Form 8-K MACERICH CO For: Oct 27

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October 27, 2016 4:47 PM EDT

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported) October 27, 2016

THE MACERICH COMPANY
(Exact Name of Registrant as Specified in Charter)


MARYLAND (State or Other Jurisdiction of Incorporation)		1-12504 (Commission File Number)		95-4448705 (IRS Employer Identification No.)

401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401
(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code (310) 394-6000

N/A
(Former Name or Former Address, if Changed Since Last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o: Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o: Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o: Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

The Company issued a press release on October 27, 2016 announcing results of operations for the Company for the quarter ended September 30, 2016 and such press release is furnished as Exhibit 99.1 hereto.

The press release included as an exhibit with this report is being furnished pursuant to Item 2.02 and Item 7.01 of Form 8-K and shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC.

ITEM 7.01 REGULATION FD DISCLOSURE.

On October 27, 2016, the Company made available on its website a financial supplement containing financial and operating information of the Company ("Supplemental Financial Information") for the three and nine months ended September 30, 2016 and such Supplemental Financial Information is furnished as Exhibit 99.2 hereto.

The Supplemental Financial Information included as an exhibit with this report is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

Listed below are the financial statements, pro forma financial information and exhibits furnished as part of this report:

(a), (b) and (c) Not applicable.

(d) Exhibits.

Exhibit Index attached hereto and incorporated herein by reference.

SIGNATURES

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


		THE MACERICH COMPANY
		By: THOMAS E. O'HERN
October 27, 2016 Date		/s/ THOMAS E. O'HERN Senior Executive Vice President, Chief Financial Officer and Treasurer

EXHIBIT INDEX

EXHIBIT NUMBER			NAME

	99.1		Press Release dated October 27, 2016
	99.2		Supplemental Financial Information for the three and nine months ended September 30, 2016

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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

ITEM 7.01 REGULATION FD DISCLOSURE.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

SIGNATURES
EXHIBIT INDEX

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Exhibit 99.1


PRESS RELEASE
For:		THE MACERICH COMPANY
MACERICH ANNOUNCES STRONG QUARTERLY RESULTS

SANTA MONICA, CA, October 27, 2016—The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended September 30, 2016, which included net income attributable to the Company of $ 13.7 million or $.09 per share-diluted for the quarter ended September 30, 2016 compared to net income attributable to the Company for the quarter ended September 30, 2015 of $33.6 million or $.21per share-diluted. For the quarter, funds from operations ("FFO") diluted was $160.3 million or $1.04 per share-diluted compared to $170.5 million or $1.01 per share-diluted for the quarter ended September 30, 2015. A description and reconciliation of EPS per share-diluted to FFO-diluted is included in the financial tables accompanying this press release.

Results and Capital Highlights

•: Mall tenant annual sales per square foot for the portfolio were $626 for the year ended September 30, 2016 compared to $630 for the year ended September 30, 2015. On a same center basis sales per square foot were $644 for the year ended September 30, 2016 compared to $636 for the year ended September 30, 2015.
•: The releasing spreads for the year ended September 30, 2016 were up 16.1%.
•: Mall portfolio occupancy was 95.3% at September 30, 2016 compared to 95.4% at September 30, 2015.
•: On October 20, 2016 the Company announced a 4.4% increase in its quarterly dividend to $.71 per share to shareholders of record on November 11, 2016.

"During the third quarter, our portfolio continued to perform very well, even as the anticipated headwinds of increased retailer bankruptcies and tougher comps began to take shape," said Arthur Coppola, chairman and chief executive officer of Macerich. "The Company's significant portfolio repositioning over the past four years, during which time we refocused our capital on fortress retail assets in densely-populated hub and gateway cities, leaves us well positioned to weather the current cyclical challenges."

Financing Activity

On October 6, 2016, the Company closed on a $325 million loan on previously unencumbered Fresno Fashion Fair. The CMBS loan is a 10 year fixed rate loan with an interest rate of 3.59% and the proceeds were used to pay down the company's line of credit.

On August 5, 2016, the Company closed on a $225 million loan at The Village at Corte Madera. The term is 12 years and the fixed interest rate is 3.50%.

Development and Redevelopment Activity:

In September Macerich officially opened the expanded Broadway Plaza in San Francisco's upscale East Bay. The major redevelopment of this iconic open-air center added 235,000 square feet of mall shop space as well as new parking structures and a new slate of shopper amenities. New tenants include Arhaus, H&M, Kiehl's, Kit & Ace, lululemon, Lush, Madewell, Michael Kors, Tesla, True Foods, Aritzia, Nespresso, Kendra Scott, Tommy Bahama and Zara. In keeping with Macerich's industry-leading sustainability efforts, the redevelopment of Broadway Plaza is targeting LEED Gold certification. Anchored by Nordstrom, Neiman Marcus and Macy's, Broadway Plaza is now more than 900,000 square feet and over 90% leased.

In October Macerich opened the nearly fully leased, 330,000 square-foot Green Acres Commons, an open-air retail complement to the 1.8 million square-foot Green Acres Mall with retailers including Dick's Sporting Goods, HomeGoods, Burlington, Ulta, 24-Hour Fitness, and BJ's Brewhouse. Macerich has been actively elevating the merchandise mix and shopper experience at Green Acres, including a recently opened Century 21 Department Store.

2016 Earnings Guidance

Management is revising its previous estimate of EPS guidance and estimate of diluted FFO per share guidance for 2016. A reconciliation of estimated EPS to FFO per share-diluted follows:

	2016 range

Diluted EPS	$	3.59 - $3.64
Plus: real estate depreciation and amortization		3.16 - 3.16
Less: gain on sale of dispositions		2.70 - 2.70

Diluted FFO per share	$	4.05 - $4.10

Details of the guidance assumptions are included in the Company's Form 8-K supplemental financial information.

Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Macerich currently owns 56 million square feet of real estate consisting primarily of interests in 50 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona, Chicago, and the New York Metro area to Washington DC corridor. Additional information about Macerich can be obtained from the Company's website at www.macerich.com.

Investor Conference Call

The Company will provide an online Web simulcast and rebroadcast of its quarterly earnings conference call. The call will be available on The Macerich Company's website at www.macerich.com (Investors Section). The call begins October 28, 2016 at 11:00 AM Pacific Time. To listen to the call, please go to the website at least 15 minutes prior to the call in order to register and download audio software if needed. An online replay at www.macerich.com (Investors Section) will be available for one year after the call.

The Company will publish a supplemental financial information package which will be available at www.macerich.com in the Investors Section. It will also be furnished to the SEC as part of a Current Report on Form 8-K.

Note: This release contains statements that constitute forward-looking statements which can be identified by the use of words, such as "expects," "anticipates," "assumes," "projects," "estimated" and "scheduled" and similar expressions that do not relate to historical matters. 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 to vary materially from those anticipated, expected or projected. 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. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2015, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. 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 release or to reflect the occurrence of unanticipated events unless required by law to do so.

(See attached tables)
##

THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,

	Unaudited						Unaudited
	2016			2015			2016			2015
Revenues:
Minimum rents	$	154,018		$	194,183		$	457,514		$	578,075
Percentage rents		3,871			5,992			9,279			11,816
Tenant recoveries		74,447			106,339			230,568			317,629
Other income		12,048			14,477			42,985			42,801
Management Companies' revenues		8,983			5,271			28,925			17,070

Total revenues		253,367			326,262			769,271			967,391

Expenses:
Shopping center and operating expenses		76,310			94,950			229,544			290,491
Management Companies' operating expenses		23,285			21,012			75,484			67,719
REIT general and administrative expenses		6,930			6,688			23,240			22,660
Costs related to unsolicited takeover offer		—			209			—			25,204
Depreciation and amortization		86,976			117,486			259,097			357,437
Interest expense		39,983			54,956			120,954			163,138
(Gain) loss on extinguishment of debt, net		(5,284	)		27			(1,709	)		(609	)

Total expenses		228,200			295,328			706,610			926,040

Equity in income of unconsolidated joint ventures		11,261			10,817			37,537			28,185
Co-venture expense(a)		(3,006	)		(2,954	)		(9,507	)		(7,897	)
Income tax (expense) benefit		(905	)		859			(2,736	)		2,077
(Loss) gain on sale or write down of assets, net		(19,321	)		(3,342	)		426,050			(7,078	)
Gain on remeasurement of assets		—			—			—			22,089

Net income		13,196			36,314			514,005			78,727
Less net (loss) income attributable to noncontrolling interests		(534	)		2,717			34,138			6,124

Net income attributable to the Company	$	13,730		$	33,597		$	479,867		$	72,603



Weighted average number of shares outstanding—basic		143,923			158,517			147,504			158,452

Weighted average shares outstanding, assuming full conversion of OP Units(b)		154,589			169,094			158,277			169,009

Weighted average shares outstanding—Funds From Operations ("FFO")—diluted(b)		154,702			169,211			158,403			169,160

Net income per share—basic	$	0.09		$	0.21		$	3.25		$	0.46

Net income per share—diluted	$	0.09		$	0.21		$	3.25		$	0.45

Dividend declared per share	$	0.68		$	0.65		$	2.04		$	1.95

FFO—basic(b)(c)	$	160,294		$	170,472		$	461,671		$	454,999

FFO—diluted(b)(c)	$	160,294		$	170,472		$	461,671		$	454,999

FFO—diluted, excluding extinguishment of debt and costs related to unsolicited takeover offer(b)(c)	$	155,010		$	170,708		$	459,962		$	479,594

FFO per share—basic(b)(c)	$	1.04		$	1.01		$	2.92		$	2.69

FFO per share—diluted(b)(c)	$	1.04		$	1.01		$	2.91		$	2.69

FFO per share—diluted, excluding extinguishment of debt and costs related to unsolicited takeover offer(b)(c)	$	1.00		$	1.01		$	2.90		$	2.84

THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(a): This represents the outside partners' allocation of net income in the Chandler Fashion Center/Freehold Raceway Mall joint venture.
(b): The Macerich Partnership, L.P. (the "Operating Partnership" or the "OP") has operating partnership units ("OP units"). OP units can be converted into shares of Company common stock. Conversion of the OP units not owned by the Company has been assumed for purposes of calculating FFO per share and the weighted average number of shares outstanding. The computation of average shares for FFO—diluted includes the effect of share and unit-based compensation plans, stock warrants and convertible senior notes using the treasury stock method. It also assumes conversion of MACWH, LP preferred and common units to the extent they are dilutive to the calculation.
(c): 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 Generally Accepted Accounting Principles ("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 more meaningful measure of its operating results in comparison to the operating results of other real estate investment trusts ("REITs"). The Company 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 further believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) 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.

THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of Net income attributable to the Company to FFO(c):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,

	Unaudited						Unaudited
	2016			2015			2016			2015
Net income attributable to the Company	$	13,730		$	33,597		$	479,867		$	72,603
Adjustments to reconcile net income attributable to the Company to FFO—basic and diluted:
Noncontrolling interests in OP		1,272			2,244			35,067			4,840
Loss (gain) on sale or write down of consolidated assets, net		19,321			3,342			(426,050	)		7,078
Gain on remeasurement of consolidated assets		—			—			—			(22,089	)
plus gain on undepreciated asset sales—consolidated assets		295			—			2,932			944
plus non-controlling interests share of (loss) gain on sale or write down of consolidated joint ventures, net		(2,206	)		—			(2,206	)		112
Loss (gain) on sale or write down of assets from unconsolidated joint ventures (pro rata), net		171			(1,142	)		173			(1,281	)
plus gain (loss) on undepreciated asset sales—unconsolidated joint ventures (pro rata)		—			1,144			(2	)		1,286
Depreciation and amortization on consolidated assets		86,976			117,486			259,097			357,437
Less depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures		(3,759	)		(3,699	)		(11,184	)		(11,235	)
Depreciation and amortization on unconsolidated joint ventures (pro rata)		47,803			21,043			133,319			55,312
Less: depreciation on personal property		(3,309	)		(3,543	)		(9,342	)		(10,008	)

Total FFO—basic and diluted		160,294			170,472			461,671			454,999
(Gain) loss on extinguishment of debt, net—consolidated assets		(5,284	)		27			(1,709	)		(609	)

Total FFO—diluted, excluding extinguishment of debt		155,010			170,499			459,962			454,390
Add: Costs related to unsolicited takeover offer		—			209			—			25,204

Total FFO—diluted, excluding extinguishment of debt and costs related to unsolicited takeover offer	$	155,010		$	170,708		$	459,962		$	479,594

Reconciliation of EPS to FFO per diluted share(c):

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,

	Unaudited					Unaudited
	2016			2015		2016			2015
Earnings per share—diluted	$	0.09		$	0.21	$	3.25		$	0.45
Per share impact of depreciation and amortization of real estate		0.83			0.78		2.35			2.32
Per share impact of loss (gain) on remeasurement, sale or write down of assets, net		0.12			0.02		(2.69	)		(0.08	)

FFO per share—diluted	$	1.04		$	1.01	$	2.91		$	2.69
Per share impact of gain on extinguishment of debt, net		(0.04	)		0.00		(0.01	)		—
Per share impact of costs related to unsolicited takeover offer		—			0.00		—			0.15

FFO per share—diluted, excluding extinguishment of debt and costs related to unsolicited takeover offer	$	1.00		$	1.01	$	2.90		$	2.84

THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of Net income attributable to the Company to Adjusted EBITDA:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,

	Unaudited						Unaudited
	2016			2015			2016			2015
Net income attributable to the Company	$	13,730		$	33,597		$	479,867		$	72,603
Interest expense—consolidated assets		39,983			54,956			120,954			163,138
Interest expense—unconsolidated joint ventures (pro rata)		25,335			7,340			71,999			24,690
Depreciation and amortization—consolidated assets		86,976			117,486			259,097			357,437
Depreciation and amortization—unconsolidated joint ventures (pro rata)		47,803			21,043			133,319			55,312
Noncontrolling interests in OP		1,272			2,244			35,067			4,840
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures		(6,087	)		(6,038	)		(18,187	)		(18,316	)
(Gain) loss on extinguishment of debt, net—consolidated assets		(5,284	)		27			(1,709	)		(609	)
Loss (gain) on sale or write down of assets—consolidated assets, net		19,321			3,342			(426,050	)		7,078
Gain on remeasurement of assets—consolidated assets		—			—			—			(22,089	)
Loss (gain) on sale or write down of assets—unconsolidated joint ventures (pro rata), net		171			(1,142	)		173			(1,281	)
Add: Non-controlling interests share of (loss) gain on sale of consolidated assets, net		(2,206	)		—			(2,206	)		112
Income tax expense (benefit)		905			(859	)		2,736			(2,077	)
Distributions on preferred units		143			139			429			415

Adjusted EBITDA(d)	$	222,062		$	232,135		$	655,489		$	641,253

Reconciliation of Adjusted EBITDA to Net Operating Income ("NOI") and to NOI—Same Centers:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,

	Unaudited						Unaudited
	2016			2015			2016			2015
Adjusted EBITDA(d)	$	222,062		$	232,135		$	655,489		$	641,253
Add: REIT general and administrative expenses		6,930			6,688			23,240			22,660
Costs related to unsolicited takeover offer		—			209			—			25,204
Management Companies' revenues		(8,983	)		(5,271	)		(28,925	)		(17,070	)
Management Companies' operating expenses		23,285			21,012			75,484			67,719
Straight-line and above/below market adjustments		(11,911	)		(7,788	)		(27,025	)		(21,030	)

NOI—All Centers		231,383			246,985			698,263			718,736
NOI of non-compara ble centers		(19,228	)		(43,345	)		(66,164	)		(122,682	)

NOI—Same Centers(e)	$	212,155		$	203,640		$	632,099		$	596,054

(d): Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in OP, extraordinary items, loss (gain) on remeasurement, sale or write down of assets, loss (gain) on extinguishment of debt and preferred dividends and includes joint ventures at their pro rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability of the Company to incur and service debt and make capital expenditures. The Company believes that Adjusted EBITDA should not be construed as an alternative to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) or as a measure of liquidity. The Company also cautions that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies.
(e): The Company presents same center NOI because the Company believes it is useful for investors to evaluate the operating performance of comparable centers. Same center NOI is calculated using total Adjusted EBITDA and subtracting out Adjusted EBITDA from non-comparable centers and eliminating the management companies and the Company's general and administrative expenses and costs related to unsolicited takeover offer. Same center NOI excludes the impact of straight-line and above/below market adjustments to minimum rents.

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Exhibit 99.1

THE MACERICH COMPANY FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THE MACERICH COMPANY FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THE MACERICH COMPANY FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THE MACERICH COMPANY FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

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TABLE OF CONTENTS

Table of Contents

Exhibit 99.2

Supplemental Financial Information
For the three and nine months ended September 30, 2016

Table of Contents

The Macerich Company

Supplemental Financial and Operating Information

Table of Contents

All information included in this supplemental financial package is unaudited, unless otherwise indicated.

		Page No.


Corporate Overview		1-4
Overview		1-2
Capital Information and Market Capitalization		3
Changes in Total Common and Equivalent Shares/Units		4
Financial Data		5-8
Consolidated Statements of Operations (Unaudited)		5
Consolidated Balance Sheet (Unaudited)		6
Non-GAAP Pro Rata Financial Information (Unaudited)		7-8
2016 Guidance Range		9
Supplemental FFO Information		10
Capital Expenditures		11
Operational Data		12-26
Sales Per Square Foot		12
Sales Per Square Foot by Property Ranking		13-16
Occupancy		17
Average Base Rent Per Square Foot		18
Cost of Occupancy		19
Percentage of Net Operating Income by State		20
Property Listing		21-24
Joint Venture List		25-26
Debt Tables		27-29
Debt Summary		27
Outstanding Debt by Maturity Date		28-29
Development Pipeline		30-31
Top Ten Tenants		32
Corporate Information		33

This Supplemental Financial Information should be read in connection with the Company's third quarter 2016 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date October 27, 2016) as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Financial Information.

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information
Overview

The Macerich Company (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., a Delaware limited partnership (the "Operating Partnership").

As of September 30, 2016, the Operating Partnership owned or had an ownership interest in 50 regional shopping centers and seven community/power shopping centers aggregating approximately 56 million square feet of gross leasable area ("GLA"). These 57 centers (which include any related office space) are referred to hereinafter as the "Centers", unless the context requires otherwise.

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 Company's management companies (collectively, the "Management Companies").

All references to the Company in this Exhibit include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

The Company presents certain measures in this Exhibit on a pro rata basis which represents (i) the measure on a consolidated basis, minus the Company's partners' share of the measure from its consolidated joint ventures (calculated based upon the partners' percentage ownership interest); plus (ii) the Company's share of the measure from its unconsolidated joint ventures (calculated based upon the Company's percentage ownership interest). Management believes that these measures provide useful information to investors regarding its financial condition and/or results of operations because they include the Company's share of the applicable amount from unconsolidated joint ventures and exclude 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 the Company believes that presenting various measures in this manner can help investors better understand the Company's financial condition and/or results of operations after taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property level performance and to make decisions about resource allocations. The Company's economic interest (as distinct from its legal ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and expenses, from these unconsolidated joint ventures does not represent the Company's legal claim to such items.

This document contains information constituting forward-looking statements and includes expectations regarding the Company's future operational results as well as development, redevelopment and expansion activities. 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 to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, 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, operating expenses, and competition; adverse changes in the real estate markets, including the liquidity of real estate investments; and risks of real estate development, redevelopment, and expansion, including availability, terms and cost of financing, construction delays, environmental and safety requirements, budget overruns, sunk costs and lease-up; the inability to obtain, or delays in obtaining, all

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necessary zoning, land-use, building, and occupancy and other required governmental permits and authorizations; and governmental actions and initiatives (including legislative and regulatory changes) as well as terrorist activities or other acts of violence which could adversely affect all of the above factors. Furthermore, occupancy rates and rents at a newly completed property may not be sufficient to make the property profitable. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2015, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. 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.

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The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization

	Period Ended


	9/30/2016			12/31/2015			12/31/2014
	dollars in thousands, except per share data
Closing common stock price per share	$	80.87		$	80.69		$	83.41
52 week high	$	94.51		$	95.93		$	85.55
52 week low	$	71.82		$	71.98		$	55.21
Shares outstanding at end of period
Class A non-participating convertible preferred units		138,759			138,759			145,839
Common shares and partnership units		154,441,509			165,260,655			168,721,053

Total common and equivalent shares/units outstanding		154,580,268			165,399,414			168,866,892



Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	7,482,118		$	7,010,306		$	7,050,437
Equity market capitalization		12,500,906			13,346,079			14,085,187

Total market capitalization	$	19,983,024		$	20,356,385		$	21,135,624



Leverage ratio(a)		37.44	%		34.4	%		33.4	%

(a): Debt as a percentage of total market capitalization.

Portfolio Capitalization at September 30, 2016

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The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Changes in Total Common and Equivalent Shares/Units



	Partnership Units			Company Common Shares			Class A Non-Participating Convertible Preferred Units		Total Common and Equivalent Shares/ Units
Balance as of December 31, 2015		10,855,669			154,404,986			138,759		165,399,414



Conversion of partnership units to cash		(377	)		—			—		(377	)
Conversion of partnership units to common shares		(157,529	)		157,529			—		—
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans		154,686			86,202			—		240,888
Repurchase of common shares under the Accelerated Stock Purchase Plan		—			(5,192,802	)		—		(5,192,802	)

Balance as of March 31, 2016		10,852,449			149,455,915			138,759		160,447,123



Conversion of partnership units to common shares		(20,614	)		20,614			—		—
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans		—			27,601			—		27,601
Repurchase of common shares under the Accelerated Stock Purchase Plan		—			(4,826,047	)		—		(4,826,047	)

Balance as of June 30, 2016		10,831,835			144,678,083			138,759		155,648,677



Conversion of partnership units to common shares		(243,963	)		243,963			—		—
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans		—			35,753			—		35,753
Repurchase of common shares under the Accelerated Stock Purchase Plan		—			(1,104,162	)		—		(1,104,162	)

Balance as of September 30, 2016		10,587,872			143,853,637			138,759		154,580,268

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The Macerich Company

Consolidated Statements of Operations (Unaudited)

(Dollars in thousands)

	For the Three Months Ended September 30, 2016			For the Nine Months Ended September 30, 2016

Revenues:
Minimum rents	$	154,018		$	457,514
Percentage rents		3,871			9,279
Tenant recoveries		74,447			230,568
Other income		12,048			42,985
Management Companies' revenues		8,983			28,925

Total revenues		253,367			769,271

Expenses:
Shopping center and operating expenses		76,310			229,544
Management Companies' operating expenses		23,285			75,484
REIT general and administrative expenses		6,930			23,240
Depreciation and amortization		86,976			259,097
Interest expense		39,983			120,954
Gain on extinguishment of debt, net		(5,284	)		(1,709	)

Total expenses		228,200			706,610
Equity in income of unconsolidated joint ventures		11,261			37,537
Co-venture expense		(3,006	)		(9,507	)
Income tax expense		(905	)		(2,736	)
(Loss) gain on sale or write down of assets, net		(19,321	)		426,050

Net income		13,196			514,005
Less net (loss) income attributable to noncontrolling interests		(534	)		34,138

Net income attributable to the Company	$	13,730		$	479,867

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The Macerich Company

Consolidated Balance Sheet (Unaudited)

(Dollars in thousands)

	As of September 30, 2016

ASSETS:
Property, net(1)	$	7,376,768
Cash and cash equivalents		84,181
Restricted cash		52,976
Tenant and other receivables, net		126,811
Deferred charges and other assets, net		478,024
Due from affiliates		69,481
Investments in unconsolidated joint ventures		1,753,524

Total assets	$	9,941,765



LIABILITIES AND EQUITY:
Mortgage notes payable	$	3,845,158
Bank and other notes payable		1,048,944
Accounts payable and accrued expenses		62,018
Other accrued liabilities		357,650
Distributions in excess of investments in unconsolidated joint ventures		77,878
Co-venture obligation		59,609

Total liabilities		5,451,257

Commitments and contingencies
Equity:
Stockholders' equity:
Common stock		1,439
Additional paid-in capital		4,581,540
Accumulated deficit		(419,777	)

Total stockholders' equity		4,163,202
Noncontrolling interests		327,306

Total equity		4,490,508

Total liabilities and equity	$	9,941,765

(1): Includes construction in progress of $282,223.

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The Macerich Company

Non-GAAP Pro Rata Financial Information (Unaudited)

(Dollars in thousands)

	For the Three Months Ended September 30, 2016						For the Nine Months Ended September 30, 2016

	Noncontrolling interests of Consolidated Joint Ventures(1)			Company's Share of Unconsolidated Joint Ventures			Noncontrolling interests of Consolidated Joint Ventures(1)			Company's Share of Unconsolidated Joint Ventures
Revenues:
Minimum rents	$	(8,310	)	$	80,361		$	(24,920	)	$	230,104
Percentage rents		(155	)		2,744			(256	)		5,531
Tenant recoveries		(4,655	)		31,458			(14,080	)		90,827
Other income		(509	)		6,437			(1,538	)		20,069

Total revenues		(13,629	)		121,000			(40,794	)		346,531

Expenses:
Shopping center and operating expenses		(4,136	)		36,430			(11,823	)		103,503
Depreciation and amortization		(3,759	)		47,803			(11,184	)		133,319
Interest expense		(2,328	)		25,335			(7,003	)		71,999

Total expenses		(10,223	)		109,568			(30,010	)		308,821
Equity in income of unconsolidated joint ventures		—			(11,261	)		—			(37,537	)
Co-venture expense		3,006			—			9,507			—
Loss on sale or write down of assets, net		2,206			(171	)		2,206			(173	)

Net loss		1,806			—			929			—
Less net loss attributable to noncontrolling interests		1,806			—			929			—

Net loss attributable to the Company	$	—		$	—		$	—		$	—

(1): Represents the Company's partners' share of consolidated joint ventures.

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The Macerich Company

Non-GAAP Pro Rata Financial Information (Unaudited)

(Dollars in thousands)

	As of September 30, 2016

	Noncontrolling interests of Consolidated Joint Ventures(1)			Company's Share of Unconsolidated Joint Ventures
ASSETS:
Property, net(2)	$	(308,179	)	$	4,387,640
Cash and cash equivalents		(7,267	)		94,632
Restricted cash		—			3,236
Tenant and other receivables, net		(18,923	)		42,195
Deferred charges and other assets, net		(5,323	)		198,808
Due from affiliates		310			3,780
Investments in unconsolidated joint ventures		—			(1,753,524	)

Total assets	$	(339,382	)	$	2,976,767



LIABILITIES AND EQUITY:
Mortgage notes payable	$	(229,751	)	$	2,760,677
Bank and other notes payable		(2,910	)		60,000
Accounts payable and accrued expenses		(2,815	)		39,480
Other accrued liabilities		(23,622	)		194,488
Distributions in excess of investments in unconsolidated joint ventures		—			(77,878	)
Co-venture obligation		(59,609	)		—

Total liabilities		(318,707	)		2,976,767

Equity:
Noncontrolling interests		(20,675	)		—

Total equity		(20,675	)		—

Total liabilities and equity	$	(339,382	)	$	2,976,767

(1): Represents the Company's partners' share of consolidated joint ventures.
(2): This includes $12,159 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $110,284 of construction in progress relating to the Company's share from unconsolidated joint ventures.

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The Macerich Company

2016 Guidance Range (Unaudited)

Management is revising its previous estimate of diluted EPS and FFO per share guidance for 2016. A reconciliation of estimated EPS to FFO per share-diluted follows:

		Year 2016 Guidance

*Earnings Expectations:*
Earnings per share—diluted		$3.59 - $3.64
Plus: real estate depreciation and amortization		$3.16 - $3.16
Less: gain on sale of depreciated assets		($2.70) - ($2.70)

FFO per share—diluted		$4.05 - $4.10



*Underlying Assumptions to 2016 Guidance*
Cash Same Center Net Operating Income ("NOI") Growth(a)		4.50% - 4.75%
Assumed acquisitions(b)		$330 million
Assumed dispositions(c)		$1.15 billion

		Year 2016 FFO / Share Impact

Lease termination income	$19 million	$0.12
Capitalized interest	$16 million	$0.10
Bad debt expense	($5 million)	($0.03	)
Gain on early extinguishment of debt(d)	$1.7 million	$0.01
Dilutive impact on 2016 of assets sold in 2015 and 2016(e)	($80 million)	($0.51	)
Share repurchase program(f)	$800 million	$0.17

(a): Excludes non cash items of straight-line and above/below market adjustments to minimum rents. Includes lease termination income.
(b): On March 1, 2016, the Company purchased Country Club Plaza located in Kansas City, Missouri in a 50/50 joint venture. The amount reflected on the above table represents the Company's share of the gross purchase price. The projected pro rata FFO from this Center is included in the 2016 Guidance Range above.
(c): The Company contributed an interest in four properties to joint ventures in January 2016. Subsequent to the contributions, the Company retained a 60.0% interest in Arrowhead Towne Center and a 51.0% interest in Deptford Mall, FlatIron Crossing and Twenty Ninth Street. On April 13, 2016, the Company sold Capitola Mall for $93 million. The amount listed above represents the gross sales proceeds before debt from these transactions.
(d): This represents the gain on extinguishment of debt from the deed-in-lieu of foreclosure of Flagstaff Mall in July 2016, offset by the loss on early extinguishment of the debt encumbering Arrowhead Towne Center in January 2016.
(e): Includes approximately $0.08 dilutive impact of special dividends paid in December 2015 and January 2016 and includes approximately $0.10 dilutive impact of the difference in debt premium amortization between 2015 and 2016.
(f): This assumes an additional $800M buy-back program during the first half of 2016 at an average share price of $80.

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The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental FFO Information(a)

	As of September 30,

	2016		2015
	dollars in millions
Straight-line rent receivable	$	80.2	$	78.8

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,

	2016		2015		2016		2015
	dollars in millions
Lease termination income	$	7.8	$	3.4	$	17.2	$	8.8
Straight-line rental income	$	3.5	$	3.8	$	9.3	$	7.8
Gain on sales of undepreciated assets	$	0.3	$	1.1	$	2.9	$	2.2
Amortization of acquired above and below-market leases	$	8.4	$	4.0	$	17.7	$	13.2
Amortization of debt premiums	$	1.0	$	5.5	$	3.0	$	17.9
Interest capitalized	$	3.8	$	5.6	$	12.5	$	15.5

(a): All joint venture amounts included at pro rata.

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The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures

	For the Nine Months Ended

	For the Nine Months Ended				Year Ended 12/31/15		Year Ended 12/31/14
	9/30/16		9/30/15		Year Ended 12/31/15		Year Ended 12/31/14
	dollars in millions
Consolidated Centers
Acquisitions of property and equipment	$	24.6	$	61.0	$	79.8	$	97.9
Development, redevelopment, expansions and renovations of Centers		113.8		148.5		218.7		197.9
Tenant allowances		13.8		20.5		30.4		30.5
Deferred leasing charges		18.7		20.8		26.8		26.6

Total	$	170.9	$	250.8	$	355.7	$	352.9



Unconsolidated Joint Venture Centers(a)
Acquisitions of property and equipment	$	341.1	$	153.3	$	160.0	$	158.8
Development, redevelopment, expansions and renovations of Centers		73.8		93.0		132.9		201.8
Tenant allowances		7.7		2.3		6.3		4.8
Deferred leasing charges		5.6		1.8		3.3		3.0

Total	$	428.2	$	250.4	$	302.5	$	368.4

(a): All joint venture amounts at pro rata.

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The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Regional Shopping Center Portfolio
Sales Per Square Foot(a)

	Consolidated Centers	Unconsolidated Joint Venture Centers	Total Centers

09/30/2016	$566	$712	$626
09/30/2015	$593	$805	$630
12/31/2015(b)	$579	$763	$635
12/31/2014(c)	$556	$724	$587
12/31/2013(d)	$488	$717	$562
12/31/2012	$463	$629	$517

(a): Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants which have occupied such stores for a minimum of 12 months. Sales per square foot are based on tenants 10,000 square feet and under for regional shopping centers. Sales per square foot exclude Centers under development and redevelopment.
(b): On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from sales per square foot as of December 31, 2015.
(c): On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Great Northern Mall is excluded from Sales per square foot as of December 31, 2014.
(d): Rotterdam Square, sold January 15, 2014, is excluded at December 31, 2013.

Sales Per Square Foot

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The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)



	Sales Per Square Foot						Occupancy									Cost of Occupancy for the Trailing 12 Months Ended 9/30/2016 (c)
Properties	9/30/2016 (a)		12/31/2015 (a)		9/30/2015 (a)		9/30/2016 (b)			12/31/2015 (b)			9/30/2015 (b)
Group 1: Top 10
Corte Madera, Village at	$	1,484	$	1,475	$	1,439		91.8	%		97.9	%		95.8	%
Queens Center	$	1,341	$	1,134	$	1,141		97.8	%		98.2	%		95.9	%
Washington Square	$	1,005	$	1,125	$	1,133		99.4	%		98.4	%		97.0	%
North Bridge, The Shops at	$	899	$	856	$	845		99.0	%		99.8	%		99.8	%
Tysons Corner Center	$	872	$	851	$	857		98.8	%		98.9	%		98.1	%
Los Cerritos Center	$	878	$	843	$	773		96.3	%		97.2	%		96.7	%
Biltmore Fashion Park	$	827	$	835	$	848		98.4	%		99.0	%		98.2	%
Santa Monica Place	$	809	$	786	$	817		85.0	%		90.5	%		88.3	%
Tucson La Encantada	$	771	$	767	$	766		95.5	%		94.8	%		94.8	%
Broadway Plaza(e)		n/a		n/a		n/a		n/a			n/a			n/a

Total Top 10:	$	983	$	957	$	949		96.8	%		97.7	%		96.7	%		13.7	%	28.2	%

Group 2: Top 11-20
Scottsdale Fashion Square	$	731	$	745	$	751		96.0	%		97.8	%		97.2	%
Arrowhead Towne Center	$	764	$	741	$	720		96.9	%		95.4	%		95.3	%
Fashion Outlets of Chicago	$	746	$	734	$	732		96.9	%		97.9	%		96.1	%
Kings Plaza Shopping Center	$	721	$	720	$	697		95.2	%		92.3	%		92.0	%
Vintage Faire Mall	$	696	$	677	$	682		93.8	%		96.7	%		94.6	%
Kierland Commons	$	667	$	670	$	676		98.3	%		98.3	%		98.8	%
Chandler Fashion Center	$	666	$	649	$	632		94.2	%		96.9	%		96.9	%
Green Acres Mall	$	641	$	643	$	633		94.5	%		93.2	%		91.6	%
Fresno Fashion Fair	$	697	$	642	$	628		94.5	%		98.1	%		97.1	%
Country Club Plaza(f)	$	609		n/a		n/a		89.6	%		n/a			n/a

Total Top 11-20:	$	695	$	696	$	689		94.5	%		96.3	%		95.5	%		13.3	%	28.3	%

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The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)



	Sales Per Square Foot						Occupancy									Cost of Occupancy for the Trailing 12 Months Ended 9/30/2016 (c)
Properties	9/30/2016 (a)		12/31/2015 (a)		9/30/2015 (a)		9/30/2016 (b)			12/31/2015 (b)			9/30/2015 (b)
Group 3: Top 21-30
Danbury Fair Mall	$	643	$	633	$	643		96.1	%		97.4	%		97.9	%
Twenty Ninth Street	$	621	$	626	$	626		99.4	%		99.3	%		99.0	%
Freehold Raceway Mall	$	603	$	610	$	619		98.2	%		98.7	%		98.6	%
Deptford Mall	$	569	$	580	$	591		96.3	%		95.3	%		96.4	%
Oaks, The	$	517	$	580	$	580		95.4	%		97.6	%		95.7	%
FlatIron Crossing	$	553	$	551	$	553		95.0	%		93.7	%		92.9	%
Stonewood Center	$	571	$	544	$	546		94.0	%		98.5	%		97.0	%
SanTan Village Regional Center	$	533	$	525	$	527		97.4	%		96.5	%		97.9	%
Victor Valley, Mall of	$	538	$	520	$	543		98.4	%		97.9	%		98.5	%
Inland Center	$	496	$	510	$	486		98.8	%		99.0	%		99.0	%

Total Top 21-30:	$	571	$	575	$	579		96.8	%		97.2	%		97.1	%		13.6	%	20.0	%

Group 4: Top 31-40
West Acres	$	501	$	501	$	505		98.9	%		99.8	%		99.0	%
Lakewood Center	$	472	$	467	$	463		98.6	%		96.3	%		96.1	%
Valley River Center	$	468	$	465	$	477		97.5	%		97.4	%		96.4	%
Northgate Mall	$	421	$	454	$	454		94.9	%		95.3	%		94.9	%
South Plains Mall	$	426	$	452	$	472		90.4	%		93.5	%		93.0	%
Pacific View	$	448	$	448	$	446		94.5	%		95.0	%		95.4	%
La Cumbre Plaza	$	456	$	431	$	428		85.2	%		93.1	%		92.9	%
Superstition Springs Center	$	369	$	369	$	369		95.4	%		94.1	%		95.0	%
Eastland Mall	$	375	$	364	$	366		97.8	%		96.8	%		96.4	%
Fashion Outlets of Niagara Falls USA	$	339		n/a		n/a		92.5	%		n/a			n/a

Total Top 31-40:	$	423	$	443	$	446		95.4	%		95.9	%		95.7	%		13.7	%	14.2	%

Total Top 40:	$	654	$	664	$	661		95.8	%		96.8	%		96.3	%		13.5	%	90.7	%

Table of Contents

The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)



	Sales Per Square Foot						Occupancy									Cost of Occupancy for the Trailing 12 Months Ended 9/30/2016 (c)
Properties	9/30/2016 (a)		12/31/2015 (a)		9/30/2015 (a)		9/30/2016 (b)			12/31/2015 (b)			9/30/2015 (b)
Group 5: 41-49
Cascade Mall
Desert Sky Mall
NorthPark Mall
Paradise Valley Mall(e)
SouthPark Mall
Towne Mall
Valley Mall
Westside Pavilion(e)
Wilton Mall

Total 41-49:	$	306	$	325	$	323		91.2	%		90.0	%		89.6	%		13.3	%	6.9	%

Subtotal—Regional Shopping Centers(g)	$	626	$	639	$	636		95.3	%		96.1	%		95.6	%		13.5	%	97.6	%
Other Properties:
Fashion Outlets of Philadelphia(e)(h)		n/a		n/a		n/a		n/a			n/a			n/a
Community / Power Centers
Other Non-mall Assets
Subtotal—Other Properties																			2.4	%

TOTAL ALL PROPERTIES																	13.5	%	100.0	%

Table of Contents

The Macerich Company

Notes to Sales Per Square Foot by Property Ranking (unaudited)


Footnotes
(a)		Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants which have occupied such stores for a minimum of 12 months. Sales per square foot are based on tenants 10,000 square feet and under. Properties are ranked by Sales per square foot as of December 31, 2015.
(b)		Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Occupancy excludes Centers under development and redevelopment.
(c)		Cost of Occupancy represents "Tenant Occupancy Costs" divided by "Tenant Sales". Tenant Occupancy Costs in this calculation are the amounts paid to the Company, including minimum rents, percentage rents and recoverable expenditures, which consist primarily of property operating expenses, real estate taxes and repair and maintenance expenditures.
(d)		The percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI is based on guidance provided on October 27, 2016, see page 9. Real Estate NOI excludes straight-line and above/below market adjustments to minimum rents. Real Estate NOI also does not reflect REIT expenses and Management Company revenues and expenses. See the Company's forward-looking statements disclosure on pages 1 and 2 for factors that may affect the information provided in this column.
(e)		These assets are under redevelopment including demolition and reconfiguration of the Centers and tenant spaces, accordingly the Sales per square foot and Occupancy during the periods of redevelopment are not included.
(f)		On March 1, 2016, the Company purchased Country Club Plaza located in Kansas City, Missouri in a 50/50 joint venture. The pro rata NOI from this Center is included in the 2016 Guidance Range presented on page 9 and in the percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI in the table above.
(g)		Properties sold prior to September 30, 2016 are excluded in both current and prior periods above.
(h)		On July 30, 2014, the Company formed a joint venture to redevelop and rebrand The Gallery in Philadelphia, Pennsylvania as Fashion Outlets of Philadelphia.

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Occupancy(a)

Regional Shopping Centers: Period Ended

09/30/2016	94.6%	96.3%	95.3%
09/30/2015	94.8%	98.1%	95.4%
12/31/2015(b)	95.3%	97.8%	96.1%
12/31/2014(c)	95.3%	97.9%	95.8%

(a): Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Occupancy excludes Centers under development and redevelopment.
(b): On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from Occupancy as of December 31, 2015.
(c): On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Great Northern Mall is excluded from Occupancy as of December 31, 2014.

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Average Base Rent Per Square Foot(a)

	Average Base Rent PSF(b)		Average Base Rent PSF on Leases Executed during the trailing twelve months ended(c)		Average Base Rent PSF on Leases Expiring(d)

Consolidated Centers
09/30/2016	$	52.65	$	53.24	$	45.79
09/30/2015	$	52.30	$	53.64	$	47.78
12/31/2015(e)	$	52.64	$	53.99	$	49.02
12/31/2014(f)	$	49.68	$	49.55	$	41.20
Unconsolidated Joint Venture Centers
09/30/2016	$	58.02	$	67.00	$	57.92
09/30/2015	$	67.14	$	91.11	$	61.66
12/31/2015	$	60.74	$	80.18	$	60.85
12/31/2014	$	63.78	$	82.47	$	64.59
All Regional Shopping Centers
09/30/2016	$	54.27	$	56.52	$	48.68
09/30/2015	$	53.83	$	56.93	$	48.97
12/31/2015(e)	$	54.32	$	57.41	$	50.29
12/31/2014(f)	$	51.15	$	54.48	$	44.66

(a): Average base rent per square foot is based on spaces 10,000 square feet and under. All joint venture amounts are included at pro rata. Centers under development and redevelopment are excluded.
(b): Average base rent per square foot gives effect to the terms of each lease in effect, as of the applicable date, including any concessions, abatements and other adjustments or allowances that have been granted to the tenants.
(c): The average base rent per square foot on leases executed during the period represents the actual rent to be paid during the first twelve months.
(d): The average base rent per square foot on leases expiring during the period represents the final year minimum rent on a cash basis.
(e): On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from the table above as of December 31, 2015.
(f): On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. Great Northern Mall is excluded from the table above as of December 31, 2014.

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Cost of Occupancy



			For Years Ended December 31,
			2015(a)			2014(b)
Consolidated Centers
Minimum rents	9.2	%		9.0	%		8.7	%
Percentage rents	0.4	%		0.4	%		0.4	%
Expense recoveries(c)	4.4	%		4.5	%		4.3	%

Total	14.0	%		13.9	%		13.4	%



			For Years Ended December 31,
			2015			2014
Unconsolidated Joint Venture Centers
Minimum rents	8.6	%		8.1	%		8.7	%
Percentage rents	0.4	%		0.4	%		0.4	%
Expense recoveries(c)	3.9	%		4.0	%		4.5	%

Total	12.9	%		12.5	%		13.6	%



			For Years Ended December 31,
			2015(a)			2014(b)
All Centers
Minimum rents	8.9	%		8.7	%		8.7	%
Percentage rents	0.4	%		0.4	%		0.4	%
Expense recoveries(c)	4.2	%		4.3	%		4.3	%

Total	13.5	%		13.4	%		13.4	%

(a): On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from the table above as of December 31, 2015.
(b): On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Great Northern Mall is excluded from the table above for the year ended December 31, 2014.
(c): Represents real estate tax and common area maintenance charges.

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Percentage of Net Operating Income by State

The Company sold Capitola Mall on April 13, 2016, and on July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Capitola Mall and Flagstaff Mall are excluded from the table below.



State	% of Portfolio 2016 Forecast Real Estate Pro Rata NOI(a)
California		27.4	%
New York		21.1	%
Arizona		16.6	%
Colorado, Illinois & Missouri(b)		9.7	%
Pennsylvania & Virginia		7.8	%
New Jersey & Connecticut		7.9	%
Oregon & Washington		4.5	%
Other(c)		5.0	%

Total		100.0	%

(a): The percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI is based on guidance provided on October 27, 2016, see page 9. Real Estate NOI excludes straight-line and above/below market adjustments to minimum rents. Real Estate NOI also does not reflect REIT expenses and Management Company revenues and expenses. See the Company's forward-looking statements disclosure on pages 1 and 2 for factors that may affect the information provided in this column.
(b): On March 1, 2016, the Company purchased Country Club Plaza located in Kansas City, Missouri in a 50/50 joint venture. The pro rata NOI from this Center is included in the 2016 Guidance Range presented on page 9 and in the percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI in the table above.
(c): "Other" includes Indiana, Iowa, Kentucky, North Dakota and Texas.

Table of Contents

The Macerich Company

Property Listing

September 30, 2016

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company.

	Company's Ownership(a)	Name of Center/Location		Year of Most Recent Expansion/ Renovation

	CONSOLIDATED CENTERS:
1	100%	Cascade Mall Burlington, Washington	1989/1999	1998	589,000
2	50.1%	Chandler Fashion Center Chandler, Arizona	2001/2002	—	1,319,000
3	100%	Danbury Fair Mall Danbury, Connecticut	1986/2005	2010	1,270,000
4	100%	Desert Sky Mall Phoenix, Arizona	1981/2002	2007	890,000
5	100%	Eastland Mall(d) Evansville, Indiana	1978/1998	1996	1,044,000
6	100%	Fashion Outlets of Chicago Rosemont, Illinois	2013/—	—	538,000
7	100%	Fashion Outlets of Niagara Falls USA Niagara Falls, New York	1982/2011	2014	686,000
8	50.1%	Freehold Raceway Mall Freehold, New Jersey	1990/2005	2007	1,674,000
9	100%	Fresno Fashion Fair Fresno, California	1970/1996	2006	963,000
10	100%	Green Acres Mall(d) Valley Stream, New York	1956/2013	2016	2,096,000
11	100%	Inland Center(d) San Bernardino, California	1966/2004	2016	867,000
12	100%	Kings Plaza Shopping Center(d) Brooklyn, New York	1971/2012	2002	1,191,000
13	100%	La Cumbre Plaza(d) Santa Barbara, California	1967/2004	1989	491,000
14	100%	Northgate Mall San Rafael, California	1964/1986	2010	750,000
15	100%	NorthPark Mall Davenport, Iowa	1973/1998	2001	1,051,000
16	100%	Oaks, The Thousand Oaks, California	1978/2002	2009	1,190,000
17	100%	Pacific View Ventura, California	1965/1996	2001	1,021,000
18	100%	Queens Center(d) Queens, New York	1973/1995	2004	963,000
19	100%	Santa Monica Place Santa Monica, California	1980/1999	2015	517,000
20	84.9%	SanTan Village Regional Center Gilbert, Arizona	2007/—	2009	1,047,000
21	100%	SouthPark Mall Moline, Illinois	1974/1998	2014	856,000
22	100%	Stonewood Center(d) Downey, California	1953/1997	1991	932,000
23	100%	Superstition Springs Center Mesa, Arizona	1990/2002	2002	1,040,000
24	100%	Towne Mall Elizabethtown, Kentucky	1985/2005	1989	350,000

Table of Contents

The Macerich Company

Property Listing

September 30, 2016

	Company's Ownership(a)	Name of Center/Location		Year of Most Recent Expansion/ Renovation

25	100%	Tucson La Encantada Tucson, Arizona	2002/2002	2005	243,000
26	100%	Valley Mall Harrisonburg, Virginia	1978/1998	1992	505,000
27	100%	Valley River Center Eugene, Oregon	1969/2006	2007	921,000
28	100%	Victor Valley, Mall of Victorville, California	1986/2004	2012	577,000
29	100%	Vintage Faire Mall Modesto, California	1977/1996	2008	1,141,000
30	100%	Wilton Mall Saratoga Springs, New York	1990/2005	1998	737,000

		Total Consolidated Centers			27,459,000

UNCONSOLIDATED JOINT VENTURE CENTERS:
31	60%	Arrowhead Towne Center(c) Glendale, Arizona	1993/2002	2004	1,197,000
32	50%	Biltmore Fashion Park Phoenix, Arizona	1963/2003	2006	517,000
33	50.1%	Corte Madera, Village at Corte Madera, California	1985/1998	2005	461,000
34	50%	Country Club Plaza Kansas City, Missouri	1922/2016	2015	983,000
35	51%	Deptford Mall(c) Deptford, New Jersey	1975/2006	1990	1,039,000
36	51%	FlatIron Crossing(c) Broomfield, Colorado	2000/2002	2009	1,432,000
37	50%	Kierland Commons Scottsdale, Arizona	1999/2005	2003	435,000
38	60%	Lakewood Center Lakewood, California	1953/1975	2008	2,075,000
39	60%	Los Cerritos Center(d) Cerritos, California	1971/1999	2016	1,296,000
40	50%	North Bridge, The Shops at(d) Chicago, Illinois	1998/2008	—	671,000
41	50%	Scottsdale Fashion Square Scottsdale, Arizona	1961/2002	2015	1,812,000
42	60%	South Plains Mall Lubbock, Texas	1972/1998	2016	1,127,000
43	51%	Twenty Ninth Street(c)(d) Boulder, Colorado	1963/1979	2007	851,000
44	50%	Tysons Corner Center Tysons Corner, Virginia	1968/2005	2005	1,973,000
45	60%	Washington Square Portland, Oregon	1974/1999	2005	1,441,000
46	19%	West Acres Fargo, North Dakota	1972/1986	2001	971,000

		Total Unconsolidated Joint Venture Centers			18,281,000

Table of Contents

The Macerich Company

Property Listing

September 30, 2016

	Company's Ownership(a)	Name of Center/Location		Year of Most Recent Expansion/ Renovation

REGIONAL SHOPPING CENTERS UNDER REDEVELOPMENT:
47	50%	Broadway Plaza(d)(e) Walnut Creek, California	1951/1985	2016	921,000
48	50%	Fashion Outlets of Philadelphia(d)(e) Philadelphia, Pennsylvania	1977/2014	ongoing	850,000
49	100%	Paradise Valley Mall(f) Phoenix, Arizona	1979/2002	2009	1,150,000
50	100%	Westside Pavilion(f) Los Angeles, California	1985/1998	2007	755,000

		Total Regional Shopping Centers			49,416,000

COMMUNITY / POWER CENTERS:
1	50%	Atlas Park, The Shops at(e) Queens, New York	2006/2011	2013	370,000
2	50%	Boulevard Shops(e) Chandler, Arizona	2001/2002	2004	185,000
3	40.1%	Estrella Falls, The Market at(e) Goodyear, Arizona	2009/—	2009	276,000
4	89.4%	Promenade at Casa Grande(f) Casa Grande, Arizona	2007/—	2009	761,000
5	100%	Southridge Center(f) Des Moines, Iowa	1975/1998	2013	823,000
6	100%	Superstition Springs Power Center(f) Mesa, Arizona	1990/2002	—	206,000
7	100%	The Marketplace at Flagstaff Mall(d)(f) Flagstaff, Arizona	2007/—	—	268,000

		Total Community / Power Centers			2,889,000

OTHER ASSETS:
	100%	Various(f)(g)			401,000
	100%	500 North Michigan Avenue(f) Chicago, Illinois			326,000
	50%	Valencia Place at Country Club Plaza(e) Kansas City, Missouri			263,000
	50%	Fashion Outlets of Philadelphia-Offices(d)(e) Philadelphia, Pennsylvania			526,000
	100%	Paradise Village Ground Leases(f) Phoenix, Arizona			53,000
	100%	Paradise Village Office Park II(f) Phoenix, Arizona			46,000
	50%	Scottsdale Fashion Square-Office(e) Scottsdale, Arizona			122,000
	50%	Tysons Corner Center-Office(e) Tysons Corner, Virginia			174,000
	50%	Hyatt Regency Tysons Corner Center(e) Tysons Corner, Virginia			290,000
	50%	VITA Tysons Corner Center(e) Tysons Corner, Virginia			510,000
	50%	Tysons Tower(e) Tysons Corner, Virginia			528,000

		Total Other Assets			3,239,000

		Grand Total at September 30, 2016			55,544,000

Table of Contents

The Macerich Company

Property Listing

September 30, 2016

(a): The Company's ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on pages 25 and 26 regarding the legal versus economic ownership of joint venture entities.
(b): Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores as of September 30, 2016.
(c): The Company contributed an interest in these four properties to joint ventures in January 2016. Subsequent to the contribution, the Company retained a 60.0% interest in Arrowhead Towne Center and a 51.0% interest in Deptford Mall, FlatIron Crossing and Twenty Ninth Street.
(d): Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 44 Centers, the underlying land controlled by the Company is owned in fee entirely by the Company, or, in the case of jointly-owned Centers, by the joint venture property partnership or limited liability company.
(e): Included in Unconsolidated Joint Venture Centers.
(f): Included in Consolidated Centers.
(g): The Company owns seven stores located at shopping centers not owned by the Company. Of these seven stores, two are leased to Forever 21, one is leased to Kohl's, one is vacant, and three have been leased for non-Anchor uses. With respect to four of the seven stores, the underlying land is owned in fee entirely by the Company. With respect to the remaining three stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases.

Table of Contents

The Macerich Company

Joint Venture List

The following table sets forth certain information regarding the Centers and other operating properties that are not wholly-owned by the Company. This list of properties includes unconsolidated joint ventures, consolidated joint ventures, and co-venture arrangements. The percentages shown are the effective legal ownership and economic ownership interests of the Company as of September 30, 2016.

Properties			Joint Venture

Arrowhead Towne Center	60%	60%	New River Associates LLC	1,197,000
Atlas Park, The Shops at	50%	50%	WMAP, L.L.C.	370,000
Biltmore Fashion Park	50%	50%	Biltmore Shopping Center Partners LLC	517,000
Boulevard Shops	50%	50%	Propcor II Associates, LLC	185,000
Broadway Plaza	50%	50%	Macerich Northwestern Associates	921,000
Chandler Fashion Center(d)	50.1%	50.1%	Freehold Chandler Holdings LP	1,319,000
Corte Madera, Village at	50.1%	50.1%	Corte Madera Village, LLC	461,000
Country Club Plaza	50%	50%	Country Club Plaza KC Partners LLC	983,000
Deptford Mall	51%	51%	Macerich HHF Centers LLC	1,039,000
Estrella Falls, The Market at(e)	40.1%	40.1%	The Market at Estrella Falls LLC	276,000
FlatIron Crossing	51%	51%	Macerich HHF Centers LLC	1,432,000
Freehold Raceway Mall(d)	50.1%	50.1%	Freehold Chandler Holdings LP	1,674,000
Fashion Outlets of Philadelphia	50%	50%	Various Entities	850,000
Fashion Outlets of Philadelphia-Offices	50%	50%	Various Entities	526,000
Hyatt Regency Tysons Corner Center	50%	50%	Tysons Corner Hotel I LLC	290,000
Kierland Commons	50%	50%	Kierland Commons Investment LLC	435,000
Lakewood Center	60%	60%	Pacific Premier Retail LLC	2,075,000
Los Cerritos Center	60%	60%	Pacific Premier Retail LLC	1,296,000
North Bridge, The Shops at	50%	50%	North Bridge Chicago LLC	671,000
Promenade at Casa Grande(f)	89.4%	89.4%	WP Casa Grande Retail LLC	761,000
SanTan Village Regional Center	84.9%	84.9%	Westcor SanTan Village LLC	1,047,000
Scottsdale Fashion Square	50%	50%	Scottsdale Fashion Square Partnership	1,812,000
Scottsdale Fashion Square-Office	50%	50%	Scottsdale Fashion Square Partnership	122,000
Macerich Seritage Portfolio(g)	50%	50%	MS Portfolio LLC	1,550,000
South Plains Mall	60%	60%	Pacific Premier Retail LLC	1,127,000
Twenty Ninth Street	51%	51%	Macerich HHF Centers LLC	851,000
Tysons Corner Center	50%	50%	Tysons Corner LLC	1,973,000
Tysons Corner Center-Office	50%	50%	Tysons Corner Property LLC	174,000
Tysons Tower	50%	50%	Tysons Corner Property LLC	528,000
Valencia Place at Country Club Plaza	50%	50%	TM TRS Holding Company LLC	263,000
VITA Tysons Corner Center	50%	50%	Tysons Corner Property LLC	510,000
Washington Square	60%	60%	Pacific Premier Retail LLC	1,441,000
West Acres	19%	19%	West Acres Development, LLP	971,000

(a): This column reflects the Company's legal ownership in the listed properties as of September 30, 2016. Legal ownership may, at times, not equal the Company's economic interest in the listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company's actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company's joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.

Table of Contents

The Macerich Company

Joint Venture List

(b): Economic ownership represents the allocation of cash flow to the Company as of September 30, 2016, except as noted below. In cases where the Company receives a current cash distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage is shown in this column. The Company's economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings, partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.
(c): Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores as of September 30, 2016.
(d): The joint venture entity was formed in September 2009. Upon liquidation of the partnership, distributions are made in the following order: to the third-party partner until it receives a 13% internal rate of return on and of its aggregate unreturned capital contributions; to the Company until it receives a 13% internal rate of return on and of its aggregate unreturned capital contributions; and, thereafter, pro rata 35% to the third-party partner and 65% to the Company.
(e): Columns 1 and 2 reflect the Company's indirect ownership interest in the property owner. The Company and a third-party partner are each members of a joint venture (the "MW Joint Venture") which, in turn, is a member in the joint venture that owns the property. Cash flow distributions for the MW Joint Venture are made in accordance with the members' relative capital accounts until the members have received distributions equal to their capital accounts, and thereafter in accordance with the members' relative legal ownership percentages. In addition, the Company has executed a joint and several guaranty of the mortgage for the property with its third-party partner. The Company may incur liabilities under such guaranty greater than its legal ownership percentage.
(f): Columns 1 and 2 reflect the Company's total direct and indirect ownership interest in the property owner. The Company and a third-party partner are each members of a joint venture (the "MW Joint Venture") which, in turn, is a member in the joint venture with the Company that owns the property. Cash flow distributions for the MW Joint Venture are made in accordance with the members' relative capital accounts until the members have received distributions equal to their capital accounts, and thereafter in accordance with the members' relative legal ownership percentages.
(g): On April 30, 2015 Sears Holdings Corporation ("Sears") and the Company announced that they had formed a joint venture, MS Portfolio LLC. Sears contributed nine stores (located at Arrowhead Towne Center, Chandler Fashion Center, Danbury Fair Mall, Deptford Mall, Freehold Raceway Mall, Los Cerritos Center, South Plains Mall, Vintage Faire Mall and Washington Square) to the joint venture and the Company contributed $150 million in cash to the joint venture. The lease arrangements between Sears and the joint venture provide the ability to create additional value through recapturing certain space leased to Sears in these properties and re-leasing that space to third-party tenants. For example, Primark has leased space in portions of the Sears stores at Danbury Fair Mall and Freehold Raceway Mall. On July 7, 2015, Sears assigned its ownership interest in MS Portfolio LLC to Seritage MS Holdings LLC.

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Debt Summary (at Company's pro rata share)(1)



	As of September 30, 2016
	Fixed Rate			Floating Rate			Total
	(Dollars in thousands)
Mortgage notes payable	$	3,515,209		$	329,949		$	3,845,158
Bank and other notes payable		5,821			1,043,123			1,048,944

Total debt per Consolidated Balance Sheet		3,521,030			1,373,072			4,894,102
Adjustments:
Less: Noncontrolling interests share of debt from consolidated joint ventures		(232,661	)		—			(232,661	)

Adjusted Consolidated Debt		3,288,369			1,373,072			4,661,441
Add: Company's share of debt from unconsolidated joint ventures		2,651,817			168,860			2,820,677

Total Company's Pro Rata Share of Debt	$	5,940,186		$	1,541,932		$	7,482,118



Weighted average interest rate		3.80	%		2.23	%		3.48	%
Weighted average maturity (years)								6.25

(1): The Company's pro rata share of debt represents (i) consolidated debt, minus the Company's partners' share of the amount from consolidated joint ventures (calculated based upon the partners' percentage ownership interest); plus (ii) the Company's share of debt from unconsolidated joint ventures (calculated based upon the Company's percentage ownership interest). Management believes that this measure provides useful information to investors regarding the Company's 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 the Company's economic interest in these joint ventures. The Company's pro rata share of debt should not be considered as a substitute to the Company's total 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.

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date

	As of September 30, 2016

Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate(a)			Fixed		Floating		Total Debt Balance(a)
I. Consolidated Assets:
Stonewood Center		11/01/17		1.80	%	$	101,048	$	—	$	101,048
Freehold Raceway Mall(b)		01/01/18		4.20	%		111,076		—		111,076
Santa Monica Place		01/03/18		2.99	%		220,901		—		220,901
SanTan Village Regional Center(c)		06/01/19		3.14	%		109,055		—		109,055
Chandler Fashion Center(b)		07/01/19		3.77	%		100,109		—		100,109
Kings Plaza Shopping Center		12/03/19		3.67	%		459,342		—		459,342
Danbury Fair Mall		10/01/20		5.53	%		217,465		—		217,465
Fashion Outlets of Niagara Falls USA		10/06/20		4.89	%		116,495		—		116,495
Green Acres Mall		02/03/21		3.61	%		299,375		—		299,375
Prasada(d)		05/30/21		5.25	%		2,911		—		2,911
Tucson La Encantada		03/01/22		4.23	%		68,888		—		68,888
Pacific View		04/01/22		4.08	%		128,021		—		128,021
Oaks, The		06/05/22		4.14	%		202,332		—		202,332
Westside Pavilion		10/01/22		4.49	%		144,581		—		144,581
Towne Mall		11/01/22		4.48	%		21,670		—		21,670
Victor Valley, Mall of		09/01/24		4.00	%		114,544		—		114,544
Queens Center		01/01/25		3.49	%		600,000		—		600,000
Vintage Faire		03/06/26		3.55	%		270,556		—		270,556

Total Fixed Rate Debt for Consolidated Assets				3.80	%	$	3,288,369	$	—	$	3,288,369

Superstition Springs Center(e)		10/28/16		2.35	%	$	—	$	67,525	$	67,525
Northgate Mall		03/01/17		3.40	%		—		63,549		63,549
Fashion Outlets of Chicago		03/31/20		2.18	%		—		198,875		198,875
The Macerich Partnership, L.P.—Line of Credit(f)		07/06/21		2.15	%		—		1,043,123		1,043,123

Total Floating Rate Debt for Consolidated Assets				2.22	%	$	—	$	1,373,072	$	1,373,072

Total Debt for Consolidated Assets				3.33	%	$	3,288,369	$	1,373,072	$	4,661,441

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date

	As of September 30, 2016

Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate(a)			Fixed			Floating			Total Debt Balance(a)
II. Unconsolidated Assets (At Company's pro rata share):
West Acres (19%)		12/01/16		6.41	%	$	10,315		$	—		$	10,315
FlatIron Crossing (51%)		01/05/21		2.81	%		132,584			—			132,584
Washington Square Mall (60%)		11/01/22		3.65	%		330,000			—			330,000
Deptford Mall (51%)		04/03/23		3.55	%		98,335			—			98,335
Scottsdale Fashion Square (50%)		04/03/23		3.02	%		243,040			—			243,040
Tysons Corner Center (50%)		01/01/24		4.13	%		400,801			—			400,801
South Plains Mall (60%)		11/06/25		4.22	%		120,000			—			120,000
Twenty Ninth Street (51%)		02/06/26		4.10	%		76,500			—			76,500
Country Club Plaza (50%)		04/01/26		3.88	%		159,549			—			159,549
Lakewood Center (60%)		06/01/26		4.15	%		226,506			—			226,506
Los Cerritos Center (60%)		11/01/27		4.00	%		315,000			—			315,000
Arrowhead Towne Center (60%)		02/01/28		4.05	%		240,000			—			240,000
North Bridge, The Shops at (50%)		06/01/28		3.71	%		186,868			—			186,868
Corte Madera, The Village at (50.1%)		09/01/28		3.53	%		112,319			—			112,319

Total Fixed Rate Debt for Unconsolidated Assets				3.80	%	$	2,651,817		$	—		$	2,651,817

Kierland Commons (50%)(f)		01/02/18		2.60	%	$	—		$	65,491		$	65,491
Boulevard Shops (50%)(f)		12/16/18		2.41	%		—			9,619			9,619
Estrella Falls, The Market at (40.1%)(f)		02/05/20		2.56	%		—			10,314			10,314
Atlas Park (50%)(f)		10/28/20		2.84	%		—			23,436			23,436
Pacific Premier Retail LLC (60%)		10/31/22		1.72	%		—			60,000			60,000

Total Floating Rate Debt for Unconsolidated Assets				2.31	%	$	—		$	168,860		$	168,860

Total Debt for Unconsolidated Assets				3.71	%	$	2,651,817		$	168,860		$	2,820,677

Total Debt				3.48	%	$	5,940,186		$	1,541,932		$	7,482,118



Percentage to Total							79.39	%		20.61	%		100.00	%

(a): The debt balances include the unamortized debt premiums/discounts and loan finance costs. Debt premiums/discounts represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions. Debt premiums/discounts and loan finance costs are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The annual interest rate in the table represents the effective interest rate, including the debt premiums/discounts and loan finance costs.
(b): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.1%.
(c): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.
(d): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.0%.
(e): On October 14, 2016, the Company paid off in full the loan on the property.
(f): The maturity date assumes that all available extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates.

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of September 30, 2016

In-Process Developments and Redevelopments:

Property	Project Type	Total Cost(a)(b) at 100%			Total Cost(a)(b) Pro Rata	Pro Rata Capitalized Costs(b) 9/30/2016	Expected Delivery(a)	Stabilized Yield(a)(b)(c)

Broadway Plaza Walnut Creek, CA	Expansion of existing open air center adding 235,000 sf (net) of new shop space to existing 774,000 sf center which is currently anchored by Nordstrom, Neiman Marcus and Macy's. New space created by construction of a more efficient parking structure and the consolidation of stand-alone Macy's Men's Store into a single larger Macy's box. Phase I encompasses demolition of 80,000 sf of existing retail space and construction of 240,000 sf of new retail space for a net increase of 160,000 sf. Phase 2 involves demolition of the existing Macy's Men's building and construction of 75,000 sf of new retail space for a total increase of 235,000 sf of small stores.	* Phase 1 : $265 * Phase 2 : $40	50	%	* Phase 1 : $133 * Phase 2 : $20	* Phase 1 : $114 * Phase 2 : $8	* 25% 4Q15 * 50% 2Q16 * 25% 2Q17/2Q18	8%

		Total: $305			Total: $153	Total: $122
Green Acres Commons Valley Stream, NY	335,000 sf two-story retail center anchored by Dicks Sporting Goods, and comprised of box retail stores and outparcels adjacent to Green Acres Mall	$110	100	%	$110	$96	4Q16	11%
Fashion Outlets of Philadelphia Philadelphia, PA	Redevelopment of The Gallery in downtown Philadelphia	$305 - $365(d)	50	%	$153 - $183(d)	$40	2018	8%(d)
Kings Plaza Shopping Center Brooklyn, NY	250,000 sf redevelopment of existing Sears store, anchored by Primark	$95 - $100	100	%	$95 - $100	$5	2018	4%(e)

Total In-Process		$815 - $880			$511 - $546	$263

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of September 30, 2016

Shadow Pipeline of Developments and Redevelopments(f):

Property	Project Type	Total Cost(a)(b) at 100%				Total Cost(a)(b) Pro Rata		Pro Rata Capitalized Costs(b) 9/30/2016			Stabilized Yield(a)(b)(c)

Fashion Outlets of San Francisco San Francisco, CA	A 500,000 sf outlet center on the historic site of Candlestick Park	$	350	50.1	%	$	175	$	3	2018 - 2019	7% - 9%
Paradise Valley Mall Phoenix, AZ	Redevelopment (size TBD) including a theater		TBD	100	%		TBD	$	1	TBD	TBD
Scottsdale Fashion Square Scottsdale, AZ	Office / Residential / Retail Mixed-use development on 7.5 Acres (former Days Inn)	$	250	50	%	$	125	$	1	2018 - 2019	8%
Tysons Corner Center Tysons Corner, VA	Mixed-use Development, Residential Tower with retail ground floor.	$	165	50	%	$	83	$	1	2018 - 2019	7% - 8%
Westside Pavilion Los Angeles, CA	Redevelopment of an existing 755,000 sf Center		TBD	100	%		TBD	$	1	TBD	TBD

Total Shadow Pipeline		$	765			$	383	$	7

(a): Much of this information is estimated and may change from time to time. See the Company's forward-looking disclosure on pages 1 and 2 for factors that may affect the information provided in this table.
(b): This excludes GAAP allocations of non cash and indirect costs.
(c): Stabilized Yield is calculated based on stabilized income after development divided by project direct costs excluding GAAP allocations of non cash and indirect costs.
(d): This reflects incremental project costs and income subsequent to the Company's $106.8 million investment in July 2014. Total Costs are net of $25 million of approved public financing grants that will be a reduction of costs.
(e): The Sears lease has been terminated. The 4% yield represents an incremental return over Sears former annual rent. The yield would increase to 8% without including any offsetting rent impact from Sears.
(f): This section includes potential developments or redevelopments that the Company is considering. The scope of these projects may change. Average returns are expected to be 7% to 9%. There is no certainty that the Company will develop or redevelop any or all of these potential projects.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Top Ten Tenants

The following retailers (including their subsidiaries) represent the 10 largest rent payers in the Centers based upon total rents in place as of September 30, 2016.

Tenant	Primary DBAs

L Brands, Inc.	Victoria's Secret, Bath and Body Works, PINK	100	2.7	%
Forever 21, Inc.	Forever 21, XXI Forever, Love21	36	2.6	%
Foot Locker, Inc.	Champs Sports, Foot Locker, Kids Foot Locker, Lady Foot Locker, Foot Action, House of Hoops SIX:02 and others	95	1.9	%
Gap, Inc., The	Athleta, Banana Republic, Gap, Gap Kids, Old Navy and others	58	1.9	%
Signet Jewelers	Gordon's Jewelers, Jared Jewelry, Kay Jewelers, Piercing Pagoda, Rogers Jewelers, Shaw's Jewelers, Weisfield Jewelers, Zales	106	1.6	%
Dick's Sporting Goods, Inc.	Dick's Sporting Goods, Chelsea Collective	15	1.4	%
H & M Hennes & Mauritz AB	H & M	23	1.4	%
Golden Gate Capital	Payless ShoeSource, Eddie Bauer, California Pizza Kitchen, PacSun	79	1.2	%
Sears Holdings Corporation	Sears	20	1.2	%
American Eagle Outfitters, Inc.	American Eagle Outfitters, aerie	38	1.1	%

Table of Contents

The Macerich Company
Corporate Information

Stock Exchange Listing

New York Stock Exchange
Symbol: MAC

The following table shows high and low sales prices per share of common stock during each quarter in 2016, 2015 and 2014 and dividends per share of common stock declared and paid by quarter:

	Market Quotation per Share				Dividends

Quarter Ended:	High		Low		Declared and Paid
March 31, 2014	$	62.41	$	55.21	$	0.62
June 30, 2014	$	68.28	$	61.66	$	0.62
September 30, 2014	$	68.81	$	62.62	$	0.62
December 31, 2014	$	85.55	$	63.25	$	0.65

March 31, 2015	$	95.93	$	81.61	$	0.65
June 30, 2015	$	86.31	$	74.51	$	0.65
September 30, 2015	$	81.52	$	71.98	$	0.65
December 31, 2015	$	86.29	$	74.55	$	2.68	(a)

March 31, 2016	$	82.88	$	72.99	$	2.68	(a)
June 30, 2016	$	85.39	$	71.82	$	0.68
September 30, 2016	$	94.51	$	78.76	$	0.68

(a): Includes a special dividend of $2.00 per common share paid on December 8, 2015. Separately, the Company also paid a special dividend of $2.00 per common share on January 6, 2016.

Dividend Reinvestment Plan

Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at 800-567-0169.



Corporate Headquarters The Macerich Company 401 Wilshire Boulevard, Suite 700 Santa Monica, California 90401 310-394-6000 www.macerich.com		Transfer Agent Computershare P.O. Box 30170 College Station, TX 77842-3170 800-567-0169 www.computershare.com

Macerich Website

For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit www.macerich.com.

Investor Relations


Jean Wood Vice President, Investor Relations Phone: 424-229-3366 [email protected]		John Perry Senior Vice President, Investor Relations Phone: 424-229-3345 [email protected]

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Form 8-K MACERICH CO For: Oct 27

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