10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2017

Commission File No. 1-12504

THE MACERICH COMPANY

(Exact name of registrant as specified in its charter)

MARYLAND	95-4448705
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401  (Address of principal executive office, including zip code)
(310) 394-6000  (Registrant's telephone number, including area code)
N/A  (Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve (12) months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past ninety (90) days.

YES x       NO o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding twelve (12) months (or for such shorter period that the registrant was required to submit and post such files).

YES x        NO o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.

Large accelerated filer x	Accelerated filer o	Non-accelerated filer o (Do not check if a smaller reporting company)	Smaller reporting company o
			Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES o       NO x

Number of shares outstanding as of August 4, 2017 of the registrant's common stock, par value $0.01 per share: 141,414,438 shares

THE MACERICH COMPANY

FORM 10-Q

INDEX

Part I	Financial Information
Item 1.	Financial Statements (Unaudited)	3
	Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2016	4
	Consolidated Statement of Equity for the six months ended June 30, 2017	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2017 and 2016	6
	Notes to Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	41
Part II	Other Information
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	43
Signature		44

2

THE MACERICH COMPANY

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except par value)

(Unaudited)

	June 30, 2017			December 31, 2016
ASSETS:
Property, net	$	7,198,283		$	7,357,310
Cash and cash equivalents	87,133			94,046
Restricted cash	50,304			49,951
Tenant and other receivables, net	116,089			136,998
Deferred charges and other assets, net	452,280			478,058
Due from affiliates	81,545			68,227
Investments in unconsolidated joint ventures	1,696,572			1,773,558
Total assets	$	9,682,206		$	9,958,148
LIABILITIES AND EQUITY:
Mortgage notes payable:
Related parties	$	174,037		$	176,442
Others	3,817,348			3,908,976
Total	3,991,385			4,085,418
Bank and other notes payable	996,129			880,482
Accounts payable and accrued expenses	56,596			61,316
Other accrued liabilities	322,643			366,165
Distributions in excess of investments in unconsolidated joint ventures	95,131			78,626
Co-venture obligation	59,647			58,973
Total liabilities	5,521,531			5,530,980
Commitments and contingencies
Equity:
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 141,556,410 and 143,985,036 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	1,416			1,440
Additional paid-in capital	4,521,945			4,593,229
Accumulated deficit	(663,805		)	(488,782		)
Total stockholders' equity	3,859,556			4,105,887
Noncontrolling interests	301,119			321,281
Total equity	4,160,675			4,427,168
Total liabilities and equity	$	9,682,206		$	9,958,148

   The accompanying notes are an integral part of these consolidated financial statements.

3

THE MACERICH COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share amounts)

(Unaudited)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
Revenues:
Minimum rents	$	152,893		$	152,448		$	298,448		$	303,496
Percentage rents	2,060			2,394			3,978			5,408
Tenant recoveries	68,948			75,948			141,360			156,121
Other	13,519			17,789			28,783			30,937
Management Companies	10,003			11,325			21,899			19,942
Total revenues	247,423			259,904			494,468			515,904
Expenses:
Shopping center and operating expenses	71,032			73,910			146,929			153,234
Management Companies' operating expenses	26,216			24,299			54,733			52,199
REIT general and administrative expenses	7,458			7,681			15,921			16,310
Depreciation and amortization	83,243			85,190			166,316			172,121
	187,949			191,080			383,899			393,864
Interest expense:
Related parties	2,181			2,256			4,392			4,528
Other	40,140			38,939			79,230			76,443
	42,321			41,195			83,622			80,971
Loss on extinguishment of debt	—			—			—			3,575
Total expenses	230,270			232,275			467,521			478,410
Equity in income of unconsolidated joint ventures	16,936			14,616			32,779			26,276
Co-venture expense	(4,123		)	(3,212		)	(8,000		)	(6,501		)
Income tax (expense) benefit	(437		)	(514		)	3,047			(1,831		)
(Loss) gain on sale or write down of assets, net	(477		)	10,915			49,088			445,371
Net income	29,052			49,434			103,861			500,809
Less net income attributable to noncontrolling interests	2,414			4,212			7,980			34,672
Net income attributable to the Company	$	26,638		$	45,222		$	95,881		$	466,137
Earnings per common share—net income attributable to common stockholders:
Basic	$	0.19		$	0.31		$	0.67		$	3.12
Diluted	$	0.19		$	0.31		$	0.67		$	3.12
Weighted average number of common shares outstanding:
Basic	141,695,000			146,644,000			142,640,000			149,314,000
Diluted	141,728,000			146,769,000			142,687,000			149,459,000

   The accompanying notes are an integral part of these consolidated financial statements.

4

THE MACERICH COMPANY

CONSOLIDATED STATEMENT OF EQUITY

(Dollars in thousands, except per share data)

(Unaudited)

	Stockholders' Equity
	Common Stock
	Shares		Par Value			Additional Paid-in Capital			Accumulated Deficit			Total Stockholders' Equity			Noncontrolling Interests			Total Equity
Balance at January 1, 2017	143,985,036		$	1,440		$	4,593,229		$	(488,782	)	$	4,105,887		$	321,281		$	4,427,168
Net income	—		—			—			95,881			95,881			7,980			103,861
Cumulative effect of adoption of ASU 2016-09	—		—			—			6,484			6,484			—			6,484
Amortization of share and unit-based plans	84,287		1			23,946			—			23,947			—			23,947
Employee stock purchases	20,443		—			986			—			986			—			986
Stock repurchases	(2,885,373	)	(29		)	(107,425		)	(74,286		)	(181,740		)	—			(181,740		)
Distributions declared ($1.42) per share	—		—			—			(203,102		)	(203,102		)	—			(203,102		)
Distributions to noncontrolling interests	—		—			—			—			—			(16,844		)	(16,844		)
Conversion of noncontrolling interests to common shares	352,017		4			11,792			—			11,796			(11,796		)	—
Redemption of noncontrolling interests	—		—			(61		)	—			(61		)	(24		)	(85		)
Adjustment of noncontrolling interests in Operating Partnership	—		—			(522		)	—			(522		)	522			—
Balance at June 30, 2017	141,556,410		$	1,416		$	4,521,945		$	(663,805	)	$	3,859,556		$	301,119		$	4,160,675

   The accompanying notes are an integral part of these consolidated financial statements.

5

THE MACERICH COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

	For the Six Months Ended June 30,
	2017			2016
Cash flows from operating activities:
Net income	$	103,861		$	500,809
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on early extinguishment of debt, net	—			3,575
Gain on sale or write down of assets, net	(49,088		)	(445,371		)
Depreciation and amortization	169,216			175,090
Amortization of net premium on mortgage notes payable	(1,860		)	(2,063		)
Amortization of share and unit-based plans	19,652			22,008
Straight-line rent adjustment	(4,544		)	(2,503		)
Amortization of above and below-market leases	(1,082		)	(4,178		)
Provision for doubtful accounts	3,358			2,291
Income tax (benefit) expense	(3,047		)	1,831
Equity in income of unconsolidated joint ventures	(32,779		)	(26,276		)
Distributions of income from unconsolidated joint ventures	—			4,483
Co-venture expense	8,000			6,501
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	5,401			4,061
Other assets	2,346			(15,930		)
Due from affiliates	(13,365		)	4,330
Accounts payable and accrued expenses	(2,002		)	(15,403		)
Other accrued liabilities	(13,840		)	6,454
Net cash provided by operating activities	190,227			219,709
Cash flows from investing activities:
Development, redevelopment, expansion and renovation of properties	(60,603		)	(107,565		)
Property improvements	(16,750		)	(14,267		)
Proceeds from repayment of notes receivable	619			3,161
Deferred leasing costs	(19,553		)	(14,698		)
Distributions from unconsolidated joint ventures	170,734			308,952
Contributions to unconsolidated joint ventures	(51,303		)	(382,910		)
Proceeds from sale of assets	167,631			695,724
Restricted cash	(353		)	(3,613		)
Net cash provided by investing activities	190,422			484,784

6

THE MACERICH COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Dollars in thousands) (Unaudited)
	For the Six Months Ended June 30,
	2017			2016
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	300,000			2,596,138
Payments on mortgages, bank and other notes payable	(279,419		)	(1,929,969		)
Deferred financing costs	(32		)	(1,979		)
Proceeds from share and unit-based plans	986			834
Payment of debt extinguishment costs	—			(12,028		)
Stock repurchases	(181,740		)	(800,018		)
Redemption of noncontrolling interests	(85		)	(30		)
Dividends and distributions	(219,946		)	(561,611		)
Distributions to co-venture partner	(7,326		)	(9,202		)
Net cash used in financing activities	(387,562		)	(717,865		)
Net decrease in cash and cash equivalents	(6,913		)	(13,372		)
Cash and cash equivalents, beginning of period	94,046			86,510
Cash and cash equivalents, end of period	$	87,133		$	73,138
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	$	82,864		$	72,224
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	$	31,500		$	24,177
Mortgage notes payable assumed in exchange for investments in unconsolidated joint ventures	$	—		$	997,695
Conversion of Operating Partnership Units to common stock	$	11,796		$	3,119

The accompanying notes are an integral part of these consolidated financial statements.

7

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except per share amounts)

(Unaudited)

1. 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 June 30, 2017, the Company was the sole general partner of and held a 93% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code").

The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies."

All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

2. Summary of Significant Accounting Policies:

Basis of Presentation:

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

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

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

	June 30, 2017		December 31, 2016
Assets:
Property, net	$	302,822	$	307,582
Other assets	68,781		68,863
Total assets	$	371,603	$	376,445
Liabilities:
Mortgage notes payable	$	131,153	$	133,245
Other liabilities	75,548		75,913
Total liabilities	$	206,701	$	209,158

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

8

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

2. Summary of Significant Accounting Policies: (Continued)

The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2016 has been derived from the audited financial statements but does not include all disclosures required by GAAP.

Recent Accounting Pronouncements:

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09, “Revenue From Contracts With Customers,” which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company has evaluated each of its revenue streams and related accounting policies under the standard. The standard will initially apply to the Company's recognition of minimum rents, percentage rents and other revenues. This standard will not apply to the Company's recognition of tenant recoveries until January 1, 2019, when it adopts ASU 2016-02, "Leases (Topic 842)", as discussed below. The Company expects to adopt this standard on a modified retrospective basis and does not expect that it will significantly impact its consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard may result in certain of these costs being expensed as incurred after adoption.

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

In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718)," which amended the accounting for share-based payments, including the income tax consequences, classification of awards and classification on the statement of cash flows. The Company's adoption of this standard on January 1, 2017 under the modified retrospective method resulted in the recognition of excess tax benefits of $6,484 as a cumulative effect adjustment, which reduced its accumulated deficit and increased its deferred tax assets by the same amount.

In August 2016, the FASB issued ASU 2016-15, "Statement of Cash flows (Topic 230)," which amended the accounting for the statement of cash flows by providing guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company's adoption of this standard on January 1, 2017 resulted in the reclassification of $12,028 of debt extinguishment costs from operating activities to financing activities on its consolidated statement of cash flows for the six months endedJune 30, 2016.

9

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

2. Summary of Significant Accounting Policies: (Continued)

Recent Accounting Pronouncements: (Continued)

On November 17, 2016, the FASB issued ASU 2016-18, “Restricted Cash,” which requires that the statement of cash flows explain the change during a reporting period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. This standard states that transfers between cash, cash equivalents, and restricted cash are not part of the entity’s operating, investing, and financing activities. Therefore, restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for the Company beginning January 1, 2018 with early adoption permitted. The Company does not believe that the adoption of ASU 2016-18 will have a significant impact on its consolidated statements of cash flows.

On January 5, 2017, the FASB issued ASU 2017-01, “Business Combinations,” which clarifies the definition of a business. The objective of the standard is to add further guidance that assists entities in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the set of transferred assets and activities are not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. ASU 2017-01 is effective for the Company beginning January 1, 2018 with early adoption permitted using a prospective transition method. The Company does not believe that the adoption of 2017-01 will have a significant impact on its consolidated financial statements.

In February 2017, the FASB issued ASU No. 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets,” which clarifies the scope of asset derecognition and adds further guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The Company is required to adopt ASU 2017-05 beginning January 1, 2018 with early adoption permitted. The Company does not believe that the adoption of ASU No. 2017-05 will have a significant impact on its consolidated financial statements.

10

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

3. Earnings per Share ("EPS"):

The following table reconciles the numerator and denominator used in the computation of EPS for the three and six months endedJune 30, 2017 and 2016 (shares in thousands):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
Numerator
Net income	$	29,052		$	49,434		$	103,861		$	500,809
Net income attributable to noncontrolling interests	(2,414		)	(4,212		)	(7,980		)	(34,672		)
Net income attributable to the Company	26,638			45,222			95,881			466,137
Allocation of earnings to participating securities	(188		)	(170		)	(375		)	(557		)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$	26,450		$	45,052		$	95,506		$	465,580
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding	141,695			146,644			142,640			149,314
Effect of dilutive securities(1):
Share and unit-based compensation plans	33			125			47			145
Denominator for diluted EPS—weighted average number of common shares outstanding	141,728			146,769			142,687			149,459
Earnings per common share—net income attributable to common stockholders:
Basic	$	0.19		$	0.31		$	0.67		$	3.12
Diluted	$	0.19		$	0.31		$	0.67		$	3.12

(1) Diluted EPS excludes 90,619 and 138,759 convertible preferred partnership units for the three months endedJune 30, 2017 and 2016, respectively, and 90,619 and 138,759 convertible preferred partnership units for the six months endedJune 30, 2017 and 2016, respectively, as their impact was antidilutive.

Diluted EPS excludes 10,526,547 and 10,833,354 Operating Partnership units ("OP Units") for the three months endedJune 30, 2017 and 2016, respectively, and 10,558,809 and 10,826,849 OP Units for the six months endedJune 30, 2017 and 2016, respectively, as their impact was antidilutive.

11

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

4. Investments in Unconsolidated Joint Ventures:

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

On January 6, 2016, the Company sold a 40% ownership interest in Arrowhead Towne Center, a 1,197,000 square foot regional shopping center in Glendale, Arizona, for $289,496, resulting in a gain on the sale of assets of $101,629. The sales price was funded by a cash payment of $129,496 and the assumption of a pro rata share of the mortgage note payable on the property of $160,000. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes, which included funding the Special Dividend (See Note 12—Stockholders' Equity). Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in Arrowhead Towne Center under the equity method of accounting.

On January 14, 2016, the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall, a 1,039,000 square foot regional shopping center in Deptford, New Jersey; FlatIron Crossing, a 1,432,000 square foot regional shopping center in Broomfield, Colorado; and Twenty Ninth Street, an 847,000 square foot regional shopping center in Boulder, Colorado (the "MAC Heitman Portfolio"), for $771,478, resulting in a gain on the sale of assets of $340,734. The sales price was funded by a cash payment of $478,608 and the assumption of a pro rata share of the mortgage notes payable on the properties of $292,870. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in the MAC Heitman Portfolio under the equity method of accounting.

On March 1, 2016, the Company, through a 50/50 joint venture, acquired Country Club Plaza, a 1,006,000 square foot regional shopping center in Kansas City, Missouri, for a purchase price of $660,000. The Company funded its pro rata share of the purchase price of $330,000 from borrowings under its line of credit. On March 28, 2016, the joint venture placed a $320,000 loan on the property that bears interest at an effective rate of 3.88% and matures on April 1, 2026. The Company used its pro rata share of the proceeds to pay down its line of credit and for general corporate purposes.

On March 17, 2017, the Company's joint venture in Country Club Plaza sold an 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 from joint ventures. The Company used its share of the proceeds to fund repurchases under the 2017 Stock Buyback Program (See Note 12—Stockholders' Equity).

12

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

4. Investments in Unconsolidated Joint Ventures: (Continued)

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:

	June 30, 2017			December 31, 2016
Assets(1):
Property, net	$	9,092,493		$	9,176,642
Other assets	647,492			614,607
Total assets	$	9,739,985		$	9,791,249
Liabilities and partners' capital(1):
Mortgage and other notes payable(2)	$	5,324,700		$	5,224,713
Other liabilities	435,822			403,369
Company's capital	2,174,786			2,279,819
Outside partners' capital	1,804,677			1,883,348
Total liabilities and partners' capital	$	9,739,985		$	9,791,249
Investments in unconsolidated joint ventures:
Company's capital	$	2,174,786		$	2,279,819
Basis adjustment(3)	(573,345		)	(584,887		)
	$	1,601,441		$	1,694,932
Assets—Investments in unconsolidated joint ventures	$	1,696,572		$	1,773,558
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(95,131		)	(78,626		)
	$	1,601,441		$	1,694,932

(1) These amounts include the assets of $3,126,583 and $3,179,255 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2017 and December 31, 2016, respectively, and liabilities of $1,881,513 and $1,887,952 of the PPR Portfolio as of June 30, 2017 and December 31, 2016, respectively.

(2) Included in mortgage and other notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $487,077 and $265,863 as of June 30, 2017 and December 31, 2016, respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense on these borrowings was $4,929 and $4,992 for the three months endedJune 30, 2017 and 2016, respectively, and $8,089 and $11,358 for the six months endedJune 30, 2017 and 2016, respectively.

(3) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $4,197 and $4,669 for the three months endedJune 30, 2017 and 2016, respectively, and $8,224 and $9,126 for the six months endedJune 30, 2017 and 2016, respectively.

13

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

4. Investments in Unconsolidated Joint Ventures: (Continued)

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

	PPR Portfolio			Other Joint Ventures			Total
Three Months Ended June 30, 2017
Revenues:
Minimum rents	$	32,045		$	126,765		$	158,810
Percentage rents	221			2,126			2,347
Tenant recoveries	11,373			46,119			57,492
Other	1,402			13,017			14,419
Total revenues	45,041			188,027			233,068
Expenses:
Shopping center and operating expenses	9,711			58,886			68,597
Interest expense	16,675			32,976			49,651
Depreciation and amortization	24,802			62,090			86,892
Total operating expenses	51,188			153,952			205,140
Loss on sale of assets	—			(2		)	(2		)
Net (loss) income	$	(6,147	)	$	34,073		$	27,926
Company's equity in net (loss) income	$	(1,034	)	$	17,970		$	16,936
Three Months Ended June 30, 2016
Revenues:
Minimum rents	$	31,474		$	119,664		$	151,138
Percentage rents	343			2,624			2,967
Tenant recoveries	11,919			46,652			58,571
Other	689			12,752			13,441
Total revenues	44,425			181,692			226,117
Expenses:
Shopping center and operating expenses	9,314			58,930			68,244
Interest expense	16,055			31,266			47,321
Depreciation and amortization	26,796			60,764			87,560
Total operating expenses	52,165			150,960			203,125
Gain on sale of assets	—			5			5
Net (loss) income	$	(7,740	)	$	30,737		$	22,997
Company's equity in net (loss) income	$	(1,730	)	$	16,346		$	14,616

14

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

4. Investments in Unconsolidated Joint Ventures: (Continued)

	PPR Portfolio			Other Joint Ventures		Total
Six Months Ended June 30, 2017
Revenues:
Minimum rents	$	65,581		$	250,268	$	315,849
Percentage rents	951			3,864		4,815
Tenant recoveries	22,812			94,034		116,846
Other	2,428			24,528		26,956
Total revenues	91,772			372,694		464,466
Expenses:
Shopping center and operating expenses	19,471			121,081		140,552
Interest expense	33,401			65,255		98,656
Depreciation and amortization	51,078			124,969		176,047
Total operating expenses	103,950			311,305		415,255
(Loss) gain on sale or write down of assets, net	(35		)	4,579		4,544
Net (loss) income	$	(12,213	)	$	65,968	$	53,755
Company's equity in net (loss) income	$	(1,996	)	$	34,775	$	32,779
Six Months Ended June 30, 2016
Revenues:
Minimum rents	$	62,057		$	226,037	$	288,094
Percentage rents	1,102			4,377		5,479
Tenant recoveries	23,895			90,095		113,990
Other	3,527			23,104		26,631
Total revenues	90,581			343,613		434,194
Expenses:
Shopping center and operating expenses	19,100			112,228		131,328
Interest expense	31,269			59,004		90,273
Depreciation and amortization	54,880			117,297		172,177
Total operating expenses	105,249			288,529		393,778
Net (loss) income	$	(14,668	)	$	55,084	$	40,416
Company's equity in net (loss) income	$	(2,974	)	$	29,250	$	26,276

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

15

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

5. Property, net:

Property, net consists of the following:

	June 30, 2017			December 31, 2016
Land	$	1,582,191		$	1,607,590
Buildings and improvements	6,408,362			6,511,741
Tenant improvements	610,084			622,878
Equipment and furnishings	180,735			177,036
Construction in progress	321,142			289,966
	9,102,514			9,209,211
Less accumulated depreciation	(1,904,231		)	(1,851,901		)
	$	7,198,283		$	7,357,310

Depreciation expense was $69,364 and $68,175 for the three months endedJune 30, 2017 and 2016, respectively, and $138,320 and $138,078 for the six months endedJune 30, 2017 and 2016, respectively.

The (loss) gain on sale or write down of assets, net was $(477) and $10,915 for the three months endedJune 30, 2017 and 2016, respectively, and $49,088 and $445,371 for the six months endedJune 30, 2017 and 2016, respectively.

The (loss) gain on sale or write down of assets, net for the six months endedJune 30, 2017 includes a gain of $59,698 on the sale of Cascade Mall and Northgate Mall (See Note 14—Dispositions) offset in part by a loss of $10,138 on the write down of an investment in non-real estate assets.

The (loss) gain on sale or write down of assets, net for the three and six months endedJune 30, 2016 includes a gain of $24,894 on the sale of Capitola Mall (See Note 14—Dispositions), a loss of $3,066 on the sale of a former Mervyn's store (See Note 14—Dispositions) and an impairment loss of $7,188 due to the reduction of the estimated holding period of The Marketplace at Flagstaff.

The (loss) gain on sale or write down of assets, net for the six months endedJune 30, 2016 also includes a gain of $101,629 on the sale of a 40% ownership interest in Arrowhead Towne Center (See Note 4—Investments in Unconsolidated Joint Ventures), $340,734 on the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures) and a loss of $14,750 on an adjustment to contingent consideration (See Note 13—Acquisitions).

6. Tenant and Other Receivables, net:

Included in tenant and other receivables, net is an allowance for doubtful accounts of $2,996 and $1,991 at June 30, 2017 and December 31, 2016, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $966 and $9,509 at June 30, 2017 and December 31, 2016, respectively, and a deferred rent receivable due to straight-line rent adjustments of $59,226 and $56,761 at June 30, 2017 and December 31, 2016, respectively.

On March 17, 2014, in connection with the sale of Lake Square Mall, the Company issued a note receivable for $6,500 that bears interest at an effective rate of 6.5%, matures on March 17, 2018 and is collateralized by a trust deed on Lake Square Mall. At June 30, 2017 and December 31, 2016, the note had a balance of $6,253 and $6,284, respectively.

16

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

7. Deferred Charges and Other Assets, net:

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

	June 30, 2017			December 31, 2016
Leasing	$	225,933		$	239,983
Intangible assets:
In-place lease values	114,999			140,437
Leasing commissions and legal costs	28,242			32,384
Above-market leases	172,473			181,851
Deferred tax assets	47,833			38,301
Deferred compensation plan assets	47,205			42,711
Other assets	60,222			72,206
	696,907			747,873
Less accumulated amortization(1)	(244,627		)	(269,815		)
	$	452,280		$	478,058

(1) Accumulated amortization includes $74,239 and $88,785 relating to in-place lease values, leasing commissions and legal costs at June 30, 2017 and December 31, 2016, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $5,545 and $8,203 for the three months endedJune 30, 2017 and 2016, respectively, and $11,549 and $17,050 for the six months endedJune 30, 2017 and 2016, respectively.

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

	June 30, 2017			December 31, 2016
Above-Market Leases
Original allocated value	$	172,473		$	181,851
Less accumulated amortization	(57,813		)	(57,505		)
	$	114,660		$	124,346
Below-Market Leases(1)
Original allocated value	$	129,893		$	144,713
Less accumulated amortization	(55,052		)	(58,400		)
	$	74,841		$	86,313

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

17

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

8. Mortgage Notes Payable:

Mortgage notes payable at June 30, 2017 and December 31, 2016 consist of the following:

	Carrying Amount of Mortgage Notes(1)
	June 30, 2017				December 31, 2016
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	—	$	199,868	$	—	$	199,833	3.77	%	$	625	2019
Danbury Fair Mall	106,287		106,286		107,929		107,928		5.53	%	1,538		2020
Fashion Outlets of Chicago(6)	—		199,137		—		198,966		2.44	%	380		2020
Fashion Outlets of Niagara Falls USA	—		114,272		—		115,762		4.89	%	727		2020
Freehold Raceway Mall(5)	—		218,479		—		220,643		4.20	%	1,132		2018
Fresno Fashion Fair	—		323,159		—		323,062		3.67	%	971		2026
Green Acres Mall	—		294,598		—		297,798		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		452,121		—		456,958		3.67	%	2,229		2019
Northgate Mall(7)	—		—		—		63,434		—		—		—
Oaks, The	—		199,007		—		201,235		4.14	%	1,064		2022
Pacific View	—		125,868		—		127,311		4.08	%	668		2022
Queens Center	—		600,000		—		600,000		3.49	%	1,744		2025
Santa Monica Place	—		216,858		—		219,564		2.99	%	1,004		2018
SanTan Village Regional Center	—		126,220		—		127,724		3.14	%	589		2019
Stonewood Center	—		96,528		—		99,520		1.80	%	640		2017
Towne Mall	—		21,367		—		21,570		4.48	%	117		2022
Tucson La Encantada	67,750		—		68,513		—		4.23	%	368		2022
Victor Valley, Mall of	—		114,588		—		114,559		4.00	%	380		2024
Vintage Faire Mall	—		266,534		—		269,228		3.55	%	1,256		2026
Westside Pavilion	—		142,458		—		143,881		4.49	%	783		2022
	$	174,037	$	3,817,348	$	176,442	$	3,908,976

(1) The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Debt premiums (discounts) consist of the following:

Property Pledged as Collateral	June 30, 2017		December 31, 2016
Fashion Outlets of Niagara Falls USA	$	3,094	$	3,558
Stonewood Center	955		2,349
	$	4,049	$	5,907

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 $11,059 and $12,716 at June 30, 2017 and December 31, 2016, respectively.

(2) The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs.

(3) The monthly debt service represents the payment of principal and interest.

(4) The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.

18

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

8. Mortgage Notes Payable: (Continued)

(5) A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10—Co-Venture Arrangement).

(6) The loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020. At June 30, 2017 and December 31, 2016, the total interest rate was 2.44% and 2.43%, respectively.

(7) On January 18, 2017, the loan was paid off in connection with the sale of the underlying property (See Note 14—Dispositions).

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

The Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company.

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

Total interest expense capitalized was $3,343 and $2,562 for the three months endedJune 30, 2017 and 2016, respectively, and $5,977 and $4,865 for the six months endedJune 30, 2017 and 2016, respectively.

Related party mortgage notes payable are amounts due to an affiliate of NML. See Note 16—Related Party Transactions for interest expense associated with loans from NML.

The estimated fair value (Level 2 measurement) of mortgage notes payable at June 30, 2017 and December 31, 2016 was $4,019,860 and $4,126,819, 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.

9. Bank and Other Notes Payable:

Bank and other notes payable consist of the following:

Line of Credit:

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

Based on the Company's leverage level as of June 30, 2017, the borrowing rate on the facility was LIBOR plus 1.45%. As of June 30, 2017 and December 31, 2016, borrowings under the line of credit, were $1,000,000 and $885,000, respectively, less unamortized deferred finance costs of $8,804 and $10,039, respectively, at a total interest rate of 2.68% and 2.40%, respectively. The estimated fair value (Level 2 measurement) of the line of credit at June 30, 2017 and December 31, 2016 was $979,140 and $865,921, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt.

Prasada Note:

On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and matures on May 30, 2021. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At June 30, 2017 and December 31, 2016, the note had a balance of $4,933 and $5,521, respectively. The estimated fair value (Level 2 measurement) of the note at June 30, 2017 and December 31, 2016 was $5,086 and $5,786, respectively, based on current interest rates for comparable notes. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the collateral for the underlying debt.

As of June 30, 2017 and December 31, 2016, the Company was in compliance with all applicable financial loan covenants.

19

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

10. Co-Venture Arrangement:

On September 30, 2009, the Company formed a joint venture, whereby a third party acquired a 49.9% interest in Freehold Raceway Mall, a 1,671,000 square foot regional shopping center in Freehold, New Jersey, and Chandler Fashion Center, a 1,318,000 square foot regional shopping center in Chandler, Arizona.

As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the venture formation, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The transaction has been accounted for as a profit-sharing arrangement, and accordingly the assets, liabilities and operations of the properties remain on the books of the Company and a co-venture obligation was established for the amount of $168,154, representing the net cash proceeds received from the third party. The co-venture obligation is increased for the allocation of income to the co-venture partner and decreased for distributions to the co-venture partner. The co-venture obligation was $59,647 and $58,973 at June 30, 2017 and December 31, 2016, respectively.

11. Noncontrolling Interests:

The Company allocates net income of the Operating Partnership based on the weighted average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 93% ownership interest in the Operating Partnership as of June 30, 2017 and December 31, 2016. The remaining 7% limited partnership interest as of June 30, 2017 and December 31, 2016 was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of June 30, 2017 and December 31, 2016, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $601,404 and $733,141, respectively.

The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity.

Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.

12. Stockholders' Equity:

2015 Stock Buyback Program:

On September 30, 2015, the Company's Board of Directors authorized the repurchase of up to $1,200,000 of the Company's outstanding common shares over the period ending September 30, 2017, as market conditions warranted.

On November 12, 2015, the Company entered into an accelerated share repurchase program ("ASR") to repurchase $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,140,788 shares. On January 19, 2016, the ASR was completed and the Company received delivery of an additional 970,609 shares. The average price of the 5,111,397 shares repurchased under the ASR was $78.26 per share. The ASR was funded from proceeds in connection with the financing and sale of a 40% ownership interest in the PPR Portfolio.

20

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

12. Stockholders' Equity: (Continued)

On February 17, 2016, the Company entered into an ASR to repurchase an additional $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,222,193 shares. On April 19, 2016, the ASR was completed and the Company received delivery of an additional 861,235 shares. The average price of the 5,083,428 shares repurchased under the ASR was $78.69 per share. The ASR was funded from borrowings under the Company's line of credit, which had been paid down from the proceeds from the financings and sale of ownership interests in Arrowhead Towne Center and the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures).

On May 9, 2016, the Company entered into an ASR to repurchase the remaining $400,000 of the Company's common stock authorized for repurchase. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 3,964,812 shares. On July 11, 2016, the ASR was completed and the Company received delivery of an additional 1,104,162 shares. The average price of the 5,068,974 shares repurchased under the ASR was $78.91 per share. The ASR was funded from borrowings under the Company's line of credit, which had been paid down from the proceeds from the financings and sale of ownership interests in Arrowhead Towne Center and the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures).

2017 Stock Buyback Program:

On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including ASR transactions, or other methods of acquiring shares and pursuant to Rule 10b5-1 of the Securities Act of 1934, from time to time as permitted by securities laws and other legal requirements.

During the period from February 12, 2017 to June 30, 2017, the Company repurchased a total of 2,885,373 of its common shares for $181,740, representing an average price of $62.96 per share. The Company funded the repurchases from the net proceeds of the sale of Cascade Mall and Northgate Mall (See Note 14—Dispositions), its share of the proceeds from the sale of an office building at Country Club Plaza (See Note 4—Investments in Unconsolidated Joint Ventures) and from borrowings under its line of credit.

Special Dividends:

On October 30, 2015, the Company declared two special dividends/distributions ("Special Dividend"), each of $2.00 per share of common stock and per OP Unit. The first Special Dividend was paid on December 8, 2015 to common stockholders and OP Unit holders of record on November 12, 2015. The second Special Dividend was paid on January 6, 2016 to common stockholders and OP Unit holders of record on November 12, 2015. The Special Dividends were funded from proceeds in connection with the financing and sale of ownership interests in the PPR Portfolio and Arrowhead Towne Center (See Note 4—Investments in Unconsolidated Joint Ventures).

At-The-Market Stock Offering Program ("ATM Program"):

On August 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 Shares”). Sales of the ATM Shares can be made in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an “at the market” offering, which includes sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange. The Company agreed to pay each sales agent a commission that was not to exceed, but could have been lower than, 2% of the gross proceeds of the ATM Shares sold through such sales agent under the distribution agreement.

As of June 30, 2017, $500,000 of the ATM Shares were available to be sold under the ATM Program. Actual future sales of the ATM Shares under the ATM Program will depend upon a variety of factors including but not limited to market conditions, the trading price of the Company's common stock and the Company's capital needs. The ATM program will expire by its terms in August 2017.

21

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

13. Acquisitions:

Fashion Outlets of Chicago:

On October 31, 2014, the Company purchased the outside ownership interest in its consolidated joint venture in Fashion Outlets of Chicago for $69,987. The purchase price was funded by a cash payment of $55,867 and the settlement of the balance on notes receivables of $14,120. The purchase agreement included contingent consideration based on the financial performance of Fashion Outlets of Chicago at an agreed upon date in 2016. On August 19, 2016, the Company paid $23,800 in full settlement of the contingent consideration obligation.

14. Dispositions:

The following are recent dispositions of properties:

On April 13, 2016, the Company sold Capitola Mall, a 586,000 square foot regional shopping center in Capitola, California, for $93,000, resulting in a gain on the sale of assets of $24,894. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes.

On May 31, 2016, the Company sold a former Mervyn's store in Yuma, Arizona, for $3,200, resulting in a loss on the sale of assets of $3,066. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes.

On July 15, 2016, the Company conveyed Flagstaff Mall, a 347,000 square foot regional shopping center in Flagstaff, Arizona, to the mortgage lender by a deed-in-lieu of foreclosure and was discharged from the mortgage note payable. The loan was non-recourse to the Company. As a result, the Company recognized a gain on the extinguishment of debt of $5,284.

On January 18, 2017, the Company sold Cascade Mall, a 589,000 square foot regional shopping center in Burlington, Washington; and Northgate Mall, a 750,000 square foot regional shopping center in San Rafael, California, in a combined transaction for $170,000, resulting in a gain on the sale of assets of $59,698. 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 12—Stockholders' Equity).

15. Commitments and Contingencies:

The Company has certain properties that are subject to non-cancelable operating ground leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. Ground lease rent expense was $2,592 and $2,406 for the three months endedJune 30, 2017 and 2016, respectively, and $5,168 and $4,917 for the six months endedJune 30, 2017 and 2016, respectively. No contingent rent was incurred during the three and six months endedJune 30, 2017 or 2016.

As of June 30, 2017, the Company was contingently liable for $61,002 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company.

The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the agreements. At June 30, 2017, the Company had $73,843 in outstanding obligations which it believes will be settled in the next twelve months.

22

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

16. Related Party Transactions:

Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses.

The following are fees charged to unconsolidated joint ventures:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2017		2016		2017		2016
Management fees	$	4,685	$	5,016	$	9,165	$	8,969
Development and leasing fees	2,721		4,236		7,991		7,197
	$	7,406	$	9,252	$	17,156	$	16,166

Certain mortgage notes on the properties are held by NML (See Note 8—Mortgage Notes Payable). Interest expense in connection with these notes was $2,181 and $2,256 for the three months endedJune 30, 2017 and 2016, respectively, and $4,392 and $4,528 for the six months endedJune 30, 2017 and 2016, respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $726 and $736 at June 30, 2017 and December 31, 2016, respectively.

Due from (to) affiliates includes unreimbursed and/or prepaid costs and fees from unconsolidated joint ventures due to (from) the Management Companies. As of June 30, 2017 and December 31, 2016, the amounts due from (to) the unconsolidated joint ventures was $5,952 and $(6,809), respectively.

In addition, due from affiliates at June 30, 2017 and December 31, 2016 included a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and matures on May 30, 2021. Interest income earned on this note was $68 and $97 for the three months endedJune 30, 2017 and 2016, respectively, and $138 and $214 for the six months endedJune 30, 2017 and 2016, respectively. The balance on this note was $4,933 and $5,593 at June 30, 2017 and December 31, 2016, respectively. RED is considered a related party because it is a partner in a joint venture development project. The note is collateralized by RED's membership interest in the development project.

Also included in due from affiliates is a note receivable from Lennar Corporation that bears interest at LIBOR plus 2% and matures upon the completion of certain milestones in connection with the development of Fashion Outlets of San Francisco. Interest income earned on this note was $607 and $525 for the three months endedJune 30, 2017 and 2016, respectively, and $1,218 and $1,046 for the six months endedJune 30, 2017 and 2016, respectively. The balance on this note was $70,660 and $69,443 at June 30, 2017 and December 31, 2016, respectively. Lennar Corporation is considered a related party because it is a joint venture partner in Fashion Outlets of San Francisco.

17. Share and Unit-Based Plans:

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

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

23

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

17. Share and Unit-Based Plans: (Continued)

On January 1, 2017, the Company granted 66,079 LTIP Units with a grant date fair value of $70.84 per LTIP Unit that will vest in equal annual installments over a service period ending December 31, 2019. Concurrently, the Company granted 297,849market-indexed LTIP Units ("2017 LTIP Units") at a grant date fair value of $47.15 per LTIP Unit that vest over a service period ending December 31, 2019. The fair value of the 2017 LTIP Units was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.49% and an expected volatility of 20.75%.

On March 3, 2017, the Company granted 134,742 LTIP Units at a fair value of $66.57 per LTIP Unit that were fully vested on the grant date.

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

On June 1, 2017, the Company granted 1,522 LTIP Units with a grant date fair value of $58.31 per LTIP Unit that will vest in equal annual installments over a service period ending May 29, 2020. Concurrently, the Company granted 6,714 market-indexed LTIP Units at a grant date fair value of $39.66 per LTIP Unit that vest over a service period ending May 29, 2020. The fair value of the market-indexed LTIP Units was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.45% and an expected volatility of 21.40%.

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

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2017		2016		2017		2016
LTIP Units	$	5,242	$	5,149	$	19,623	$	22,548
Stock awards	—		—		—		20
Stock units	1,333		1,002		3,945		4,374
Stock options	15		4		19		8
Phantom stock units	183		194		360		798
	$	6,773	$	6,349	$	23,947	$	27,748

The Company capitalized share and unit-based compensation costs of $926 and $781 for the three months endedJune 30, 2017 and 2016, respectively, and $4,295 and $5,740 for the six months endedJune 30, 2017 and 2016, respectively. Unrecognized compensation costs of share and unit-based plans at June 30, 2017 consisted of $10,823 from LTIP Units, $5,545 from stock units, $242 from stock options and $560 from phantom stock units.

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

	LTIP Units				Phantom Stock Units				Stock Units
	Units		Value(1)		Units		Value(1)		Units		Value(1)
Balance at January 1, 2017	322,572		$	58.18	5,845		$	81.47	148,428		$	78.53
Granted	506,906		55.33		6,772		71.73		85,979		66.53
Vested	(134,742	)	66.57		(5,268	)	76.29		(78,573	)	75.79
Balance at June 30, 2017	694,736		$	54.48	7,349		$	76.20	155,834		$	73.28

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

24

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share amounts)

(Unaudited)

17. Share and Unit-Based Plans: (Continued)

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

	SARs			Stock Options
	Units	Value(1)		Units	Value(1)
Balance at January 1, 2017	284,146	$	53.85	10,565	$	56.77
Granted	—	—		25,000	57.55
Exercised	—	—		—	—
Balance at June 30, 2017	284,146	$	53.85	35,565	$	57.32

(1) Value represents the weighted average exercise price.

18. Income Taxes:

The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its qualified REIT subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC.

The income tax provision of the TRSs are as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017		2016
Current	$	—		$	—		$	—	$	—
Deferred	(437		)	(514		)	3,047		(1,831		)
Income tax (expense) benefit	$	(437	)	$	(514	)	$	3,047	$	(1,831	)

The net operating loss carryforwards are currently scheduled to expire through 2035, beginning in 2024. Net deferred tax assets of $47,833 and $38,301 were included in deferred charges and other assets, net at June 30, 2017 and December 31, 2016, respectively.

The tax years 2012 through 2016 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next twelve months.

19. Subsequent Events:

On August 4, 2017, the Company announced a dividend/distribution of $0.71 per share for common stockholders and OP Unit holders of record on August 18, 2017. All dividends/distributions will be paid 100% in cash on September 7, 2017.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

IMPORTANT INFORMATION RELATED TO FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of The Macerich Company (the "Company") contains or incorporates statements that constitute forward-looking statements within the meaning of the federal securities laws. Any statements that do not relate to historical or current facts or matters are forward-looking statements. You can identify some of the forward-looking statements by the use of forward-looking words, such as "may," "will," "could," "should," "expects," "anticipates," "intends," "projects," "predicts," "plans," "believes," "seeks," "estimates," "scheduled" and variations of these words and similar expressions. Statements concerning current conditions may also be forward-looking if they imply a continuation of current conditions. Forward-looking statements appear in a number of places in this Form 10-Q and include statements regarding, among other matters:

• expectations regarding the Company's growth;

• the Company's beliefs regarding its acquisition, redevelopment, development, leasing and operational activities and opportunities, including the performance of its retailers;

• the Company's acquisition, disposition and other strategies;

• regulatory matters pertaining to compliance with governmental regulations;

• the Company's capital expenditure plans and expectations for obtaining capital for expenditures;

• the Company's expectations regarding income tax benefits;

• the Company's expectations regarding its financial condition or results of operations; and

• the Company's expectations for refinancing its indebtedness, entering into and servicing debt obligations and entering into joint venture arrangements.

Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company or the industry to differ materially from the Company's future results, performance or achievements, or those of the industry, expressed or implied in such forward-looking statements. Such factors include, among others, general industry, as well as national, regional and local economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, acquisitions and dispositions; the liquidity of real estate investments, governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors. You are urged to carefully review the disclosures we make concerning these risks and other factors that may affect our business and operating results, under "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2016, as well as our other reports filed with the Securities and Exchange Commission (the "SEC"), which disclosures are incorporated herein by reference. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless required by law to do so.

Management's Overview and Summary

The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P. (the "Operating Partnership"). As of June 30, 2017, the Operating Partnership owned or had an ownership interest in 48 regional shopping centers and seven community/power shopping centers aggregating approximately 54 million square feet of gross leasable area. These 55 regional and community/power shopping centers are referred to hereinafter as the "Centers," unless the context otherwise requires. The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Management Companies.

The following discussion is based primarily on the consolidated financial statements of the Company for the three and six months endedJune 30, 2017 and 2016. It compares the results of operations for the three months endedJune 30, 2017 to the results of operations for the three months endedJune 30, 2016. It also compares the results of operations and cash flows for the six months endedJune 30, 2017 to the results of operations and cash flows for the six months endedJune 30, 2016. This information should be read in conjunction with the accompanying consolidated financial statements and notes thereto.

26

Acquisitions and Dispositions:

The financial statements reflect the following acquisitions, dispositions and changes in ownership subsequent to the occurrence of each transaction.

On January 6, 2016, the Company sold a 40% ownership interest in Arrowhead Towne Center, a 1,197,000 square foot regional shopping center in Glendale, Arizona, for $289.5 million, resulting in a gain on the sale of assets of $101.6 million. The sales price was funded by a cash payment of $129.5 million and the assumption of a pro rata share of the mortgage note payable on the property of $160.0 million. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes, which included funding the Special Dividend (See "Other Events and Transactions"). Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in Arrowhead Towne Center under the equity method of accounting.

On January 14, 2016, the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall, a 1,039,000 square foot regional shopping center in Deptford, New Jersey; FlatIron Crossing, a 1,432,000 square foot regional shopping center in Broomfield, Colorado; and Twenty Ninth Street, an 847,000 square foot regional shopping center in Boulder, Colorado (the "MAC Heitman Portfolio"), for $771.5 million, resulting in a gain on the sale of assets of $340.7 million. The sales price was funded by a cash payment of $478.6 million and the assumption of a pro rata share of the mortgage notes payable on the properties of $292.9 million. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in the MAC Heitman Portfolio under the equity method of accounting.

The sale of ownership interests in the Arrowhead Towne Center and the MAC Heitman Portfolio are collectively referred to herein as the Joint Venture Transactions.

On March 1, 2016, the Company through a 50/50 joint venture, acquired Country Club Plaza, a 1,006,000 square foot regional shopping center in Kansas City, Missouri, for a purchase price of $660.0 million. The Company funded its pro rata share of $330.0 million with borrowings under its line of credit.

On April 13, 2016, the Company sold Capitola Mall, a 586,000 square foot regional shopping center in Capitola, California, for $93.0 million, resulting in a gain on the sale of assets of $24.9 million. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes.

On May 31, 2016, the Company sold a former Mervyn's store in Yuma, Arizona, for $3.2 million, resulting in a loss on the sale of assets of $3.1 million. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes.

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 $170.0 million, resulting in a gain on the sale of assets of $59.7 million. The proceeds were used to payoff the mortgage note payable on Northgate Mall and to repurchase shares of the Company's common stock under the 2017 Stock Buyback Program (See "Other Transactions and Events").

On March 17, 2017, the Company's joint venture in Country Club Plaza sold an office building for $78.0 million, resulting in a gain on sale of assets of $4.6 million. The Company's pro rata share of the gain on sale of assets of $2.3 million was included in equity in income from joint ventures. The Company used its share of the proceeds to fund repurchases under the 2017 Stock Buyback Program (See "Other Transactions and Events").

Financing Activity:

On January 6, 2016, the Company replaced the existing loan on Arrowhead Towne Center with a new $400.0 million loan that bears interest at an effective rate of 4.05% and matures on February 1, 2028, which resulted in a loss of $3.6 million on the early extinguishment of debt. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the underlying property (See "Acquisitions and Dispositions").

On January 14, 2016, the Company placed a $150.0 million loan on Twenty Ninth Street that bears interest at an effective rate of 4.10% and matures on February 6, 2026. Concurrently, a 49% interest in the loan was assumed by a third party in connection with the sale of a 49% ownership interest in the MAC Heitman Portfolio (See "Acquisitions and Dispositions").

27

On March 28, 2016, the Company's joint venture in Country Club Plaza placed a $320.0 million loan on the property that bears interest at an effective rate of 3.88% and matures on April 1, 2026. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes.

On May 27, 2016, the Company's joint venture in The Shops at North Bridge replaced the existing loan on the property with a new $375.0 million loan that bears interest at an effective rate of 3.71% and matures on June 1, 2028. The Company used its share of the excess proceeds to pay down its line of credit and for general corporate purposes.

On July 6, 2016, the Company modified and amended its line of credit. The amended $1.5 billion line of credit bears interest at LIBOR plus a spread of 1.30% to 1.90%, depending on the Company's overall leverage level, and matures on July 6, 2020 with a one-year extension option. Based on the Company's leverage level as of the amendment date, the initial borrowing rate on the facility was LIBOR plus 1.33%. The line of credit can be expanded, depending on certain conditions, up to a total facility of $2.0 billion.

On August 5, 2016, the Company’s joint venture in The Village at Corte Madera replaced the existing loan on the property with a new $225.0 million loan that bears interest at an effective rate of 3.53% and matures on September 1, 2028. The Company used its share of the excess proceeds to pay down its line of credit and for general corporate purposes.

On October 6, 2016, the Company placed a $325.0 million loan on Fresno Fashion Fair that bears interest at an effective rate of 3.67% and matures on November 1, 2026. The Company used the proceeds to pay down its line of credit and for general corporate purposes.

On February 1, 2017, the Company's joint venture in West Acres replaced the existing loan on the property with a new $80.0 million loan that bears interest at an effective rate of 4.61% and matures on March 1, 2032. The Company used its share of the excess proceeds to pay down its line of credit and for general corporate purposes.

On March 16, 2017, the Company's joint venture in Kierland Commons replaced the existing loan on the property with a new $225.0 million loan that bears interest at an effective rate of 3.98% and matures on April 1, 2027. The Company used its share of the excess proceeds to pay down its line of credit and for general corporate purposes.

Redevelopment and Development Activities:

The Company's joint venture is proceeding with the development of Fashion Outlets of Philadelphia, a redevelopment of an 850,000 square foot shopping center in Philadelphia, Pennsylvania. The project is expected to be completed in 2018. The total cost of the project is estimated to be between $305.0 million and $365.0 million, with $152.5 million to $182.5 million estimated to be the Company's pro rata share. The Company has funded $89.0 million of the total $177.9 million incurred by the joint venture as of June 30, 2017.

The Company is currently in the process of redeveloping the 250,000 square foot former Sears store at Kings Plaza Shopping Center.  The Company expects to complete the project in 2018.  As of June 30, 2017, the Company has incurred $29.2 million in costs and anticipates the total cost of the project to be between $95.0 million and $100.0 million.

Other Transactions and Events:

On September 30, 2015, the Company's Board of Directors authorized the repurchase of up to $1.2 billion of the Company's outstanding common shares over the period ending September 30, 2017, as market conditions warrant. On November 12, 2015, the Company entered into an accelerated share repurchase program ("ASR") to repurchase $400.0 million of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400.0 million and received an initial share delivery of 4,140,788 shares. On January 19, 2016, the ASR was completed and the Company received delivery of an additional 970,609 shares. The average price of the 5,111,397 shares repurchased under the ASR was $78.26 per share. The ASR was funded from proceeds in connection with the financing and sale of a 40% ownership interest in Pacific Premier Retail LLC (the "PPR Portfolio").

On October 30, 2015, the Company declared two special dividends/distributions ("Special Dividend"), each of $2.00 per share of common stock and per OP Unit. The first Special Dividend was paid on December 8, 2015 to stockholders and OP Unit holders of record on November 12, 2015.  The second Special Dividend was paid on January 6, 2016 to common stockholders and OP Unit holders of record on November 12, 2015. The Special Dividends were funded from proceeds in connection with the financing and sale of ownership interests in the PPR Portfolio and Arrowhead Towne Center (See "Acquisitions and Dispositions" and "Financing Activity").

28

On February 17, 2016, the Company entered into an ASR to repurchase $400.0 million of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400.0 million and received an initial share delivery of 4,222,193 shares. On April 19, 2016, the ASR was completed and the Company received delivery of an additional 861,235 shares. The average price of the 5,083,428 shares repurchased under the ASR was $78.69 per share. The ASR was funded from borrowings under the Company's line of credit, which had been paid down from the proceeds from the Joint Venture Transactions (See "Acquisitions and Dispositions" and "Financing Activity").

On May 9, 2016, the Company entered into an ASR to repurchase the remaining $400.0 million of the Company's common stock authorized for repurchase. In accordance with the ASR, the Company made a prepayment of $400.0 million and received an initial share delivery of 3,964,812 shares. On July 11, 2016, the ASR was completed and the Company received delivery of an additional 1,104,162 shares. The average price of the 5,068,974 shares repurchased under the ASR was $78.91 per share. The ASR was funded from borrowings under the Company's line of credit, which had been paid down from the proceeds from the Joint Venture Transactions (See "Acquisitions and Dispositions" and "Financing Activity"). The total number of shares repurchased under the $1.2 billion stock buyback program was 15,263,799 at an average price of $78.62.

On July 15, 2016, the Company conveyed Flagstaff Mall, a 347,000 square foot regional shopping center in Flagstaff, Arizona, to the mortgage lender by a deed-in-lieu of foreclosure and was discharged from the mortgage note payable. The mortgage note payable was a non-recourse loan. As a result, the Company recognized a gain of $5.3 million on the extinguishment of debt.

On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500.0 million of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including ASR transactions, or other methods of acquiring shares and pursuant to Rule 10b5-1 of the Securities Act of 1934, from time to time as permitted by securities laws and other legal requirements. During the period from February 12, 2017 to June 30, 2017, the Company repurchased a total of 2,885,373 of its common shares for $181.7 million, representing an average price of $62.96 per share. The Company funded the repurchases from the net proceeds of the sale of Cascade Mall and Northgate Mall (See "Acquisitions and Dispositions"), its share of the proceeds from the sale of an office building at Country Club Plaza (See "Acquisitions and Dispositions") and from borrowings under its line of credit.

Inflation:

In the last five years, inflation has not had a significant impact on the Company because of a relatively low inflation rate. Most of the leases at the Centers have rent adjustments periodically throughout the lease term. These rent increases are either in fixed increments or based on using an annual multiple of increases in the Consumer Price Index ("CPI"). In addition, approximately 6% to 13% of the leases for spaces 10,000 square feet and under expire each year, which enables the Company to replace existing leases with new leases at higher base rents if the rents of the existing leases are below the then existing market rate. The Company has generally entered into leases that require tenants to pay a stated amount for operating expenses, generally excluding property taxes, regardless of the expenses actually incurred at any Center, which places the burden of cost control on the Company. Additionally, certain leases require the tenants to pay their pro rata share of operating expenses.

Seasonality:

The shopping center industry is seasonal in nature, particularly in the fourth quarter during the holiday season when retailer occupancy and retail sales are typically at their highest levels. In addition, shopping malls achieve a substantial portion of their specialty (temporary retailer) rents during the holiday season and the majority of percentage rent is recognized in the fourth quarter. As a result of the above, earnings are generally higher in the fourth quarter.

Critical Accounting Policies

The preparation of financial statements in conformity with generally accepted accounting principles ("GAAP") in the United States of America 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.

Some of these estimates and assumptions include judgments on revenue recognition, estimates for common area maintenance and real estate tax accruals, provisions for uncollectible accounts, impairment of long-lived assets, the allocation of purchase price between tangible and intangible assets, capitalization of costs and fair value measurements. The Company's significant accounting policies are described in more detail in Note 2—Summary of Significant Accounting Policies in the Company's Notes to the Consolidated Financial Statements. However, the following policies are deemed to be critical.

29

Revenue Recognition:

Minimum rental revenues are recognized on a straight-line basis over the term of the related lease. 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." Currently, 52% of the Mall Store and Freestanding Store leases contain provisions for CPI rent increases periodically throughout the term of the lease. The Company believes that using an annual multiple of CPI increases, rather than fixed contractual rent increases, results in revenue recognition that more closely matches the cash revenue from each lease and will provide more consistent rent growth throughout the term of the leases. Percentage rents are recognized when the 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.

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.

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

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contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space. The initial allocation of purchase price is based on management's preliminary assessment, which may change when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which does not exceed one year. The purchase price allocation is described as preliminary if it is not yet final. The use of different assumptions in the allocation of the purchase price of the acquired assets and liabilities assumed could affect the timing of recognition of the related revenues and expenses.

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

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

Asset 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.

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 is 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.

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Deferred Charges:

Costs relating to obtaining tenant leases are deferred and amortized over the initial term of the agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's provision of leasing arrangements at the Centers, the related cash flows are classified as investing activities within the Company's 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 ranges of the terms of the agreements are as follows:

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

Results of Operations

Many of the variations in the results of operations, discussed below, occurred because of the transactions affecting the Company's properties described in Management's Overview and Summary above, including the Redevelopment Properties, the Joint Venture Centers and the Disposition Properties (as defined below).

For purposes of the discussion below, the Company defines "Same Centers" as those Centers that are substantially complete and in operation for the entirety of both periods of the comparison. Non-Same Centers for comparison purposes include those Centers or properties that are going through a substantial redevelopment often resulting in the closing of a portion of the Center (“Redevelopment Properties”), those properties that have recently transitioned to or from equity method joint ventures to consolidated assets ("Joint Venture Centers") and properties that have been disposed of ("Disposition Properties"). The Company moves a Center in and out of Same Centers based on whether the Center is substantially complete and in operation for the entirety of both periods of the comparison. Accordingly, the Same Centers consist of all consolidated Centers, excluding the Redevelopment Properties, the Joint Venture Centers and the Disposition Properties for the periods of comparison.

For the comparison of the three and six months endedJune 30, 2017 to the three and six months endedJune 30, 2016, the Redevelopment Properties are the expansion portion of Green Acres Mall, Paradise Valley Mall and Westside Pavilion.

For the comparison of the six months endedJune 30, 2017 to the six months endedJune 30, 2016, the Joint Venture Centers are Arrowhead Towne Center and the MAC Heitman Portfolio. The change in revenues and expenses at the Joint Venture Centers is primarily due to the conversion of Arrowhead Towne Center and the MAC Heitman Portfolio from consolidated Centers to unconsolidated joint ventures. There are no Joint Venture Centers for the three months endedJune 30, 2017 and 2016.

For comparison of the three and six months endedJune 30, 2017 to the three and six months endedJune 30, 2016, the Disposition Properties are Cascade Mall, Northgate Mall, Flagstaff Mall and Capitola Mall.

Unconsolidated joint ventures are reflected using the equity method of accounting. The Company's pro rata share of the results from these Centers is reflected in the Consolidated Statements of Operations as equity in income of unconsolidated joint ventures.

The Company considers tenant annual sales per square foot (for tenants in place for a minimum of twelve months or longer and 10,000 square feet and under), occupancy rates (excluding large retail stores or "Anchors") and releasing spreads (i.e. a comparison of initial average base rent per square foot on leases executed during the trailing twelve months to average base rent per square foot at expiration for the leases expiring during the trailing twelve months based on the spaces 10,000 square feet and under) to be key performance indicators of the Company's internal growth.

Tenant sales per square foot increased from $626 for the twelve months ended June 30, 2016 to $646 for the twelve months ended June 30, 2017. Occupancy rate decreased from 95.0% at June 30, 2016 to 94.4% at June 30, 2017. Releasing spreads increased 18.5% for the twelve months ended June 30, 2017. These calculations exclude Centers under development or redevelopment and property dispositions (See "Acquisitions and Dispositions" and "Other Transactions and Events" in Management's Overview and Summary).

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Releasing spreads remained positive as the Company was able to lease available space at higher average rents than the expiring rental rates, resulting in a releasing spread of $9.07 per square foot ($58.08 on new and renewal leases executed compared to $49.01 on leases expiring), representing an 18.5% increase for the trailing twelve months ended June 30, 2017. The Company expects that releasing spreads will continue to be positive for the remainder of 2017 as it renews or relets leases that are scheduled to expire. These leases that are scheduled to expire represent 0.9 million square feet of the Centers, accounting for 11.3% of the gross leasable area ("GLA") of Mall Stores and Freestanding Stores, for spaces 10,000 square feet and under, as of June 30, 2017.

During the trailing twelve months ended June 30, 2017, the Company signed 218 new leases and 372 renewal leases comprising approximately 1.1 million square feet of GLA, of which 0.8 million square feet related to the consolidated Centers. The annual initial average base rent for new and renewal leases was $58.08 per square foot for the trailing twelve months ended June 30, 2017 with an average tenant allowance of $17.38 per square foot.

Comparison of Three Months EndedJune 30, 2017 and 2016

Revenues:

Minimum and percentage rents (collectively referred to as "rental revenue") increased by $0.1 million, or 0.1%, from 2016 to 2017. The increase in rental revenue is attributed to an increase of $7.5 million from the Same Centers offset in part by a decrease of $5.2 million from the Disposition Properties and $2.2 million from the Redevelopment Properties. Rental revenue includes the amortization of above and below-market leases, the amortization of straight-line rents and lease termination income. The amortization of above and below-market leases decreased from $2.5 million in 2016 to $1.3 million in 2017. The amortization of straight-line rents increased from $1.6 million in 2016 to $2.7 million in 2017. Lease termination income increased from $5.3 million in 2016 to $8.4 million in 2017. The increase in rental revenue at the Same Centers is primarily due to an increase in lease termination income and an increase in leasing spreads.

Tenant recoveries decreased$7.0 million, or 9.2%, from 2016 to 2017. This decrease in tenant recoveries is attributed to a decrease of $3.6 million from the Same Centers, $2.4 million from the Disposition Properties and $1.0 million from the Redevelopment Properties.

Management Companies' revenue decreased from $11.3 million in 2016 to $10.0 million in 2017. The decrease in Management Companies' revenue is primarily due to a decrease in development fees from joint ventures.

Shopping Center and Operating Expenses:

Shopping center and operating expenses decreased$2.9 million, or 3.9%, from 2016 to 2017. The decrease in shopping center and operating expenses is attributed to a decrease of $3.0 million from the Disposition Properties and $0.4 million from the Same Centers offset in part by an increase of $0.5 million from the Redevelopment Properties.

Management Companies' Operating Expenses:

Management Companies' operating expenses increased$1.9 million from 2016 to 2017 as a result of the conversion of Arrowhead Towne Center and the MAC Heitman Portfolio from consolidated centers to unconsolidated joint ventures in 2016 (See "Acquisitions and Dispositions" in Management's Overview and Summary).

REIT General and Administrative Expenses:

REIT general and administrative expenses decreased by $0.2 million from 2016 to 2017.

Depreciation and Amortization:

Depreciation and amortization decreased$1.9 million from 2016 to 2017. The decrease in depreciation and amortization is attributed to a decrease of $2.7 million from the Disposition Properties and $0.6 million from the Same Centers offset in part by an increase of $1.4 million from the Redevelopment Properties.

Interest Expense:

Interest expense increased$1.1 million from 2016 to 2017. The increase in interest expense is attributed to an increase of $1.4 million in interest expense from borrowings under the Company's line of credit, $0.6 million from the Same Centers and $0.4 million from the Redevelopment Properties offset in part by a decrease of $1.3 million from the Disposition Properties.

The above interest expense items are net of capitalized interest, which increased from $2.6 million in 2016 to $3.3 million in 2017.

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Equity in Income of Unconsolidated Joint Ventures:

Equity in income of unconsolidated joint ventures increased$2.3 million from 2016 to 2017.

(Loss) Gain on Sale or Write Down of Assets, net:

The change in (loss) gain on sale or write down of assets, net was a change of $11.4 million, resulting from a gain of $10.9 million in 2016 and a loss of $0.5 million in 2017. The change is primarily due to the gain on the sale of Capitola Mall of $24.9 million in 2016 (See "Acquisitions and Dispositions" in Management's Overview and Summary) offset in part by an impairment loss of $7.2 million in 2016 and a loss on the sale of a former Mervyn's store of $3.1 million in 2016.

Net Income:

Net income decreased$20.4 million from 2016 to 2017 primarily due to the $11.4 million change in (loss) gain on sale of assets and the impact of the Disposition Properties as discussed above (See "Acquisitions and Dispositions" in Management's Overview and Summary).

Funds From Operations ("FFO"):

Primarily as a result of the factors mentioned above, FFO attributable to common stockholders and unit holders—diluted decreased7.3% from $160.3 million in 2016 to $148.6 million in 2017. For a reconciliation of FFO attributable to common stockholders and unit holders and FFO attributable to common stockholders and unit holders—diluted to net income attributable to the Company, the most directly comparable GAAP financial measure, see "Funds From Operations ("FFO")" below.

Comparison of Six Months EndedJune 30, 2017 and 2016

Revenues:

Rental revenue decreased by $6.5 million, or 2.1%, from 2016 to 2017. The decrease in rental revenue is attributed to a decrease of $10.8 million from the Disposition Properties, $3.1 million from the Joint Venture Centers and $2.7 million from the Redevelopment Properties offset in part by an increase of $10.1 million from the Same Centers. The amortization of above and below-market leases decreased from $4.2 million in 2016 to $1.1 million in 2017. The amortization of straight-line rents increased from $2.5 million in 2016 to $4.5 million in 2017. Lease termination income increased from $7.8 million in 2016 to $10.4 million in 2017. The increase in rental revenue at the Same Centers is primarily due to an increase in lease termination income and an increase in leasing spreads.

Tenant recoveries decreased$14.8 million, or 9.5%, from 2016 to 2017. The decrease in tenant recoveries is attributed to a decrease of $6.8 million from the Same Centers, $4.9 million from the Disposition Properties, $1.6 million from the Joint Venture Centers and $1.5 million from the Redevelopment Properties.

Management Companies' revenue increased from $19.9 million in 2016 to $21.9 million in 2017. The increase in Management Companies' revenue is due to an increase in development and leasing fees from joint ventures.

Shopping Center and Operating Expenses:

Shopping center and operating expenses decreased$6.3 million, or 4.1%, from 2016 to 2017. The decrease in shopping center and operating expenses is attributed to a decrease of $6.3 million from the Disposition Properties, $0.8 million from the Joint Venture Centers and $0.7 million from the Same Centers offset in part by an increase of $1.5 million from the Redevelopment Properties.

Management Companies' Operating Expenses:

Management Companies' operating expenses increased$2.5 million from 2016 to 2017.

REIT General and Administrative Expenses:

REIT general and administrative expenses decreased by $0.4 million from 2016 to 2017.

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Depreciation and Amortization:

Depreciation and amortization decreased$5.8 million from 2016 to 2017. The decrease in depreciation and amortization is attributed to a decrease of $6.1 million from the Disposition Properties, $1.5 million from the Joint Venture Centers and $1.3 million from the Same Centers offset in part by an increase of $3.1 million from the Redevelopment Properties.

Interest Expense:

Interest expense increased$2.7 million from 2016 to 2017. The increase in interest expense was attributed to an increase of $3.5 million in interest expense from borrowings under the Company's line of credit, $2.6 million from the Same Centers and $0.1 million from the Redevelopment Properties offset in part by a decrease of $2.6 million from the Disposition Properties and $0.9 million from the Joint Venture Centers.

The above interest expense items are net of capitalized interest, which increased from $4.9 million in 2016 to $6.0 million in 2017.

Loss on Extinguishment of Debt, net:

Loss on extinguishment of debt, net in 2016 consists of $3.6 million on the early extinguishment of debt on Arrowhead Towne Center (See “Financing Activity” in Management’s Overview and Summary) with no comparable expense in 2017.

Equity in Income of Unconsolidated Joint Ventures:

Equity in income of unconsolidated joint ventures increased$6.5 million from 2016 to 2017. The increase is primarily due to the conversion of Arrowhead Towne Center and the MAC Heitman Portfolio from consolidated Centers to unconsolidated joint ventures in 2016 (See "Acquisitions and Dispositions" in Management's Overview and Summary) and the Company's share of the gain on sale of assets at Country Club Plaza in 2017 (See "Acquisitions and Dispositions" in Management's Overview and Summary).

Gain on Sale or Write Down of Assets, net:

The gain on sale or write down of assets, net decreased $396.3 million from 2016 to 2017. The decrease is primarily due to the gain on the sale of a 49% interest in the MAC Heitman Portfolio of $340.7 million in 2016, the gain on the sale of a 40% interest in Arrowhead Towne Center of $101.6 million in 2016 and the gain of $24.9 million on the sale of Capitola Mall in 2016 offset in part by the gain of $59.7 million on the sale of Cascade Mall and Northgate Mall in 2017 (See "Acquisitions and Dispositions" in Management's Overview and Summary).

Net Income:

Net income decreased$396.9 million from 2016 to 2017. The decrease is primarily attributed to the decrease in the gain on sale or write down of assets of $396.3 million as discussed above.

Funds From Operations ("FFO"):

Primarily as a result of the factors mentioned above, FFO attributable to common stockholders and unit holders—diluted decreased6.4% from $301.4 million in 2016 to $282.2 million in 2017. For a reconciliation of FFO attributable to common stockholders and unit holders and FFO attributable to common stockholders and unit holders—diluted to net income attributable to the Company, the most directly comparable GAAP financial measure, see "Funds From Operations ("FFO")" below.

Operating Activities:

Cash provided by operating activities decreased from $219.7 million in 2016 to $190.2 million in 2017. The decrease is primarily due to the changes in assets and liabilities and the results as discussed above.

Investing Activities:

Cash provided by investing activities decreased$294.4 million from 2016 to 2017. The decrease in cash provided by investing activities is primarily attributed to a decrease in cash proceeds from the sale of assets of $528.1 million and a decrease in distributions from unconsolidated joint ventures of $138.2 million offset in part by a decrease in contributions to unconsolidated joint ventures of $331.6 million and a decrease in development, redevelopment and renovation costs of $47.0 million.

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The decrease in cash proceeds from the sale of assets is attributed to the sales of ownership interests in Arrowhead Towne Center and the MAC Heitman Portfolio in 2016 and the sale of Capitola Mall in 2016 offset in part by the sale of Cascade Mall and Northgate Mall in 2017 (See "Acquisitions and Dispositions" in Management's Overview and Summary). The decrease in contributions to unconsolidated joint ventures is primarily due to the acquisition of the 50% ownership interest in Country Club Plaza in 2016 (See "Acquisitions and Dispositions" in Management's Overview and Summary).

Financing Activities:

Cash used in financing activities decreased $330.3 million from 2016 to 2017. The decrease in cash used in financing activities is primarily due to a decrease in payments on mortgages, bank and other notes payable of $1.7 billion, a decrease in the repurchases of the Company's common stock of $618.3 million (See "Other Transactions" in Management's Overview and Summary) and a decrease in cash dividends and distributions of $341.7 million offset in part by a decrease in proceeds from mortgages, bank and other notes payable of $2.3 billion.

Liquidity and Capital Resources

The Company anticipates meeting its liquidity needs for its operating expenses, debt service and dividend requirements for the next twelve months through cash generated from operations, working capital reserves and/or borrowings under its unsecured line of credit. The following tables summarize capital expenditures incurred at the Centers (at the Company's pro rata share):

	For the Six Months Ended June 30,
(Dollars in thousands)	2017		2016
Consolidated Centers:
Acquisitions of property and equipment	$	15,649	$	14,267
Development, redevelopment, expansion and renovation of Centers	54,939		72,783
Tenant allowances	5,168		7,823
Deferred leasing charges	12,376		12,851
	$	88,132	$	107,724
Joint Venture Centers:
Acquisitions of property and equipment	$	3,658	$	331,976
Development, redevelopment, expansion and renovation of Centers	61,495		52,354
Tenant allowances	2,010		4,677
Deferred leasing charges	3,723		3,890
	$	70,886	$	392,897

The Company expects amounts to be incurred during the next twelve months for tenant allowances and deferred leasing charges to be comparable or less than 2016 and that capital for those expenditures will be available from working capital, cash flow from operations, borrowings on property specific debt or unsecured corporate borrowings. The Company expects to incur between $200.0 million and $300.0 million during the next twelve months for development, redevelopment, expansion and renovations. Capital for these major expenditures, developments and/or redevelopments has been, and is expected to continue to be, obtained from a combination of debt or equity financings, which are expected to include borrowings under the Company's line of credit and construction loans.

The Company has also generated liquidity in the past, and may continue to do so in the future, through equity offerings and issuances, property refinancings, joint venture transactions and the sale of non-core assets. For example, the Company's recently completed sale of Cascade Mall and Northgate Mall (See "Acquisitions and Dispositions" in Management's Overview and Summary) and the Joint Venture Transactions (See "Acquisitions and Dispositions" in Management's Overview and Summary), which included new debt or refinancings of existing debt on the properties (See "Financing Activity" in Management's Overview and Summary). The Company used these proceeds to pay down its line of credit, fund the Special Dividend (See "Other Transactions and Events" in Management's Overview and Summary) and for other general corporate purposes, which included the repurchases of the Company's common stock under the 2015 Stock Buyback Program and the 2017 Stock Buyback Program (See "Other Transactions and Events" in Management's Overview and Summary). Furthermore, the Company has filed a shelf registration statement, which registered an unspecified amount of common stock, preferred stock, depositary shares, debt securities, warrants, rights, stock purchase contracts and units that may be sold from time to time by the Company. The Company expects any additional repurchases of the Company's common stock under the 2017 Stock

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Buyback Program to be funded by future sales of non-core assets, borrowings under its line of credit and/or refinancing transactions.

The capital and credit markets can fluctuate and, at times, limit access to debt and equity financing for companies. As demonstrated by the Company's recent activity as discussed below, the Company has been able to access capital; however, there is no assurance the Company will be able to do so in future periods or on similar terms and conditions. Many factors impact the Company's ability to access capital, such as its overall debt level, interest rates, interest coverage ratios and prevailing market conditions. In the event that the Company has significant tenant defaults as a result of the overall economy and general market conditions, the Company could have a decrease in cash flow from operations, which could result in increased borrowings under its line of credit. These events could result in an increase in the Company's proportion of floating rate debt, which would cause it to be subject to interest rate fluctuations in the future.

The Company has 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 million (the “ATM Shares”). Sales of the ATM Shares can be made in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an “at the market” offering, which includes sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange. The Company did not sell any shares under the ATM Program during the six months ended ended June 30, 2017.

As of June 30, 2017, $500 million of the ATM Shares were available to be sold under the ATM Program. Actual future sales of the ATM Shares will depend upon a variety of factors including but not limited to market conditions, the trading price of the Company's common stock and the Company's capital needs. The ATM program will expire by its terms in August 2017.

The Company's total outstanding loan indebtedness at June 30, 2017 was $7.6 billion (consisting of $5.0 billion of consolidated debt, less $230.3 million of noncontrolling interests, plus $2.9 billion of its pro rata share of unconsolidated joint venture debt). The majority of the Company's debt consists of fixed-rate conventional mortgage notes collateralized by individual properties. The Company expects that all of the maturities during the next twelve months will be refinanced, restructured, extended and/or paid off from the Company's line of credit or cash on hand.

The Company believes that the pro rata debt provides useful information to investors regarding its financial condition because it includes the Company’s share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company’s partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its pro rata share of debt in this manner can help investors better understand the Company’s financial condition after taking into account our economic interest in these joint ventures. The Company’s pro rata share of debt should not be considered as a substitute for the Company’s total consolidated debt determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

The Company has a $1.5 billion revolving line of credit facility 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 $2.0 billion. All obligations under the facility are unconditionally guaranteed only by the Company. Based on the Company's leverage level as of June 30, 2017, the borrowing rate on the facility was LIBOR plus 1.45%. At June 30, 2017, total borrowings under the line of credit were $1.0 billion less unamortized deferred finance costs of $8.8 million with a total interest rate of 2.68%.

Cash dividends and distributions for the six months endedJune 30, 2017 were $219.9 million. A total of $190.2 million was funded by operations. The remaining $29.7 million was funded from distributions from unconsolidated joint ventures, which were included in the cash flows from investing activities section of the Company's Consolidated Statement of Cash Flows.

At June 30, 2017, the Company was in compliance with all applicable loan covenants under its agreements.

At June 30, 2017, the Company had cash and cash equivalents of $87.1 million.

Off-Balance Sheet Arrangements:

The Company accounts for its investments in joint ventures that it does not have a controlling interest or is not the primary beneficiary using the equity method of accounting and those investments are reflected on the consolidated balance sheets of the Company as investments in unconsolidated joint ventures.

Additionally, as of June 30, 2017, the Company was contingently liable for $61.0 million 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.

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Contractual Obligations:

The following is a schedule of contractual obligations as of June 30, 2017 for the consolidated Centers over the periods in which they are expected to be paid (in thousands):

	Payment Due by Period
Contractual Obligations	Total		Less than 1 year		1 - 3 years		3 - 5 years		More than five years
Long-term debt obligations (includes expected interest payments)(1)	$	5,798,697	$	600,074	$	1,078,282	$	2,644,950	$	1,475,391
Operating lease obligations(2)	260,995		12,360		18,748		17,587		212,300
Purchase obligations(2)	73,843		73,843		—		—		—
Other long-term liabilities	304,398		256,233		6,037		11,428		30,700
	$	6,437,933	$	942,510	$	1,103,067	$	2,673,965	$	1,718,391

_______________________________________________________________________________

(1) Interest payments on floating rate debt were based on rates in effect at June 30, 2017.

(2) See Note 15—Commitments and Contingencies in the Company's Notes to Consolidated Financial Statements.

Funds From Operations ("FFO")

The Company uses FFO in addition to net income to report its operating and financial results and considers FFO and FFO-diluted as supplemental measures for the real estate industry and a supplement to GAAP measures. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from extraordinary items and sales of depreciated operating properties, plus real estate related depreciation and amortization, impairment write-downs of real estate and write-downs of investments in an affiliate where the write-downs have been driven by a decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis.

FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that such a presentation also provides investors with a meaningful measure of its operating results in comparison to the operating results of other REITs. The Company further believes that FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities.

The Company believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO, as presented, may not be comparable to similarly titled measures reported by other REITs.

Management compensates for the limitations of FFO by providing investors with financial statements prepared according to GAAP, along with this detailed discussion of FFO and a reconciliation of FFO and FFO-diluted to net income. Management believes that to further understand the Company's performance, FFO should be compared with the Company's reported net income and considered in addition to cash flows in accordance with GAAP, as presented in the Company's consolidated financial statements.

38

Funds From Operations ("FFO") (Continued)

The following reconciles net income attributable to the Company to FFO and FFO-diluted for the three and six months endedJune 30, 2017 and 2016 (dollars and shares in thousands):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
Net income attributable to the Company	$	26,638		$	45,222		$	95,881		$	466,137
Adjustments to reconcile net income attributable to the Company to FFO attributable to common stockholders and unit holders—basic and diluted:
Noncontrolling interests in the Operating Partnership	1,987			3,810			7,095			33,795
Loss (gain) on sale or write down of assets, net—consolidated assets	477			(10,915		)	(49,088		)	(445,371		)
Add: gain on sale of undepreciated assets—consolidated assets	—			225			—			2,637
Less: loss on write-down of non-real estate assets—consolidated assets	—			—			(10,138		)	—
(Gain) loss on sale or write down of assets— unconsolidated joint ventures, net(1)	—			(2		)	(2,269		)	2
Add: gain (loss) on sale of undepreciated assets—unconsolidated joint ventures(1)	—			2			660			(2		)
Depreciation and amortization—consolidated assets	83,243			85,190			166,316			172,121
Less: noncontrolling interests in depreciation and amortization—consolidated assets	(3,715		)	(3,731		)	(7,608		)	(7,425		)
Depreciation and amortization—unconsolidated joint ventures(1)	43,450			43,640			88,215			85,516
Less: depreciation on personal property	(3,446		)	(3,093		)	(6,827		)	(6,033		)
FFO attributable to common stockholders and unit holders—basic and diluted	148,634			160,348			282,237			301,377
Loss on extinguishment of debt, net—consolidated assets	—			—			—			3,575
FFO attributable to common stockholders and unit holders excluding extinguishment of debt, net—diluted	$	148,634		$	160,348		$	282,237		$	304,952
Weighted average number of FFO shares outstanding for:
FFO attributable to common stockholders and unit holders—basic (2)	152,221			157,477			153,199			160,141
Adjustments for impact of dilutive securities in computing FFO-diluted:
Share and unit based compensation plans	33			125			47			145
FFO attributable to common stockholders and unit holders—diluted (3)	152,254			157,602			153,246			160,286

(1) Unconsolidated joint ventures are presented at the Company's pro rata share.

(2) Calculated based upon basic net income as adjusted to reach basic FFO. Includes 10.5 million and 10.8 million OP Units for the three months endedJune 30, 2017 and 2016, respectively, and 10.6 million and 10.8 million OP Units for the six months endedJune 30, 2017 and 2016, respectively.

(3) The computation of FFO—diluted shares outstanding includes the effect of share and unit-based compensation plans using the treasury stock method. It also assumes the conversion of MACWH, LP common and preferred units to the extent that they are dilutive to the FFO—diluted computation.

39

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company's primary market risk exposure is interest rate risk. The Company has managed and will continue to manage interest rate risk by (1) maintaining a ratio of fixed rate, long-term debt to total debt such that floating rate exposure is kept at an acceptable level, (2) reducing interest rate exposure on certain long-term floating rate debt through the use of interest rate caps and/or swaps with matching maturities where appropriate, (3) using treasury rate locks where appropriate to fix rates on anticipated debt transactions, and (4) taking advantage of favorable market conditions for long-term debt and/or equity.

The following table sets forth information as of June 30, 2017 concerning the Company's long-term debt obligations, including principal cash flows by scheduled maturity, weighted average interest rates and estimated fair value (dollars in thousands):

	Expected Maturity Date
	For the twelve months ended June 30,
	2018			2019			2020			2021			2022			Thereafter			Total			Fair Value
CONSOLIDATED CENTERS:
Long-term debt:
Fixed rate	$	580,647		$	171,649		$	670,813		$	592,845		$	364,404		$	1,422,971		$	3,803,329		$	3,824,074
Average interest rate	3.35		%	3.43		%	3.74		%	4.47		%	4.13		%	3.68		%	3.80		%
Floating rate	—			—			200,000			—			1,000,000			—			1,200,000			1,180,012
Average interest rate	—		%	—		%	2.44		%	—		%	2.68		%	—		%	2.64		%
Total debt—Consolidated Centers	$	580,647		$	171,649		$	870,813		$	592,845		$	1,364,404		$	1,422,971		$	5,003,329		$	5,004,086
UNCONSOLIDATED JOINT VENTURE CENTERS:
Long-term debt (at Company's pro rata share):
Fixed rate	$	28,020		$	29,547		$	36,500		$	148,844		$	45,795		$	2,471,876		$	2,760,582		$	2,776,438
Average interest rate	3.66		%	3.67		%	3.68		%	3.05		%	3.80		%	3.86		%	3.81		%
Floating rate	334			9,363			10,154			38,243			15,000			33,750			106,844			101,958
Average interest rate	2.69		%	2.93		%	3.06		%	2.86		%	2.25		%	2.25		%	2.60		%
Total debt—Unconsolidated Joint Venture Centers	$	28,354		$	38,910		$	46,654		$	187,087		$	60,795		$	2,505,626		$	2,867,426		$	2,878,396

The consolidated Centers' total fixed rate debt at June 30, 2017 and December 31, 2016 was $3.8 billion. The average interest rate on such fixed rate debt at June 30, 2017 and December 31, 2016 was 3.80%. The consolidated Centers' total floating rate debt at June 30, 2017 and December 31, 2016 was $1.2 billion and $1.1 billion, respectively. The average interest rate on such floating rate debt at June 30, 2017 and December 31, 2016 was 2.64% and 2.47%, respectively.

The Company's pro rata share of the unconsolidated joint venture Centers' fixed rate debt at June 30, 2017 and December 31, 2016 was $2.8 billion and $2.7 billion, respectively. The average interest rate on such fixed rate debt at June 30, 2017 and December 31, 2016 was 3.81%, and 3.80% respectively. The Company's pro rata share of the unconsolidated joint venture Centers' floating rate debt at June 30, 2017 and December 31, 2016 was $106.8 million and $169.9 million, respectively. The average interest rate on such floating rate debt at June 30, 2017 and December 31, 2016 was 2.60% and 2.44%, respectively.

In addition, the Company has assessed the market risk for its floating rate debt and believes that a 1% increase in interest rates would decrease future earnings and cash flows by approximately $13.1 million per year based on $1.3 billion of floating rate debt outstanding at June 30, 2017.

The fair value of the Company's long-term debt is estimated based on a present value model utilizing interest rates that reflect the risks associated with long-term debt of similar risk and duration. In addition, the method of computing fair value for mortgage notes payable included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt (See Note 8—Mortgage Notes Payable and Note 9—Bank and Other Notes Payable in the Company's Notes to the Consolidated Financial Statements).

40

Item 4. Controls and Procedures

As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, management carried out an evaluation, under the supervision and with the participation of the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on their evaluation as of June 30, 2017, the Company's Chief Executive Officer and Chief Financial Officer have concluded that the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) were effective to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is (a) recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms and (b) accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

In addition, there has been no change in the Company's internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15(d)-15(f) under the Securities Exchange Act of 1934) that occurred during the Company's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

41

PART II OTHER INFORMATION

Item 1.   Legal Proceedings

None of the Company, the Operating Partnership, the Management Companies or their respective affiliates are currently involved in any material legal proceedings, although from time-to-time they are involved in various legal proceedings that arise in the ordinary course of business.

Item 1A.  Risk Factors

There have been no material changes to the risk factors relating to the Company set forth under the caption "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

On April 4, 2017, the Company, as general partner of the Operating Partnership, issued 1,000 shares of common stock of the Company upon the redemption of 1,000 OP Units by a limited partner of the Operating Partnership. These shares of common stock were issued in a private placement to the limited partner, who is an accredited investor pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

Issuer Purchases of Equity Securities

Period	Total Number of Shares Purchased		Average Price Paid per Share (1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs			Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
April 1, 2017 to April 30, 2017	—		$	—	—			$	358,968,301
May 1, 2017 to May 31, 2017	646,194	(2)	59.24		646,194	(2	)	$	320,690,819
June 1, 2017 to June 30, 2017	41,300	(3)	56.83		41,300	(3	)	$	318,343,926
	687,494		$	59.09	687,494

(1) The average price paid per share is calculated on a trade date basis.

(2) On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500.0 million of the Company's outstanding common shares from time to time as market conditions warrant. During the period from May 1, 2017 to May 31, 2017, the Company repurchased a total of 646,194 of its common shares in a series of transactions for approximately $38.3 million, representing an average price of $59.24 per share. The Company funded the repurchases from the net proceeds of the sale of Cascade Mall and Northgate Mall (See "Acquisitions and Dispositions" in Management's Overview and Summary), its share of the proceeds from the sale of an office building at Country Club Plaza (See "Acquisitions and Dispositions" in Management's Overview and Summary) and from borrowing under its line of credit.

(3) During the period from June 1, 2017 to June 30, 2017, the Company repurchased a total of 41,300 of its common shares in a series of transactions for approximately $2.3 million, representing an average price of $56.83 per share. The Company funded the repurchases from the net proceeds of the sale of Cascade Mall and Northgate Mall (See "Acquisitions and Dispositions" in Management's Overview and Summary), its share of the proceeds from the sale of an office building at Country Club Plaza (See "Acquisitions and Dispositions" in Management's Overview and Summary) and from borrowing under its line of credit.

Item 3.  Defaults Upon Senior Securities

Not Applicable

Item 4.  Mine Safety Disclosures

Not Applicable

Item 5.  Other Information

Not Applicable

42

Item 6.  Exhibits

Exhibit Number	Description
2.1	Master Agreement, dated November 14, 2014, by and among Pacific Premier Retail LP, MACPT LLC, Macerich PPR GP LLC, Queens JV LP, Macerich Queens JV LP, Queens JV GP LLC, 1700480 Ontario Inc. and the Company (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date November 14, 2014).
3.1	Articles of Amendment and Restatement of the Company (incorporated by reference as an exhibit to the Company's Registration Statement on Form S-11, as amended (No. 33-68964)).
3.1.1	Articles Supplementary of the Company (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date May 30, 1995).
3.1.2	Articles Supplementary of the Company (with respect to the first paragraph) (incorporated by reference as an exhibit to the Company's 1998 Form 10-K).
3.1.3	Articles Supplementary of the Company (Series D Preferred Stock) (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date July 26, 2002).
3.1.4	Articles Supplementary of the Company (incorporated by reference as an exhibit to the Company's Registration Statement on Form S-3, as amended (No. 333-88718)).
3.1.5	Articles of Amendment of the Company (declassification of Board) (incorporated by reference as an exhibit to the Company's 2008 Form 10-K).
3.1.6	Articles Supplementary of the Company (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date February 5, 2009).
3.1.7	Articles of Amendment of the Company (increased authorized shares) (incorporated by reference as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2009).
3.1.8	Articles of Amendment of the Company (to eliminate the supermajority vote requirement to amend the charter and to clarify a reference in Article NINTH) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date May 30, 2014).
3.1.9	Articles Supplementary of the Company (election to be subject to Section 3-803 of the Maryland General Corporation Law) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date March 17, 2015).
3.1.10	Articles Supplementary of the Company (Series E Preferred Stock) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date March 18, 2015).
3.1.11	Articles Supplementary of the Company (reclassification of Series E Preferred Stock to Preferred Stock) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date May 7, 2015).
3.1.12	Articles Supplementary of the Company (repeal of election to be subject to Section 3-803 of the Maryland General Corporation Law) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date May 28, 2015).
3.2	Amended and Restated Bylaws of the Company (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date April 21, 2016).
31.1	Section 302 Certification of Arthur Coppola, Chief Executive Officer
31.2	Section 302 Certification of Thomas O'Hern, Chief Financial Officer
32.1*	Section 906 Certifications of Arthur Coppola and Thomas O'Hern
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

* Furnished herewith.

43

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		THE MACERICH COMPANY
		By:	/s/ THOMAS E. O'HERN
			Thomas E. O'Hern
			Senior Executive Vice President and Chief Financial Officer
Date:	August 7, 2017		(Principal Financial Officer)

44

EX-31.1

Exhibit 31.1

THE MACERICH COMPANY

SECTION 302 CERTIFICATION

I, Arthur M. Coppola, certify that:

1. I have reviewed this report on Form 10-Q for the quarter ended June 30, 2017 of The Macerich Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

		/s/ ARTHUR M. COPPOLA
Date:	August 7, 2017	Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2

THE MACERICH COMPANY

SECTION 302 CERTIFICATION

I, Thomas E. O'Hern, certify that:

1. I have reviewed this report on Form 10-Q for the quarter ended June 30, 2017 of The Macerich Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

		/s/ THOMAS E. O'HERN
Date:	August 7, 2017	Senior Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

THE MACERICH COMPANY

WRITTEN STATEMENT

PURSUANT TO

18 U.S.C. SECTION 1350

The undersigned, Arthur M. Coppola and Thomas E. O'Hern, the Chief Executive Officer and Chief Financial Officer, respectively, of The Macerich Company (the "Company"), pursuant to 18 U.S.C. §1350, each hereby certifies that, to the best of his knowledge:

(i) the Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 of the Company (the "Report") fully complies with the requirements of Section 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 7, 2017

/s/ ARTHUR M. COPPOLA

Chairman and Chief Executive Officer

/s/ THOMAS E. O'HERN

Senior Executive Vice President and Chief Financial Officer

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 04, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	MACERICH CO
Entity Central Index Key	0000912242
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		141,414,438
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS:
Property, net	$ 7,198,283	$ 7,357,310
Cash and cash equivalents	87,133	94,046
Restricted cash	50,304	49,951
Tenant and other receivables, net	116,089	136,998
Deferred charges and other assets, net	452,280	478,058
Due from affiliates	81,545	68,227
Investments in unconsolidated joint ventures	1,696,572	1,773,558
Total assets	9,682,206	9,958,148
Mortgage notes payable:
Related parties	174,037	176,442
Others	3,817,348	3,908,976
Total	3,991,385	4,085,418
Bank and other notes payable	996,129	880,482
Accounts payable and accrued expenses	56,596	61,316
Other accrued liabilities	322,643	366,165
Distributions in excess of investments in unconsolidated joint ventures	95,131	78,626
Co-venture obligation	59,647	58,973
Total liabilities	5,521,531	5,530,980
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 141,556,410 and 143,985,036 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	1,416	1,440
Additional paid-in capital	4,521,945	4,593,229
Accumulated deficit	(663,805)	(488,782)
Total stockholders' equity	3,859,556	4,105,887
Noncontrolling interests	301,119	321,281
Total equity	4,160,675	4,427,168
Total liabilities and equity	$ 9,682,206	$ 9,958,148

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	141,556,410	143,985,036
Common Stock, shares outstanding	141,556,410	143,985,036

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Minimum rents	$ 152,893	$ 152,448	$ 298,448	$ 303,496
Percentage rents	2,060	2,394	3,978	5,408
Tenant recoveries	68,948	75,948	141,360	156,121
Other	13,519	17,789	28,783	30,937
Management Companies	10,003	11,325	21,899	19,942
Total revenues	247,423	259,904	494,468	515,904
Expenses:
Shopping center and operating expenses	71,032	73,910	146,929	153,234
Management Companies' operating expenses	26,216	24,299	54,733	52,199
REIT general and administrative expenses	7,458	7,681	15,921	16,310
Depreciation and amortization	83,243	85,190	166,316	172,121
Total expenses before interest	187,949	191,080	383,899	393,864
Interest expense:
Related parties	2,181	2,256	4,392	4,528
Other	40,140	38,939	79,230	76,443
Total interest expense	42,321	41,195	83,622	80,971
Loss on extinguishment of debt	0	0	0	3,575
Total expenses	230,270	232,275	467,521	478,410
Equity in income of unconsolidated joint ventures	16,936	14,616	32,779	26,276
Co-venture expense	(4,123)	(3,212)	(8,000)	(6,501)
Income tax (expense) benefit	(437)	(514)	3,047	(1,831)
(Loss) gain on sale or write down of assets, net	(477)	10,915	49,088	445,371
Net income	29,052	49,434	103,861	500,809
Less net income attributable to noncontrolling interests	2,414	4,212	7,980	34,672
Net income attributable to the Company	$ 26,638	$ 45,222	$ 95,881	$ 466,137
Earnings per common share—net income attributable to common stockholders:
Basic (in dollars per share)	$ 0.19	$ 0.31	$ 0.67	$ 3.12
Diluted (in dollars per share)	$ 0.19	$ 0.31	$ 0.67	$ 3.12
Weighted average number of common shares outstanding:
Basic (in shares)	141,695	146,644	142,640	149,314
Diluted (in shares)	141,728	146,769	142,687	149,459

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CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Cumulative effect of adoption of ASU 2016-09	$ 6,484	$ 6,484			$ 6,484
Balance (in shares) at Dec. 31, 2016	143,985,036		143,985,036
Balance at Dec. 31, 2016	$ 4,427,168	4,105,887	$ 1,440	$ 4,593,229	(488,782)	$ 321,281
Increase (Decrease) in Stockholders' Equity
Net income	103,861	95,881			95,881	7,980
Amortization of share and unit-based plans (in shares)			84,287
Amortization of share and unit-based plans	23,947	23,947	$ 1	23,946
Employee stock purchases (in shares)			20,443
Employee stock purchases	986	986		986
Stock repurchases (in shares)			(2,885,373)
Stock repurchases	(181,740)	(181,740)	$ (29)	(107,425)	(74,286)
Distributions declared ($1.42) per share	(203,102)	(203,102)			(203,102)
Distributions to noncontrolling interests	(16,844)					(16,844)
Conversion of noncontrolling interests to common shares (in shares)			352,017
Conversion of noncontrolling interests to common shares		11,796	$ 4	11,792		(11,796)
Redemption of noncontrolling interests	$ (85)	(61)		(61)		(24)
Adjustment of noncontrolling interests in Operating Partnership		(522)		(522)		522
Balance (in shares) at Jun. 30, 2017	141,556,410		141,556,410
Balance at Jun. 30, 2017	$ 4,160,675	$ 3,859,556	$ 1,416	$ 4,521,945	$ (663,805)	$ 301,119

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CONSOLIDATED STATEMENT OF EQUITY (Parenthetical)	6 Months Ended
	Jun. 30, 2017 $ / shares
Statement of Stockholders' Equity [Abstract]
Distributions declared, per share (in dollars per share)	$ 1.42

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 103,861	$ 500,809
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on early extinguishment of debt, net	0	3,575
Gain on sale or write down of assets, net	(49,088)	(445,371)
Depreciation and amortization	169,216	175,090
Amortization of net premium on mortgage notes payable	(1,860)	(2,063)
Amortization of share and unit-based plans	19,652	22,008
Straight-line rent adjustment	(4,544)	(2,503)
Amortization of above and below-market leases	(1,082)	(4,178)
Provision for doubtful accounts	3,358	2,291
Income tax (benefit) expense	(3,047)	1,831
Equity in income of unconsolidated joint ventures	(32,779)	(26,276)
Distributions of income from unconsolidated joint ventures	0	4,483
Co-venture expense	8,000	6,501
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	5,401	4,061
Other assets	2,346	(15,930)
Due from affiliates	(13,365)	4,330
Accounts payable and accrued expenses	(2,002)	(15,403)
Other accrued liabilities	(13,840)	6,454
Net cash provided by operating activities	190,227	219,709
Cash flows from investing activities:
Development, redevelopment, expansion and renovation of properties	(60,603)	(107,565)
Property improvements	(16,750)	(14,267)
Proceeds from repayment of notes receivable	619	3,161
Deferred leasing costs	(19,553)	(14,698)
Distributions from unconsolidated joint ventures	170,734	308,952
Contributions to unconsolidated joint ventures	(51,303)	(382,910)
Proceeds from sale of assets	167,631	695,724
Restricted cash	(353)	(3,613)
Net cash provided by investing activities	190,422	484,784
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	300,000	2,596,138
Payments on mortgages, bank and other notes payable	(279,419)	(1,929,969)
Deferred financing costs	(32)	(1,979)
Proceeds from share and unit-based plans	986	834
Payment of debt extinguishment costs	0	(12,028)
Stock repurchases	(181,740)	(800,018)
Redemption of noncontrolling interests	(85)	(30)
Dividends and distributions	(219,946)	(561,611)
Distributions to co-venture partner	(7,326)	(9,202)
Net cash used in financing activities	(387,562)	(717,865)
Net decrease in cash and cash equivalents	(6,913)	(13,372)
Cash and cash equivalents, beginning of period	94,046	86,510
Cash and cash equivalents, end of period	87,133	73,138
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	82,864	72,224
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	31,500	24,177
Mortgage notes payable assumed in exchange for investments in unconsolidated joint ventures	0	997,695
Conversion of Operating Partnership Units to common stock	$ 11,796	$ 3,119

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Organization

6 Months Ended

Jun. 30, 2017

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 June 30, 2017, the Company was the sole general partner of and held a 93% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code").

The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies."

All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies:

Basis of Presentation:

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

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

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

	June 30, 2017		December 31, 2016
Assets:
Property, net	$	302,822	$	307,582
Other assets	68,781		68,863
Total assets	$	371,603	$	376,445
Liabilities:
Mortgage notes payable	$	131,153	$	133,245
Other liabilities	75,548		75,913
Total liabilities	$	206,701	$	209,158

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

The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2016 has been derived from the audited financial statements but does not include all disclosures required by GAAP.

Recent Accounting Pronouncements:

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09, “Revenue From Contracts With Customers,” which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company has evaluated each of its revenue streams and related accounting policies under the standard. The standard will initially apply to the Company's recognition of minimum rents, percentage rents and other revenues. This standard will not apply to the Company's recognition of tenant recoveries until January 1, 2019, when it adopts ASU 2016-02, "Leases (Topic 842)", as discussed below. The Company expects to adopt this standard on a modified retrospective basis and does not expect that it will significantly impact its consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard may result in certain of these costs being expensed as incurred after adoption.

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

In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718)," which amended the accounting for share-based payments, including the income tax consequences, classification of awards and classification on the statement of cash flows. The Company's adoption of this standard on January 1, 2017 under the modified retrospective method resulted in the recognition of excess tax benefits of $6,484 as a cumulative effect adjustment, which reduced its accumulated deficit and increased its deferred tax assets by the same amount.

In August 2016, the FASB issued ASU 2016-15, "Statement of Cash flows (Topic 230)," which amended the accounting for the statement of cash flows by providing guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company's adoption of this standard on January 1, 2017 resulted in the reclassification of $12,028 of debt extinguishment costs from operating activities to financing activities on its consolidated statement of cash flows for the six months endedJune 30, 2016.

Recent Accounting Pronouncements: (Continued)

On November 17, 2016, the FASB issued ASU 2016-18, “Restricted Cash,” which requires that the statement of cash flows explain the change during a reporting period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. This standard states that transfers between cash, cash equivalents, and restricted cash are not part of the entity’s operating, investing, and financing activities. Therefore, restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for the Company beginning January 1, 2018 with early adoption permitted. The Company does not believe that the adoption of ASU 2016-18 will have a significant impact on its consolidated statements of cash flows.

On January 5, 2017, the FASB issued ASU 2017-01, “Business Combinations,” which clarifies the definition of a business. The objective of the standard is to add further guidance that assists entities in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the set of transferred assets and activities are not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. ASU 2017-01 is effective for the Company beginning January 1, 2018 with early adoption permitted using a prospective transition method. The Company does not believe that the adoption of 2017-01 will have a significant impact on its consolidated financial statements.

In February 2017, the FASB issued ASU No. 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets,” which clarifies the scope of asset derecognition and adds further guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The Company is required to adopt ASU 2017-05 beginning January 1, 2018 with early adoption permitted. The Company does not believe that the adoption of ASU No. 2017-05 will have a significant impact on its consolidated financial statements.

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Earnings per Share ("EPS")

6 Months Ended

Jun. 30, 2017

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 EPS for the three and six months endedJune 30, 2017 and 2016 (shares in thousands):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
Numerator
Net income	$	29,052		$	49,434		$	103,861		$	500,809
Net income attributable to noncontrolling interests	(2,414		)	(4,212		)	(7,980		)	(34,672		)
Net income attributable to the Company	26,638			45,222			95,881			466,137
Allocation of earnings to participating securities	(188		)	(170		)	(375		)	(557		)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$	26,450		$	45,052		$	95,506		$	465,580
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding	141,695			146,644			142,640			149,314
Effect of dilutive securities(1):
Share and unit-based compensation plans	33			125			47			145
Denominator for diluted EPS—weighted average number of common shares outstanding	141,728			146,769			142,687			149,459
Earnings per common share—net income attributable to common stockholders:
Basic	$	0.19		$	0.31		$	0.67		$	3.12
Diluted	$	0.19		$	0.31		$	0.67		$	3.12

(1) Diluted EPS excludes 90,619 and 138,759 convertible preferred partnership units for the three months endedJune 30, 2017 and 2016, respectively, and 90,619 and 138,759 convertible preferred partnership units for the six months endedJune 30, 2017 and 2016, respectively, as their impact was antidilutive.

Diluted EPS excludes 10,526,547 and 10,833,354 Operating Partnership units ("OP Units") for the three months endedJune 30, 2017 and 2016, respectively, and 10,558,809 and 10,826,849 OP Units for the six months endedJune 30, 2017 and 2016, respectively, as their impact was antidilutive.

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Investments in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2017

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures:

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

On January 6, 2016, the Company sold a 40% ownership interest in Arrowhead Towne Center, a 1,197,000 square foot regional shopping center in Glendale, Arizona, for $289,496, resulting in a gain on the sale of assets of $101,629. The sales price was funded by a cash payment of $129,496 and the assumption of a pro rata share of the mortgage note payable on the property of $160,000. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes, which included funding the Special Dividend (See Note 12—Stockholders' Equity). Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in Arrowhead Towne Center under the equity method of accounting.

On January 14, 2016, the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall, a 1,039,000 square foot regional shopping center in Deptford, New Jersey; FlatIron Crossing, a 1,432,000 square foot regional shopping center in Broomfield, Colorado; and Twenty Ninth Street, an 847,000 square foot regional shopping center in Boulder, Colorado (the "MAC Heitman Portfolio"), for $771,478, resulting in a gain on the sale of assets of $340,734. The sales price was funded by a cash payment of $478,608 and the assumption of a pro rata share of the mortgage notes payable on the properties of $292,870. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in the MAC Heitman Portfolio under the equity method of accounting.

On March 1, 2016, the Company, through a 50/50 joint venture, acquired Country Club Plaza, a 1,006,000 square foot regional shopping center in Kansas City, Missouri, for a purchase price of $660,000. The Company funded its pro rata share of the purchase price of $330,000 from borrowings under its line of credit. On March 28, 2016, the joint venture placed a $320,000 loan on the property that bears interest at an effective rate of 3.88% and matures on April 1, 2026. The Company used its pro rata share of the proceeds to pay down its line of credit and for general corporate purposes.

On March 17, 2017, the Company's joint venture in Country Club Plaza sold an 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 from joint ventures. The Company used its share of the proceeds to fund repurchases under the 2017 Stock Buyback Program (See Note 12—Stockholders' Equity).

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:

	June 30, 2017			December 31, 2016
Assets(1):
Property, net	$	9,092,493		$	9,176,642
Other assets	647,492			614,607
Total assets	$	9,739,985		$	9,791,249
Liabilities and partners' capital(1):
Mortgage and other notes payable(2)	$	5,324,700		$	5,224,713
Other liabilities	435,822			403,369
Company's capital	2,174,786			2,279,819
Outside partners' capital	1,804,677			1,883,348
Total liabilities and partners' capital	$	9,739,985		$	9,791,249
Investments in unconsolidated joint ventures:
Company's capital	$	2,174,786		$	2,279,819
Basis adjustment(3)	(573,345		)	(584,887		)
	$	1,601,441		$	1,694,932
Assets—Investments in unconsolidated joint ventures	$	1,696,572		$	1,773,558
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(95,131		)	(78,626		)
	$	1,601,441		$	1,694,932

(1) These amounts include the assets of $3,126,583 and $3,179,255 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2017 and December 31, 2016, respectively, and liabilities of $1,881,513 and $1,887,952 of the PPR Portfolio as of June 30, 2017 and December 31, 2016, respectively.

(2) Included in mortgage and other notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $487,077 and $265,863 as of June 30, 2017 and December 31, 2016, respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense on these borrowings was $4,929 and $4,992 for the three months endedJune 30, 2017 and 2016, respectively, and $8,089 and $11,358 for the six months endedJune 30, 2017 and 2016, respectively.

(3) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $4,197 and $4,669 for the three months endedJune 30, 2017 and 2016, respectively, and $8,224 and $9,126 for the six months endedJune 30, 2017 and 2016, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

	PPR Portfolio			Other Joint Ventures			Total
Three Months Ended June 30, 2017
Revenues:
Minimum rents	$	32,045		$	126,765		$	158,810
Percentage rents	221			2,126			2,347
Tenant recoveries	11,373			46,119			57,492
Other	1,402			13,017			14,419
Total revenues	45,041			188,027			233,068
Expenses:
Shopping center and operating expenses	9,711			58,886			68,597
Interest expense	16,675			32,976			49,651
Depreciation and amortization	24,802			62,090			86,892
Total operating expenses	51,188			153,952			205,140
Loss on sale of assets	—			(2		)	(2		)
Net (loss) income	$	(6,147	)	$	34,073		$	27,926
Company's equity in net (loss) income	$	(1,034	)	$	17,970		$	16,936
Three Months Ended June 30, 2016
Revenues:
Minimum rents	$	31,474		$	119,664		$	151,138
Percentage rents	343			2,624			2,967
Tenant recoveries	11,919			46,652			58,571
Other	689			12,752			13,441
Total revenues	44,425			181,692			226,117
Expenses:
Shopping center and operating expenses	9,314			58,930			68,244
Interest expense	16,055			31,266			47,321
Depreciation and amortization	26,796			60,764			87,560
Total operating expenses	52,165			150,960			203,125
Gain on sale of assets	—			5			5
Net (loss) income	$	(7,740	)	$	30,737		$	22,997
Company's equity in net (loss) income	$	(1,730	)	$	16,346		$	14,616

	PPR Portfolio			Other Joint Ventures		Total
Six Months Ended June 30, 2017
Revenues:
Minimum rents	$	65,581		$	250,268	$	315,849
Percentage rents	951			3,864		4,815
Tenant recoveries	22,812			94,034		116,846
Other	2,428			24,528		26,956
Total revenues	91,772			372,694		464,466
Expenses:
Shopping center and operating expenses	19,471			121,081		140,552
Interest expense	33,401			65,255		98,656
Depreciation and amortization	51,078			124,969		176,047
Total operating expenses	103,950			311,305		415,255
(Loss) gain on sale or write down of assets, net	(35		)	4,579		4,544
Net (loss) income	$	(12,213	)	$	65,968	$	53,755
Company's equity in net (loss) income	$	(1,996	)	$	34,775	$	32,779
Six Months Ended June 30, 2016
Revenues:
Minimum rents	$	62,057		$	226,037	$	288,094
Percentage rents	1,102			4,377		5,479
Tenant recoveries	23,895			90,095		113,990
Other	3,527			23,104		26,631
Total revenues	90,581			343,613		434,194
Expenses:
Shopping center and operating expenses	19,100			112,228		131,328
Interest expense	31,269			59,004		90,273
Depreciation and amortization	54,880			117,297		172,177
Total operating expenses	105,249			288,529		393,778
Net (loss) income	$	(14,668	)	$	55,084	$	40,416
Company's equity in net (loss) income	$	(2,974	)	$	29,250	$	26,276

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

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Property, net

6 Months Ended

Jun. 30, 2017

Real Estate [Abstract]

Property, net

Property, net:

Property, net consists of the following:

	June 30, 2017			December 31, 2016
Land	$	1,582,191		$	1,607,590
Buildings and improvements	6,408,362			6,511,741
Tenant improvements	610,084			622,878
Equipment and furnishings	180,735			177,036
Construction in progress	321,142			289,966
	9,102,514			9,209,211
Less accumulated depreciation	(1,904,231		)	(1,851,901		)
	$	7,198,283		$	7,357,310

Depreciation expense was $69,364 and $68,175 for the three months endedJune 30, 2017 and 2016, respectively, and $138,320 and $138,078 for the six months endedJune 30, 2017 and 2016, respectively.

The (loss) gain on sale or write down of assets, net was $(477) and $10,915 for the three months endedJune 30, 2017 and 2016, respectively, and $49,088 and $445,371 for the six months endedJune 30, 2017 and 2016, respectively.

The (loss) gain on sale or write down of assets, net for the six months endedJune 30, 2017 includes a gain of $59,698 on the sale of Cascade Mall and Northgate Mall (See Note 14—Dispositions) offset in part by a loss of $10,138 on the write down of an investment in non-real estate assets.

The (loss) gain on sale or write down of assets, net for the three and six months endedJune 30, 2016 includes a gain of $24,894 on the sale of Capitola Mall (See Note 14—Dispositions), a loss of $3,066 on the sale of a former Mervyn's store (See Note 14—Dispositions) and an impairment loss of $7,188 due to the reduction of the estimated holding period of The Marketplace at Flagstaff.

The (loss) gain on sale or write down of assets, net for the six months endedJune 30, 2016 also includes a gain of $101,629 on the sale of a 40% ownership interest in Arrowhead Towne Center (See Note 4—Investments in Unconsolidated Joint Ventures), $340,734 on the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures) and a loss of $14,750 on an adjustment to contingent consideration (See Note 13—Acquisitions).

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Tenant and Other Receivables, net

6 Months Ended

Jun. 30, 2017

Loans and Leases Receivable Disclosure [Abstract]

Tenant and Other Receivables, net

Tenant and Other Receivables, net:

Included in tenant and other receivables, net is an allowance for doubtful accounts of $2,996 and $1,991 at June 30, 2017 and December 31, 2016, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $966 and $9,509 at June 30, 2017 and December 31, 2016, respectively, and a deferred rent receivable due to straight-line rent adjustments of $59,226 and $56,761 at June 30, 2017 and December 31, 2016, respectively.

On March 17, 2014, in connection with the sale of Lake Square Mall, the Company issued a note receivable for $6,500 that bears interest at an effective rate of 6.5%, matures on March 17, 2018 and is collateralized by a trust deed on Lake Square Mall. At June 30, 2017 and December 31, 2016, the note had a balance of $6,253 and $6,284, respectively.

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Deferred Charges and Other Assets, net

6 Months Ended

Jun. 30, 2017

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

Deferred Charges and Other Assets, net

Deferred Charges and Other Assets, net:

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

	June 30, 2017			December 31, 2016
Leasing	$	225,933		$	239,983
Intangible assets:
In-place lease values	114,999			140,437
Leasing commissions and legal costs	28,242			32,384
Above-market leases	172,473			181,851
Deferred tax assets	47,833			38,301
Deferred compensation plan assets	47,205			42,711
Other assets	60,222			72,206
	696,907			747,873
Less accumulated amortization(1)	(244,627		)	(269,815		)
	$	452,280		$	478,058

(1) Accumulated amortization includes $74,239 and $88,785 relating to in-place lease values, leasing commissions and legal costs at June 30, 2017 and December 31, 2016, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $5,545 and $8,203 for the three months endedJune 30, 2017 and 2016, respectively, and $11,549 and $17,050 for the six months endedJune 30, 2017 and 2016, respectively.

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

	June 30, 2017			December 31, 2016
Above-Market Leases
Original allocated value	$	172,473		$	181,851
Less accumulated amortization	(57,813		)	(57,505		)
	$	114,660		$	124,346
Below-Market Leases(1)
Original allocated value	$	129,893		$	144,713
Less accumulated amortization	(55,052		)	(58,400		)
	$	74,841		$	86,313

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

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Mortgage Notes Payable

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Mortgage Notes Payable

Mortgage Notes Payable:

Mortgage notes payable at June 30, 2017 and December 31, 2016 consist of the following:

	Carrying Amount of Mortgage Notes(1)
	June 30, 2017				December 31, 2016
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	—	$	199,868	$	—	$	199,833	3.77	%	$	625	2019
Danbury Fair Mall	106,287		106,286		107,929		107,928		5.53	%	1,538		2020
Fashion Outlets of Chicago(6)	—		199,137		—		198,966		2.44	%	380		2020
Fashion Outlets of Niagara Falls USA	—		114,272		—		115,762		4.89	%	727		2020
Freehold Raceway Mall(5)	—		218,479		—		220,643		4.20	%	1,132		2018
Fresno Fashion Fair	—		323,159		—		323,062		3.67	%	971		2026
Green Acres Mall	—		294,598		—		297,798		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		452,121		—		456,958		3.67	%	2,229		2019
Northgate Mall(7)	—		—		—		63,434		—		—		—
Oaks, The	—		199,007		—		201,235		4.14	%	1,064		2022
Pacific View	—		125,868		—		127,311		4.08	%	668		2022
Queens Center	—		600,000		—		600,000		3.49	%	1,744		2025
Santa Monica Place	—		216,858		—		219,564		2.99	%	1,004		2018
SanTan Village Regional Center	—		126,220		—		127,724		3.14	%	589		2019
Stonewood Center	—		96,528		—		99,520		1.80	%	640		2017
Towne Mall	—		21,367		—		21,570		4.48	%	117		2022
Tucson La Encantada	67,750		—		68,513		—		4.23	%	368		2022
Victor Valley, Mall of	—		114,588		—		114,559		4.00	%	380		2024
Vintage Faire Mall	—		266,534		—		269,228		3.55	%	1,256		2026
Westside Pavilion	—		142,458		—		143,881		4.49	%	783		2022
	$	174,037	$	3,817,348	$	176,442	$	3,908,976

(1) The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Debt premiums (discounts) consist of the following:

Property Pledged as Collateral	June 30, 2017		December 31, 2016
Fashion Outlets of Niagara Falls USA	$	3,094	$	3,558
Stonewood Center	955		2,349
	$	4,049	$	5,907

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 $11,059 and $12,716 at June 30, 2017 and December 31, 2016, respectively.

(2) The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs.

(3) The monthly debt service represents the payment of principal and interest.

(4) The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.

(5) A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10—Co-Venture Arrangement).

(6) The loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020. At June 30, 2017 and December 31, 2016, the total interest rate was 2.44% and 2.43%, respectively.

(7) On January 18, 2017, the loan was paid off in connection with the sale of the underlying property (See Note 14—Dispositions).

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

The Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company.

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

Total interest expense capitalized was $3,343 and $2,562 for the three months endedJune 30, 2017 and 2016, respectively, and $5,977 and $4,865 for the six months endedJune 30, 2017 and 2016, respectively.

Related party mortgage notes payable are amounts due to an affiliate of NML. See Note 16—Related Party Transactions for interest expense associated with loans from NML.

The estimated fair value (Level 2 measurement) of mortgage notes payable at June 30, 2017 and December 31, 2016 was $4,019,860 and $4,126,819, 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.

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Bank and Other Notes Payable

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Bank and Other Notes Payable

Bank and Other Notes Payable:

Bank and other notes payable consist of the following:

Line of Credit:

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

Based on the Company's leverage level as of June 30, 2017, the borrowing rate on the facility was LIBOR plus 1.45%. As of June 30, 2017 and December 31, 2016, borrowings under the line of credit, were $1,000,000 and $885,000, respectively, less unamortized deferred finance costs of $8,804 and $10,039, respectively, at a total interest rate of 2.68% and 2.40%, respectively. The estimated fair value (Level 2 measurement) of the line of credit at June 30, 2017 and December 31, 2016 was $979,140 and $865,921, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt.

Prasada Note:

On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and matures on May 30, 2021. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At June 30, 2017 and December 31, 2016, the note had a balance of $4,933 and $5,521, respectively. The estimated fair value (Level 2 measurement) of the note at June 30, 2017 and December 31, 2016 was $5,086 and $5,786, respectively, based on current interest rates for comparable notes. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the collateral for the underlying debt.

As of June 30, 2017 and December 31, 2016, the Company was in compliance with all applicable financial loan covenants.

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Co-Venture Arrangement

6 Months Ended

Jun. 30, 2017

Co-Venture Arrangement

Co-Venture Arrangement

Co-Venture Arrangement:

On September 30, 2009, the Company formed a joint venture, whereby a third party acquired a 49.9% interest in Freehold Raceway Mall, a 1,671,000 square foot regional shopping center in Freehold, New Jersey, and Chandler Fashion Center, a 1,318,000 square foot regional shopping center in Chandler, Arizona.

As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the venture formation, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The transaction has been accounted for as a profit-sharing arrangement, and accordingly the assets, liabilities and operations of the properties remain on the books of the Company and a co-venture obligation was established for the amount of $168,154, representing the net cash proceeds received from the third party. The co-venture obligation is increased for the allocation of income to the co-venture partner and decreased for distributions to the co-venture partner. The co-venture obligation was $59,647 and $58,973 at June 30, 2017 and December 31, 2016, respectively.

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Noncontrolling Interests

6 Months Ended

Jun. 30, 2017

Noncontrolling Interest [Abstract]

Noncontrolling Interests

Noncontrolling Interests:

The Company allocates net income of the Operating Partnership based on the weighted average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 93% ownership interest in the Operating Partnership as of June 30, 2017 and December 31, 2016. The remaining 7% limited partnership interest as of June 30, 2017 and December 31, 2016 was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of June 30, 2017 and December 31, 2016, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $601,404 and $733,141, respectively.

The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity.

Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.

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Stockholders' Equity

6 Months Ended

Jun. 30, 2017

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity:

2015 Stock Buyback Program:

On September 30, 2015, the Company's Board of Directors authorized the repurchase of up to $1,200,000 of the Company's outstanding common shares over the period ending September 30, 2017, as market conditions warranted.

On November 12, 2015, the Company entered into an accelerated share repurchase program ("ASR") to repurchase $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,140,788 shares. On January 19, 2016, the ASR was completed and the Company received delivery of an additional 970,609 shares. The average price of the 5,111,397 shares repurchased under the ASR was $78.26 per share. The ASR was funded from proceeds in connection with the financing and sale of a 40% ownership interest in the PPR Portfolio.

On February 17, 2016, the Company entered into an ASR to repurchase an additional $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,222,193 shares. On April 19, 2016, the ASR was completed and the Company received delivery of an additional 861,235 shares. The average price of the 5,083,428 shares repurchased under the ASR was $78.69 per share. The ASR was funded from borrowings under the Company's line of credit, which had been paid down from the proceeds from the financings and sale of ownership interests in Arrowhead Towne Center and the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures).

On May 9, 2016, the Company entered into an ASR to repurchase the remaining $400,000 of the Company's common stock authorized for repurchase. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 3,964,812 shares. On July 11, 2016, the ASR was completed and the Company received delivery of an additional 1,104,162 shares. The average price of the 5,068,974 shares repurchased under the ASR was $78.91 per share. The ASR was funded from borrowings under the Company's line of credit, which had been paid down from the proceeds from the financings and sale of ownership interests in Arrowhead Towne Center and the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures).

2017 Stock Buyback Program:

On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including ASR transactions, or other methods of acquiring shares and pursuant to Rule 10b5-1 of the Securities Act of 1934, from time to time as permitted by securities laws and other legal requirements.

During the period from February 12, 2017 to June 30, 2017, the Company repurchased a total of 2,885,373 of its common shares for $181,740, representing an average price of $62.96 per share. The Company funded the repurchases from the net proceeds of the sale of Cascade Mall and Northgate Mall (See Note 14—Dispositions), its share of the proceeds from the sale of an office building at Country Club Plaza (See Note 4—Investments in Unconsolidated Joint Ventures) and from borrowings under its line of credit.

Special Dividends:

On October 30, 2015, the Company declared two special dividends/distributions ("Special Dividend"), each of $2.00 per share of common stock and per OP Unit. The first Special Dividend was paid on December 8, 2015 to common stockholders and OP Unit holders of record on November 12, 2015. The second Special Dividend was paid on January 6, 2016 to common stockholders and OP Unit holders of record on November 12, 2015. The Special Dividends were funded from proceeds in connection with the financing and sale of ownership interests in the PPR Portfolio and Arrowhead Towne Center (See Note 4—Investments in Unconsolidated Joint Ventures).

At-The-Market Stock Offering Program ("ATM Program"):

On August 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 Shares”). Sales of the ATM Shares can be made in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an “at the market” offering, which includes sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange. The Company agreed to pay each sales agent a commission that was not to exceed, but could have been lower than, 2% of the gross proceeds of the ATM Shares sold through such sales agent under the distribution agreement.

As of June 30, 2017, $500,000 of the ATM Shares were available to be sold under the ATM Program. Actual future sales of the ATM Shares under the ATM Program will depend upon a variety of factors including but not limited to market conditions, the trading price of the Company's common stock and the Company's capital needs. The ATM program will expire by its terms in August 2017.

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Acquisitions

6 Months Ended

Jun. 30, 2017

Business Combinations [Abstract]

Acquisitions

Acquisitions:

Fashion Outlets of Chicago:

On October 31, 2014, the Company purchased the outside ownership interest in its consolidated joint venture in Fashion Outlets of Chicago for $69,987. The purchase price was funded by a cash payment of $55,867 and the settlement of the balance on notes receivables of $14,120. The purchase agreement included contingent consideration based on the financial performance of Fashion Outlets of Chicago at an agreed upon date in 2016. On August 19, 2016, the Company paid $23,800 in full settlement of the contingent consideration obligation.

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Dispositions

6 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

Dispositions:

The following are recent dispositions of properties:

On April 13, 2016, the Company sold Capitola Mall, a 586,000 square foot regional shopping center in Capitola, California, for $93,000, resulting in a gain on the sale of assets of $24,894. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes.

On May 31, 2016, the Company sold a former Mervyn's store in Yuma, Arizona, for $3,200, resulting in a loss on the sale of assets of $3,066. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes.

On July 15, 2016, the Company conveyed Flagstaff Mall, a 347,000 square foot regional shopping center in Flagstaff, Arizona, to the mortgage lender by a deed-in-lieu of foreclosure and was discharged from the mortgage note payable. The loan was non-recourse to the Company. As a result, the Company recognized a gain on the extinguishment of debt of $5,284.

On January 18, 2017, the Company sold Cascade Mall, a 589,000 square foot regional shopping center in Burlington, Washington; and Northgate Mall, a 750,000 square foot regional shopping center in San Rafael, California, in a combined transaction for $170,000, resulting in a gain on the sale of assets of $59,698. 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 12—Stockholders' Equity).

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies:

The Company has certain properties that are subject to non-cancelable operating ground leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. Ground lease rent expense was $2,592 and $2,406 for the three months endedJune 30, 2017 and 2016, respectively, and $5,168 and $4,917 for the six months endedJune 30, 2017 and 2016, respectively. No contingent rent was incurred during the three and six months endedJune 30, 2017 or 2016.

As of June 30, 2017, the Company was contingently liable for $61,002 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company.

The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the agreements. At June 30, 2017, the Company had $73,843 in outstanding obligations which it believes will be settled in the next twelve months.

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Related Party Transactions

6 Months Ended

Jun. 30, 2017

Related Party Transactions [Abstract]

Related-Party Transactions

Related Party Transactions:

Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses.

The following are fees charged to unconsolidated joint ventures:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2017		2016		2017		2016
Management fees	$	4,685	$	5,016	$	9,165	$	8,969
Development and leasing fees	2,721		4,236		7,991		7,197
	$	7,406	$	9,252	$	17,156	$	16,166

Certain mortgage notes on the properties are held by NML (See Note 8—Mortgage Notes Payable). Interest expense in connection with these notes was $2,181 and $2,256 for the three months endedJune 30, 2017 and 2016, respectively, and $4,392 and $4,528 for the six months endedJune 30, 2017 and 2016, respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $726 and $736 at June 30, 2017 and December 31, 2016, respectively.

Due from (to) affiliates includes unreimbursed and/or prepaid costs and fees from unconsolidated joint ventures due to (from) the Management Companies. As of June 30, 2017 and December 31, 2016, the amounts due from (to) the unconsolidated joint ventures was $5,952 and $(6,809), respectively.

In addition, due from affiliates at June 30, 2017 and December 31, 2016 included a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and matures on May 30, 2021. Interest income earned on this note was $68 and $97 for the three months endedJune 30, 2017 and 2016, respectively, and $138 and $214 for the six months endedJune 30, 2017 and 2016, respectively. The balance on this note was $4,933 and $5,593 at June 30, 2017 and December 31, 2016, respectively. RED is considered a related party because it is a partner in a joint venture development project. The note is collateralized by RED's membership interest in the development project.

Also included in due from affiliates is a note receivable from Lennar Corporation that bears interest at LIBOR plus 2% and matures upon the completion of certain milestones in connection with the development of Fashion Outlets of San Francisco. Interest income earned on this note was $607 and $525 for the three months endedJune 30, 2017 and 2016, respectively, and $1,218 and $1,046 for the six months endedJune 30, 2017 and 2016, respectively. The balance on this note was $70,660 and $69,443 at June 30, 2017 and December 31, 2016, respectively. Lennar Corporation is considered a related party because it is a joint venture partner in Fashion Outlets of San Francisco.

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Share and Unit-Based Plans

6 Months Ended

Jun. 30, 2017

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

Share and Unit-Based Plans

Share and Unit-Based Plans:

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

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

On January 1, 2017, the Company granted 66,079 LTIP Units with a grant date fair value of $70.84 per LTIP Unit that will vest in equal annual installments over a service period ending December 31, 2019. Concurrently, the Company granted 297,849market-indexed LTIP Units ("2017 LTIP Units") at a grant date fair value of $47.15 per LTIP Unit that vest over a service period ending December 31, 2019. The fair value of the 2017 LTIP Units was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.49% and an expected volatility of 20.75%.

On March 3, 2017, the Company granted 134,742 LTIP Units at a fair value of $66.57 per LTIP Unit that were fully vested on the grant date.

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

On June 1, 2017, the Company granted 1,522 LTIP Units with a grant date fair value of $58.31 per LTIP Unit that will vest in equal annual installments over a service period ending May 29, 2020. Concurrently, the Company granted 6,714 market-indexed LTIP Units at a grant date fair value of $39.66 per LTIP Unit that vest over a service period ending May 29, 2020. The fair value of the market-indexed LTIP Units was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.45% and an expected volatility of 21.40%.

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

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2017		2016		2017		2016
LTIP Units	$	5,242	$	5,149	$	19,623	$	22,548
Stock awards	—		—		—		20
Stock units	1,333		1,002		3,945		4,374
Stock options	15		4		19		8
Phantom stock units	183		194		360		798
	$	6,773	$	6,349	$	23,947	$	27,748

The Company capitalized share and unit-based compensation costs of $926 and $781 for the three months endedJune 30, 2017 and 2016, respectively, and $4,295 and $5,740 for the six months endedJune 30, 2017 and 2016, respectively. Unrecognized compensation costs of share and unit-based plans at June 30, 2017 consisted of $10,823 from LTIP Units, $5,545 from stock units, $242 from stock options and $560 from phantom stock units.

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

	LTIP Units				Phantom Stock Units				Stock Units
	Units		Value(1)		Units		Value(1)		Units		Value(1)
Balance at January 1, 2017	322,572		$	58.18	5,845		$	81.47	148,428		$	78.53
Granted	506,906		55.33		6,772		71.73		85,979		66.53
Vested	(134,742	)	66.57		(5,268	)	76.29		(78,573	)	75.79
Balance at June 30, 2017	694,736		$	54.48	7,349		$	76.20	155,834		$	73.28

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

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

	SARs			Stock Options
	Units	Value(1)		Units	Value(1)
Balance at January 1, 2017	284,146	$	53.85	10,565	$	56.77
Granted	—	—		25,000	57.55
Exercised	—	—		—	—
Balance at June 30, 2017	284,146	$	53.85	35,565	$	57.32

(1) Value represents the weighted average exercise price.

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Income Taxes

6 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes:

The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its qualified REIT subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC.

The income tax provision of the TRSs are as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017		2016
Current	$	—		$	—		$	—	$	—
Deferred	(437		)	(514		)	3,047		(1,831		)
Income tax (expense) benefit	$	(437	)	$	(514	)	$	3,047	$	(1,831	)

The net operating loss carryforwards are currently scheduled to expire through 2035, beginning in 2024. Net deferred tax assets of $47,833 and $38,301 were included in deferred charges and other assets, net at June 30, 2017 and December 31, 2016, respectively.

The tax years 2012 through 2016 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next twelve months.

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Subsequent Events

6 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events:

On August 4, 2017, the Company announced a dividend/distribution of $0.71 per share for common stockholders and OP Unit holders of record on August 18, 2017. All dividends/distributions will be paid 100% in cash on September 7, 2017.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation:

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

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

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

	June 30, 2017		December 31, 2016
Assets:
Property, net	$	302,822	$	307,582
Other assets	68,781		68,863
Total assets	$	371,603	$	376,445
Liabilities:
Mortgage notes payable	$	131,153	$	133,245
Other liabilities	75,548		75,913
Total liabilities	$	206,701	$	209,158

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

The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2016 has been derived from the audited financial statements but does not include all disclosures required by GAAP.

Recent Accounting Pronouncements

Recent Accounting Pronouncements:

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09, “Revenue From Contracts With Customers,” which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company has evaluated each of its revenue streams and related accounting policies under the standard. The standard will initially apply to the Company's recognition of minimum rents, percentage rents and other revenues. This standard will not apply to the Company's recognition of tenant recoveries until January 1, 2019, when it adopts ASU 2016-02, "Leases (Topic 842)", as discussed below. The Company expects to adopt this standard on a modified retrospective basis and does not expect that it will significantly impact its consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard may result in certain of these costs being expensed as incurred after adoption.

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

In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718)," which amended the accounting for share-based payments, including the income tax consequences, classification of awards and classification on the statement of cash flows. The Company's adoption of this standard on January 1, 2017 under the modified retrospective method resulted in the recognition of excess tax benefits of $6,484 as a cumulative effect adjustment, which reduced its accumulated deficit and increased its deferred tax assets by the same amount.

In August 2016, the FASB issued ASU 2016-15, "Statement of Cash flows (Topic 230)," which amended the accounting for the statement of cash flows by providing guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company's adoption of this standard on January 1, 2017 resulted in the reclassification of $12,028 of debt extinguishment costs from operating activities to financing activities on its consolidated statement of cash flows for the six months endedJune 30, 2016.

Recent Accounting Pronouncements: (Continued)

On November 17, 2016, the FASB issued ASU 2016-18, “Restricted Cash,” which requires that the statement of cash flows explain the change during a reporting period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. This standard states that transfers between cash, cash equivalents, and restricted cash are not part of the entity’s operating, investing, and financing activities. Therefore, restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for the Company beginning January 1, 2018 with early adoption permitted. The Company does not believe that the adoption of ASU 2016-18 will have a significant impact on its consolidated statements of cash flows.

On January 5, 2017, the FASB issued ASU 2017-01, “Business Combinations,” which clarifies the definition of a business. The objective of the standard is to add further guidance that assists entities in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the set of transferred assets and activities are not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. ASU 2017-01 is effective for the Company beginning January 1, 2018 with early adoption permitted using a prospective transition method. The Company does not believe that the adoption of 2017-01 will have a significant impact on its consolidated financial statements.

In February 2017, the FASB issued ASU No. 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets,” which clarifies the scope of asset derecognition and adds further guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The Company is required to adopt ASU 2017-05 beginning January 1, 2018 with early adoption permitted. The Company does not believe that the adoption of ASU No. 2017-05 will have a significant impact on its consolidated financial statements.

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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Schedule of variable interest entities

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

	June 30, 2017		December 31, 2016
Assets:
Property, net	$	302,822	$	307,582
Other assets	68,781		68,863
Total assets	$	371,603	$	376,445
Liabilities:
Mortgage notes payable	$	131,153	$	133,245
Other liabilities	75,548		75,913
Total liabilities	$	206,701	$	209,158

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Earnings per Share ("EPS") (Tables)

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Reconciliation of numerator and denominator used in computation of earnings per share

The following table reconciles the numerator and denominator used in the computation of EPS for the three and six months endedJune 30, 2017 and 2016 (shares in thousands):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
Numerator
Net income	$	29,052		$	49,434		$	103,861		$	500,809
Net income attributable to noncontrolling interests	(2,414		)	(4,212		)	(7,980		)	(34,672		)
Net income attributable to the Company	26,638			45,222			95,881			466,137
Allocation of earnings to participating securities	(188		)	(170		)	(375		)	(557		)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$	26,450		$	45,052		$	95,506		$	465,580
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding	141,695			146,644			142,640			149,314
Effect of dilutive securities(1):
Share and unit-based compensation plans	33			125			47			145
Denominator for diluted EPS—weighted average number of common shares outstanding	141,728			146,769			142,687			149,459
Earnings per common share—net income attributable to common stockholders:
Basic	$	0.19		$	0.31		$	0.67		$	3.12
Diluted	$	0.19		$	0.31		$	0.67		$	3.12

(1) Diluted EPS excludes 90,619 and 138,759 convertible preferred partnership units for the three months endedJune 30, 2017 and 2016, respectively, and 90,619 and 138,759 convertible preferred partnership units for the six months endedJune 30, 2017 and 2016, respectively, as their impact was antidilutive.

Diluted EPS excludes 10,526,547 and 10,833,354 Operating Partnership units ("OP Units") for the three months endedJune 30, 2017 and 2016, respectively, and 10,558,809 and 10,826,849 OP Units for the six months endedJune 30, 2017 and 2016, respectively, as their impact was antidilutive.

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Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2017

Equity Method Investments and Joint Ventures [Abstract]

Combined and condensed balance sheets of unconsolidated joint ventures

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:

	June 30, 2017			December 31, 2016
Assets(1):
Property, net	$	9,092,493		$	9,176,642
Other assets	647,492			614,607
Total assets	$	9,739,985		$	9,791,249
Liabilities and partners' capital(1):
Mortgage and other notes payable(2)	$	5,324,700		$	5,224,713
Other liabilities	435,822			403,369
Company's capital	2,174,786			2,279,819
Outside partners' capital	1,804,677			1,883,348
Total liabilities and partners' capital	$	9,739,985		$	9,791,249
Investments in unconsolidated joint ventures:
Company's capital	$	2,174,786		$	2,279,819
Basis adjustment(3)	(573,345		)	(584,887		)
	$	1,601,441		$	1,694,932
Assets—Investments in unconsolidated joint ventures	$	1,696,572		$	1,773,558
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(95,131		)	(78,626		)
	$	1,601,441		$	1,694,932

(1) These amounts include the assets of $3,126,583 and $3,179,255 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2017 and December 31, 2016, respectively, and liabilities of $1,881,513 and $1,887,952 of the PPR Portfolio as of June 30, 2017 and December 31, 2016, respectively.

(2) Included in mortgage and other notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $487,077 and $265,863 as of June 30, 2017 and December 31, 2016, respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense on these borrowings was $4,929 and $4,992 for the three months endedJune 30, 2017 and 2016, respectively, and $8,089 and $11,358 for the six months endedJune 30, 2017 and 2016, respectively.

(3) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $4,197 and $4,669 for the three months endedJune 30, 2017 and 2016, respectively, and $8,224 and $9,126 for the six months endedJune 30, 2017 and 2016, respectively.

Combined and condensed statements of operations of unconsolidated joint ventures

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

	PPR Portfolio			Other Joint Ventures			Total
Three Months Ended June 30, 2017
Revenues:
Minimum rents	$	32,045		$	126,765		$	158,810
Percentage rents	221			2,126			2,347
Tenant recoveries	11,373			46,119			57,492
Other	1,402			13,017			14,419
Total revenues	45,041			188,027			233,068
Expenses:
Shopping center and operating expenses	9,711			58,886			68,597
Interest expense	16,675			32,976			49,651
Depreciation and amortization	24,802			62,090			86,892
Total operating expenses	51,188			153,952			205,140
Loss on sale of assets	—			(2		)	(2		)
Net (loss) income	$	(6,147	)	$	34,073		$	27,926
Company's equity in net (loss) income	$	(1,034	)	$	17,970		$	16,936
Three Months Ended June 30, 2016
Revenues:
Minimum rents	$	31,474		$	119,664		$	151,138
Percentage rents	343			2,624			2,967
Tenant recoveries	11,919			46,652			58,571
Other	689			12,752			13,441
Total revenues	44,425			181,692			226,117
Expenses:
Shopping center and operating expenses	9,314			58,930			68,244
Interest expense	16,055			31,266			47,321
Depreciation and amortization	26,796			60,764			87,560
Total operating expenses	52,165			150,960			203,125
Gain on sale of assets	—			5			5
Net (loss) income	$	(7,740	)	$	30,737		$	22,997
Company's equity in net (loss) income	$	(1,730	)	$	16,346		$	14,616

	PPR Portfolio			Other Joint Ventures		Total
Six Months Ended June 30, 2017
Revenues:
Minimum rents	$	65,581		$	250,268	$	315,849
Percentage rents	951			3,864		4,815
Tenant recoveries	22,812			94,034		116,846
Other	2,428			24,528		26,956
Total revenues	91,772			372,694		464,466
Expenses:
Shopping center and operating expenses	19,471			121,081		140,552
Interest expense	33,401			65,255		98,656
Depreciation and amortization	51,078			124,969		176,047
Total operating expenses	103,950			311,305		415,255
(Loss) gain on sale or write down of assets, net	(35		)	4,579		4,544
Net (loss) income	$	(12,213	)	$	65,968	$	53,755
Company's equity in net (loss) income	$	(1,996	)	$	34,775	$	32,779
Six Months Ended June 30, 2016
Revenues:
Minimum rents	$	62,057		$	226,037	$	288,094
Percentage rents	1,102			4,377		5,479
Tenant recoveries	23,895			90,095		113,990
Other	3,527			23,104		26,631
Total revenues	90,581			343,613		434,194
Expenses:
Shopping center and operating expenses	19,100			112,228		131,328
Interest expense	31,269			59,004		90,273
Depreciation and amortization	54,880			117,297		172,177
Total operating expenses	105,249			288,529		393,778
Net (loss) income	$	(14,668	)	$	55,084	$	40,416
Company's equity in net (loss) income	$	(2,974	)	$	29,250	$	26,276

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Property, net (Tables)

6 Months Ended

Jun. 30, 2017

Real Estate [Abstract]

Components of property

Property, net consists of the following:

	June 30, 2017			December 31, 2016
Land	$	1,582,191		$	1,607,590
Buildings and improvements	6,408,362			6,511,741
Tenant improvements	610,084			622,878
Equipment and furnishings	180,735			177,036
Construction in progress	321,142			289,966
	9,102,514			9,209,211
Less accumulated depreciation	(1,904,231		)	(1,851,901		)
	$	7,198,283		$	7,357,310

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Deferred Charges and Other Assets, net (Tables)

6 Months Ended

Jun. 30, 2017

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

Schedule of deferred charges and other assets, net

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

	June 30, 2017			December 31, 2016
Leasing	$	225,933		$	239,983
Intangible assets:
In-place lease values	114,999			140,437
Leasing commissions and legal costs	28,242			32,384
Above-market leases	172,473			181,851
Deferred tax assets	47,833			38,301
Deferred compensation plan assets	47,205			42,711
Other assets	60,222			72,206
	696,907			747,873
Less accumulated amortization(1)	(244,627		)	(269,815		)
	$	452,280		$	478,058

(1) Accumulated amortization includes $74,239 and $88,785 relating to in-place lease values, leasing commissions and legal costs at June 30, 2017 and December 31, 2016, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $5,545 and $8,203 for the three months endedJune 30, 2017 and 2016, respectively, and $11,549 and $17,050 for the six months endedJune 30, 2017 and 2016, respectively.

Allocated values of above-market leases and below-market leases

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

	June 30, 2017			December 31, 2016
Above-Market Leases
Original allocated value	$	172,473		$	181,851
Less accumulated amortization	(57,813		)	(57,505		)
	$	114,660		$	124,346
Below-Market Leases(1)
Original allocated value	$	129,893		$	144,713
Less accumulated amortization	(55,052		)	(58,400		)
	$	74,841		$	86,313

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

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Mortgage Notes Payable (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Mortgage notes payable

Mortgage notes payable at June 30, 2017 and December 31, 2016 consist of the following:

	Carrying Amount of Mortgage Notes(1)
	June 30, 2017				December 31, 2016
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	—	$	199,868	$	—	$	199,833	3.77	%	$	625	2019
Danbury Fair Mall	106,287		106,286		107,929		107,928		5.53	%	1,538		2020
Fashion Outlets of Chicago(6)	—		199,137		—		198,966		2.44	%	380		2020
Fashion Outlets of Niagara Falls USA	—		114,272		—		115,762		4.89	%	727		2020
Freehold Raceway Mall(5)	—		218,479		—		220,643		4.20	%	1,132		2018
Fresno Fashion Fair	—		323,159		—		323,062		3.67	%	971		2026
Green Acres Mall	—		294,598		—		297,798		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		452,121		—		456,958		3.67	%	2,229		2019
Northgate Mall(7)	—		—		—		63,434		—		—		—
Oaks, The	—		199,007		—		201,235		4.14	%	1,064		2022
Pacific View	—		125,868		—		127,311		4.08	%	668		2022
Queens Center	—		600,000		—		600,000		3.49	%	1,744		2025
Santa Monica Place	—		216,858		—		219,564		2.99	%	1,004		2018
SanTan Village Regional Center	—		126,220		—		127,724		3.14	%	589		2019
Stonewood Center	—		96,528		—		99,520		1.80	%	640		2017
Towne Mall	—		21,367		—		21,570		4.48	%	117		2022
Tucson La Encantada	67,750		—		68,513		—		4.23	%	368		2022
Victor Valley, Mall of	—		114,588		—		114,559		4.00	%	380		2024
Vintage Faire Mall	—		266,534		—		269,228		3.55	%	1,256		2026
Westside Pavilion	—		142,458		—		143,881		4.49	%	783		2022
	$	174,037	$	3,817,348	$	176,442	$	3,908,976

(1) The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Debt premiums (discounts) consist of the following:

Property Pledged as Collateral	June 30, 2017		December 31, 2016
Fashion Outlets of Niagara Falls USA	$	3,094	$	3,558
Stonewood Center	955		2,349
	$	4,049	$	5,907

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 $11,059 and $12,716 at June 30, 2017 and December 31, 2016, respectively.

(2) The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs.

(3) The monthly debt service represents the payment of principal and interest.

(4) The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.

(5) A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10—Co-Venture Arrangement).

(6) The loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020. At June 30, 2017 and December 31, 2016, the total interest rate was 2.44% and 2.43%, respectively.

(7) On January 18, 2017, the loan was paid off in connection with the sale of the underlying property (See Note 14—Dispositions).

Debt premiums (discounts) on mortgage notes payable

Debt premiums (discounts) consist of the following:

Property Pledged as Collateral	June 30, 2017		December 31, 2016
Fashion Outlets of Niagara Falls USA	$	3,094	$	3,558
Stonewood Center	955		2,349
	$	4,049	$	5,907

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Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2017

Related Party Transactions [Abstract]

Schedule of fees charged to unconsolidated joint ventures

The following are fees charged to unconsolidated joint ventures:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2017		2016		2017		2016
Management fees	$	4,685	$	5,016	$	9,165	$	8,969
Development and leasing fees	2,721		4,236		7,991		7,197
	$	7,406	$	9,252	$	17,156	$	16,166

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Share and Unit-Based Plans (Tables)

6 Months Ended

Jun. 30, 2017

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

Compensation cost under the share and unit-based plans

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

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2017		2016		2017		2016
LTIP Units	$	5,242	$	5,149	$	19,623	$	22,548
Stock awards	—		—		—		20
Stock units	1,333		1,002		3,945		4,374
Stock options	15		4		19		8
Phantom stock units	183		194		360		798
	$	6,773	$	6,349	$	23,947	$	27,748

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

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

	LTIP Units				Phantom Stock Units				Stock Units
	Units		Value(1)		Units		Value(1)		Units		Value(1)
Balance at January 1, 2017	322,572		$	58.18	5,845		$	81.47	148,428		$	78.53
Granted	506,906		55.33		6,772		71.73		85,979		66.53
Vested	(134,742	)	66.57		(5,268	)	76.29		(78,573	)	75.79
Balance at June 30, 2017	694,736		$	54.48	7,349		$	76.20	155,834		$	73.28

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

Summary of activity of SARs and stock options outstanding

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

	SARs			Stock Options
	Units	Value(1)		Units	Value(1)
Balance at January 1, 2017	284,146	$	53.85	10,565	$	56.77
Granted	—	—		25,000	57.55
Exercised	—	—		—	—
Balance at June 30, 2017	284,146	$	53.85	35,565	$	57.32

(1) Value represents the weighted average exercise price.

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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Schedule of income tax benefit of TRSs

The income tax provision of the TRSs are as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017		2016
Current	$	—		$	—		$	—	$	—
Deferred	(437		)	(514		)	3,047		(1,831		)
Income tax (expense) benefit	$	(437	)	$	(514	)	$	3,047	$	(1,831	)

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Organization (Details) - entity	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of management companies (in entities)	7
The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership	93.00%	93.00%

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Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jan. 01, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Cumulative effect of adoption of ASU 2016-09				$ 6,484
Deferred tax assets	$ 47,833			38,301
Payment of debt extinguishment costs	0	$ (12,028)
Accumulated Deficit
Variable Interest Entity [Line Items]
Cumulative effect of adoption of ASU 2016-09			$ 6,484	6,484
ASU 2016-09
Variable Interest Entity [Line Items]
Deferred tax assets				6,484
Operating Partnership
Variable Interest Entity [Line Items]
Total assets	371,603			376,445
Total liabilities	206,701			209,158
Operating Partnership | Property, net
Variable Interest Entity [Line Items]
Total assets	302,822			307,582
Operating Partnership | Other assets
Variable Interest Entity [Line Items]
Total assets	68,781			68,863
Operating Partnership | Mortgage notes payable
Variable Interest Entity [Line Items]
Total liabilities	131,153			133,245
Operating Partnership | Other liabilities
Variable Interest Entity [Line Items]
Total liabilities	$ 75,548			$ 75,913

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Earnings per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator
Net income	$ 29,052	$ 49,434	$ 103,861	$ 500,809
Net income attributable to noncontrolling interests	(2,414)	(4,212)	(7,980)	(34,672)
Net income attributable to the Company	26,638	45,222	95,881	466,137
Allocation of earnings to participating securities	(188)	(170)	(375)	(557)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$ 26,450	$ 45,052	$ 95,506	$ 465,580
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding (in shares)	141,695,000	146,644,000	142,640,000	149,314,000
Effect of dilutive securities(1):
Share and unit-based compensation plans (in shares)	33,000	125,000	47,000	145,000
Denominator for diluted EPS—weighted average number of common shares outstanding (in shares)	141,728,000	146,769,000	142,687,000	149,459,000
Earnings per common share—net income attributable to common stockholders:
Basic (in dollars per share)	$ 0.19	$ 0.31	$ 0.67	$ 3.12
Diluted (in dollars per share)	$ 0.19	$ 0.31	$ 0.67	$ 3.12
Convertible non-participating preferred units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from Diluted EPS (in shares)	90,619	138,759	90,619	138,759
Partnership unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from Diluted EPS (in shares)	10,526,547	10,833,354	10,558,809	10,826,849

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Investments in Unconsolidated Joint Ventures - Narrative (Details) ft² in Thousands, $ in Thousands						3 Months Ended		6 Months Ended
	Mar. 17, 2017 USD ($)	Mar. 28, 2016 USD ($)	Mar. 01, 2016 USD ($) ft²	Jan. 14, 2016 USD ($) ft²	Jan. 06, 2016 USD ($) ft²	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016
Investments in unconsolidated joint ventures:
Gain on sale or write down of assets, net						$ (477)	$ 10,915	$ 49,088	$ 445,371
Gain (loss) on remeasurement, sale or write down of assets, net						$ (2)	$ 5	$ 4,544
Office building
Investments in unconsolidated joint ventures:
Gain on sale of building	$ 2,290
Joint Venture | Country Club Plaza
Investments in unconsolidated joint ventures:
Property area (in square feet) | ft²			1,006
Ownership percentage owned (percent)			50.00%
Purchase price			$ 660,000
Purchase price paid through assumption of debt by the Company		$ 320,000	$ 330,000
Effective interest rate		3.88%
Country Club Plaza | Joint Venture | Office building
Investments in unconsolidated joint ventures:
Proceeds from sale of building	78,000
Gain on sale of building	$ 4,580
Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Ownership interest					40.00%		40.00%		40.00%
Property area (in square feet) | ft²					1,197
Proceeds from sale					$ 289,496
Gain on sale or write down of assets, net							$ 101,629
Cash proceeds from sale of business					129,496
Debt proceeds from sale of business					$ 160,000
MAC Heitman Portfolio | Joint Venture
Investments in unconsolidated joint ventures:
Ownership interest				49.00%						49.00%
Proceeds from sale				$ 771,478
Gain on sale or write down of assets, net				340,734
Cash proceeds from sale of business				478,608
Debt proceeds from sale of business				$ 292,870
MAC Heitman Portfolio | Deptford Mall | Joint Venture
Investments in unconsolidated joint ventures:
Property area (in square feet) | ft²				1,039
MAC Heitman Portfolio | FlatIron Crossing | Joint Venture
Investments in unconsolidated joint ventures:
Property area (in square feet) | ft²				1,432
MAC Heitman Portfolio | Twenty Ninth Street | Joint Venture
Investments in unconsolidated joint ventures:
Property area (in square feet) | ft²				847

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Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets:
Property, net	$ 9,092,493	$ 9,176,642
Other assets	647,492	614,607
Total assets	9,739,985	9,791,249
Liabilities and partners' capital:
Mortgage notes payable	5,324,700	5,224,713
Other liabilities	435,822	403,369
Company's capital	2,174,786	2,279,819
Outside partners' capital	1,804,677	1,883,348
Total liabilities and partners' capital	9,739,985	9,791,249
Investments in unconsolidated joint ventures:
Company's capital	2,174,786	2,279,819
Basis adjustment	(573,345)	(584,887)
Investments in unconsolidated joint ventures	1,601,441	1,694,932
Assets—Investments in unconsolidated joint ventures	1,696,572	1,773,558
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(95,131)	(78,626)
Investments in unconsolidated joint ventures	$ 1,601,441	$ 1,694,932

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Investments in Unconsolidated Joint Ventures - Balance Sheet Footnotes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Investments in unconsolidated joint ventures:
Total assets	$ 9,739,985		$ 9,739,985		$ 9,791,249
Amortization of difference between cost of investments and book value of underlying equity	4,197	$ 4,669	8,224	$ 9,126
Northwestern Mutual Life (NML)
Investments in unconsolidated joint ventures:
Mortgage notes payable to affiliate	487,077		487,077		265,863
Interest expense on borrowings from related party	4,929	$ 4,992	8,089	$ 11,358
PPR Portfolio
Investments in unconsolidated joint ventures:
Total assets	3,126,583		3,126,583		3,179,255
Total liabilities	$ 1,881,513		$ 1,881,513		$ 1,887,952

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Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Minimum rents	$ 158,810	$ 151,138	$ 315,849	$ 288,094
Percentage rents	2,347	2,967	4,815	5,479
Tenant recoveries	57,492	58,571	116,846	113,990
Other	14,419	13,441	26,956	26,631
Total revenues	233,068	226,117	464,466	434,194
Expenses:
Shopping center and operating expenses	68,597	68,244	140,552	131,328
Interest expense	49,651	47,321	98,656	90,273
Depreciation and amortization	86,892	87,560	176,047	172,177
Total operating expenses	205,140	203,125	415,255	393,778
(Loss) gain on sale or write down of assets, net	(2)	5	4,544
Net (loss) income	27,926	22,997	53,755	40,416
Company's equity in net (loss) income	16,936	14,616	32,779	26,276
Pacific Premier Retail LLC
Revenues:
Minimum rents	32,045	31,474	65,581	62,057
Percentage rents	221	343	951	1,102
Tenant recoveries	11,373	11,919	22,812	23,895
Other	1,402	689	2,428	3,527
Total revenues	45,041	44,425	91,772	90,581
Expenses:
Shopping center and operating expenses	9,711	9,314	19,471	19,100
Interest expense	16,675	16,055	33,401	31,269
Depreciation and amortization	24,802	26,796	51,078	54,880
Total operating expenses	51,188	52,165	103,950	105,249
(Loss) gain on sale or write down of assets, net	0	0	(35)
Net (loss) income	(6,147)	(7,740)	(12,213)	(14,668)
Company's equity in net (loss) income	(1,034)	(1,730)	(1,996)	(2,974)
Other Joint Ventures
Revenues:
Minimum rents	126,765	119,664	250,268	226,037
Percentage rents	2,126	2,624	3,864	4,377
Tenant recoveries	46,119	46,652	94,034	90,095
Other	13,017	12,752	24,528	23,104
Total revenues	188,027	181,692	372,694	343,613
Expenses:
Shopping center and operating expenses	58,886	58,930	121,081	112,228
Interest expense	32,976	31,266	65,255	59,004
Depreciation and amortization	62,090	60,764	124,969	117,297
Total operating expenses	153,952	150,960	311,305	288,529
(Loss) gain on sale or write down of assets, net	(2)	5	4,579
Net (loss) income	34,073	30,737	65,968	55,084
Company's equity in net (loss) income	$ 17,970	$ 16,346	$ 34,775	$ 29,250

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Property, net - Components of property (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land	$ 1,582,191	$ 1,607,590
Buildings and improvements	6,408,362	6,511,741
Tenant improvements	610,084	622,878
Equipment and furnishings	180,735	177,036
Construction in progress	321,142	289,966
Total	9,102,514	9,209,211
Less accumulated depreciation	(1,904,231)	(1,851,901)
Property, net	$ 7,198,283	$ 7,357,310

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Property, net - Narrative (Details) - USD ($) $ in Thousands					3 Months Ended		6 Months Ended
	Jan. 18, 2017	May 31, 2016	Apr. 13, 2016	Jan. 14, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2016	Jan. 06, 2016
Property, Plant and Equipment [Line Items]
Depreciation expense					$ 69,364	$ 68,175	$ 138,320	$ 138,078
Gain on sale or write down of assets, net					$ (477)	10,915	49,088	445,371
Adjustment to contingent consideration								14,750
Cascade and Northgate Malls
Property, Plant and Equipment [Line Items]
Gain (loss) on disposal	$ 59,698
Write down of investment							(10,138)
Capitola Mall
Property, Plant and Equipment [Line Items]
Gain (loss) on disposal			$ 24,894			24,894		24,894
Freestanding store
Property, Plant and Equipment [Line Items]
Gain (loss) on disposal		$ (3,066)				3,066		$ 3,066
The Marketplace at Flagstaff Mall
Property, Plant and Equipment [Line Items]
Gain (loss) on disposal						(7,188)	$ 7,188
Arrowhead Towne Center
Property, Plant and Equipment [Line Items]
Gain on sale or write down of assets, net						$ 101,629
Ownership interest						40.00%		40.00%		40.00%
MAC Heitman Portfolio | Joint Venture
Property, Plant and Equipment [Line Items]
Gain on sale or write down of assets, net				$ 340,734
Ownership interest				49.00%					49.00%

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Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Mar. 17, 2014
Components of tenant and other receivables, net
Allowance for doubtful accounts	$ 2,996	$ 1,991
Deferred rent receivable due to straight-line rent adjustments	59,226	56,761
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	966	9,509
6.5% Note Receivable
Components of tenant and other receivables, net
Notes receivable	$ 6,253	$ 6,284	$ 6,500
Note receivable, interest rate			6.50%

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Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 225,933		$ 225,933		$ 239,983
Intangible assets:
In-place lease values	114,999		114,999		140,437
Leasing commissions and legal costs	28,242		28,242		32,384
Above-market leases	172,473		172,473		181,851
Deferred tax assets	47,833		47,833		38,301
Deferred compensation plan assets	47,205		47,205		42,711
Other assets	60,222		60,222		72,206
Deferred charges and other assets, gross	696,907		696,907		747,873
Less accumulated amortization	(244,627)		(244,627)		(269,815)
Deferred charges and other assets, net	452,280		452,280		478,058
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization for intangible assets	74,239		74,239		$ 88,785
Amortization expense for intangible assets	$ 5,545	$ 8,203	$ 11,549	$ 17,050

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Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Above-Market Leases
Above-Market Leases
Original allocated value	$ 172,473	$ 181,851
Less accumulated amortization	(57,813)	(57,505)
Allocated value net	114,660	124,346
Below-Market Leases
Below-Market Leases
Original allocated value	129,893	144,713
Less accumulated amortization	(55,052)	(58,400)
Allocated value net	$ 74,841	$ 86,313

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Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	$ 174,037	$ 176,442
Carrying Amount of Mortgage Notes, Other	3,817,348	3,908,976
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 199,868	199,833
Effective interest rate	3.77%
Monthly Debt Service	$ 625
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	106,287	107,929
Carrying Amount of Mortgage Notes, Other	$ 106,286	107,928
Effective interest rate	5.53%
Monthly Debt Service	$ 1,538
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 199,137	198,966
Effective interest rate	2.44%
Monthly Debt Service	$ 380
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 114,272	115,762
Effective interest rate	4.89%
Monthly Debt Service	$ 727
Freehold Raceway Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 218,479	220,643
Effective interest rate	4.20%
Monthly Debt Service	$ 1,132
Fresno Fashion Fair
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 323,159	323,062
Effective interest rate	3.67%
Monthly Debt Service	$ 971
Green Acres Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 294,598	297,798
Effective interest rate	3.61%
Monthly Debt Service	$ 1,447
Kings Plaza Shopping Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 452,121	456,958
Effective interest rate	3.67%
Monthly Debt Service	$ 2,229
Northgate Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 0	63,434
Effective interest rate	0.00%
Monthly Debt Service	$ 0
Oaks, The
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 199,007	201,235
Effective interest rate	4.14%
Monthly Debt Service	$ 1,064
Pacific View
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 125,868	127,311
Effective interest rate	4.08%
Monthly Debt Service	$ 668
Queens Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 600,000	600,000
Effective interest rate	3.49%
Monthly Debt Service	$ 1,744
Santa Monica Place
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 216,858	219,564
Effective interest rate	2.99%
Monthly Debt Service	$ 1,004
SanTan Village Regional Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 126,220	127,724
Effective interest rate	3.14%
Monthly Debt Service	$ 589
Stonewood Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 96,528	99,520
Effective interest rate	1.80%
Monthly Debt Service	$ 640
Towne Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 21,367	21,570
Effective interest rate	4.48%
Monthly Debt Service	$ 117
Tucson La Encantada
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	67,750	68,513
Carrying Amount of Mortgage Notes, Other	$ 0	0
Effective interest rate	4.23%
Monthly Debt Service	$ 368
Victor Valley, Mall of
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 114,588	114,559
Effective interest rate	4.00%
Monthly Debt Service	$ 380
Vintage Faire Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 266,534	269,228
Effective interest rate	3.55%
Monthly Debt Service	$ 1,256
Westside Pavilion
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 142,458	$ 143,881
Effective interest rate	4.49%
Monthly Debt Service	$ 783

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Mortgage Notes Payable - Premiums and Discounts (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Mortgage loans payable on real estate
Debt premiums	$ 4,049	$ 5,907
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Debt premiums	3,094	3,558
Stonewood Center
Mortgage loans payable on real estate
Debt premiums	$ 955	$ 2,349

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Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Mortgage loans payable on real estate
Unamortized deferred finance costs	$ 11,059	$ 12,716
Chandler Fashion Center
Mortgage loans payable on real estate
Percentage of loan assumed by third party	49.90%
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Interest rate spread over basis	1.50%
Effective interest rate		2.43%

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Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Debt Disclosure [Abstract]
Interest expense capitalized	$ 3,343	$ 2,562	$ 5,977	$ 4,865
Fair value of mortgage notes payable	$ 4,019,860		$ 4,019,860		$ 4,126,819

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Bank and Other Notes Payable (Details) - USD ($)		3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 29, 2013	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Mortgage loans payable on real estate
Unamortized deferred finance costs		$ 11,059,000	$ 11,059,000	$ 12,716,000
Line of Credit
Mortgage loans payable on real estate
Revolving line of credit		$ 1,500,000,000	1,500,000,000
Extension option (years)		1 year
Maximum contingent borrowing capacity		$ 2,000,000,000	2,000,000,000
Outstanding borrowings under the line of credit		1,000,000,000	1,000,000,000	885,000,000
Unamortized deferred finance costs		8,804,000	$ 8,804,000	$ 10,039,000
Line of credit, average interest rate			2.68%	2.40%
Line of Credit | Level 2 measurement
Mortgage loans payable on real estate
Fair value of outstanding line of credit		$ 979,140,000	$ 979,140,000	$ 865,921,000
Line of Credit | LIBOR
Mortgage loans payable on real estate
Interest rate spread over basis			1.45%
Line of Credit | LIBOR | Low end of range
Mortgage loans payable on real estate
Interest rate spread over basis		1.30%
Line of Credit | LIBOR | High end of range
Mortgage loans payable on real estate
Interest rate spread over basis		1.90%
Prasada Note
Mortgage loans payable on real estate
Amount of additional borrowing	$ 13,330,000
Interest rate on debt	5.25%
Debt, carrying value		$ 4,933,000	$ 4,933,000	5,521,000
Debt, fair value		$ 5,086,000	$ 5,086,000	$ 5,786,000

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Co-Venture Arrangement (Details) ft² in Thousands, $ in Thousands	Sep. 30, 2009 USD ($) ft²	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($)
Co-Venture Arrangement
Co-venture obligation | $		$ 59,647	$ 58,973
Freehold Raceway Mall and Chandler Fashion Center
Co-Venture Arrangement
Percentage of loan assumed by third party	49.90%
Co-venture obligation | $	$ 168,154
Freehold Raceway Mall
Co-Venture Arrangement
Property area (in square feet) | ft²	1,671
Chandler Fashion Center
Co-Venture Arrangement
Property area (in square feet) | ft²	1,318

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Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Aug. 20, 2014
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partnership interest of the operating partnership	7.00%	7.00%
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Number of trading days used to calculate redemption value	10 days
Redemption value of outstanding OP Units not owned by the Company	$ 601,404	$ 733,141
The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership	93.00%	93.00%

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Stockholders' Equity (Details)								2 Months Ended			5 Months Ended
	Jul. 11, 2016 shares	May 09, 2016 USD ($) shares	Apr. 19, 2016 shares	Feb. 17, 2016 USD ($) shares	Jan. 19, 2016 shares	Nov. 12, 2015 USD ($) shares	Oct. 30, 2015 dividend $ / shares	Jul. 11, 2016 $ / shares shares	Apr. 19, 2016 $ / shares shares	Jan. 19, 2016 $ / shares shares	Jun. 30, 2017 USD ($) $ / shares shares	Feb. 12, 2017 USD ($)	Dec. 31, 2016 $ / shares	Sep. 30, 2015 USD ($)	Aug. 20, 2014 USD ($) $ / shares
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount		$ 400,000,000		$ 400,000,000		$ 400,000,000						$ 500,000,000
Authorized amount for accelerated stock repurchase program		$ 400,000,000		$ 400,000,000		$ 400,000,000
Accelerated shares repurchased (in shares) | shares	1,104,162	3,964,812	861,235	4,222,193	970,609	4,140,788		5,068,974.000	5,083,428	5,111,397
Average price per share paid for stock repurchased for accelerated stock repurchases (in dollars per share) | $ / shares								$ 78.91	$ 78.69	$ 78.26
Total shares acquired (in shares) | shares											2,885,373
Total shares acquired											$ 181,740,000
Average cost of shares acquired (in dollars per share) | $ / shares											$ 62.96
Number of dividends declared | dividend							2
Dividend declared (in dollars per share) | $ / shares							$ 2.00
Common stock, par value (in dollars per share) | $ / shares											$ 0.01		$ 0.01		$ 0.01
Maximum price of common stock available to be issued											$ 500,000,000				$ 500,000,000
Commission percent to sales agent															2.00%
PPR Portfolio | PPR Portfolio
Equity, Class of Treasury Stock [Line Items]
Ownership interest						40.00%
2015 Stock Buyback Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount														$ 1,200,000,000

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Acquisitions - Narrative (Details) - USD ($) $ in Thousands			6 Months Ended
	Aug. 19, 2016	Oct. 31, 2014	Jun. 30, 2016
Acquisition
Contingent consideration			$ 14,750
Fashion Outlets of Chicago | Joint Venture
Acquisition
Purchase price		$ 69,987
Purchase price funded by cash payment on acquisition		55,867
Purchase price paid through assumption of debt by the Company		$ 14,120
Contingent consideration	$ 23,800

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Dispositions (Details) ft² in Thousands, $ in Thousands					3 Months Ended	6 Months Ended
	Jan. 18, 2017 USD ($) ft²	Jul. 15, 2016 USD ($) ft²	May 31, 2016 USD ($)	Apr. 13, 2016 USD ($) ft²	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)
Discontinued Operations:
Gain (loss) on early extinguishment of debt, net						$ 0	$ (3,575)
Flagstaff Mall
Discontinued Operations:
Gain (loss) on early extinguishment of debt, net		$ 5,284
Capitola Mall
Discontinued Operations:
Property area (in square feet) | ft²				586
Proceeds from sale				$ 93,000
Gain (loss) on disposal				$ 24,894	$ 24,894		$ 24,894
Mervyn's
Discontinued Operations:
Proceeds from sale			$ 3,200
Flagstaff Mall
Discontinued Operations:
Property area (in square feet) | ft²		347
Gain (loss) on disposal					$ (7,188)	$ 7,188
Cascade Mall
Discontinued Operations:
Property area (in square feet) | ft²	589
Northgate Mall
Discontinued Operations:
Property area (in square feet) | ft²	750
Cascade and Northgate Malls
Discontinued Operations:
Proceeds from sale	$ 170,000
Gain (loss) on disposal	$ 59,698

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Commitments and Contingencies (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Operating lease rent expense	$ 2,592,000	$ 2,406,000	$ 5,168,000	$ 4,917,000
Contingent rent	0	$ 0	0
Contingent liability under letters of credit	61,002,000		61,002,000
Outstanding obligations under construction agreements	$ 73,843,000		$ 73,843,000

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Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - Unconsolidated Joint Ventures and Third Party Managed Properties - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Related Party Transaction [Line Items]
Management fees	$ 4,685	$ 5,016	$ 9,165	$ 8,969
Development and leasing fees	2,721	4,236	7,991	7,197
Fees charged to unconsolidated joint ventures	$ 7,406	$ 9,252	$ 17,156	$ 16,166

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Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Interest expense, related party	$ 2,181	$ 2,256	$ 4,392	$ 4,528
Due from affiliates	81,545		81,545		$ 68,227
Related parties note receivable, RED Consolidated Holdings, LLC
Related Party Transaction [Line Items]
Due from affiliates	$ 4,933		$ 4,933		5,593
Note receivable, interest rate	5.25%		5.25%
Interest income, related party	$ 68	97	$ 138	214
Northwestern Mutual Life (NML)
Related Party Transaction [Line Items]
Interest expense payable, related party	726		726		736
Unconsolidated Joint Ventures
Related Party Transaction [Line Items]
Due from affiliates	5,952		5,952
Due to affiliates					(6,809)
Affiliated Entity | Notes Receivable | Fashion Outlets of San Francisco
Related Party Transaction [Line Items]
Interest income, related party	607	$ 525	1,218	$ 1,046
Note receivable	$ 70,660		$ 70,660		$ 69,443
Affiliated Entity | Notes Receivable | LIBOR | Fashion Outlets of San Francisco
Related Party Transaction [Line Items]
Note receivable, interest rate	2.00%		2.00%

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Share and Unit-Based Plans - Narrative (Details) $ / shares in Units, $ in Thousands					3 Months Ended		6 Months Ended
	Jun. 01, 2017 $ / shares shares	May 30, 2017 $ / shares shares	Mar. 03, 2017 $ / shares shares	Jan. 01, 2017 $ / shares shares	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) $ / shares shares	Jun. 30, 2016 USD ($)
Share and unit-based plans
Capitalized share and unit-based compensation costs | $					$ 926	$ 781	$ 4,295	$ 5,740
Stock units
Share and unit-based plans
Conversion rate of shares							1
Granted (in shares) | shares							85,979
Average grant date fair value (in dollars per share)							$ 66.53
Unrecognized compensation cost of share and unit-based plans | $					5,545		$ 5,545
LTIP Units
Share and unit-based plans
Conversion rate of shares							1
Granted (in shares) | shares							506,906
Average grant date fair value (in dollars per share)							$ 55.33
Risk free rate	1.45%			1.49%
Volatility	21.40%			20.75%
Unrecognized compensation cost of share and unit-based plans | $					10,823		$ 10,823
LTIP Units | LTIP units that vest in equal installments over a service period ending December 31, 2016
Share and unit-based plans
Granted (in shares) | shares	1,522			66,079
Average grant date fair value (in dollars per share)	$ 58.31			$ 70.84
LTIP Units | Market-Indexed LTIP units that vest in equal installments over a service period ending December 31, 2016
Share and unit-based plans
Granted (in shares) | shares	6,714			297,849
Average grant date fair value (in dollars per share)	$ 39.66			$ 47.15
LTIP Units | LTIP units that are fully vested on the grant date
Share and unit-based plans
Granted (in shares) | shares			134,742
Average grant date fair value (in dollars per share)			$ 66.57
Non-qualified stock options
Share and unit-based plans
Granted (in shares) | shares		25,000
Average grant date fair value (in dollars per share)		$ 10.02
Risk free rate		2.08%
Volatility		30.19%
Dividend yield		4.93%
Current value (in dollars per share)		$ 57.55
Expected term		8 years
Stock options
Share and unit-based plans
Unrecognized compensation cost of share and unit-based plans | $					242		$ 242
Phantom stock units
Share and unit-based plans
Granted (in shares) | shares							6,772
Average grant date fair value (in dollars per share)							$ 71.73
Unrecognized compensation cost of share and unit-based plans | $					$ 560		$ 560

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Share and Unit-Based Plans - Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 6,773	$ 6,349	$ 23,947	$ 27,748
LTIP Units
Share and unit-based plans
Compensation cost under share and unit-based plans	5,242	5,149	19,623	22,548
Stock awards
Share and unit-based plans
Compensation cost under share and unit-based plans	0	0	0	20
Stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	1,333	1,002	3,945	4,374
Stock options
Share and unit-based plans
Compensation cost under share and unit-based plans	15	4	19	8
Phantom stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 183	$ 194	$ 360	$ 798

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Share and Unit-Based Plans - Nonvested Equity Awards (Details)	6 Months Ended
	Jun. 30, 2017 $ / shares shares
LTIP Units
Units
Balance at beginning of period (in shares) | shares	322,572
Granted (in shares) | shares	506,906
Vested (in shares) | shares	(134,742)
Balance at end of period (in shares) | shares	694,736
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 58.18
Granted (in dollars per share) | $ / shares	55.33
Vested (in dollars per share) | $ / shares	66.57
Balance at end of period (in dollars per share) | $ / shares	$ 54.48
Phantom Stock Units
Units
Balance at beginning of period (in shares) | shares	5,845
Granted (in shares) | shares	6,772
Vested (in shares) | shares	(5,268)
Balance at end of period (in shares) | shares	7,349
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 81.47
Granted (in dollars per share) | $ / shares	71.73
Vested (in dollars per share) | $ / shares	76.29
Balance at end of period (in dollars per share) | $ / shares	$ 76.20
Stock Units
Units
Balance at beginning of period (in shares) | shares	148,428
Granted (in shares) | shares	85,979
Vested (in shares) | shares	(78,573)
Balance at end of period (in shares) | shares	155,834
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 78.53
Granted (in dollars per share) | $ / shares	66.53
Vested (in dollars per share) | $ / shares	75.79
Balance at end of period (in dollars per share) | $ / shares	$ 73.28

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Share and Unit-Based Plans - SARs (Details)	6 Months Ended
	Jun. 30, 2017 $ / shares shares
SARs
Units
Balance at beginning of period (in shares) | shares	284,146
Granted (in shares) | shares	0
Exercised (in shares) | shares	0
Balance at end of period (in shares) | shares	284,146
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 53.85
Granted (in dollars per share) | $ / shares	0.00
Vested (in dollars per share) | $ / shares	0.00
Balance at end of period (in dollars per share) | $ / shares	$ 53.85
Stock Options
Units
Balance at beginning of period (in shares) | shares	10,565
Granted (in shares) | shares	25,000
Exercised (in shares) | shares	0
Balance at end of period (in shares) | shares	35,565
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 56.77
Granted (in dollars per share) | $ / shares	57.55
Exercised (in dollars per share) | $ / shares	0.00
Balance at end of period (in dollars per share) | $ / shares	$ 57.32

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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Current	$ 0	$ 0	$ 0	$ 0
Deferred	(437)	(514)	3,047	(1,831)
Income tax (expense) benefit	(437)	$ (514)	3,047	$ (1,831)
Net deferred tax assets	$ 47,833		$ 47,833		$ 38,301

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Subsequent Events (Details) - $ / shares	Aug. 04, 2017	Oct. 30, 2015
Subsequent events
Dividend declared (in dollars per share)		$ 2.00
Subsequent event
Subsequent events
Dividend declared (in dollars per share)	$ 0.71