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Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2019	Feb. 21, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	1-12504
Entity Registrant Name	MACERICH CO
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	95-4448705
Entity Address, Address Line One	401 Wilshire Boulevard,
Entity Address, Address Line Two	Suite 700,
Entity Address, City or Town	Santa Monica,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90401
City Area Code	(310)
Local Phone Number	394-6000
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	MAC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 4.7
Entity Common Stock, Shares Outstanding		141,296,774
Documents Incorporated by Reference	Portions of the proxy statement for the annual stockholders meeting to be held in 2020 are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0000912242
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS:
Property, net	$ 6,643,513	$ 6,785,776
Cash and cash equivalents	100,005	102,711
Restricted cash	14,211	46,590
Tenant and other receivables, net	144,035	123,492
Right-of-use assets, net	148,087
Deferred charges and other assets, net	277,866	390,403
Due from affiliates	6,157	85,181
Investments in unconsolidated joint ventures	1,519,697	1,492,655
Total assets	8,853,571	9,026,808
LIABILITIES AND EQUITY:
Mortgage notes payable	4,392,599	4,073,916
Bank and other notes payable	817,377	908,544
Accounts payable and accrued expenses	51,027	59,392
Lease liabilities	114,201
Other accrued liabilities	265,595	303,051
Distributions in excess of investments in unconsolidated joint ventures	107,902	114,988
Financing arrangement obligation	273,900	378,485
Total liabilities	6,022,601	5,838,376
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 141,407,650 and 141,221,712 shares issued and outstanding at December 31, 2019 and 2018, respectively	1,414	1,412
Additional paid-in capital	4,583,911	4,567,643
Accumulated deficit	(1,944,012)	(1,614,357)
Accumulated other comprehensive loss	(9,051)	(4,466)
Total stockholders' equity	2,632,262	2,950,232
Noncontrolling interests	198,708	238,200
Total equity	2,830,970	3,188,432
Total liabilities and equity	$ 8,853,571	$ 9,026,808

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Par value of common stock (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	141,407,650
Common stock, shares outstanding	141,407,650	141,221,712

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Leasing revenue	$ 858,874	$ 883,996
Leasing revenue		883,996	$ 922,152
Total revenues	927,462	960,351	993,662
Expenses:
Leasing expense	29,611
Leasing expenses		11,624	12,420
REIT general and administrative expenses	22,634	24,160	28,240
Costs related to shareholder activism	0	19,369	0
Depreciation and amortization	330,726	327,436	335,431
Total expenses before interest	721,313	751,969	758,982
Interest (income) expense:
Related parties	(62,517)	6,883	8,731
Other	200,771	176,079	163,045
Total interest expense	138,254	182,962	171,776
Loss on extinguishment of debt	351	0	0
Total expenses	859,918	934,931	930,758
Equity in income of unconsolidated joint ventures	48,508	71,773	85,546
Co-venture expense	0	0	(13,629)
Income tax (expense) benefit	(1,589)	3,604	(15,594)
(Loss) gain on sale or write down of assets, net	(11,909)	(31,825)	42,446
Net income	102,554	68,972	161,673
Less net income attributable to noncontrolling interests	5,734	8,952	15,543
Net income attributable to the Company	$ 96,820	$ 60,020	$ 146,130
Earnings per common share attributable to common stockholders:
Net income attributable to common stockholders (dollars per share)	$ 0.68	$ 0.42	$ 1.02
Net income attributable to common stockholders (dollars per share)	$ 0.68	$ 0.42	$ 1.02
Weighted average number of common shares outstanding:
Basic (shares)	141,340	141,142	141,877
Diluted (shares)	141,340	141,144	141,913
Other
Revenues:
Revenues	$ 27,879	$ 32,875	$ 28,116
Management Companies
Revenues:
Revenues	40,709	43,480	43,394
Expenses:
Operating expenses	66,795	91,910	87,701
Shopping center and operating expenses
Expenses:
Operating expenses	$ 271,547	$ 277,470	$ 295,190

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 102,554	$ 68,972	$ 161,673
Other comprehensive loss:
Interest rate cap/swap agreements	(4,585)		(42)
Interest rate cap/swap agreements		(4,424)	(42)
Comprehensive income	97,969	64,548	161,631
Less net income attributable to noncontrolling interests	5,734	8,952	15,543
Comprehensive income attributable to the Company	$ 92,235	$ 55,596	$ 146,088

- 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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+ Details

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2016			143,985,036
Balance at Dec. 31, 2016	$ 4,427,168	$ 4,105,887	$ 1,440	$ 4,593,229	$ (488,782)	$ 0	$ 321,281
Increase (Decrease) in Stockholders' Equity
Net income	161,673	146,130			146,130		15,543
Interest rate cap/swap agreements	(42)
Interest rate cap/swap agreements	(42)	(42)				(42)
Amortization of share and unit-based plans (in shares)			97,694
Amortization of share and unit-based plans	37,005	37,005	$ 1	37,004
Employee stock purchases (in shares)			38,832
Employee stock purchases	1,868	1,868		1,868
Stock repurchase (in shares)			(3,627,390)
Stock repurchases	(221,428)	(221,428)	$ (36)	(135,176)	(86,216)
Distributions	(407,895)	(407,895)			(407,895)
Distributions to noncontrolling interests	(35,944)						(35,944)
Contributions from noncontrolling interests	30						30
Conversion of noncontrolling interests to common shares (in shares)			499,813
Conversion of noncontrolling interests to common shares	0	16,797	$ 5	16,792			(16,797)
Redemption of noncontrolling interests	(920)	(615)		(615)			(305)
Adjustment of noncontrolling interests in Operating Partnership	0	(2,613)		(2,613)			2,613
Balance (in shares) at Dec. 31, 2017			140,993,985
Balance at Dec. 31, 2017	3,967,999	3,681,578	$ 1,410	4,510,489	(830,279)	(42)	286,421
Increase (Decrease) in Stockholders' Equity
Net income	68,972	60,020			60,020		8,952
Interest rate cap/swap agreements	(4,424)	(4,424)				(4,424)
Amortization of share and unit-based plans (in shares)			125,723
Amortization of share and unit-based plans	33,551	33,551	$ 1	33,550
Employee stock purchases (in shares)			35,293
Employee stock purchases	1,570	1,570		1,570
Distributions	(419,239)	(419,239)			(419,239)
Distributions to noncontrolling interests	(34,395)						(34,395)
Contributions from noncontrolling interests	16						16
Conversion of noncontrolling interests to common shares (in shares)			66,711
Conversion of noncontrolling interests to common shares	0	75	$ 1	74			(75)
Redemption of noncontrolling interests	(759)	(511)		(511)			(248)
Adjustment of noncontrolling interests in Operating Partnership	0	22,471		22,471			(22,471)
Balance (in shares) at Dec. 31, 2018			141,221,712
Balance at Dec. 31, 2018	3,188,432	2,950,232	$ 1,412	4,567,643	(1,614,357)	(4,466)	238,200
Increase (Decrease) in Stockholders' Equity
Net income	102,554	96,820			96,820		5,734
Interest rate cap/swap agreements	(4,585)	(4,585)				(4,585)
Amortization of share and unit-based plans (in shares)			106,747
Amortization of share and unit-based plans	16,723	16,723	$ 1	16,722
Employee stock purchases (in shares)			58,191
Employee stock purchases	1,519	1,519	$ 1	1,518
Distributions	(424,272)	(424,272)			(424,272)
Distributions to noncontrolling interests	(50,262)						(50,262)
Contributions from noncontrolling interests	3,131						3,131
Conversion of noncontrolling interests to common shares (in shares)			21,000
Conversion of noncontrolling interests to common shares	0	1,005		1,005			(1,005)
Redemption of noncontrolling interests	(67)	(31)		(31)			(36)
Adjustment of noncontrolling interests in Operating Partnership	$ 0	(2,946)		(2,946)			2,946
Balance (in shares) at Dec. 31, 2019	141,407,650		141,407,650
Balance at Dec. 31, 2019	$ 2,830,970	$ 2,632,262	$ 1,414	$ 4,583,911	$ (1,944,012)	$ (9,051)	$ 198,708

CONSOLIDATED STATEMENTS OF EQUITY (parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends declared for common stock (in dollars per share)	$ 3.00	$ 2.97	$ 2.87

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 102,554	$ 68,972	$ 161,673
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on extinguishment of debt	351	0	0
Loss (gain) on sale or write down of assets, net	11,909	31,825	(42,446)
Depreciation and amortization	337,667	334,682	341,275
Amortization of net premium on mortgage notes payable	(929)	(929)	(3,277)
Amortization of share and unit-based plans	12,032	27,367	30,799
Straight-line rent and amortization of above and below market leases	(14,009)	(13,701)	(9,561)
Provision for doubtful accounts	7,682	4,663	4,314
Income tax expense (benefit)	1,589	(3,604)	15,594
Equity in income of unconsolidated joint ventures	(48,508)	(71,773)	(85,546)
Change in fair value of financing arrangement obligation	(76,640)	(15,225)	0
Co-venture expense	0	0	13,629
Distributions of income from unconsolidated joint ventures	934	1,959	463
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	(9,929)	(13,912)	(6,508)
Other assets	(9,553)	8,439	(4,414)
Due from affiliates	13,894	(3,019)	(13,982)
Accounts payable and accrued expenses	(237)	(2,159)	(5,822)
Other accrued liabilities	26,350	(9,274)	(9,802)
Net cash provided by operating activities	355,157	344,311	386,389
Cash flows from investing activities:
Development, redevelopment, expansion and renovation of properties	(166,791)	(181,089)	(160,343)
Property improvements	(21,114)	(56,142)	(41,807)
Proceeds from collection of notes receivable	68,819	1,043	7,073
Deferred leasing costs	(11,906)	(28,769)	(31,655)
Distributions from unconsolidated joint ventures	266,349	536,643	267,964
Contributions to unconsolidated joint ventures	(252,903)	(181,239)	(117,538)
Proceeds from sale of assets	5,520	85,876	255,294
Net cash (used in) provided by investing activities	(112,026)	176,323	178,988
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	1,796,000	415,000	1,430,000
Payments on mortgages, bank and other notes payable	(1,567,089)	(469,814)	(1,219,728)
Deferred financing costs	(7,759)	(275)	(8,500)
Payment of finance deposits, net of refunds received	0	(6,542)	0
Payment on finance arrangement obligation	(27,945)	0	0
Payments on finance leases	(1,472)
Proceeds from share and unit-based plans	1,519	1,570	1,868
Stock repurchases	0	0	(221,428)
Redemption of noncontrolling interests	(67)	(759)	(920)
Contributions from noncontrolling interests	3,131	16	30
Dividends and distributions	(474,534)	(453,634)	(443,839)
Distributions to co-venture partner	0	0	(103,752)
Net cash used in financing activities	(278,216)	(514,438)	(566,269)
Net (decrease) increase in cash, cash equivalents and restricted cash	(35,085)	6,196	(892)
Cash, cash equivalents and restricted cash at beginning of year	149,301	143,105	143,997
Cash, cash equivalents, and restricted cash at end of year	114,216	149,301	143,105
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	210,026	192,254	168,493
Non-cash investing and financing activities:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	32,452	50,006	43,726
Conversion of Operating Partnership Units to common stock	1,005	75	16,797
Lease liabilities recorded in connection with right-of-use assets	109,299
Mortgage notes payable assumed by buyer in exchange for investment in unconsolidated joint venture	0	139,249	0
Disposition of property in exchange for investments in unconsolidated joint ventures	$ 0	$ 25,177	$ 0

Organization	12 Months Ended
Organization	Dec. 31, 2019
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, 2019, 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, 2019

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,
	2019		2018
Assets:
Property, net	$	254,071	$	263,511
Other assets	30,049		23,001
Total assets	$	284,120	$	286,512
Liabilities:
Mortgage notes payable	$	219,140	$	125,273
Other liabilities	32,101		32,503
Total liabilities	$	251,241	$	157,776

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

Basis of Presentation: (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:


	2019		2018		2017
Beginning 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
End of period
Cash and cash equivalents	$	100,005	$	102,711	$	91,038
Restricted cash	14,211		46,590		52,067
Cash, cash equivalents and restricted cash	$	114,216	$	149,301	$	143,105

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 and other agreements.

Revenues:

Leasing revenue includes minimum rents, percentage rents, tenant recoveries and other leasing income. 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 $10,533, $11,755 and $8,597 due to the straight-line rent adjustment during the years ended December 31, 2019, 2018 and 2017, 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

Acquisitions: (Continued)

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 leasing 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.

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.

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 and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income, if any.

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

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

Segment Information:

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

Fair Value of Financial Instruments:

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

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

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

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

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 discount rate, terminal capitalization 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, 2019, 2018 or 2017.

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 12—Financing Arrangement). Upon adoption of the standard on January 1, 2018, the Company replaced its $31,150 distributions in excess of co-venture obligation 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.

On January 1, 2019, the Company adopted Accounting Standards Codification ("ASC") 842 "Leases", under the modified retrospective method. The new standard amended the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). In connection with the adoption of the new lease standard, the Company elected to use the transition packages of practical expedients for implementation provided by the FASB, which included (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, (iii) allowing previously capitalized initial direct leasing costs to continue to be amortized, and (iv) application of the standard as of the adoption date rather than to all periods presented.

The new standard requires the Company to reduce leasing revenue for credit losses associated with lease receivables. In addition, straight-line rent receivables are written off when the Company believes there is uncertainty regarding a tenant's ability to complete the term of the lease. As a result, the Company recognized a cumulative effect adjustment of $2,203 upon adoption for the write off of straight-line rent receivables of tenants that were in litigation or bankruptcy. The standard also requires that the provision for bad debts relating to leases be presented as a reduction of leasing revenue. For the years ended December 31, 2018 and 2017, the provision for bad debts is included in shopping center and operating expenses.

The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Initial direct costs include the salaries and related costs for employees directly working on leasing activities. Prior to January 1, 2019, these costs were capitalizable and therefore the new lease standard resulted in certain of these costs being expensed as incurred. For comparison purposes, the Company has reclassified leasing expenses that were included in management companies' operating expenses to leasing expenses for the years ended December 31, 2018 and 2017, to conform to the presentation for the year ended December 31, 2019. Upon the adoption of the new standard, the Company elected the practical expedient to not separate non-lease components, most significantly certain common area maintenance recoveries, from the associated lease components, resulting in the Company presenting all revenues associated with leases as leasing revenue on its consolidated statements of operations. For comparison purposes, the Company has reclassified minimum rents, percentage rents, tenant recoveries and other leasing income to leasing revenue for the years ended December 31, 2018 and 2017, to conform to the presentation for the year ended December 31, 2019.

The standard requires lessees to classify its leases as either finance or operating leases. The lessee records a right-of-use ("ROU") asset and a lease liability for all leases with a term of greater than twelve months, regardless of their lease classification. Upon adoption, the Company recognized initial ROU assets and corresponding lease liabilities of $109,299, representing the discounted value of future lease payments required for leases classified as operating leases. In addition, the Company reclassified $59,736 from deferred charges and other assets, net, $5,978 from accounts payable and accrued expenses and $4,342 from other accrued liabilities, relating to existing intangible assets and straight-line rent liabilities. The Company's lease liabilities were increased at adoption by $15,268 for lease liabilities associated with finance leases that were previously included in other accrued liabilities. See Note 8—Leases, for further disclosure on the Company's adoption of the new standard.

Recent Accounting Pronouncements: (Continued)

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's adoption of this standard did not have a significant impact on its consolidated financial statements.

Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 2019

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):


	2019		2018		2017
Numerator
Net income	$	102,554	$	68,972	$	161,673
Net income attributable to noncontrolling interests	(5,734)		(8,952)		(15,543)
Net income attributable to the Company	96,820		60,020		146,130
Allocation of earnings to participating securities	(1,190)		(1,106)		(757)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$	95,630	$	58,914	$	145,373
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding	141,340		141,142		141,877
Effect of dilutive securities (1)

Share and unit based compensation	—		2		36
Denominator for diluted EPS—weighted average number of common shares outstanding	141,340		141,144		141,913
EPS—net income attributable to common stockholders:
Basic	$	0.68	$	0.42	$	1.02
Diluted	$	0.68	$	0.42	$	1.02

____________________________________

(1)Diluted EPS excludes 90,619 convertible preferred units for the years ended December 31, 2019, 2018 and 2017, as their impact was antidilutive.

Diluted EPS excludes 10,415,291, 10,360,390 and 10,416,321 Operating Partnership units ("OP Units") for the years ended December 31, 2019, 2018 and 2017, respectively, as their effect was antidilutive.

Investments in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2019

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 unconsolidated joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2019 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	%
Goodyear Peripheral LLC	41.7	%
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, dispositions and financings in unconsolidated joint ventures during the years ended December 31, 2019, 2018 and 2017:

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 14—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 14—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 15—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.

On July 25, 2019, the Company's joint venture in Fashion District Philadelphia amended the existing term loan on the joint venture to allow for additional borrowings up to $100,000 at LIBOR plus 2%. Concurrent with the amendment, the joint venture borrowed an additional $26,000. On August 16, 2019, the joint venture borrowed an additional $25,000. The Company used its share of the additional proceeds to pay down its line of credit and for general corporate purposes.

On September 12, 2019, the Company’s joint venture in Tysons Tower placed a new $190,000 loan on the property that bears interest at an effective rate of 3.38% and matures on November 11, 2029. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes.

On December 18, 2019, the Company’s joint venture in One Westside placed a $414,600 construction loan on the redevelopment project.The loan bears interest at LIBOR plus 1.70%, which can be reduced to LIBOR plus 1.50% upon the completion of certain conditions, and matures on December 18, 2024. This loan is expected to fund the joint venture's remaining cost to complete the project.

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:


	2019		2018
Assets(1):
Property, net	$	9,424,591	$	9,241,003
Other assets	772,116		703,861
Total assets	$	10,196,707	$	9,944,864
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	6,144,685	$	6,050,930
Other liabilities	565,412		388,509
Company's capital	1,904,145		1,913,475
Outside partners' capital	1,582,465		1,591,950
Total liabilities and partners' capital	$	10,196,707	$	9,944,864
Investment in unconsolidated joint ventures:
Company's capital	$	1,904,145	$	1,913,475
Basis adjustment(2)	(492,350)		(535,808)
	$	1,411,795	$	1,377,667

Assets—Investments in unconsolidated joint ventures	1,519,697		$	1,492,655
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(107,902)		(114,988)
	$	1,411,795	$	1,377,667

_______________________________________________________________________________

(1)These amounts include the assets of $2,932,401 and $3,047,851 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2019 and 2018, respectively, and liabilities of $1,732,976 and $1,859,637 of the PPR Portfolio as of December 31, 2019 and 2018, respectively.

(2)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 $18,834, $12,793 and $16,562 for the years ended December 31, 2019, 2018 and 2017, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	PPR Portfolio		Other Joint Ventures		Total
Year Ended December 31, 2019
Revenues:
Leasing revenue	$	187,789	$	712,860	$	900,649
Other	1,598		49,184		50,782
Total revenues	189,387		762,044		951,431
Expenses:
Shopping center and operating expenses	37,528		250,598		288,126
Leasing expenses	1,598		6,695		8,293
Interest expense	67,354		150,111		217,465
Depreciation and amortization	100,490		273,565		374,055
Total operating expenses	206,970		680,969		887,939
Loss on sale of assets	(452)		(380)		(832)

Net (loss) income	$	(18,035)	$	80,695	$	62,660
Company's equity in net (loss) income	$	(590)	$	49,098	$	48,508

Year Ended December 31, 2018
Revenues:
Leasing revenue	186,924		727,328		914,252
Other	905		41,420		42,325
Total revenues	187,829		768,748		956,577
Expenses:
Shopping center and operating expenses	39,283		246,652		285,935
Interest expense(1)	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


	PPR Portfolio		Other Joint Ventures		Total
Year Ended December 31, 2017
Revenues:
Leasing revenue	$	190,186	$	719,406	$	909,592
Other	1,848		37,018		38,866
Total revenues	192,034		756,424		948,458
Expenses:
Shopping center and operating expenses	41,340		243,271		284,611
Interest expense(1)	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

_______________________________________________________________________________

(1)Interest expense includes $20,197 and $17,898 for the years ended December 31, 2018 and 2017, respectively, related to mortgage notes payable to an affiliate of Northwestern Mutual Life ("NML") (See Note 18—Related Party Transactions).

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 Hudson Pacific Properties, whereby the Company agreed to contribute One Westside 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 One Westside 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 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, 2019

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 $4,585, $4,424 and $42 during the years ended December 31, 2019, 2018 and 2017, respectively. The fair value of the Company's derivatives was $(9,051) and $(4,466) at December 31, 2019 and 2018, respectively.

The following derivatives were outstanding at December 31, 2019:


							Fair Value
Property	Notional Amount		Product	LIBOR Rate		Maturity	December 31, 2019		December 31, 2018
Santa Monica Place	$	300,000	Cap	4.00	%	12/9/2020	$	—	$	(53)
The Macerich Partnership, L.P.	$	400,000	Swaps	2.85	%	9/30/2021	$	(9,051)	$	(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, 2019

Property, Plant and Equipment [Abstract]

Property, net

Property, net:

Property, net at December 31, 2019 and 2018 consists of the following:


	2019		2018
Land	$	1,520,678	$	1,506,678
Buildings and improvements	6,389,458		6,288,308
Tenant improvements	726,533		678,110
Equipment and furnishings(1)	230,215		206,398
Construction in progress	126,165		199,326
	8,993,049		8,878,820
Less accumulated depreciation	(2,349,536)		(2,093,044)
	$	6,643,513	$	6,785,776

(1)Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at December 31, 2019 (See Note 8—Leases).

Depreciation expense for the years ended December 31, 2019, 2018 and 2017 was $287,846, $275,236 and $277,917, respectively.

The (loss) gain on sale or write down of assets, net for the years ended December 31, 2019, 2018 and 2017 consist of the following:


	2019		2018		2017
Property sales(1)	$	—	$	45,931	$	74,174
Write-down of assets(2)	(16,285)		(82,745)		(23,154)
Land sales	4,376		4,989		1,564
Non-real estate disposition	—		—		(10,138)
	$	(11,909)	$	(31,825)	$	42,446

_______________________________________________________________________________

(1)Property sales during the year ended December 31, 2018 includes a $46,242 gain on the sale of a 75% ownership interest in One Westside (See Note 4—Investments in Unconsolidated Joint Ventures) and a loss of $311 on the sale of Promenade at Casa Grande (See Note 16—Dispositions). Gain on sale of properties during the year ended December 31, 2017 includes a gain of $59,577 on the sale of Cascade Mall and Northgate Mall (See Note 16—Dispositions) and $14,597 on the sale of 500 North Michigan Avenue (See Note 16—Dispositions).

(2)Includes impairment losses of $36,338 on SouthPark Mall, $7,907 on La Cumbre Plaza, $7,494 on two freestanding stores, $1,697 on Southridge Center and $1,043 on Promenade at Casa Grande during the year ended December 31, 2018 and $12,036 on Southridge Center and $10,072 on Promenade at Casa Grande during the year ended December 31, 2017. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining balances represent the write off of development costs.

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 and 2017 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
					(Level 1)		(Level 2)		(Level 3)
2018	$	104,700	$	—	$	104,700	$	—
2017	$	38,000	$	—	38,000		$	—

The fair value relating to impairments that were based on sales contracts were classified within Level 2 of the fair value hierarchy.

Tenant and Other Receivables, net	12 Months Ended
Tenant and Other Receivables, net	Dec. 31, 2019
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 $4,836 and $2,919 at December 31, 2019 and 2018, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $9,618 and $8,949 at December 31, 2019 and 2018, respectively, and a deferred rent receivable due to straight-line rent adjustments of $82,214 and $72,456 at December 31, 2019 and 2018, 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 collected in full on October 20, 2017.

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

Leases:

Lessor Leases:

The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. 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 following table summarizes the components of leasing revenue for the years ended December 31, 2019, 2018 and 2017:


	2019		2018		2017
Leasing revenue - fixed payments	$	647,876	$	659,991	$	677,503
Leasing revenue - variable payments	210,998		224,005		244,649
	$	858,874	$	883,996	$	922,152

The following table summarizes the future rental payments to the Company:


2020	$	490,510
2021	418,884
2022	364,768
2023	315,868
2024	250,216
Thereafter	741,235
	$	2,581,481

Lessee Leases:

The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has four finance leases that expire at various times through 2022.

The following table summarizes the lease costs for the the year ended December 31, 2019:



Operating lease costs	$	17,070
Finance lease costs:
Amortization of ROU assets	1,882
Interest on lease liabilities	596
	$	19,548

The following table summarizes the future rental payments required under the leases as of December 31, 2019:


Year ending	Operating Leases		Finance Leases
2020	$	17,149	$	2,106
2021	17,004		10,441
2022	16,867		2,418
2023	11,055		—
2024	9,068		—
Thereafter	131,347		—
Total undiscounted rental payments	202,490		14,965
Less imputed interest	(102,085)		(1,169)
Total lease liabilities	$	100,405	$	13,796

The Company's weighted average remaining lease term of its operating and finance leases at December 31, 2019 was 31 and 1.6 years, respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at December 31, 2019 was 7.7% and 4.2%, respectively.

Leases

Leases:

Lessor Leases:

The following table summarizes the components of leasing revenue for the years ended December 31, 2019, 2018 and 2017:


	2019		2018		2017
Leasing revenue - fixed payments	$	647,876	$	659,991	$	677,503
Leasing revenue - variable payments	210,998		224,005		244,649
	$	858,874	$	883,996	$	922,152

The following table summarizes the future rental payments to the Company:


2020	$	490,510
2021	418,884
2022	364,768
2023	315,868
2024	250,216
Thereafter	741,235
	$	2,581,481

Lessee Leases:

The following table summarizes the lease costs for the the year ended December 31, 2019:



Operating lease costs	$	17,070
Finance lease costs:
Amortization of ROU assets	1,882
Interest on lease liabilities	596
	$	19,548

The following table summarizes the future rental payments required under the leases as of December 31, 2019:


Year ending	Operating Leases		Finance Leases
2020	$	17,149	$	2,106
2021	17,004		10,441
2022	16,867		2,418
2023	11,055		—
2024	9,068		—
Thereafter	131,347		—
Total undiscounted rental payments	202,490		14,965
Less imputed interest	(102,085)		(1,169)
Total lease liabilities	$	100,405	$	13,796

Deferred Charges and Other Assets, net

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018 consist of the following:


	2019		2018
Leasing	$	202,540	$	226,885
Intangible assets:
In-place lease values(1)	78,171		94,966
Leasing commissions and legal costs(1)	20,518		23,508
Above-market leases	59,916		140,889
Deferred tax assets	30,757		32,197
Deferred compensation plan assets	55,349		45,857
Other assets	60,475		75,497
	507,726		639,799
Less accumulated amortization(2)	(229,860)		(249,396)
	$	277,866	$	390,403

_______________________________

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


Year Ending December 31,
2020	$	7,921
2021	6,255
2022	4,719
2023	3,436
2024	2,276
Thereafter	7,760
	$	32,367

(2)Accumulated amortization includes $66,322 and $72,286 relating to in-place lease values, leasing commissions and legal costs at December 31, 2019 and 2018, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $13,821, $13,635 and $19,958 for the years ended December 31, 2019, 2018 and 2017, respectively.

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


	2019		2018
Above-Market Leases
Original allocated value	$	59,916	$	140,889
Less accumulated amortization	(35,737)		(49,847)
	$	24,179	$	91,042
Below-Market Leases(1)
Original allocated value	$	90,790	$	108,330
Less accumulated amortization	(53,727)		(56,345)
	$	37,063	$	51,985

_______________________________

(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
2020	$	5,328	$	6,882
2021	4,677		5,344
2022	4,055		4,374
2023	3,685		3,617
2024	2,691		3,348
Thereafter	3,743		13,498
	$	24,179	$	37,063

Mortgage Notes Payable

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Mortgage Notes Payable

Mortgage Notes Payable:

Mortgage notes payable at December 31, 2019 and 2018 consist of the following:


	Carrying Amounts of Mortgage Notes(1)								Effective Interest Rate(2)		Monthly Debt Service(3)	Maturity Date(4)
Property Pledged as Collateral	2019		2018
Chandler Fashion Center(5)(6)	$	255,174	$	199,972	4.18	%	$	875		2024
Danbury Fair Mall	194,718		202,158		5.53	%	1,538			2020
Fashion Outlets of Chicago(7)	299,112		199,622		4.61	%	1,145			2031
Fashion Outlets of Niagara Falls USA(8)	106,398		109,651		4.89	%	727			2020
Freehold Raceway Mall(5)	398,379		398,212		3.94	%	1,300			2029
Fresno Fashion Fair	323,659		323,460		3.67	%	971			2026
Green Acres Commons(9)	128,926		128,006		4.40	%	416			2021
Green Acres Mall	277,747		284,686		3.61	%	1,447			2021
Kings Plaza Shopping Center(10)	535,097		437,120		3.71	%	1,629			2030
Oaks, The	187,142		192,037		4.14	%	1,064			2022
Pacific View	118,202		121,362		4.08	%	668			2022
Queens Center	600,000		600,000		3.49	%	1,744			2025
Santa Monica Place(11)	297,817		297,069		3.34	%	772			2022
SanTan Village Regional Center(12)	219,140		121,585		4.34	%	788			2029
Towne Mall	20,284		20,733		4.48	%	117			2022
Tucson La Encantada	63,682		65,361		4.23	%	368			2022
Victor Valley, Mall of	114,733		114,675		4.00	%	380			2024
Vintage Faire Mall	252,389		258,207		3.55	%	1,256			2026
	$	4,392,599	$	4,073,916

(1)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 $16,042 and $13,053 at December 31, 2019 and 2018, 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 12—Financing Arrangement).

(6)On June 27, 2019, the Company replaced the existing loan on the property with a new $256,000 loan that bears interest at an effective rate of 4.18% and matures on July 5, 2024.

(7)On January 10, 2019, the Company replaced the existing loan on the property with a new $300,000 loan that bears interest at an effective rate of 4.61% and matures on February 1, 2031.

(8)The loan includes an unamortized debt premium of $773 and $1,701 at December 31, 2019 and 2018, respectively. The debt premiums represent the excess of the fair value of the loan over the principal value of the loan assumed at acquisition and is amortized into interest expense over the remaining term of the loan in a manner that approximates the effective interest method.

(9)The loan bears interest at LIBOR plus 2.15%. At December 31, 2019 and 2018, the total interest rate was 4.40% and 5.06%, respectively.

(10)On December 3, 2019, the Company replaced the existing loan on the property with a new $540,000 loan that bears interest at an effective rate of 3.71% and matures on January 1, 2030 .

(11)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, 2021 (See Note 5—Derivative Instruments and Hedging Activities). At December 31, 2019 and 2018, the total interest rate was 3.34% and 4.01%, respectively.

(12)On June 3, 2019, the Company’s joint venture in SanTan Village Regional Center replaced the existing loan on the property with a new $220,000 loan that bear interest at an effective rate of 4.34% and matures on July 1, 2029.

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

As of December 31, 2019, 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, 2019, 2018 and 2017 was $9,614, $15,422 and $13,160, respectively.

The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2019 and 2018 was $4,427,790 and $4,082,448, 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,
2020	$	325,133
2021	418,239
2022	674,340
2023	6,895
2024	378,120
Thereafter	2,605,141
	4,407,868
Debt premium	773
Deferred finance cost, net	(16,042)
	$	4,392,599

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

Bank and Other Notes Payable	12 Months Ended
Bank and Other Notes Payable	Dec. 31, 2019
Debt Disclosure [Abstract]
Bank and Other Notes Payable	Bank and Other Notes Payable: Bank and other notes payable at December 31, 2019 and 2018 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, 2019, the borrowing rate on the facility was LIBOR plus 1.55%. 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 1.55% to fixed rate debt of 4.30% until September 30, 2021 (See Note 5—Derivative Instruments and Hedging Activities). As of December 31, 2019 and 2018, borrowings under the line of credit, were $820,000 and $910,000, respectively, less unamortized deferred finance costs of $2,623 and $5,145, respectively, at a total interest rate of 3.92% and 4.20%, respectively. As of December 31, 2019 and 2018, the Company's availability under the line of credit for additional borrowings was $679,719 and $589,719, respectively, The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2019 and 2018 was $826,280 and $912,163, 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 bore interest at 5.25% and was to mature on May 30, 2021. The note payable was collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. On October 7, 2019, the loan was paid off. At December 31, 2018, the note had a balance of $3,689. The estimated fair value (Level 2 measurement) of the note at December 31, 2018 was $3,690, 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, 2019 and 2018, the Company was in compliance with all applicable financial loan covenants.

Financing Arrangement

12 Months Ended

Dec. 31, 2019

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 1,673,000 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 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 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. As a result of adopting ASC 606, the Company no longer records co-venture expense for its partner's share of the income of Chandler Freehold. Under the Financing Arrangement, the Company recognizes interest expense on (i) the changes in fair value of the Financing Arrangement obligation, (ii) any payments to the joint venture partner equal to their pro rata share of net income and (iii) any payments to the joint venture partner less than or in excess of their pro rata share of net income.

During the years ended December 31, 2019 and 2018, the Company incurred interest (income) expense in connection with the financing arrangement as follows:


	2019		2018
Distributions of the partner's share of net income	$	7,184	$	9,079
Distributions in excess of the partner's share of net income	6,939		6,376
Adjustment to fair value of financing arrangement obligation	(76,640)		(15,225)
	$	(62,517)	$	230

The fair value (Level 3 measurement) of the financing arrangement obligation at December 31, 2019 and 2018 was based upon a terminal capitalization rate of 5.0% and 4.8%, respectively, a discount rate of 6.0% and 5.8%, respectively, and market rents per square foot of $35 to $115. 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, excluding distributions of excess loan proceeds, and changes in fair value of the financing arrangement obligation are recognized as interest (income) expense in the Company's consolidated statements of operations.

On June 27, 2019, the Company replaced the existing mortgage note payable on Chandler Fashion Center with a new $256,000 loan (See Note 10—Mortgage Notes Payable). In connection with the refinancing transaction, the Company distributed $27,945 of the excess loan proceeds to its joint venture partner, which was recorded as a reduction to the financing arrangement obligation.

Noncontrolling Interests	12 Months Ended
Noncontrolling Interests	Dec. 31, 2019
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, 2019 and 2018. The remaining 7% limited partnership interest as of December 31, 2019 and 2018 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, 2019 and 2018, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $277,524 and $448,116, 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, 2019
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity: 2017 Stock Buyback Program: On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including accelerated share repurchase 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 16—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 years ended December 31, 2019 or 2018. At-The-Market Stock Offering Program ("ATM Program"): On August 20, 2014, the Company entered into an equity distribution agreement with a number of sales agents (the "ATM Program") to issue and sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $500,000. The ATM Program expired by its terms in August 2017. No shares were sold under the ATM Program.

Collaborative Agreement

12 Months Ended

Dec. 31, 2019

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	%
Goodyear Peripheral LLC	41.7	%
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	%

_______________________________________________________________________________

The Company has made the following investments, dispositions and financings in unconsolidated joint ventures during the years ended December 31, 2019, 2018 and 2017:

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:


	2019		2018
Assets(1):
Property, net	$	9,424,591	$	9,241,003
Other assets	772,116		703,861
Total assets	$	10,196,707	$	9,944,864
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	6,144,685	$	6,050,930
Other liabilities	565,412		388,509
Company's capital	1,904,145		1,913,475
Outside partners' capital	1,582,465		1,591,950
Total liabilities and partners' capital	$	10,196,707	$	9,944,864
Investment in unconsolidated joint ventures:
Company's capital	$	1,904,145	$	1,913,475
Basis adjustment(2)	(492,350)		(535,808)
	$	1,411,795	$	1,377,667

Assets—Investments in unconsolidated joint ventures	1,519,697		$	1,492,655
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(107,902)		(114,988)
	$	1,411,795	$	1,377,667

_______________________________________________________________________________

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	PPR Portfolio		Other Joint Ventures		Total
Year Ended December 31, 2019
Revenues:
Leasing revenue	$	187,789	$	712,860	$	900,649
Other	1,598		49,184		50,782
Total revenues	189,387		762,044		951,431
Expenses:
Shopping center and operating expenses	37,528		250,598		288,126
Leasing expenses	1,598		6,695		8,293
Interest expense	67,354		150,111		217,465
Depreciation and amortization	100,490		273,565		374,055
Total operating expenses	206,970		680,969		887,939
Loss on sale of assets	(452)		(380)		(832)

Net (loss) income	$	(18,035)	$	80,695	$	62,660
Company's equity in net (loss) income	$	(590)	$	49,098	$	48,508

Year Ended December 31, 2018
Revenues:
Leasing revenue	186,924		727,328		914,252
Other	905		41,420		42,325
Total revenues	187,829		768,748		956,577
Expenses:
Shopping center and operating expenses	39,283		246,652		285,935
Interest expense(1)	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


	PPR Portfolio		Other Joint Ventures		Total
Year Ended December 31, 2017
Revenues:
Leasing revenue	$	190,186	$	719,406	$	909,592
Other	1,848		37,018		38,866
Total revenues	192,034		756,424		948,458
Expenses:
Shopping center and operating expenses	41,340		243,271		284,611
Interest expense(1)	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

_______________________________________________________________________________

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, 2019
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions: 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 14—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.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: As of December 31, 2019, the Company was contingently liable for $40,814 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, 2019, the Company had $4,194 in outstanding obligations, which it believes will be settled in the next twelve months.

Related Party Transactions

12 Months Ended

Dec. 31, 2019

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:


	2019		2018		2017
Management fees	$	18,748	$	19,752	$	19,105
Development and leasing fees	16,056		14,412		15,558
	$	34,804	$	34,164	$	34,663

Certain mortgage notes on the properties are held by NML. NML was considered a related party due to its ownership interest in Broadway Plaza until it sold its ownership interest in the property to a third party on October 12, 2018. Interest expense in connection with these notes, during the period that NML was a related party, was $6,653 and $8,731 for the years ended December 31, 2018 and 2017, respectively.

Interest (income) expense from related party transactions also includes $(62,517) and $230 for the years ended December 31, 2019 and 2018, respectively, in connection with the Financing Arrangement (See Note 12—Financing Arrangement).

Due from affiliates includes $6,157 and $6,385 of unreimbursed costs and fees due from unconsolidated joint ventures under management agreements at December 31, 2019 and 2018, respectively.

In addition, due from affiliates at December 31, 2018 included a note receivable from RED/303 LLC ("RED") that bore interest at 5.25% and was to mature on May 30, 2021. Interest income earned on this note was $141, $224 and $268 for the years ended December 31, 2019, 2018 and 2017, respectively. The balance on this note receivable was $3,689 at December 31, 2018. On October 7, 2019, the note was collected in full. RED was considered a related party because it was a partner in a joint venture development project. The note was collateralized by RED's interest in a development agreement.

Also included in due from affiliates at December 31, 2018 was 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. The balance on this note, including interest, was $75,107 at December 31, 2018. As a result of those milestones not being completed, the Company elected to terminate the development agreement and the note was collected in full on February 13, 2019. Interest income earned on this note was $1,112, $3,152 and $2,513 for the years ended December 31, 2019, 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, 2019

Share-based Payment Arrangement [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, 2019, 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, 2019, there were 6,056,813 shares available for issuance under the 2003 Plan.

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, 2019, 2018 and 2017:


	2019				2018					2017
	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	129,457	$	64.21	151,355	$	73.32	148,428	$	78.53
Granted	160,932	37.44		87,983	58.79		86,827	66.46
Vested	(85,157)	62.84		(108,991)	74.04		(81,205)	75.62
Forfeited	(5,245)	51.48		(890)	68.81		(2,695)	69.57
Balance at end of year	199,987	$	43.59	129,457	$	64.21	151,355	$	73.32

SARs:

Upon exercise, the recipients received unrestricted common shares for the appreciation in value of the SARs from the grant date to the exercise date.

The following table summarizes the activity of SARs awards during the years ended December 31, 2019, 2018 and 2017:


	2019				2018					2017
	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
Granted	—	—		—	—		—
Exercised	—	—		(235,439)	53.83		(48,707)	53.95
Balance at end of year	—	$	—	—	$	—	235,439	$	53.83

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, 2019, 2018 and 2017:


Grant Date	Units	Type	Fair Value per LTIP Unit		Vest Date
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

1/1/2019	81,732	Service-based	$	43.28	12/31/2021
1/1/2019	250,852	Market-indexed	$	29.25	12/31/2021
9/1/2019	4,393	Service-based	$	28.53	8/31/2022
9/1/2019	6,454	Market-indexed	$	19.42	8/31/2022
	343,431

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
1/1/2017	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	%
1/1/2019	2.46	%	23.52	%
9/1/2019	1.42	%	24.91	%

The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2019, 2018 and 2017:


	2019				2018					2017
	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	661,578	$	48.38	636,632	$	52.36	322,572	$	58.18
Granted	343,431	32.40		569,136	51.78		506,906	55.33
Vested	(76,306)	59.27		(253,625)	61.17		(192,846)	69.93
Forfeited	(312,484)	46.55		(290,565)	52.58		—	—
Balance at end of year	616,219	$	39.04	661,578	$	48.38	636,632	$	52.36

Stock Options:

On May 30, 2017, the Company granted 25,000 non-qualified stock options with a grant date fair value of $10.02 that vested 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, 2019, 2018 and 2017:


	2019				2018					2017
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Balance at beginning of year	35,565	$	57.32	35,565	$	57.32	10,565	$	56.77
Granted	—	—		—	—		25,000	57.55
Exercised	—	—		—	—		—	—
Balance at end of year	35,565	$	57.32	35,565	$	57.32	35,565	$	57.32

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, 2019, there were 134,638 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, 2019, 2018 and 2017:


	2019				2018					2017
	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	23,690	40.26		10,380	49.55		8,760	68.93
Vested	(16,474)	38.94		(12,193)	54.40		(10,551)	71.69
Forfeited	—	—		(2,241)	77.91		—	—
Balance at end of year	7,216	$	43.29	—	$	—	4,054	$	79.82

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, 2019 was 356,822.

Compensation:

The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2019, 2018 and 2017:


	2019		2018		2017
Stock units	$	4,598	$	6,355	$	6,045
LTIP units	11,372		26,311		30,161
Stock options	51		125		85
Phantom stock units	702		760		714
	$	16,723	$	33,551	$	37,005

The Company capitalized share and unit-based compensation costs of $4,691, $6,184 and $6,206 for the years ended December 31, 2019, 2018 and 2017, respectively.

The fair value of the stock awards and stock units that vested during the years ended December 31, 2019, 2018 and 2017 was $3,577, $6,479 and $5,257, respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2019 consisted of $1,647 from LTIP Units, $2,949 from stock units and $0 from stock options.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2019
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. This Plan includes The Macerich Company Common Stock Fund as a new investment alternative under the Plan with 650,000 shares of common stock reserved for issuance under the Plan. In accordance with the Plan, 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, 2019, 2018 and 2017, these matching contributions made by the Company were $3,346, $3,422 and $3,481, 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 $814, $813 and $1,069 to the plans during the years ended December 31, 2019, 2018 and 2017, respectively. Contributions are recognized as compensation in the periods they are made.

Income Taxes

12 Months Ended

Dec. 31, 2019

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, 2019, 2018 and 2017:


	2019(1)						2018(1)						2017
Ordinary income	$	1.32	44.2	%	$	1.91	64.3	%	$	1.98	69.0	%
Capital gains	0.64		21.2	%	0.05		1.7	%	0.51		17.8	%
Unrecaptured Section 1250 gain	—		—	%	—		—	%	0.38		13.2	%
Return of capital	1.04		34.6	%	1.01		34.0	%	—		—	%
Dividends paid	$	3.00	100.0	%	$	2.97	100.0	%	$	2.87	100.0	%

_______________________________________________________________________________

(1)The 2019 and 2018 taxable ordinary dividends are treated as "qualified REIT dividends" for purposes of Internal Revenue Code Section 199A.

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, 2019, 2018 and 2017 are as follows:


	2019		2018		2017
Current	$	(150)	$	413	$	185
Deferred	(1,439)		3,191		(15,779)
Income tax (expense) benefit	$	(1,589)	$	3,604	$	(15,594)

The income tax provision of the TRSs for the years ended December 31, 2019, 2018 and 2017 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:


	2019		2018		2017
Book (income) loss for TRSs	$	(2,062)	$	19,525	$	2,094
Tax at statutory rate on earnings from continuing operations before income taxes	$	(433)	$	4,100	$	712
Change in tax rates	—		—		(14,189)
State taxes	(280)		513		109
Other	(876)		(1,009)		(2,226)
Income tax (expense) benefit	$	(1,589)	$	3,604	$	(15,594)

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, 2019 and 2018 are summarized as follows:


	2019		2018
Net operating loss carryforwards	$	22,338	$	25,751
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	6,784		4,524
Other	1,635		1,922
Net deferred tax assets	$	30,757	$	32,197

For the years ended December 31, 2019, 2018 and 2017 there were no unrecognized tax benefits.

The tax years 2016 through 2018 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, 2019

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, 2019 and 2018:


	2019 Quarter Ended														2018 Quarter Ended
	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
Revenues	$	241,841	$	231,127	$	227,972	$	226,522	$	246,874	$	242,198	$	234,545	$	236,734
Net income (loss) attributable to the Company	$	26,891	$	46,371	$	15,734	$	7,824	$	11,749	$	74,028	$	7,816	$	(33,573)
Net income (loss) attributable to common stockholders per share-basic	$	0.19	$	0.33	$	0.11	$	0.05	$	0.08	$	0.52	$	0.05	$	(0.24)
Net income (loss) attributable to common stockholders per share-diluted	$	0.19	$	0.33	$	0.11	$	0.05	$	0.08	$	0.52	$	0.05	$	(0.24)

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events:On January 31, 2020, the Company announced a dividend/distribution of $0.75 per share for common stockholders and OP Unit holders of record on February 21, 2020. All dividends/distributions will be paid 100% in cash on March 3, 2020.

Schedule III-Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2019

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	$	—	$	28,847	$	24,188	$	245,798	$	6,192	$	—	$	276,178	$	119,086	$	157,092
Danbury Fair Mall	130,367		316,951		—		126,366		142,751		419,228		10,357		1,348		573,684		168,324		405,360
Desert Sky Mall	9,447		37,245		12		5,925		9,082		41,304		2,243		—		52,629		13,348		39,281
Eastland Mall	22,050		151,605		—		11,949		21,400		162,087		2,117		—		185,604		39,109		146,495
Estrella Falls	10,550		—		—		72,292		10,524		14,265		—		58,053		82,842		3,083		79,759
Fashion Outlets of Chicago	—		—		—		271,689		40,575		225,564		4,615		935		271,689		69,616		202,073
Fashion Outlets of Niagara Falls USA	18,581		210,139		—		106,071		22,936		309,508		2,284		63		334,791		86,070		248,721
The Marketplace at Flagstaff	—		—		—		45,839		—		45,839		—		—		45,839		25,320		20,519
Freehold Raceway Mall	164,986		362,841		—		127,095		168,098		476,605		9,865		354		654,922		206,014		448,908
Fresno Fashion Fair	17,966		72,194		—		49,086		17,966		117,086		2,595		1,599		139,246		59,862		79,384
Green Acres Mall	156,640		321,034		—		192,815		179,274		477,334		10,646		3,235		670,489		133,725		536,764
Inland Center	8,321		83,550		—		30,458		10,291		111,540		351		147		122,329		23,371		98,958
Kings Plaza Shopping Center	209,041		485,548		20,000		278,300		209,041		725,672		55,924		2,252		992,889		123,795		869,094
La Cumbre Plaza	18,122		21,492		—		15,558		13,856		40,054		375		887		55,172		24,311		30,861
Macerich Management Co.	1,150		10,475		26,562		68,215		3,878		17,803		82,502		2,219		106,402		58,890		47,512
MACWH, LP	—		25,771		—		13,241		11,557		27,455		—		—		39,012		10,542		28,470
NorthPark Mall	7,746		74,661		—		14,270		7,745		88,348		584		—		96,677		24,202		72,475
Oaks, The	32,300		117,156		—		268,713		56,387		357,661		3,581		540		418,169		164,549		253,620
Pacific View	8,697		8,696		—		137,802		7,854		145,604		1,737		—		155,195		76,064		79,131
Paradise Valley Mall	33,445		128,485		—		30,568		36,027		152,420		2,815		1,236		192,498		83,546		108,952
Queens Center	251,474		1,039,922		—		53,224		256,786		1,082,499		5,331		4		1,344,620		150,749		1,193,871
Santa Monica Place	26,400		105,600		—		348,573		48,374		422,736		6,710		2,753		480,573		143,965		336,608
SanTan Adjacent Land	29,414		—		—		8,280		26,902		—		—		10,792		37,694		—		37,694
SanTan Village Regional Center	7,827		—		—		213,089		5,921		213,348		1,647		—		220,916		100,092		120,824
SouthPark Mall	7,035		38,215		—		(7,993)		2,899		33,857		447		54		37,257		15,207		22,050
Southridge Center	6,764		—		—		8,174		2,295		12,329		139		175		14,938		6,915		8,023
Stonewood Center	4,948		302,527		—		12,002		4,935		314,127		415		—		319,477		50,479		268,998
Superstition Springs Center	10,928		112,718		—		12,350		10,928		124,173		895		—		135,996		24,683		111,313
Superstition Springs Power Center	1,618		4,420		—		349		1,618		4,698		71		—		6,387		2,153		4,234
Tangerine (Marana), The Shops at	36,158		—		—		(7,622)		16,922		—		—		11,614		28,536		—		28,536
The Macerich Partnership, L.P.	—		2,534		—		5,107		—		247		7,365		29		7,641		1,220		6,421
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		—		5,105		6,877		35,596		369		99		42,941		16,888		26,053
Tucson La Encantada	12,800		19,699		—		58,005		12,800		75,755		732		1,217		90,504		45,861		44,643
Valley Mall	16,045		26,098		—		13,952		15,616		40,188		291		—		56,095		12,395		43,700
Valley River Center	24,854		147,715		—		33,159		24,854		174,489		1,739		4,646		205,728		66,288		139,440
Victor Valley, Mall of	15,700		75,230		—		54,374		20,080		123,291		1,933		—		145,304		58,624		86,680
Vintage Faire Mall	14,902		60,532		—		60,162		17,647		116,161		1,788		—		135,596		75,818		59,778
Wilton Mall	19,743		67,855		—		27,482		19,810		93,935		1,264		71		115,080		44,946		70,134
Other freestanding stores	5,926		31,785		—		11,621		5,927		43,109		296		—		49,332		20,255		29,077
Other land and development properties	33,795		—		—		18,383		26,057		4,278		—		21,843		52,178		171		52,007
	$	1,406,580	$	4,717,020	$	46,574	$	2,822,875	$	1,520,678	$	7,115,991	$	230,215	$	126,165	$	8,993,049	$	2,349,536	$	6,643,513

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, 2019 are as follows:


	2019		2018		2017
Balances, beginning of year	$	8,878,820	$	9,127,533	$	9,209,211
Additions	176,690		246,719		202,280
Dispositions and retirements	(62,461)		(495,432)		(283,958)
Balances, end of year	$	8,993,049	$	8,878,820	$	9,127,533

The aggregate cost of the property included in the table above for federal income tax purposes was $8,446,407 (unaudited) at December 31, 2019.

The changes in accumulated depreciation for the three years ended December 31, 2019 are as follows:


	2019		2018		2017
Balances, beginning of year	$	2,093,044	$	2,018,303	$	1,851,901
Additions	287,846		275,236		277,917
Dispositions and retirements	(31,354)		(200,495)		(111,515)
Balances, end of year	$	2,349,536	$	2,093,044	$	2,018,303

See accompanying report of independent registered public accounting firm.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

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:

Acquisitions: (Continued)

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 leasing 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: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.

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:

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)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule Operating Partnership's VIEs

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


	December 31,
	2019		2018
Assets:
Property, net	$	254,071	$	263,511
Other assets	30,049		23,001
Total assets	$	284,120	$	286,512
Liabilities:
Mortgage notes payable	$	219,140	$	125,273
Other liabilities	32,101		32,503
Total liabilities	$	251,241	$	157,776

Schedule of Cash and Cash Equivalents


	2019		2018		2017
Beginning 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
End of period
Cash and cash equivalents	$	100,005	$	102,711	$	91,038
Restricted cash	14,211		46,590		52,067
Cash, cash equivalents and restricted cash	$	114,216	$	149,301	$	143,105

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 leasing costs			1 - 15 years
Deferred financing costs			1 - 15 years

- Definition

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

+ References + Details

Earnings Per Share ("EPS") (Tables)

12 Months Ended

Dec. 31, 2019

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):


	2019		2018		2017
Numerator
Net income	$	102,554	$	68,972	$	161,673
Net income attributable to noncontrolling interests	(5,734)		(8,952)		(15,543)
Net income attributable to the Company	96,820		60,020		146,130
Allocation of earnings to participating securities	(1,190)		(1,106)		(757)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$	95,630	$	58,914	$	145,373
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding	141,340		141,142		141,877
Effect of dilutive securities (1)

Share and unit based compensation	—		2		36
Denominator for diluted EPS—weighted average number of common shares outstanding	141,340		141,144		141,913
EPS—net income attributable to common stockholders:
Basic	$	0.68	$	0.42	$	1.02
Diluted	$	0.68	$	0.42	$	1.02

____________________________________

(1)Diluted EPS excludes 90,619 convertible preferred units for the years ended December 31, 2019, 2018 and 2017, as their impact was antidilutive.

Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2019

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	%
Goodyear Peripheral LLC	41.7	%
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	%

_______________________________________________________________________________

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:


	2019		2018
Assets(1):
Property, net	$	9,424,591	$	9,241,003
Other assets	772,116		703,861
Total assets	$	10,196,707	$	9,944,864
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	6,144,685	$	6,050,930
Other liabilities	565,412		388,509
Company's capital	1,904,145		1,913,475
Outside partners' capital	1,582,465		1,591,950
Total liabilities and partners' capital	$	10,196,707	$	9,944,864
Investment in unconsolidated joint ventures:
Company's capital	$	1,904,145	$	1,913,475
Basis adjustment(2)	(492,350)		(535,808)
	$	1,411,795	$	1,377,667

Assets—Investments in unconsolidated joint ventures	1,519,697		$	1,492,655
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(107,902)		(114,988)
	$	1,411,795	$	1,377,667

_______________________________________________________________________________

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, 2019
Revenues:
Leasing revenue	$	187,789	$	712,860	$	900,649
Other	1,598		49,184		50,782
Total revenues	189,387		762,044		951,431
Expenses:
Shopping center and operating expenses	37,528		250,598		288,126
Leasing expenses	1,598		6,695		8,293
Interest expense	67,354		150,111		217,465
Depreciation and amortization	100,490		273,565		374,055
Total operating expenses	206,970		680,969		887,939
Loss on sale of assets	(452)		(380)		(832)

Net (loss) income	$	(18,035)	$	80,695	$	62,660
Company's equity in net (loss) income	$	(590)	$	49,098	$	48,508

Year Ended December 31, 2018
Revenues:
Leasing revenue	186,924		727,328		914,252
Other	905		41,420		42,325
Total revenues	187,829		768,748		956,577
Expenses:
Shopping center and operating expenses	39,283		246,652		285,935
Interest expense(1)	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


	PPR Portfolio		Other Joint Ventures		Total
Year Ended December 31, 2017
Revenues:
Leasing revenue	$	190,186	$	719,406	$	909,592
Other	1,848		37,018		38,866
Total revenues	192,034		756,424		948,458
Expenses:
Shopping center and operating expenses	41,340		243,271		284,611
Interest expense(1)	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

_______________________________________________________________________________

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Outstanding

The following derivatives were outstanding at December 31, 2019:


							Fair Value
Property	Notional Amount		Product	LIBOR Rate		Maturity	December 31, 2019		December 31, 2018
Santa Monica Place	$	300,000	Cap	4.00	%	12/9/2020	$	—	$	(53)
The Macerich Partnership, L.P.	$	400,000	Swaps	2.85	%	9/30/2021	$	(9,051)	$	(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
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-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
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-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
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-Name Accounting Standards Codification
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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
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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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
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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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
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-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
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Property, net (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of Real Estate Properties

Property, net at December 31, 2019 and 2018 consists of the following:


	2019		2018
Land	$	1,520,678	$	1,506,678
Buildings and improvements	6,389,458		6,288,308
Tenant improvements	726,533		678,110
Equipment and furnishings(1)	230,215		206,398
Construction in progress	126,165		199,326
	8,993,049		8,878,820
Less accumulated depreciation	(2,349,536)		(2,093,044)
	$	6,643,513	$	6,785,776

(1)Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at December 31, 2019 (See Note 8—Leases).

Schedule of Loss (Gain) on Sale or Write down of Assets

The (loss) gain on sale or write down of assets, net for the years ended December 31, 2019, 2018 and 2017 consist of the following:


	2019		2018		2017
Property sales(1)	$	—	$	45,931	$	74,174
Write-down of assets(2)	(16,285)		(82,745)		(23,154)
Land sales	4,376		4,989		1,564
Non-real estate disposition	—		—		(10,138)
	$	(11,909)	$	(31,825)	$	42,446

_______________________________________________________________________________

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
					(Level 1)		(Level 2)		(Level 3)
2018	$	104,700	$	—	$	104,700	$	—
2017	$	38,000	$	—	38,000		$	—

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Summary of Components of Leasing Revenue

The following table summarizes the components of leasing revenue for the years ended December 31, 2019, 2018 and 2017:


	2019		2018		2017
Leasing revenue - fixed payments	$	647,876	$	659,991	$	677,503
Leasing revenue - variable payments	210,998		224,005		244,649
	$	858,874	$	883,996	$	922,152

Schedule of Future Minimum Rental Payments by the Company

The following table summarizes the future rental payments to the Company:


2020	$	490,510
2021	418,884
2022	364,768
2023	315,868
2024	250,216
Thereafter	741,235
	$	2,581,481

Summary of Lease Costs

The following table summarizes the lease costs for the the year ended December 31, 2019:



Operating lease costs	$	17,070
Finance lease costs:
Amortization of ROU assets	1,882
Interest on lease liabilities	596
	$	19,548

Summary of Future Minimum Rental Payments Required

The following table summarizes the future rental payments required under the leases as of December 31, 2019:


Year ending	Operating Leases		Finance Leases
2020	$	17,149	$	2,106
2021	17,004		10,441
2022	16,867		2,418
2023	11,055		—
2024	9,068		—
Thereafter	131,347		—
Total undiscounted rental payments	202,490		14,965
Less imputed interest	(102,085)		(1,169)
Total lease liabilities	$	100,405	$	13,796

Deferred Charges and Other Assets, net (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018 consist of the following:


	2019		2018
Leasing	$	202,540	$	226,885
Intangible assets:
In-place lease values(1)	78,171		94,966
Leasing commissions and legal costs(1)	20,518		23,508
Above-market leases	59,916		140,889
Deferred tax assets	30,757		32,197
Deferred compensation plan assets	55,349		45,857
Other assets	60,475		75,497
	507,726		639,799
Less accumulated amortization(2)	(229,860)		(249,396)
	$	277,866	$	390,403

_______________________________

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


Year Ending December 31,
2020	$	7,921
2021	6,255
2022	4,719
2023	3,436
2024	2,276
Thereafter	7,760
	$	32,367

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,
2020	$	7,921
2021	6,255
2022	4,719
2023	3,436
2024	2,276
Thereafter	7,760
	$	32,367

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:


	2019		2018
Above-Market Leases
Original allocated value	$	59,916	$	140,889
Less accumulated amortization	(35,737)		(49,847)
	$	24,179	$	91,042
Below-Market Leases(1)
Original allocated value	$	90,790	$	108,330
Less accumulated amortization	(53,727)		(56,345)
	$	37,063	$	51,985

_______________________________

(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
2020	$	5,328	$	6,882
2021	4,677		5,344
2022	4,055		4,374
2023	3,685		3,617
2024	2,691		3,348
Thereafter	3,743		13,498
	$	24,179	$	37,063

Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Mortgage Notes Payable

Mortgage notes payable at December 31, 2019 and 2018 consist of the following:


	Carrying Amounts of Mortgage Notes(1)								Effective Interest Rate(2)		Monthly Debt Service(3)	Maturity Date(4)
Property Pledged as Collateral	2019		2018
Chandler Fashion Center(5)(6)	$	255,174	$	199,972	4.18	%	$	875		2024
Danbury Fair Mall	194,718		202,158		5.53	%	1,538			2020
Fashion Outlets of Chicago(7)	299,112		199,622		4.61	%	1,145			2031
Fashion Outlets of Niagara Falls USA(8)	106,398		109,651		4.89	%	727			2020
Freehold Raceway Mall(5)	398,379		398,212		3.94	%	1,300			2029
Fresno Fashion Fair	323,659		323,460		3.67	%	971			2026
Green Acres Commons(9)	128,926		128,006		4.40	%	416			2021
Green Acres Mall	277,747		284,686		3.61	%	1,447			2021
Kings Plaza Shopping Center(10)	535,097		437,120		3.71	%	1,629			2030
Oaks, The	187,142		192,037		4.14	%	1,064			2022
Pacific View	118,202		121,362		4.08	%	668			2022
Queens Center	600,000		600,000		3.49	%	1,744			2025
Santa Monica Place(11)	297,817		297,069		3.34	%	772			2022
SanTan Village Regional Center(12)	219,140		121,585		4.34	%	788			2029
Towne Mall	20,284		20,733		4.48	%	117			2022
Tucson La Encantada	63,682		65,361		4.23	%	368			2022
Victor Valley, Mall of	114,733		114,675		4.00	%	380			2024
Vintage Faire Mall	252,389		258,207		3.55	%	1,256			2026
	$	4,392,599	$	4,073,916

(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.

(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 12—Financing Arrangement).

(6)On June 27, 2019, the Company replaced the existing loan on the property with a new $256,000 loan that bears interest at an effective rate of 4.18% and matures on July 5, 2024.

(7)On January 10, 2019, the Company replaced the existing loan on the property with a new $300,000 loan that bears interest at an effective rate of 4.61% and matures on February 1, 2031.

(9)The loan bears interest at LIBOR plus 2.15%. At December 31, 2019 and 2018, the total interest rate was 4.40% and 5.06%, respectively.

(10)On December 3, 2019, the Company replaced the existing loan on the property with a new $540,000 loan that bears interest at an effective rate of 3.71% and matures on January 1, 2030 .

Future Maturities of Mortgage Notes Payable

The future maturities of mortgage notes payable are as follows:


Year Ending December 31,
2020	$	325,133
2021	418,239
2022	674,340
2023	6,895
2024	378,120
Thereafter	2,605,141
	4,407,868
Debt premium	773
Deferred finance cost, net	(16,042)
	$	4,392,599

Financing Arrangement (Tables)

12 Months Ended

Dec. 31, 2019

Co-Venture Arrangement [Abstract]

Financing Arrangement

During the years ended December 31, 2019 and 2018, the Company incurred interest (income) expense in connection with the financing arrangement as follows:


	2019		2018
Distributions of the partner's share of net income	$	7,184	$	9,079
Distributions in excess of the partner's share of net income	6,939		6,376
Adjustment to fair value of financing arrangement obligation	(76,640)		(15,225)
	$	(62,517)	$	230

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Fees Charged to Unconsolidated Joint Ventures

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


	2019		2018		2017
Management fees	$	18,748	$	19,752	$	19,105
Development and leasing fees	16,056		14,412		15,558
	$	34,804	$	34,164	$	34,663

Share and Unit-based Plans (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

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, 2019, 2018 and 2017:


	2019				2018					2017
	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	129,457	$	64.21	151,355	$	73.32	148,428	$	78.53
Granted	160,932	37.44		87,983	58.79		86,827	66.46
Vested	(85,157)	62.84		(108,991)	74.04		(81,205)	75.62
Forfeited	(5,245)	51.48		(890)	68.81		(2,695)	69.57
Balance at end of year	199,987	$	43.59	129,457	$	64.21	151,355	$	73.32

Summary of Activity of SARs Awards

The following table summarizes the activity of SARs awards during the years ended December 31, 2019, 2018 and 2017:


	2019				2018					2017
	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
Granted	—	—		—	—		—
Exercised	—	—		(235,439)	53.83		(48,707)	53.95
Balance at end of year	—	$	—	—	$	—	235,439	$	53.83

Schedule of LTIP Units Granted

The Company has granted the following LTIP units during the years ended December 31, 2019, 2018 and 2017:


Grant Date	Units	Type	Fair Value per LTIP Unit		Vest Date
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

1/1/2019	81,732	Service-based	$	43.28	12/31/2021
1/1/2019	250,852	Market-indexed	$	29.25	12/31/2021
9/1/2019	4,393	Service-based	$	28.53	8/31/2022
9/1/2019	6,454	Market-indexed	$	19.42	8/31/2022
	343,431

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
1/1/2017	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	%
1/1/2019	2.46	%	23.52	%
9/1/2019	1.42	%	24.91	%

Summary of Activity of Stock Options

The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2019, 2018 and 2017:


	2019				2018					2017
	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	661,578	$	48.38	636,632	$	52.36	322,572	$	58.18
Granted	343,431	32.40		569,136	51.78		506,906	55.33
Vested	(76,306)	59.27		(253,625)	61.17		(192,846)	69.93
Forfeited	(312,484)	46.55		(290,565)	52.58		—	—
Balance at end of year	616,219	$	39.04	661,578	$	48.38	636,632	$	52.36

The following table summarizes the activity of stock options for the years ended December 31, 2019, 2018 and 2017:


	2019				2018					2017
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Balance at beginning of year	35,565	$	57.32	35,565	$	57.32	10,565	$	56.77
Granted	—	—		—	—		25,000	57.55
Exercised	—	—		—	—		—	—
Balance at end of year	35,565	$	57.32	35,565	$	57.32	35,565	$	57.32

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, 2019, 2018 and 2017:


	2019				2018					2017
	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	23,690	40.26		10,380	49.55		8,760	68.93
Vested	(16,474)	38.94		(12,193)	54.40		(10,551)	71.69
Forfeited	—	—		(2,241)	77.91		—	—
Balance at end of year	7,216	$	43.29	—	$	—	4,054	$	79.82

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, 2019, 2018 and 2017:


	2019		2018		2017
Stock units	$	4,598	$	6,355	$	6,045
LTIP units	11,372		26,311		30,161
Stock options	51		125		85
Phantom stock units	702		760		714
	$	16,723	$	33,551	$	37,005

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019, 2018 and 2017:


	2019(1)						2018(1)						2017
Ordinary income	$	1.32	44.2	%	$	1.91	64.3	%	$	1.98	69.0	%
Capital gains	0.64		21.2	%	0.05		1.7	%	0.51		17.8	%
Unrecaptured Section 1250 gain	—		—	%	—		—	%	0.38		13.2	%
Return of capital	1.04		34.6	%	1.01		34.0	%	—		—	%
Dividends paid	$	3.00	100.0	%	$	2.97	100.0	%	$	2.87	100.0	%

_______________________________________________________________________________

(1)The 2019 and 2018 taxable ordinary dividends are treated as "qualified REIT dividends" for purposes of Internal Revenue Code Section 199A.

Schedule of Income Tax Provision of TRSs

The income tax provision of the TRSs for the years ended December 31, 2019, 2018 and 2017 are as follows:


	2019		2018		2017
Current	$	(150)	$	413	$	185
Deferred	(1,439)		3,191		(15,779)
Income tax (expense) benefit	$	(1,589)	$	3,604	$	(15,594)

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, 2019, 2018 and 2017 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:


	2019		2018		2017
Book (income) loss for TRSs	$	(2,062)	$	19,525	$	2,094
Tax at statutory rate on earnings from continuing operations before income taxes	$	(433)	$	4,100	$	712
Change in tax rates	—		—		(14,189)
State taxes	(280)		513		109
Other	(876)		(1,009)		(2,226)
Income tax (expense) benefit	$	(1,589)	$	3,604	$	(15,594)

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, 2019 and 2018 are summarized as follows:


	2019		2018
Net operating loss carryforwards	$	22,338	$	25,751
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	6,784		4,524
Other	1,635		1,922
Net deferred tax assets	$	30,757	$	32,197

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018:


	2019 Quarter Ended														2018 Quarter Ended
	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
Revenues	$	241,841	$	231,127	$	227,972	$	226,522	$	246,874	$	242,198	$	234,545	$	236,734
Net income (loss) attributable to the Company	$	26,891	$	46,371	$	15,734	$	7,824	$	11,749	$	74,028	$	7,816	$	(33,573)
Net income (loss) attributable to common stockholders per share-basic	$	0.19	$	0.33	$	0.11	$	0.05	$	0.08	$	0.52	$	0.05	$	(0.24)
Net income (loss) attributable to common stockholders per share-diluted	$	0.19	$	0.33	$	0.11	$	0.05	$	0.08	$	0.52	$	0.05	$	(0.24)

Organization (Details) - entity	12 Months Ended
Organization (Details) - entity	Dec. 31, 2019	Dec. 31, 2018
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of management companies (in entities)	7
The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership (as a percent)	93.00%	93.00%

Summary of Significant Accounting Policies - Schedule Operating Partnership's VIEs (Details) - Operating Partnership's VIEs - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, net
Variable Interest Entity [Line Items]
Assets	$ 254,071	$ 263,511
Other assets
Variable Interest Entity [Line Items]
Assets	30,049	23,001
Total assets
Variable Interest Entity [Line Items]
Assets	284,120	286,512
Mortgage notes payable
Variable Interest Entity [Line Items]
Liabilities	219,140	125,273
Other liabilities
Variable Interest Entity [Line Items]
Liabilities	32,101	32,503
Total liabilities
Variable Interest Entity [Line Items]
Liabilities	$ 251,241	$ 157,776

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 100,005	$ 102,711	$ 91,038	$ 94,046
Restricted cash	14,211	46,590	52,067	49,951
Cash, cash equivalents and restricted cash	$ 114,216	$ 149,301	$ 143,105	$ 143,997

Summary of Significant Accounting Policies - Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Increase in minimum rent due to straight-line rent adjustment	$ 10,533	$ 11,755	$ 8,597
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, 2019
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, 2019 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	12 Months Ended
	Dec. 31, 2019 USD ($) segment area	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Segment Information:
Number of business segments \| segment	1
Number of geographic areas in which the Company operates \| area	1
Costs related to shareholder activism \| $	$ 0	$ 19,369	$ 0
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	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Jan. 01, 2018	Jan. 01, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Financing arrangement obligation	$ 273,900		$ 378,485
Accumulated deficit	(1,944,012)		(1,614,357)
Cumulative effect of adoption		$ (2,203)		$ (424,859)	$ 6,484
Right-of-use assets, net	148,087
Total lease liabilities	100,405
Deferred charges and other assets, net	(277,866)		(390,403)
Accounts payable and accrued expenses	51,027		59,392
Other accrued liabilities	265,595		$ 303,051
Total lease liabilities	$ 13,796
Freehold Raceway Mall and Chandler Fashion Center \| Joint venture
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments in unconsolidated joint ventures				31,150
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adoption		(2,203)
Right-of-use assets, net		109,299
Total lease liabilities		109,299
Deferred charges and other assets, net		59,736
Accounts payable and accrued expenses		(5,978)
Other accrued liabilities		(4,342)
Total lease liabilities		$ 15,268
ASU 2014-09 \| Joint venture \| Financing arrangement \| Difference between revenue guidance in effect before and after topic 606 \| Freehold Raceway Mall and Chandler Fashion Center
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Financing arrangement obligation				393,709
Accumulated deficit				$ 424,859

Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator
Net income									$ 102,554	$ 68,972	$ 161,673
Net income attributable to noncontrolling interests									(5,734)	(8,952)	(15,543)
Net income attributable to the Company	$ 26,891	$ 46,371	$ 15,734	$ 7,824	$ 11,749	$ 74,028	$ 7,816	$ (33,573)	96,820	60,020	146,130
Allocation of earnings to participating securities									(1,190)	(1,106)	(757)
Numerator for basic and diluted EPS—net income attributable to common stockholders									$ 95,630	$ 58,914	$ 145,373
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding (shares)									141,340,000	141,142,000	141,877,000
Effect of dilutive securities
Share and unit based compensation (shares)									0	2,000	36,000
Denominator for diluted EPS—weighted average number of common shares outstanding (shares)									141,340,000	141,144,000	141,913,000
EPS—net income attributable to common stockholders:
Basic (dollars per share)	$ 0.19	$ 0.33	$ 0.11	$ 0.05	$ 0.08	$ 0.52	$ 0.05	$ (0.24)	$ 0.68	$ 0.42	$ 1.02
Diluted (dollars per share)	$ 0.19	$ 0.33	$ 0.11	$ 0.05	$ 0.08	$ 0.52	$ 0.05	$ (0.24)	$ 0.68	$ 0.42	$ 1.02
Convertible preferred units
Antidilutive securities
Antidilutive securities (shares)									90,619	90,619	90,619
Partnership unit
Antidilutive securities
Antidilutive securities (shares)									10,415,291	10,360,390	10,416,321

Investments in Unconsolidated Joint Ventures - Company Ownership (Details)	Dec. 31, 2019
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%
Goodyear Peripheral LLC
Investments in unconsolidated joint ventures:
Ownership %	41.70%
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										6 Months Ended	12 Months Ended
	Dec. 18, 2019 USD ($)	Aug. 16, 2019 USD ($)	Jul. 25, 2019 USD ($)	Aug. 31, 2018 USD ($)	Jul. 06, 2018 USD ($) ft²	Feb. 16, 2018 USD ($)	Dec. 14, 2017 USD ($)	Sep. 18, 2017 USD ($)	Mar. 17, 2017 USD ($)	Aug. 31, 2018 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 12, 2019 USD ($)	Sep. 06, 2018 ft²	Mar. 01, 2018 ft²
Investments in unconsolidated joint ventures:
Ownership percentage																25.00%
Proceeds received in disposition of property											$ 0	$ 25,177	$ 0
Outside partner interest of the operating partnership																75.00%
Proceeds from sale				$ 142,500
Replacement collateral
Investments in unconsolidated joint ventures:
Proceeds from sale				37,294
Country Club Plaza \| Office building
Investments in unconsolidated joint ventures:
Gain on sale of assets									$ 2,290
Fashion District Philadelphia—Various Entities \| Office building
Investments in unconsolidated joint ventures:
Gain on sale of assets						$ 2,773		$ 6,539
Westcor/Queen Creek LLC
Investments in unconsolidated joint ventures:
Gain on land sales							$ 5,436
The Market at Estrella Falls LLC
Investments in unconsolidated joint ventures:
Gain on sale of assets					$ 2,996
Joint venture \| Replacement collateral
Investments in unconsolidated joint ventures:
Portfolio of marketable securities				149,175						$ 149,175
Joint venture \| Los Angeles Premium Outlets
Investments in unconsolidated joint ventures:
Ownership percentage															5000.00%
Property area (in square feet) \| ft²															400
Joint venture \| Los Angeles Premium Outlets \| Simon Property Group
Investments in unconsolidated joint ventures:
Ownership percentage															50.00%
Joint venture \| Los Angeles Premium Outlets, second stage
Investments in unconsolidated joint ventures:
Property area (in square feet) \| ft²															165
Joint venture \| Tysons Tower
Investments in unconsolidated joint ventures:
Mortgage loan														$ 190,000
Interest rate (as a percent)														3.38%
Joint venture \| HPP-MAC WSP, LLC—One Westside \| Redevelopment construction loan
Investments in unconsolidated joint ventures:
Debt issued	$ 414,600
Joint venture \| HPP-MAC WSP, LLC—One Westside \| LIBOR \| Redevelopment construction loan
Investments in unconsolidated joint ventures:
Variable interest rate spread (as a percent)	1.70%
Variable interest rate spread, contingent (as a percent)	1.50%
Joint venture \| Westside Pavilion
Investments in unconsolidated joint ventures:
Ownership percentage																75.00%
Property area (in square feet) \| ft²																680
Joint venture \| Westside Pavilion \| Hudson Pacific Properties
Investments in unconsolidated joint ventures:
Ownership percentage																25.00%
Joint venture \| Fashion District Philadelphia—Various Entities
Investments in unconsolidated joint ventures:
Maximum additional borrowings			$ 100,000
Debt issued		$ 25,000	$ 26,000
Joint venture \| Fashion District Philadelphia—Various Entities \| LIBOR
Investments in unconsolidated joint ventures:
Variable interest rate spread (as a percent)			2.00%
Joint venture \| Country Club Plaza \| Office building
Investments in unconsolidated joint ventures:
Proceeds from sale of building									78,000
Gain on sale of assets									$ 4,580
Joint venture \| Fashion District Philadelphia—Various Entities \| Office building
Investments in unconsolidated joint ventures:
Proceeds from sale of building						41,800		61,500
Gain on sale of assets						$ 5,545		$ 13,078
Joint venture \| Westcor/Queen Creek LLC
Investments in unconsolidated joint ventures:
Proceeds from sale of land							30,491
Gain on land sales							$ 14,853
Joint venture \| Westside Pavilion
Investments in unconsolidated joint ventures:
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%						75.00%		75.00%
Proceeds from sale				$ 36,903
Assumption of debt				$ 105,597
Joint venture \| The Market at Estrella Falls LLC
Investments in unconsolidated joint ventures:
Gain on sale of assets					$ 12,598
Property area (in square feet) \| ft²					298
Proceeds from sale					$ 49,100
Pay off of mortgage loans					$ 24,118

Investments in Unconsolidated Joint Ventures - Financial Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investment in unconsolidated joint ventures:
Assets—Investments in unconsolidated joint ventures	$ 1,519,697	$ 1,492,655
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(107,902)	(114,988)
Revenues:
Leasing revenue	858,874	883,996
Leasing revenue			$ 909,592
Other			38,866
Total revenues			948,458
Expenses:
Shopping center and operating expenses			284,611
Interest expense			198,767
Depreciation and amortization			352,546
Total operating expenses			835,924
Loss on sale of assets			33,825
Net (loss) income			146,359
Company's equity in net (loss) income	48,508	71,773	85,546
PPR Portfolio
Revenues:
Leasing revenue			190,186
Other			1,848
Total revenues			192,034
Expenses:
Shopping center and operating expenses			41,340
Interest expense			67,053
Depreciation and amortization			101,625
Total operating expenses			210,018
Loss on sale of assets			(36)
Net (loss) income			(18,020)
Company's equity in net (loss) income			(453)
Other Joint Ventures
Revenues:
Leasing revenue			719,406
Other			37,018
Total revenues			756,424
Expenses:
Shopping center and operating expenses			243,271
Interest expense			131,714
Depreciation and amortization			250,921
Total operating expenses			625,906
Loss on sale of assets			33,861
Net (loss) income			164,379
Company's equity in net (loss) income			85,999
Joint venture
Assets:
Property, net	9,424,591	9,241,003
Other assets	772,116	703,861
Total assets	10,196,707	9,944,864
Liabilities and partners' capital:
Mortgage and other notes payable	6,144,685	6,050,930
Other liabilities	565,412	388,509
Company's capital	1,904,145	1,913,475
Outside partners' capital	1,582,465	1,591,950
Total liabilities and partners' capital	10,196,707	9,944,864
Investment in unconsolidated joint ventures:
Company's capital	1,904,145	1,913,475
Basis adjustment	(492,350)	(535,808)
Investments in unconsolidated joint ventures	1,411,795	1,377,667
Assets—Investments in unconsolidated joint ventures	1,519,697	1,492,655
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(107,902)	(114,988)
Investments in unconsolidated joint ventures	1,411,795	1,377,667
Total assets	10,196,707	9,944,864
Amortization of difference between cost of investments and book value of underlying equity	18,834	12,793	16,562
Revenues:
Leasing revenue	900,649	914,252
Other	50,782	42,325
Total revenues	951,431	956,577
Expenses:
Shopping center and operating expenses	288,126	285,935
Leasing expenses	8,293
Interest expense	217,465	213,032
Depreciation and amortization	374,055	346,663
Total operating expenses	887,939	845,630
Loss on sale of assets	(832)	14,331
Net (loss) income	62,660	125,278
Company's equity in net (loss) income	48,508	71,773
Joint venture \| PPR Portfolio
Revenues:
Leasing revenue	187,789	186,924
Other	1,598	905
Total revenues	189,387	187,829
Expenses:
Shopping center and operating expenses	37,528	39,283
Leasing expenses	1,598
Interest expense	67,354	67,117
Depreciation and amortization	100,490	97,885
Total operating expenses	206,970	204,285
Loss on sale of assets	(452)	(140)
Net (loss) income	(18,035)	(16,596)
Company's equity in net (loss) income	(590)	(16)
Joint venture \| Other Joint Ventures
Revenues:
Leasing revenue	712,860	727,328
Other	49,184	41,420
Total revenues	762,044	768,748
Expenses:
Shopping center and operating expenses	250,598	246,652
Leasing expenses	6,695
Interest expense	150,111	145,915
Depreciation and amortization	273,565	248,778
Total operating expenses	680,969	641,345
Loss on sale of assets	(380)	14,471
Net (loss) income	80,695	141,874
Company's equity in net (loss) income	49,098	71,789
Joint venture \| PPR Portfolios
Assets:
Total assets	2,932,401	3,047,851
Investment in unconsolidated joint ventures:
Total assets	2,932,401	3,047,851
Total liabilities	$ 1,732,976	1,859,637
Affiliated entity \| Northwestern Mutual Life (NML)
Expenses:
Interest expense on borrowings from related party		$ 20,197	$ 17,898

Derivative Instruments and Hedging Activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) derivative	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of interest rate swap agreements \| derivative	4
Interest rate cap/swap agreements	$ (4,585)		$ (42)
Interest rate cap/swap agreements		$ (4,424)	$ (42)
Derivatives, Fair Value [Line Items]
Fair Value	$ (9,051)	(4,466)
Interest rate swap
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of interest rate swap agreements \| derivative	4
Level 2 \| Interest rate cap
Derivatives, Fair Value [Line Items]
Notional Amount	$ 300,000
LIBOR Rate	4.00%
Fair Value	$ 0	(53)
Level 2 \| Interest rate swap
Derivatives, Fair Value [Line Items]
Notional Amount	$ 400,000
LIBOR Rate	2.85%
Fair Value	$ (9,051)	$ (4,413)

Property, net - Components of Property (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Land	$ 1,520,678	$ 1,506,678
Buildings and improvements	6,389,458	6,288,308
Tenant improvements	726,533	678,110
Equipment and furnishings	230,215	206,398
Construction in progress	126,165	199,326
Total	8,993,049	8,878,820
Less accumulated depreciation	(2,349,536)	(2,093,044)
Property, net	$ 6,643,513	$ 6,785,776

Property, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 287,846	$ 275,236	$ 277,917

Property, net - Schedule of Loss (Gain) on Sale or Write down of Assets (Details) - USD ($) $ in Thousands			12 Months Ended
	Aug. 31, 2018	Nov. 16, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 01, 2018
Property, Plant and Equipment [Line Items]
Write-down of assets			$ (16,285)	$ (82,745)	$ (23,154)
(Loss) gain on sale or write down of assets, net			(11,909)	(31,825)	42,446
Outside partner interest of the operating partnership						75.00%
Impairment losses			(16,285)	(82,745)	(23,154)
Promenade at Casa Grande
Property, Plant and Equipment [Line Items]
Write-down of assets				(1,043)	(10,072)
Gain on disposal				(311)
Impairment losses				(1,043)	(10,072)
South Park Mall
Property, Plant and Equipment [Line Items]
Write-down of assets				(36,338)
Impairment losses				(36,338)
La Cumbre Plaza
Property, Plant and Equipment [Line Items]
Write-down of assets				(7,907)
Impairment losses				(7,907)
Two freestanding stores
Property, Plant and Equipment [Line Items]
Write-down of assets				(7,494)
Impairment losses				(7,494)
Southridge Center
Property, Plant and Equipment [Line Items]
Write-down of assets				(1,697)	(12,036)
Impairment losses				(1,697)	(12,036)
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%			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
Property
Property, Plant and Equipment [Line Items]
Gain on sale of assets			0	$ 45,931	74,174
Land
Property, Plant and Equipment [Line Items]
Gain on sale of assets			4,376	4,989	1,564
Non-real estate
Property, Plant and Equipment [Line Items]
(Loss) gain on sale or write down of assets, net			$ 0	$ 0	$ (10,138)

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

Tenant and Other Receivables, net (Details) ft² in Thousands, $ in Thousands	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Mar. 17, 2014 USD ($) ft²
Components of tenant and other receivables, net
Allowance for doubtful accounts	$ 4,836	$ 2,919
Deferred rent receivables due to straight-line rent adjustments	82,214	72,456
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	$ 9,618	$ 8,949
LSM Note
Components of tenant and other receivables, net
Notes receivable			$ 6,500
Notes receivable interest rate (as a percent)			6.50%

Leases - Components of leasing revenue (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases [Abstract]
Leasing revenue - fixed payments	$ 647,876
Leasing revenue - fixed payments		$ 659,991	$ 677,503
Leasing revenue - variable payments	210,998
Leasing revenue - variable payments		224,005	244,649
Leasing revenue	$ 858,874
Leasing revenue		$ 883,996	$ 922,152

Leases - Summary of Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 490,510
2021	418,884
2022	364,768
2023	315,868
2024	250,216
Thereafter	741,235
Total	$ 2,581,481

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2019 lease
Leases [Abstract]
Number of finance leases	4
Weighted average remaining lease term, operating leases	31 years
Weighted average remaining lease term, finance leases	1 year 7 months 6 days
Weighted average incremental borrowing rate, operating leases	7.70%
Weighted average incremental borrowing rate, finance leases	4.20%

Leases - Summary of Lease Costs (Details) $ in Thousands	12 Months Ended
Leases - Summary of Lease Costs (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating lease costs	$ 17,070
Finance lease costs:
Amortization of ROU assets	1,882
Interest on lease liabilities	596
Total lease cost	$ 19,548

Leases - Summary of minimum future rental payments required (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Operating Leases
2020	$ 17,149
2021	17,004
2022	16,867
2023	11,055
2024	9,068
Thereafter	131,347
Total undiscounted rental payments	202,490
Less imputed interest	(102,085)
Total lease liabilities	100,405
Finance Lease, Liability, Payment, Due [Abstract]
2020	2,106
2021	10,441
2022	2,418
2023	0
2024	0
Thereafter	0
Total undiscounted rental payments	14,965
Less imputed interest	(1,169)
Total lease liabilities	$ 13,796

Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 202,540	$ 226,885
Intangible assets:
In-place lease values	78,171	94,966
Leasing commissions and legal costs	20,518	23,508
Above-market leases	59,916	140,889
Deferred tax assets	30,757	32,197
Deferred compensation plan assets	55,349	45,857
Other assets	60,475	75,497
Deferred charges and other assets, gross	507,726	639,799
Less accumulated amortization	(229,860)	(249,396)
Deferred charges and other assets, net	277,866	390,403
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	66,322	72,286
Amortization expense	$ 13,821	$ 13,635	$ 19,958

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, 2019 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
2020	$ 7,921
2021	6,255
2022	4,719
2023	3,436
2024	2,276
Thereafter	7,760
Allocated value net	$ 32,367

Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Above-Market Leases
Allocated value net	$ 32,367
Above Market
Above-Market Leases
Original allocated value	59,916	$ 140,889
Less accumulated amortization	(35,737)	(49,847)
Allocated value net	24,179	91,042
Below Market
Below-Market Leases
Original allocated value	90,790	108,330
Less accumulated amortization	(53,727)	(56,345)
Allocated value, net	$ 37,063	$ 51,985

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, 2019	Dec. 31, 2018
Above Market
2020	$ 7,921
2021	6,255
2022	4,719
2023	3,436
2024	2,276
Thereafter	7,760
Allocated value net	32,367
Above Market
Above Market
2020	5,328
2021	4,677
2022	4,055
2023	3,685
2024	2,691
Thereafter	3,743
Allocated value net	24,179	$ 91,042
Below Market
Below Market
2019	6,882
2020	5,344
2021	4,374
2022	3,617
2023	3,348
Thereafter	13,498
Allocated value, net	$ 37,063	$ 51,985

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Jun. 27, 2019	Jan. 10, 2019	Dec. 31, 2018
Mortgage loans payable on real estate
Carrying amount of mortgage notes, other	$ 4,392,599			$ 4,073,916
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, other	$ 255,174			199,972
Effective interest rate (as a percent)	4.18%	4.18%
Monthly debt service	$ 875
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, other	$ 194,718			202,158
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, other	$ 299,112			199,622
Effective interest rate (as a percent)	4.61%		4.61%
Monthly debt service	$ 1,145
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Carrying amount of mortgage notes, other	$ 106,398			109,651
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, other	$ 398,379			398,212
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, other	$ 323,659			323,460
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, other	$ 128,926			$ 128,006
Effective interest rate (as a percent)	4.40%			5.06%
Monthly debt service	$ 416
Green Acres Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, other	$ 277,747			$ 284,686
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, other	$ 535,097			437,120
Effective interest rate (as a percent)	3.71%
Monthly debt service	$ 1,629
Oaks, The
Mortgage loans payable on real estate
Carrying amount of mortgage notes, other	$ 187,142			192,037
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, other	$ 118,202			121,362
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, 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, other	$ 297,817			297,069
Effective interest rate (as a percent)	3.34%
Monthly debt service	$ 772
SanTan Village Regional Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, other	$ 219,140			121,585
Effective interest rate (as a percent)	4.34%
Monthly debt service	$ 788
Towne Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, other	$ 20,284			20,733
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, other	$ 63,682			65,361
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, other	$ 114,733			114,675
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, other	$ 252,389			$ 258,207
Effective interest rate (as a percent)	3.55%
Monthly debt service	$ 1,256

Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 03, 2019	Jun. 27, 2019	Jun. 03, 2019	Feb. 13, 2019	Jan. 10, 2019	Dec. 31, 2018
Mortgage loans payable on real estate
Unamortized deferred finance costs	$ 16,042						$ 13,053
Chandler Fashion Center
Mortgage loans payable on real estate
Mortgage loan			$ 256,000
Effective interest rate (as a percent)	4.18%		4.18%
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Mortgage loan						$ 300,000
Effective interest rate (as a percent)	4.61%					4.61%
Green Acres Commons
Mortgage loans payable on real estate
Effective interest rate (as a percent)	4.40%						5.06%
Kings Plaza Shopping Center
Mortgage loans payable on real estate
Mortgage loan		$ 540,000
Effective interest rate (as a percent)		3.71%
Santa Monica Place
Mortgage loans payable on real estate
Effective interest rate (as a percent)	3.34%
SanTan Village Regional Center
Mortgage loans payable on real estate
Effective interest rate (as a percent)	4.34%
Freehold Raceway Mall and Chandler Fashion Center \| Joint venture
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)	49.90%
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Debt premiums	$ 773						$ 1,701
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
Effective interest rate (as a percent)							4.01%
Variable interest rate spread (as a percent)	1.35%
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
Mortgage loans payable on real estate
Mortgage loan				$ 220,000	$ 220,000

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Interest expense capitalized	$ 9,614	$ 15,422	$ 13,160
Fair value of mortgage notes payable	$ 4,427,790	$ 4,082,448

Mortgage Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Mortgage loans payable on real estate
Deferred finance cost, net	$ (16,042)	$ (13,053)
Mortgage notes payable	4,392,599	$ 4,073,916
Mortgage notes payable
Mortgage loans payable on real estate
2020	325,133
2021	418,239
2022	674,340
2023	6,895
2024	378,120
Thereafter	2,605,141
Long term debt including debt premium	4,407,868
Debt premium	773
Deferred finance cost, net	(16,042)
Mortgage notes payable	$ 4,392,599

Bank and Other Notes Payable - Narrative (Details)		12 Months Ended
Bank and Other Notes Payable - Narrative (Details)	Mar. 29, 2013 USD ($)	Dec. 31, 2019 USD ($) derivative extension_period	Dec. 31, 2018 USD ($)
Bank and other notes payable
Number of extension options \| extension_period		1
Number of interest rate swap agreements \| derivative		4
Unamortized deferred finance costs		$ 16,042,000	$ 13,053,000
Availability for additional borrowings		$ 679,719,000	589,719,000
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
Line of Credit
Bank and other notes payable
Line of credit		820,000,000	910,000,000
Unamortized deferred finance costs		$ 2,623,000	$ 5,145,000
Average interest rate (as a percent)		3.92%	4.20%
Line of Credit \| Level 2
Bank and other notes payable
Fair value of line of credit		$ 826,280,000	$ 912,163,000
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
Estimated fair value of term loan			$ 3,690,000
LIBOR \| Line of Credit
Bank and other notes payable
Variable interest rate spread (as a percent)		1.55%
Revolving line of credit
Bank and other notes payable
Line of credit		$ 1,500,000,000
Maximum contingent borrowing capacity		$ 2,000,000,000
Revolving line of credit \| Line of Credit \| Interest rate swap
Bank and other notes payable
Effective interest rate		4.30%
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%

Financing Arrangement - Narrative (Details) ft² in Thousands, $ in Thousands			12 Months Ended
	Jun. 27, 2019 USD ($)	Sep. 30, 2009 ft²	Dec. 31, 2019 USD ($) $ / ft²	Dec. 31, 2018 USD ($) $ / ft²	Dec. 31, 2017 USD ($)	Jan. 01, 2018 USD ($)
Distributions of the partner's share of net income
Financing arrangement obligation			$ 273,900	$ 378,485
Accumulated deficit			$ (1,944,012)	$ (1,614,357)
Terminal capitalization rate			5.00%	4.80%
Discount rate			6.00%	5.80%
Distributions in excess of loan proceeds	$ 27,945		$ 27,945	$ 0	$ 0
Freehold Raceway Mall and Chandler Fashion Center \| Joint venture
Distributions of the partner's share of net income
Investments in unconsolidated joint ventures						$ 31,150
Chandler Fashion Center
Distributions of the partner's share of net income
Mortgage loan	$ 256,000
Financing arrangement \| Minimum
Distributions of the partner's share of net income
Market rent per square foot			35	35
Financing arrangement \| Maximum
Distributions of the partner's share of net income
Market rent per square foot \| $ / ft²			115	115
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
Distributions of the partner's share of net income
Financing arrangement obligation						393,709
Accumulated deficit						424,859
Financing arrangement \| Freehold Raceway Mall and Chandler Fashion Center
Distributions of the partner's share of net income
Ownership interest (as a percent)		49.90%
Financing arrangement \| Chandler Fashion Center
Distributions of the partner's share of net income
Property area (in square feet) \| ft²		1,318
Financing arrangement \| Freehold Raceway Mall
Distributions of the partner's share of net income
Property area (in square feet) \| ft²		1,673
Joint venture \| Freehold Raceway Mall and Chandler Fashion Center
Distributions of the partner's share of net income
Investments in unconsolidated joint ventures						$ 31,150

Financing Arrangement - Financing Arrangement Activity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Distributions of the partner's share of net income
Total incurred interest (income) expense		$ (62,517)	$ 6,883	$ 8,731
Financing arrangement \| Joint venture
Distributions of the partner's share of net income
Distributions of the partner's share of net income	$ 7,184		9,079
Distributions in excess of the partner's share of net income	6,939		6,376
Adjustment to fair value of financing arrangement obligation	(76,640)		(15,225)
Total incurred interest (income) expense	$ (62,517)	$ (62,517)	$ 230

Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Aug. 20, 2014
Noncontrolling Interest [Line Items]
Par value of common stock (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	$ 277,524	$ 448,116
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%	7.00%

Stockholders' Equity (Details) - USD ($)	11 Months Ended
Stockholders' Equity (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Feb. 12, 2017	Aug. 20, 2014
Stockholders' Equity Note [Abstract]
Authorized amount for stock repurchase program				$ 500,000,000
Repurchased shares (in shares)	3,627,390
Repurchased shares	$ 221,428,000
Repurchased shares (in dollars per share)	$ 61.01
Par value of common stock (in dollars per share)		$ 0.01	$ 0.01		$ 0.01
Maximum price of common stock available to be issued					$ 500,000,000

Collaborative Agreement (Details) - USD ($) $ in Thousands		6 Months Ended
Collaborative Agreement (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Aug. 31, 2018	Mar. 01, 2018
Equity Method Investments and Joint Ventures [Abstract]
Ownership percentage			25.00%
Outside partner interest of the operating partnership			75.00%
Proceeds from sale	$ 142,500
Reimbursement percent		75.00%

Dispositions (Details) ft² in Thousands, $ in Thousands					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	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale	$ 142,500
(Loss) gain on sale or write down of assets, net					$ (11,909)	$ (31,825)	$ 42,446
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
(Loss) gain on sale or write down of assets, net		$ (311)

Commitments and Contingencies - Narrative (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contingent liability under letters of credit	$ 40,814
Outstanding obligations under construction agreements	$ 4,194

Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Management fees
Related Party Transaction [Line Items]
Management fees	$ 40,709	$ 43,480	$ 43,394
Unconsolidated joint ventures and third party managed properties
Related Party Transaction [Line Items]
Management fees	34,804	34,164	34,663
Unconsolidated joint ventures and third party managed properties \| Management fees
Related Party Transaction [Line Items]
Management fees	18,748	19,752	19,105
Unconsolidated joint ventures and third party managed properties \| Development and leasing fees
Related Party Transaction [Line Items]
Management fees	$ 16,056	$ 14,412	$ 15,558

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Interest (income) expense from related party transactions		$ (62,517)	$ 6,883	$ 8,731
Due (to) from affiliates	$ 6,157	6,157	85,181
Related Parties Note Receivable, RED Consolidated Holdings, LLC
Related Party Transaction [Line Items]
Due (to) from affiliates			$ 3,689
Notes receivable interest rate			5.25%
Interest earned		141	$ 224	268
Joint venture \| Financing arrangement
Related Party Transaction [Line Items]
Interest (income) expense from related party transactions	(62,517)	(62,517)	230
Unconsolidated joint ventures
Related Party Transaction [Line Items]
Due (to) from affiliates	$ 6,157	6,157	6,385
Affiliated entity \| Northwestern Mutual Life (NML)
Related Party Transaction [Line Items]
Interest expense, related party			6,653	8,731
Affiliated entity \| Notes receivable \| Fashion Outlets of San Francisco
Related Party Transaction [Line Items]
Interest earned		$ 1,112	3,152	$ 2,513
Note receivable			$ 75,107
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, 2019 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)	6,056,813

Share and Unit-based Plans - Stock Units Roll Forward Activity (Details) - Stock units	12 Months Ended
	Dec. 31, 2019 $ / shares shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2017 $ / shares shares
Share-based Payment Arrangement [Abstract]
Number of common shares into which units can be converted (shares)	1
Shares or Units
Balance at beginning of year (shares) \| shares	129,457	151,355	148,428
Granted (shares) \| shares	160,932	87,983	86,827
Vested (shares) \| shares	(85,157)	(108,991)	(81,205)
Forfeited (shares) \| shares	(5,245)	(890)	(2,695)
Balance at end of year (shares) \| shares	199,987	129,457	151,355
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Balance at beginning of year (in dollars per share) \| $ / shares	$ 64.21	$ 73.32	$ 78.53
Granted (in dollars per share) \| $ / shares	37.44	58.79	66.46
Vested (in dollars per share) \| $ / shares	62.84	74.04	75.62
Forfeited (in dollars per share) \| $ / shares	51.48	68.81	69.57
Balance at end of year (in dollars per share) \| $ / shares	$ 43.59	$ 64.21	$ 73.32

Share and Unit-based Plans - SARs Roll Forward Activity (Details) - SARs - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Units
Balance at beginning of year (shares)	0	235,439	284,146
Granted (shares)	0	0	0
Exercised (shares)	0	(235,439)	(48,707)
Balance at end of year (shares)	0	0	235,439
Weighted Average Exercise Price (in dollars per share)
Balance at beginning of year (in dollars per share)	$ 0	$ 53.83	$ 53.85
Granted (in dollars per share)	0	0
Vested (in dollars per share)	0	53.83	53.95
Balance at end of year (in dollars per share)	$ 0	$ 0	$ 53.83

Share and Unit-based Plans - Long-Term Incentive Plan Units Narrative (Details)	12 Months Ended
	Dec. 31, 2019
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
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
LTIP units
Share and unit-based plans
Granted (shares)	343,431	569,136	506,906
Granted (in dollars per share)	$ 32.40	$ 51.78	$ 55.33
Service-based
Share and unit-based plans
Granted (shares)	343,431	569,136	506,906
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 \| Fourth vesting period
Share and unit-based plans
Granted (shares)		89,637
Granted (in dollars per share)		$ 55.78
January 1, 2019 \| Service-based \| First vesting period
Share and unit-based plans
Granted (shares)	81,732
Granted (in dollars per share)	$ 43.28
January 1, 2019 \| Market-indexed \| First vesting period
Share and unit-based plans
Granted (shares)	250,852
Granted (in dollars per share)	$ 29.25
September 1, 2019 \| Service-based \| First vesting period
Share and unit-based plans
Granted (shares)	4,393
Granted (in dollars per share)	$ 28.53
September 1, 2019 \| Market-indexed \| First vesting period
Share and unit-based plans
Granted (shares)	6,454
Granted (in dollars per share)	$ 19.42

Share and Unit-based Plans - Schedule LTIP Units Valuation Assumptions (Details) - LTIP units	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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%
January 1, 2019
Share and unit-based plans
Risk Free Interest Rate	2.46%
Expected Volatility	23.52%
September 1, 2019
Share and unit-based plans
Risk Free Interest Rate	1.42%
Expected Volatility	24.91%

Share and Unit-based Plans - LTIP Activity (Details) - LTIP units - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Units
Balance at beginning of year (shares)	661,578	636,632	322,572
Granted (shares)	343,431	569,136	506,906
Vested (shares)	(76,306)	(253,625)	(192,846)
Forfeited (shares)	(312,484)	(290,565)	0
Balance at end of year (shares)	616,219	661,578	636,632
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share)	$ 48.38	$ 52.36	$ 58.18
Granted (in dollars per share)	32.40	51.78	55.33
Vested (in dollars per share)	59.27	61.17	69.93
Forfeited (in dollars per share)	46.55	52.58	0
Balance at end of year (in dollars per share)	$ 39.04	$ 48.38	$ 52.36

Share and Unit-based Plans - Stock Options Narrative (Details) - Non-qualified stock options	May 30, 2017 $ / shares shares
Share and unit-based plans
Granted (shares) \| shares	25,000
Granted (in dollars per share)	$ 10.02
Expected volatility	30.19%
Dividend yield (as a percent)	4.93%
Risk free rate	2.08%
Share price (in dollars per share)	$ 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, 2019	Dec. 31, 2018	Dec. 31, 2017
Options
Balance at beginning of year (shares)	35,565	35,565	10,565
Granted (shares)	0	0	25,000
Exercised (in shares)	0	0	0
Balance at end of year (shares)	35,565	35,565	35,565
Weighted Average Exercise Price (in dollars per share)
Balance at beginning of year (in dollars per share)	$ 57.32	$ 57.32	$ 56.77
Granted (in dollars per share)	0	0	57.55
Exercised (in dollars per share)	0	0	0
Balance at end of year (in dollars per share)	$ 57.32	$ 57.32	$ 57.32

Share and Unit-based Plans - Directors' Phantom Stock Plan (Details)	12 Months Ended
	Dec. 31, 2019 $ / shares shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2017 $ / shares shares
Phantom stock units
Share and unit-based plans
Number of common shares into which units can be converted (shares)	1
Units
Balance at beginning of year (shares)	0	4,054	5,845
Granted (shares)	23,690	10,380	8,760
Vested (shares)	(16,474)	(12,193)	(10,551)
Forfeited (shares)	0	(2,241)	0
Balance at end of year (shares)	7,216	0	4,054
Weighted Average Grant Date Fair Value (in dollars per share)
Balance at beginning of year (in dollars per share) \| $ / shares	$ 0	$ 79.82	$ 81.47
Granted (in dollars per share) \| $ / shares	40.26	49.55	68.93
Vested (in dollars per share) \| $ / shares	38.94	54.40	71.69
Forfeited (in dollars per share) \| $ / shares	0	77.91	0
Balance at end of year (in dollars per share) \| $ / shares	$ 43.29	$ 0	$ 79.82
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)	134,638

Share and Unit-based Plans - Employee Stock Purchase Plan (Details) - ESPP	12 Months Ended
	Dec. 31, 2019 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)	356,822

Share and Unit-based Plans - Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 16,723	$ 33,551	$ 37,005
Capitalized share and unit-based compensation costs	4,691	6,184	6,206
Stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	4,598	6,355	6,045
Unrecognized compensation cost of share and unit-based plans	2,949
LTIP units
Share and unit-based plans
Compensation cost under share and unit-based plans	11,372	26,311	30,161
Unrecognized compensation cost of share and unit-based plans	1,647
Stock options
Share and unit-based plans
Compensation cost under share and unit-based plans	51	125	85
Unrecognized compensation cost of share and unit-based plans	0
Phantom stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	702	760	714
Stock awards and units
Share and unit-based plans
Fair value of equity-based awards vested during period	$ 3,577	$ 6,479	$ 5,257

Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
The Plan
Employee Benefit Plans:
Number of common stock shares reserved for issuance (in shares)	650,000
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	$ 3,346	$ 3,422	$ 3,481
Deferred Compensation Plans
Employee Benefit Plans:
Employer contribution	$ 814	$ 813	$ 1,069

Income Taxes - Schedule of components of distributions made to common stockholders on a per share basis (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Dividends, dollars per share
Ordinary income (in dollars per share)	$ 1.32	$ 1.91	$ 1.98
Capital gains (in dollars per share)	0.64	0.05	0.51
Unrecaptured Section 1250 gain (in dollars per share)	0	0	0.38
Return of capital (in dollars per share)	1.04	1.01	0
Dividends paid for income tax purposes (in dollars per share)	$ 3.00	$ 2.97	$ 2.87
Dividends, percent
Ordinary income (as a percent)	44.20%	64.30%	69.00%
Capital gains (as a percent)	21.20%	1.70%	17.80%
Unrecaptured Section 1250 gain (as a percent)	0.00%	0.00%	13.20%
Return of capital (as a percent)	34.60%	34.00%	0.00%
Dividends paid (as a percent)	100.00%	100.00%	100.00%

Income Taxes - Schedule of income tax benefit of TRSs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Current	$ (150)	$ 413	$ 185
Deferred	(1,439)	3,191	(15,779)
Income tax (expense) benefit	$ (1,589)	$ 3,604	$ (15,594)

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Book (income) loss for TRSs	$ (2,062)	$ 19,525	$ 2,094
Tax at statutory rate on earnings from continuing operations before income taxes	(433)	4,100	712
Change in tax rates	0	0	(14,189)
State taxes	(280)	513	109
Other	(876)	(1,009)	(2,226)
Income tax (expense) benefit	$ (1,589)	$ 3,604	$ (15,594)

Income Taxes - Narrative (Details) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) $ in Thousands	Dec. 31, 2017 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, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 22,338	$ 25,751
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	6,784	4,524
Other	1,635	1,922
Deferred tax assets	$ 30,757	$ 32,197

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 241,841	$ 231,127	$ 227,972	$ 226,522	$ 246,874	$ 242,198	$ 234,545	$ 236,734	$ 927,462	$ 960,351	$ 993,662
Net income attributable to the Company	$ 26,891	$ 46,371	$ 15,734	$ 7,824	$ 11,749	$ 74,028	$ 7,816	$ (33,573)	$ 96,820	$ 60,020	$ 146,130
Net income attributable to common stockholders (dollars per share)	$ 0.19	$ 0.33	$ 0.11	$ 0.05	$ 0.08	$ 0.52	$ 0.05	$ (0.24)	$ 0.68	$ 0.42	$ 1.02
Net income attributable to common stockholders (dollars per share)	$ 0.19	$ 0.33	$ 0.11	$ 0.05	$ 0.08	$ 0.52	$ 0.05	$ (0.24)	$ 0.68	$ 0.42	$ 1.02

- Definition

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

+ References

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- 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.

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+ Details

Subsequent Events (Details) - $ / shares		12 Months Ended
Subsequent Events (Details) - $ / shares	Jan. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Subsequent events
Dividends declared for common stock (in dollars per share)		$ 3.00	$ 2.97	$ 2.87
Subsequent event
Subsequent events
Dividends declared for common stock (in dollars per share)	$ 0.75

Schedule III-Real Estate and Accumulated Depreciation - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Initial Cost to Company
Land	$ 1,406,580
Building and Improvements	4,717,020
Equipment and Furnishings	46,574
Cost Capitalized Subsequent to Acquisition	2,822,875
Gross Amount at Which Carried at Close of Period
Land	1,520,678
Building and Improvements	7,115,991
Equipment and Furnishings	230,215	$ 206,398
Construction in Progress	126,165	199,326
Total	8,993,049	8,878,820	$ 9,127,533	$ 9,209,211
Accumulated Depreciation	2,349,536	$ 2,093,044	$ 2,018,303	$ 1,851,901
Total Cost Net of Accumulated Depreciation	6,643,513
Chandler Fashion Center
Initial Cost to Company
Land	24,188
Building and Improvements	223,143
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	28,847
Gross Amount at Which Carried at Close of Period
Land	24,188
Building and Improvements	245,798
Equipment and Furnishings	6,192
Construction in Progress	0
Total	276,178
Accumulated Depreciation	119,086
Total Cost Net of Accumulated Depreciation	157,092
Danbury Fair Mall
Initial Cost to Company
Land	130,367
Building and Improvements	316,951
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	126,366
Gross Amount at Which Carried at Close of Period
Land	142,751
Building and Improvements	419,228
Equipment and Furnishings	10,357
Construction in Progress	1,348
Total	573,684
Accumulated Depreciation	168,324
Total Cost Net of Accumulated Depreciation	405,360
Desert Sky Mall
Initial Cost to Company
Land	9,447
Building and Improvements	37,245
Equipment and Furnishings	12
Cost Capitalized Subsequent to Acquisition	5,925
Gross Amount at Which Carried at Close of Period
Land	9,082
Building and Improvements	41,304
Equipment and Furnishings	2,243
Construction in Progress	0
Total	52,629
Accumulated Depreciation	13,348
Total Cost Net of Accumulated Depreciation	39,281
Eastland Mall
Initial Cost to Company
Land	22,050
Building and Improvements	151,605
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	11,949
Gross Amount at Which Carried at Close of Period
Land	21,400
Building and Improvements	162,087
Equipment and Furnishings	2,117
Construction in Progress	0
Total	185,604
Accumulated Depreciation	39,109
Total Cost Net of Accumulated Depreciation	146,495
Estrella Falls
Initial Cost to Company
Land	10,550
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	72,292
Gross Amount at Which Carried at Close of Period
Land	10,524
Building and Improvements	14,265
Equipment and Furnishings	0
Construction in Progress	58,053
Total	82,842
Accumulated Depreciation	3,083
Total Cost Net of Accumulated Depreciation	79,759
Fashion Outlets of Chicago
Initial Cost to Company
Land	0
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	271,689
Gross Amount at Which Carried at Close of Period
Land	40,575
Building and Improvements	225,564
Equipment and Furnishings	4,615
Construction in Progress	935
Total	271,689
Accumulated Depreciation	69,616
Total Cost Net of Accumulated Depreciation	202,073
Fashion Outlets of Niagara Falls USA
Initial Cost to Company
Land	18,581
Building and Improvements	210,139
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	106,071
Gross Amount at Which Carried at Close of Period
Land	22,936
Building and Improvements	309,508
Equipment and Furnishings	2,284
Construction in Progress	63
Total	334,791
Accumulated Depreciation	86,070
Total Cost Net of Accumulated Depreciation	248,721
The Marketplace at Flagstaff
Initial Cost to Company
Land	0
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	45,839
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	45,839
Equipment and Furnishings	0
Construction in Progress	0
Total	45,839
Accumulated Depreciation	25,320
Total Cost Net of Accumulated Depreciation	20,519
Freehold Raceway Mall
Initial Cost to Company
Land	164,986
Building and Improvements	362,841
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	127,095
Gross Amount at Which Carried at Close of Period
Land	168,098
Building and Improvements	476,605
Equipment and Furnishings	9,865
Construction in Progress	354
Total	654,922
Accumulated Depreciation	206,014
Total Cost Net of Accumulated Depreciation	448,908
Fresno Fashion Fair
Initial Cost to Company
Land	17,966
Building and Improvements	72,194
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	49,086
Gross Amount at Which Carried at Close of Period
Land	17,966
Building and Improvements	117,086
Equipment and Furnishings	2,595
Construction in Progress	1,599
Total	139,246
Accumulated Depreciation	59,862
Total Cost Net of Accumulated Depreciation	79,384
Green Acres Mall
Initial Cost to Company
Land	156,640
Building and Improvements	321,034
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	192,815
Gross Amount at Which Carried at Close of Period
Land	179,274
Building and Improvements	477,334
Equipment and Furnishings	10,646
Construction in Progress	3,235
Total	670,489
Accumulated Depreciation	133,725
Total Cost Net of Accumulated Depreciation	536,764
Inland Center
Initial Cost to Company
Land	8,321
Building and Improvements	83,550
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	30,458
Gross Amount at Which Carried at Close of Period
Land	10,291
Building and Improvements	111,540
Equipment and Furnishings	351
Construction in Progress	147
Total	122,329
Accumulated Depreciation	23,371
Total Cost Net of Accumulated Depreciation	98,958
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	278,300
Gross Amount at Which Carried at Close of Period
Land	209,041
Building and Improvements	725,672
Equipment and Furnishings	55,924
Construction in Progress	2,252
Total	992,889
Accumulated Depreciation	123,795
Total Cost Net of Accumulated Depreciation	869,094
La Cumbre Plaza
Initial Cost to Company
Land	18,122
Building and Improvements	21,492
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	15,558
Gross Amount at Which Carried at Close of Period
Land	13,856
Building and Improvements	40,054
Equipment and Furnishings	375
Construction in Progress	887
Total	55,172
Accumulated Depreciation	24,311
Total Cost Net of Accumulated Depreciation	30,861
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	68,215
Gross Amount at Which Carried at Close of Period
Land	3,878
Building and Improvements	17,803
Equipment and Furnishings	82,502
Construction in Progress	2,219
Total	106,402
Accumulated Depreciation	58,890
Total Cost Net of Accumulated Depreciation	47,512
MACWH, LP
Initial Cost to Company
Land	0
Building and Improvements	25,771
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	13,241
Gross Amount at Which Carried at Close of Period
Land	11,557
Building and Improvements	27,455
Equipment and Furnishings	0
Construction in Progress	0
Total	39,012
Accumulated Depreciation	10,542
Total Cost Net of Accumulated Depreciation	28,470
NorthPark Mall
Initial Cost to Company
Land	7,746
Building and Improvements	74,661
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	14,270
Gross Amount at Which Carried at Close of Period
Land	7,745
Building and Improvements	88,348
Equipment and Furnishings	584
Construction in Progress	0
Total	96,677
Accumulated Depreciation	24,202
Total Cost Net of Accumulated Depreciation	72,475
The Oaks
Initial Cost to Company
Land	32,300
Building and Improvements	117,156
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	268,713
Gross Amount at Which Carried at Close of Period
Land	56,387
Building and Improvements	357,661
Equipment and Furnishings	3,581
Construction in Progress	540
Total	418,169
Accumulated Depreciation	164,549
Total Cost Net of Accumulated Depreciation	253,620
Pacific View
Initial Cost to Company
Land	8,697
Building and Improvements	8,696
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	137,802
Gross Amount at Which Carried at Close of Period
Land	7,854
Building and Improvements	145,604
Equipment and Furnishings	1,737
Construction in Progress	0
Total	155,195
Accumulated Depreciation	76,064
Total Cost Net of Accumulated Depreciation	79,131
Paradise Valley Mall
Initial Cost to Company
Land	33,445
Building and Improvements	128,485
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	30,568
Gross Amount at Which Carried at Close of Period
Land	36,027
Building and Improvements	152,420
Equipment and Furnishings	2,815
Construction in Progress	1,236
Total	192,498
Accumulated Depreciation	83,546
Total Cost Net of Accumulated Depreciation	108,952
Queens Center
Initial Cost to Company
Land	251,474
Building and Improvements	1,039,922
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	53,224
Gross Amount at Which Carried at Close of Period
Land	256,786
Building and Improvements	1,082,499
Equipment and Furnishings	5,331
Construction in Progress	4
Total	1,344,620
Accumulated Depreciation	150,749
Total Cost Net of Accumulated Depreciation	1,193,871
Santa Monica Place
Initial Cost to Company
Land	26,400
Building and Improvements	105,600
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	348,573
Gross Amount at Which Carried at Close of Period
Land	48,374
Building and Improvements	422,736
Equipment and Furnishings	6,710
Construction in Progress	2,753
Total	480,573
Accumulated Depreciation	143,965
Total Cost Net of Accumulated Depreciation	336,608
San Tan Adjacent Land
Initial Cost to Company
Land	29,414
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	8,280
Gross Amount at Which Carried at Close of Period
Land	26,902
Building and Improvements	0
Equipment and Furnishings	0
Construction in Progress	10,792
Total	37,694
Accumulated Depreciation	0
Total Cost Net of Accumulated Depreciation	37,694
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	213,089
Gross Amount at Which Carried at Close of Period
Land	5,921
Building and Improvements	213,348
Equipment and Furnishings	1,647
Construction in Progress	0
Total	220,916
Accumulated Depreciation	100,092
Total Cost Net of Accumulated Depreciation	120,824
South Park Mall
Initial Cost to Company
Land	7,035
Building and Improvements	38,215
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(7,993)
Gross Amount at Which Carried at Close of Period
Land	2,899
Building and Improvements	33,857
Equipment and Furnishings	447
Construction in Progress	54
Total	37,257
Accumulated Depreciation	15,207
Total Cost Net of Accumulated Depreciation	22,050
Southridge Mall
Initial Cost to Company
Land	6,764
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	8,174
Gross Amount at Which Carried at Close of Period
Land	2,295
Building and Improvements	12,329
Equipment and Furnishings	139
Construction in Progress	175
Total	14,938
Accumulated Depreciation	6,915
Total Cost Net of Accumulated Depreciation	8,023
Stonewood Center
Initial Cost to Company
Land	4,948
Building and Improvements	302,527
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	12,002
Gross Amount at Which Carried at Close of Period
Land	4,935
Building and Improvements	314,127
Equipment and Furnishings	415
Construction in Progress	0
Total	319,477
Accumulated Depreciation	50,479
Total Cost Net of Accumulated Depreciation	268,998
Superstition Springs Center
Initial Cost to Company
Land	10,928
Building and Improvements	112,718
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	12,350
Gross Amount at Which Carried at Close of Period
Land	10,928
Building and Improvements	124,173
Equipment and Furnishings	895
Construction in Progress	0
Total	135,996
Accumulated Depreciation	24,683
Total Cost Net of Accumulated Depreciation	111,313
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	349
Gross Amount at Which Carried at Close of Period
Land	1,618
Building and Improvements	4,698
Equipment and Furnishings	71
Construction in Progress	0
Total	6,387
Accumulated Depreciation	2,153
Total Cost Net of Accumulated Depreciation	4,234
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	(7,622)
Gross Amount at Which Carried at Close of Period
Land	16,922
Building and Improvements	0
Equipment and Furnishings	0
Construction in Progress	11,614
Total	28,536
Accumulated Depreciation	0
Total Cost Net of Accumulated Depreciation	28,536
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	5,107
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	247
Equipment and Furnishings	7,365
Construction in Progress	29
Total	7,641
Accumulated Depreciation	1,220
Total Cost Net of Accumulated Depreciation	6,421
Towne Mall
Initial Cost to Company
Land	6,652
Building and Improvements	31,184
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	5,105
Gross Amount at Which Carried at Close of Period
Land	6,877
Building and Improvements	35,596
Equipment and Furnishings	369
Construction in Progress	99
Total	42,941
Accumulated Depreciation	16,888
Total Cost Net of Accumulated Depreciation	26,053
Tucson La Encantada
Initial Cost to Company
Land	12,800
Building and Improvements	19,699
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	58,005
Gross Amount at Which Carried at Close of Period
Land	12,800
Building and Improvements	75,755
Equipment and Furnishings	732
Construction in Progress	1,217
Total	90,504
Accumulated Depreciation	45,861
Total Cost Net of Accumulated Depreciation	44,643
Valley Mall
Initial Cost to Company
Land	16,045
Building and Improvements	26,098
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	13,952
Gross Amount at Which Carried at Close of Period
Land	15,616
Building and Improvements	40,188
Equipment and Furnishings	291
Construction in Progress	0
Total	56,095
Accumulated Depreciation	12,395
Total Cost Net of Accumulated Depreciation	43,700
Valley River Center
Initial Cost to Company
Land	24,854
Building and Improvements	147,715
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	33,159
Gross Amount at Which Carried at Close of Period
Land	24,854
Building and Improvements	174,489
Equipment and Furnishings	1,739
Construction in Progress	4,646
Total	205,728
Accumulated Depreciation	66,288
Total Cost Net of Accumulated Depreciation	139,440
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	54,374
Gross Amount at Which Carried at Close of Period
Land	20,080
Building and Improvements	123,291
Equipment and Furnishings	1,933
Construction in Progress	0
Total	145,304
Accumulated Depreciation	58,624
Total Cost Net of Accumulated Depreciation	86,680
Vintage Faire Mall
Initial Cost to Company
Land	14,902
Building and Improvements	60,532
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	60,162
Gross Amount at Which Carried at Close of Period
Land	17,647
Building and Improvements	116,161
Equipment and Furnishings	1,788
Construction in Progress	0
Total	135,596
Accumulated Depreciation	75,818
Total Cost Net of Accumulated Depreciation	59,778
Wilton Mall
Initial Cost to Company
Land	19,743
Building and Improvements	67,855
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	27,482
Gross Amount at Which Carried at Close of Period
Land	19,810
Building and Improvements	93,935
Equipment and Furnishings	1,264
Construction in Progress	71
Total	115,080
Accumulated Depreciation	44,946
Total Cost Net of Accumulated Depreciation	70,134
Other freestanding stores
Initial Cost to Company
Land	5,926
Building and Improvements	31,785
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	11,621
Gross Amount at Which Carried at Close of Period
Land	5,927
Building and Improvements	43,109
Equipment and Furnishings	296
Construction in Progress	0
Total	49,332
Accumulated Depreciation	20,255
Total Cost Net of Accumulated Depreciation	29,077
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	18,383
Gross Amount at Which Carried at Close of Period
Land	26,057
Building and Improvements	4,278
Equipment and Furnishings	0
Construction in Progress	21,843
Total	52,178
Accumulated Depreciation	171
Total Cost Net of Accumulated Depreciation	$ 52,007

Schedule III-Real Estate and Accumulated Depreciation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Changes in total real estate assets
Balances, beginning of year	$ 8,878,820	$ 9,127,533	$ 9,209,211
Additions	176,690	246,719	202,280
Dispositions and retirements	(62,461)	(495,432)	(283,958)
Balances, end of year	8,993,049	8,878,820	9,127,533
Aggregate gross cost of the property for federal income tax purposes	8,446,407
Changes in accumulated depreciation
Balances, beginning of year	2,093,044	2,018,303	1,851,901
Additions	287,846	275,236	277,917
Dispositions and retirements	(31,354)	(200,495)	(111,515)
Balances, end of year	$ 2,349,536	$ 2,093,044	$ 2,018,303
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
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)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(2,203,000)
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)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (2,203,000)