
March 3, 2016 \| Service-based \| Second vesting period
Share and unit-based plans
Granted (shares)				154,686
Granted (in dollars per share)				$ 79.20
January 1, 2017 \| Service-based \| First vesting period
Share and unit-based plans
Granted (shares)			66,079
Granted (in dollars per share)			$ 70.84
January 1, 2017 \| Market-indexed \| First vesting period
Share and unit-based plans
Granted (shares)			297,849
Granted (in dollars per share)			$ 47.15
March 3, 2017 \| Service-based \| Second vesting period
Share and unit-based plans
Granted (shares)		134,742
Granted (in dollars per share)		$ 66.57
June 1, 2017 \| Service-based \| Third vesting period
Share and unit-based plans
Granted (shares)	1,522
Granted (in dollars per share)	$ 58.31
June 1, 2017 \| Market-indexed \| Third vesting period
Share and unit-based plans
Granted (shares)	6,714
Granted (in dollars per share)	$ 39.66
January 1, 2018 \| Service-based \| First vesting period
Share and unit-based plans
Granted (shares)						65,466
Granted (in dollars per share)						$ 65.68
January 1, 2018 \| Market-indexed \| First vesting period
Share and unit-based plans
Granted (shares)						291,326
Granted (in dollars per share)						$ 44.28
January 29, 2018 \| Service-based \| First vesting period
Share and unit-based plans
Granted (shares)						1,893
Granted (in dollars per share)						$ 66.02
January 29, 2018 \| Service-based \| Second vesting period
Share and unit-based plans
Granted (shares)						13,632
Granted (in dollars per share)						$ 66.02
January 29, 2018 \| Market-indexed \| First vesting period
Share and unit-based plans
Granted (shares)						7,775
Granted (in dollars per share)						$ 48.23
March 2, 2018 \| Service-based \| Third vesting period
Share and unit-based plans
Granted (shares)						99,407
Granted (in dollars per share)						$ 59.04
April 26, 2018 \| Service-based \| Forth vesting period
Share and unit-based plans
Granted (shares)						89,637
Granted (in dollars per share)						$ 55.78

Share and Unit-based Plans - Schedule LTIP Units Valuation Assumptions (Details) - LTIP units	Jan. 29, 2018	Jan. 01, 2018	Jun. 01, 2017	Jan. 01, 2017	Jan. 01, 2016
January 1, 2016
Share and unit-based plans
Risk Free Interest Rate					1.32%
Expected Volatility					20.31%
January 1, 2017
Share and unit-based plans
Risk Free Interest Rate				1.49%
Expected Volatility				20.75%
June 1, 2017
Share and unit-based plans
Risk Free Interest Rate			1.45%
Expected Volatility			21.40%
January 1, 2018
Share and unit-based plans
Risk Free Interest Rate		1.98%
Expected Volatility		23.38%
January 29, 2018
Share and unit-based plans
Risk Free Interest Rate	2.25%
Expected Volatility	23.86%

Share and Unit-based Plans - LTIP Activity (Details) - LTIP units - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Units
Balance at beginning of year (shares)	636,632	322,572	56,315
Granted (shares)	569,136	506,906	480,371
Vested (shares)	(253,625)	(192,846)	(214,114)
Forfeited (shares)	(290,565)	0	0
Balance at end of year (shares)	661,578	636,632	322,572
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share)	$ 52.36	$ 58.18	$ 73.24
Granted (in dollars per share)	51.78	55.33	65.00
Vested (in dollars per share)	61.17	69.93	77.45
Forfeited (in dollars per share)	52.58	0.00	0.00
Balance at end of year (in dollars per share)	$ 48.38	$ 52.36	$ 58.18

Share and Unit-based Plans - Stock Options Narrative (Details) - $ / shares	May 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 06, 2016	Jan. 05, 2016	Dec. 31, 2015
Stock options
Share and unit-based plans
Stock options, outstanding, number (shares)		35,565	35,565	10,565	10,565	10,314	10,314
Stock options, outstanding, weighted average exercise price (in dollars per share)		$ 57.32	$ 57.32	$ 56.77	$ 56.77	$ 58.15	$ 58.15
Non-qualified stock options
Share and unit-based plans
Granted (shares)	25,000
Granted (in dollars per share)	$ 10.02
Expected Volatility	30.19%
Dividend yield (as a percent)	4.93%
Risk Free Interest Rate	2.08%
Share Price	$ 57.55
Expected term (in years)	8 years

Share and Unit-based Plans - Stock Option Activity (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Options
Balance at beginning of year (shares)	35,565	10,565	10,314
Granted (shares)	0	25,000	0
Exercised (in shares)	0	0	0
Special dividend adjustment (shares)	0	0	251
Balance at end of year (shares)	35,565	35,565	10,565
Weighted Average Exercise Price (in dollars per share)
Balance at beginning of year (in dollars per share)	$ 57.32	$ 56.77	$ 58.15
Granted (in dollars per share)	0.00	57.55	0.00
Exercised (in dollars per share)	0.00	0.00	0.00
Special dividend adjustment (in dollars per share)	0.00	0.00	56.77
Balance at end of year (in dollars per share)	$ 57.32	$ 57.32	$ 56.77

Share and Unit-based Plans - Directors' Phantom Stock Plan (Details)	12 Months Ended
	Dec. 31, 2018 $ / shares shares	Dec. 31, 2017 $ / shares shares	Dec. 31, 2016 $ / shares shares
Phantom stock units
Share and unit-based plans
Number of common shares into which units can be converted (shares)	1
Units
Balance at beginning of year (shares)	4,054	5,845	0
Granted (shares)	10,380	8,760	21,088
Vested (shares)	(12,193)	(10,551)	(15,243)
Forfeited (shares)	(2,241)	0	0
Balance at end of year (shares)	0	4,054	5,845
Weighted Average Grant Date Fair Value (in dollars per share)
Balance at beginning of year (in dollars per share) \| $ / shares	$ 79.82	$ 81.47	$ 0.00
Granted (in dollars per share) \| $ / shares	49.55	68.93	80.21
Vested (in dollars per share) \| $ / shares	54.40	71.69	79.73
Forfeited (in dollars per share) \| $ / shares	77.91	0.00	0.00
Balance at end of year (in dollars per share) \| $ / shares	$ 0.00	$ 79.82	$ 81.47
Director's Phantom Stock Plan
Share and unit-based plans
Deferral period for grant of units (in years)	3 years
Number of common shares into which units can be converted (shares)	1
Maximum shares authorized under plan (shares)	500,000
Shares available for issuance under plan (in shares)	159,374

Share and Unit-based Plans - Employee Stock Purchase Plan (Details) - ESPP	12 Months Ended
	Dec. 31, 2018 shares
Share and unit-based plans
Discount from market price (as a percent)	15.00%
Maximum shares authorized under plan (shares)	750,000
Shares available for issuance under plan (in shares)	415,013

Share and Unit-based Plans - Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 33,551	$ 37,005	$ 40,529
Capitalized share and unit-based compensation costs	6,184	6,206	7,241
Stock awards
Share and unit-based plans
Compensation cost under share and unit-based plans	0	0	20
Stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	6,355	6,045	6,305
Unrecognized compensation cost of share and unit-based plans	1,833
LTIP units
Share and unit-based plans
Compensation cost under share and unit-based plans	26,311	30,161	32,957
Unrecognized compensation cost of share and unit-based plans	2,395
Stock options
Share and unit-based plans
Compensation cost under share and unit-based plans	125	85	16
Unrecognized compensation cost of share and unit-based plans	51
Phantom stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	760	714	1,231
Stock awards and units
Share and unit-based plans
Fair value of equity-based awards vested during period	$ 6,479	$ 5,257	$ 5,644

Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Feb. 28, 2013	Feb. 01, 1999
401(k) Plan
Employee Benefit Plans:
Number of common stock shares reserved for issuance (in shares)					150,000
Number of additional common stock shares reserved for issuance (in shares)				500,000
Employer match of employee contributions of first 3% of eligible compensation (as a percent)	100.00%
Percentage of eligible compensation, matched 100% by employer (as a percent)	3.00%
Employer match of employee contributions of next 2% of eligible compensation (as a percent)	50.00%
Percentage of eligible compensation, matched 50% by employer (as a percent)	2.00%
Employer contribution	$ 3,422	$ 3,481	$ 3,384
Deferred Compensation Plans
Employee Benefit Plans:
Employer contribution	$ 813	$ 1,069	$ 1,032

Income Taxes - Schedule of components of distributions made to common stockholders on a per share basis (Details) - $ / shares			12 Months Ended
	Nov. 12, 2015	Oct. 30, 2015	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Dividends, dollars per share
Ordinary income (in dollars per share)			$ 1.91	$ 1.98	$ 0.94
Capital gains (in dollars per share)			0.05	0.51	3.24
Unrecaptured Section 1250 gain (in dollars per share)			0.00	0.38	0.36
Return of capital (in dollars per share)			1.01	0.00	0.00
Dividends paid for income tax purposes (in dollars per share)			$ 2.97	$ 2.87	$ 4.54
Dividends, percent
Ordinary income (as a percent)			64.30%	69.00%	20.80%
Capital gains (as a percent)			1.70%	17.80%	71.40%
Unrecaptured Section 1250 gain (as a percent)			0.00%	13.20%	7.80%
Return of capital (as a percent)			34.00%	0.00%	0.00%
Dividends paid (as a percent)			100.00%	100.00%	100.00%
Dividends declared for common stock (in dollars per share)	$ 2.00	$ 2.00	$ 2.97	$ 2.87	$ 2.75
Cash deemed paid (in dollars per share)						$ 0.21

Income Taxes - Schedule of income tax benefit of TRSs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Current	$ 413	$ 185	$ (176)
Deferred	3,191	(15,779)	(546)
Income tax benefit (expense)	$ 3,604	$ (15,594)	$ (722)

Income Taxes - Reconciliation of income tax benefit (provision) of the TRSs to the amount computed by applying the federal corporate tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Book loss for TRSs	$ 19,525	$ 2,094	$ 5,254
Tax at statutory rate on earnings from continuing operations before income taxes	4,100	712	1,786
Change in tax rates	0	(14,189)	0
State taxes	513	109	160
Other	(1,009)	(2,226)	(2,668)
Income tax benefit (expense)	$ 3,604	$ (15,594)	$ (722)

Income Taxes - Narrative (Details) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Income Tax Disclosure [Abstract]
Remeasured ending deferred tax asset	$ 14,189

Income Taxes - Schedule of tax effects of temporary differences and carryforwards of the TRSs included in net deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 25,751	$ 21,398
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	4,524	5,077
Other	1,922	2,531
Deferred tax assets	$ 32,197	$ 29,006

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 246,874	$ 242,198	$ 234,545	$ 236,734	$ 256,743	$ 242,451	$ 247,423	$ 247,045	$ 960,351	$ 993,662	$ 1,041,271
Net income attributable to the Company	$ 11,749	$ 74,028	$ 7,816	$ (33,573)	$ 32,751	$ 17,498	$ 26,638	$ 69,243	$ 60,020	$ 146,130	$ 516,995
Net income attributable to common stockholders (dollars per share)	$ 0.08	$ 0.52	$ 0.05	$ (0.24)	$ 0.23	$ 0.12	$ 0.19	$ 0.48	$ 0.42	$ 1.02	$ 3.52
Net income attributable to common stockholders (dollars per share)	$ 0.08	$ 0.52	$ 0.05	$ (0.24)	$ 0.23	$ 0.12	$ 0.19	$ 0.48	$ 0.42	$ 1.02	$ 3.52

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=114873790&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=109256448&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1252-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=114873765&loc=SL114874048-224260

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109260490&loc=SL5780133-109256

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=109256448&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1252-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=114873765&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109260490&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=114873790&loc=SL114874131-224263

+ Details

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Feb. 13, 2019	Jan. 31, 2019	Nov. 12, 2015	Oct. 30, 2015	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 10, 2019
Subsequent events
Dividends declared for common stock (in dollars per share)			$ 2.00	$ 2.00	$ 2.97	$ 2.87	$ 2.75
Fashion Outlets of Chicago
Subsequent events
Interest rate (as a percent)					4.01%
Subsequent event
Subsequent events
Dividends declared for common stock (in dollars per share)		$ 0.75
Subsequent event \| Fashion Outlets of Chicago
Subsequent events
Mortgage loan								$ 300,000
Interest rate (as a percent)								4.58%
SanTan Village Regional Center \| Subsequent event
Subsequent events
Mortgage loan	$ 220,000
Interest rate on debt (as a percent)	4.30%
Interest rate on debt, term	10 years

Schedule III-Real Estate and Accumulated Depreciation - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Initial Cost to Company
Land		$ 1,406,580
Building and Improvements		4,717,020
Equipment and Furnishings		46,574
Cost Capitalized Subsequent to Acquisition		2,708,646
Gross Amount at Which Carried at Close of Period
Land		1,506,678
Building and Improvements		6,966,418
Equipment and Furnishings	$ 206,398	206,398	$ 187,998
Construction in Progress	199,326	199,326	366,996
Total	8,878,820	8,878,820	9,127,533	$ 9,209,211	$ 10,689,656
Accumulated Depreciation	$ 2,093,044	2,093,044	$ 2,018,303	$ 1,851,901	$ 1,892,744
Total Cost Net of Accumulated Depreciation		6,785,776
Chandler Fashion Center
Initial Cost to Company
Land		24,188
Building and Improvements		223,143
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		21,764
Gross Amount at Which Carried at Close of Period
Land		24,188
Building and Improvements		237,835
Equipment and Furnishings		6,043
Construction in Progress		1,029
Total		269,095
Accumulated Depreciation		111,436
Total Cost Net of Accumulated Depreciation		157,659
Danbury Fair Mall
Initial Cost to Company
Land		130,367
Building and Improvements		316,951
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		117,155
Gross Amount at Which Carried at Close of Period
Land		142,751
Building and Improvements		409,786
Equipment and Furnishings		11,414
Construction in Progress		522
Total		564,473
Accumulated Depreciation		156,784
Total Cost Net of Accumulated Depreciation		407,689
Desert Sky Mall
Initial Cost to Company
Land		9,447
Building and Improvements		37,245
Equipment and Furnishings		12
Cost Capitalized Subsequent to Acquisition		4,757
Gross Amount at Which Carried at Close of Period
Land		9,082
Building and Improvements		40,949
Equipment and Furnishings		1,430
Construction in Progress		0
Total		51,461
Accumulated Depreciation		11,953
Total Cost Net of Accumulated Depreciation		39,508
Eastland Mall
Initial Cost to Company
Land		22,050
Building and Improvements		151,605
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		11,683
Gross Amount at Which Carried at Close of Period
Land		21,400
Building and Improvements		161,402
Equipment and Furnishings		2,174
Construction in Progress		362
Total		185,338
Accumulated Depreciation		33,928
Total Cost Net of Accumulated Depreciation		151,410
Estrella Falls
Initial Cost to Company
Land		10,550
Building and Improvements		0
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		71,511
Gross Amount at Which Carried at Close of Period
Land		10,524
Building and Improvements		14,265
Equipment and Furnishings		0
Construction in Progress		57,272
Total		82,061
Accumulated Depreciation		2,132
Total Cost Net of Accumulated Depreciation		79,929
Fashion Outlets of Chicago
Initial Cost to Company
Land		0
Building and Improvements		0
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		268,088
Gross Amount at Which Carried at Close of Period
Land		40,575
Building and Improvements		222,769
Equipment and Furnishings		4,358
Construction in Progress		386
Total		268,088
Accumulated Depreciation		57,473
Total Cost Net of Accumulated Depreciation		210,615
Fashion Outlets of Niagara Falls USA
Initial Cost to Company
Land		18,581
Building and Improvements		210,139
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		104,604
Gross Amount at Which Carried at Close of Period
Land		22,936
Building and Improvements		307,958
Equipment and Furnishings		2,430
Construction in Progress		0
Total		333,324
Accumulated Depreciation		74,062
Total Cost Net of Accumulated Depreciation		259,262
The Marketplace at Flagstaff
Initial Cost to Company
Land		0
Building and Improvements		0
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		45,610
Gross Amount at Which Carried at Close of Period
Land		0
Building and Improvements		45,610
Equipment and Furnishings		0
Construction in Progress		0
Total		45,610
Accumulated Depreciation		23,524
Total Cost Net of Accumulated Depreciation		22,086
Freehold Raceway Mall
Initial Cost to Company
Land		164,986
Building and Improvements		362,841
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		125,383
Gross Amount at Which Carried at Close of Period
Land		168,098
Building and Improvements		474,466
Equipment and Furnishings		10,507
Construction in Progress		139
Total		653,210
Accumulated Depreciation		191,173
Total Cost Net of Accumulated Depreciation		462,037
Fresno Fashion Fair
Initial Cost to Company
Land		17,966
Building and Improvements		72,194
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		47,183
Gross Amount at Which Carried at Close of Period
Land		17,966
Building and Improvements		115,731
Equipment and Furnishings		2,603
Construction in Progress		1,043
Total		137,343
Accumulated Depreciation		55,422
Total Cost Net of Accumulated Depreciation		81,921
Green Acres Mall
Initial Cost to Company
Land		156,640
Building and Improvements		321,034
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		187,974
Gross Amount at Which Carried at Close of Period
Land		179,274
Building and Improvements		474,438
Equipment and Furnishings		10,424
Construction in Progress		1,512
Total		665,648
Accumulated Depreciation		107,532
Total Cost Net of Accumulated Depreciation		558,116
Inland Center
Initial Cost to Company
Land		8,321
Building and Improvements		83,550
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		29,278
Gross Amount at Which Carried at Close of Period
Land		10,291
Building and Improvements		110,618
Equipment and Furnishings		129
Construction in Progress		111
Total		121,149
Accumulated Depreciation		17,815
Total Cost Net of Accumulated Depreciation		103,334
Kings Plaza Shopping Center
Initial Cost to Company
Land		209,041
Building and Improvements		485,548
Equipment and Furnishings		20,000
Cost Capitalized Subsequent to Acquisition		256,943
Gross Amount at Which Carried at Close of Period
Land		200,686
Building and Improvements		675,872
Equipment and Furnishings		43,408
Construction in Progress		51,566
Total		971,532
Accumulated Depreciation		95,071
Total Cost Net of Accumulated Depreciation		876,461
La Cumbre Plaza
Initial Cost to Company
Land		18,122
Building and Improvements		21,492
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		15,699
Gross Amount at Which Carried at Close of Period
Land		13,856
Building and Improvements		40,425
Equipment and Furnishings		474
Construction in Progress		558
Total		55,313
Accumulated Depreciation		23,950
Total Cost Net of Accumulated Depreciation		31,363
Macerich Management Co.
Initial Cost to Company
Land		1,150
Building and Improvements		10,475
Equipment and Furnishings		26,562
Cost Capitalized Subsequent to Acquisition		54,559
Gross Amount at Which Carried at Close of Period
Land		3,878
Building and Improvements		13,618
Equipment and Furnishings		71,853
Construction in Progress		3,397
Total		92,746
Accumulated Depreciation		55,776
Total Cost Net of Accumulated Depreciation		36,970
MACWH, LP
Initial Cost to Company
Land		0
Building and Improvements		25,771
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		19,072
Gross Amount at Which Carried at Close of Period
Land		11,557
Building and Improvements		27,455
Equipment and Furnishings		0
Construction in Progress		5,831
Total		44,843
Accumulated Depreciation		9,832
Total Cost Net of Accumulated Depreciation		35,011
NorthPark Mall
Initial Cost to Company
Land		7,746
Building and Improvements		74,661
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		14,202
Gross Amount at Which Carried at Close of Period
Land		7,885
Building and Improvements		88,125
Equipment and Furnishings		584
Construction in Progress		15
Total		96,609
Accumulated Depreciation		20,502
Total Cost Net of Accumulated Depreciation		76,107
The Oaks
Initial Cost to Company
Land		32,300
Building and Improvements		117,156
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		259,772
Gross Amount at Which Carried at Close of Period
Land		56,387
Building and Improvements		349,426
Equipment and Furnishings		3,085
Construction in Progress		330
Total		409,228
Accumulated Depreciation		150,737
Total Cost Net of Accumulated Depreciation		258,491
Pacific View
Initial Cost to Company
Land		8,697
Building and Improvements		8,696
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		137,039
Gross Amount at Which Carried at Close of Period
Land		7,854
Building and Improvements		144,501
Equipment and Furnishings		2,043
Construction in Progress		34
Total		154,432
Accumulated Depreciation		71,282
Total Cost Net of Accumulated Depreciation		83,150
Paradise Valley Mall
Initial Cost to Company
Land		33,445
Building and Improvements		128,485
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		30,716
Gross Amount at Which Carried at Close of Period
Land		36,473
Building and Improvements		152,516
Equipment and Furnishings		2,709
Construction in Progress		948
Total		192,646
Accumulated Depreciation		79,166
Total Cost Net of Accumulated Depreciation		113,480
Queens Center
Initial Cost to Company
Land		251,474
Building and Improvements		1,039,922
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		43,506
Gross Amount at Which Carried at Close of Period
Land		256,786
Building and Improvements		1,074,030
Equipment and Furnishings		3,721
Construction in Progress		365
Total		1,334,902
Accumulated Depreciation		119,104
Total Cost Net of Accumulated Depreciation		1,215,798
Santa Monica Place
Initial Cost to Company
Land		26,400
Building and Improvements		105,600
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		338,853
Gross Amount at Which Carried at Close of Period
Land		48,374
Building and Improvements		412,436
Equipment and Furnishings		8,189
Construction in Progress		1,854
Total		470,853
Accumulated Depreciation		132,506
Total Cost Net of Accumulated Depreciation		338,347
San Tan Adjacent Land
Initial Cost to Company
Land		29,414
Building and Improvements		0
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		5,156
Gross Amount at Which Carried at Close of Period
Land		21,923
Building and Improvements		0
Equipment and Furnishings		0
Construction in Progress		12,647
Total		34,570
Accumulated Depreciation		0
Total Cost Net of Accumulated Depreciation		34,570
San Tan Village Regional Center
Initial Cost to Company
Land		7,827
Building and Improvements		0
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		208,509
Gross Amount at Which Carried at Close of Period
Land		6,344
Building and Improvements		207,590
Equipment and Furnishings		1,657
Construction in Progress		745
Total		216,336
Accumulated Depreciation		92,694
Total Cost Net of Accumulated Depreciation		123,642
South Park Mall
Initial Cost to Company
Land		7,035
Building and Improvements		38,215
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		(7,977)
Gross Amount at Which Carried at Close of Period
Land		2,899
Building and Improvements		33,696
Equipment and Furnishings		319
Construction in Progress		359
Total		37,273
Accumulated Depreciation		13,889
Total Cost Net of Accumulated Depreciation		23,384
Southridge Mall
Initial Cost to Company
Land		6,764
Building and Improvements		0
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		8,257
Gross Amount at Which Carried at Close of Period
Land		2,295
Building and Improvements		12,358
Equipment and Furnishings		122
Construction in Progress		246
Total		15,021
Accumulated Depreciation		6,072
Total Cost Net of Accumulated Depreciation		8,949
Stonewood Center
Initial Cost to Company
Land		4,948
Building and Improvements		302,527
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		9,920
Gross Amount at Which Carried at Close of Period
Land		4,935
Building and Improvements		312,258
Equipment and Furnishings		196
Construction in Progress		6
Total		317,395
Accumulated Depreciation		40,127
Total Cost Net of Accumulated Depreciation		277,268
Superstition Springs Center
Initial Cost to Company
Land		10,928
Building and Improvements		112,718
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		8,751
Gross Amount at Which Carried at Close of Period
Land		10,928
Building and Improvements		120,641
Equipment and Furnishings		708
Construction in Progress		120
Total		132,397
Accumulated Depreciation		20,223
Total Cost Net of Accumulated Depreciation		112,174
Superstition Springs Power Center
Initial Cost to Company
Land		1,618
Building and Improvements		4,420
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		269
Gross Amount at Which Carried at Close of Period
Land		1,618
Building and Improvements		4,630
Equipment and Furnishings		59
Construction in Progress		0
Total		6,307
Accumulated Depreciation		2,009
Total Cost Net of Accumulated Depreciation		4,298
Tangerine (Marana), The Shops at
Initial Cost to Company
Land		36,158
Building and Improvements		0
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		(8,059)
Gross Amount at Which Carried at Close of Period
Land		16,922
Building and Improvements		0
Equipment and Furnishings		0
Construction in Progress		11,177
Total		28,099
Accumulated Depreciation		0
Total Cost Net of Accumulated Depreciation		28,099
The Macerich Partnership, L.P.
Initial Cost to Company
Land		0
Building and Improvements		2,534
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		5,050
Gross Amount at Which Carried at Close of Period
Land		0
Building and Improvements		0
Equipment and Furnishings		7,365
Construction in Progress		219
Total		7,584
Accumulated Depreciation		926
Total Cost Net of Accumulated Depreciation		6,658
Towne Mall
Initial Cost to Company
Land		6,652
Building and Improvements		31,184
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		5,343
Gross Amount at Which Carried at Close of Period
Land		6,877
Building and Improvements		35,708
Equipment and Furnishings		495
Construction in Progress		99
Total		43,179
Accumulated Depreciation		16,062
Total Cost Net of Accumulated Depreciation		27,117
Tucson La Encantada
Initial Cost to Company
Land		12,800
Building and Improvements		19,699
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		56,522
Gross Amount at Which Carried at Close of Period
Land		12,800
Building and Improvements		75,422
Equipment and Furnishings		716
Construction in Progress		83
Total		89,021
Accumulated Depreciation		43,880
Total Cost Net of Accumulated Depreciation		45,141
Valley Mall
Initial Cost to Company
Land		16,045
Building and Improvements		26,098
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		14,065
Gross Amount at Which Carried at Close of Period
Land		15,616
Building and Improvements		40,185
Equipment and Furnishings		407
Construction in Progress		0
Total		56,208
Accumulated Depreciation		10,319
Total Cost Net of Accumulated Depreciation		45,889
Valley River Center
Initial Cost to Company
Land		24,854
Building and Improvements		147,715
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		24,119
Gross Amount at Which Carried at Close of Period
Land		23,487
Building and Improvements		157,244
Equipment and Furnishings		1,643
Construction in Progress		14,314
Total		196,688
Accumulated Depreciation		60,515
Total Cost Net of Accumulated Depreciation		136,173
Victor Valley, Mall of
Initial Cost to Company
Land		15,700
Building and Improvements		75,230
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		53,101
Gross Amount at Which Carried at Close of Period
Land		20,080
Building and Improvements		121,973
Equipment and Furnishings		1,919
Construction in Progress		59
Total		144,031
Accumulated Depreciation		53,532
Total Cost Net of Accumulated Depreciation		90,499
Vintage Faire Mall
Initial Cost to Company
Land		14,902
Building and Improvements		60,532
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		59,564
Gross Amount at Which Carried at Close of Period
Land		17,647
Building and Improvements		115,230
Equipment and Furnishings		1,759
Construction in Progress		362
Total		134,998
Accumulated Depreciation		72,801
Total Cost Net of Accumulated Depreciation		62,197
Wilton Mall
Initial Cost to Company
Land		19,743
Building and Improvements		67,855
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		27,044
Gross Amount at Which Carried at Close of Period
Land		19,810
Building and Improvements		93,673
Equipment and Furnishings		1,159
Construction in Progress		0
Total		114,642
Accumulated Depreciation		40,771
Total Cost Net of Accumulated Depreciation		73,871
Other freestanding stores
Initial Cost to Company
Land		5,926
Building and Improvements		31,785
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		10,151
Gross Amount at Which Carried at Close of Period
Land		5,927
Building and Improvements		41,579
Equipment and Furnishings		296
Construction in Progress		60
Total		47,862
Accumulated Depreciation		18,064
Total Cost Net of Accumulated Depreciation		29,798
Other land and development properties
Initial Cost to Company
Land		33,795
Building and Improvements		0
Equipment and Furnishings		0
Cost Capitalized Subsequent to Acquisition		23,510
Gross Amount at Which Carried at Close of Period
Land		25,749
Building and Improvements		0
Equipment and Furnishings		0
Construction in Progress		31,556
Total		57,305
Accumulated Depreciation		0
Total Cost Net of Accumulated Depreciation		$ 57,305

Schedule III-Real Estate and Accumulated Depreciation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Changes in total real estate assets
Balances, beginning of year	$ 9,127,533	$ 9,209,211	$ 10,689,656
Additions	246,719	202,280	254,604
Dispositions and retirements	(495,432)	(283,958)	(1,735,049)
Balances, end of year	8,878,820	9,127,533	9,209,211
Aggregate gross cost of the property for federal income tax purposes	8,363,296
Changes in accumulated depreciation
Balances, beginning of year	2,018,303	1,851,901	1,892,744
Additions	275,236	277,917	277,270
Dispositions and retirements	(200,495)	(111,515)	(318,113)
Balances, end of year	$ 2,093,044	$ 2,018,303	$ 1,851,901
Buildings and improvements \| Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	5 years
Buildings and improvements \| Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	40 years
Tenant improvements \| Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	5 years
Tenant improvements \| Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	7 years
Equipment and furnishings \| Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	5 years
Equipment and furnishings \| Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	7 years

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 6,484,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(424,859,000)
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	6,484,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(424,859,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	6,484,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (424,859,000)