Upgrade to SI Premium - Free Trial

Form 8-K MACERICH CO For: Feb 04

February 4, 2015 4:16 PM

QuickLinks -- Click here to rapidly navigate through this document


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) February�4, 2015

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 February�4, 2015 announcing results of operations for the Company for the quarter ended December�31, 2014 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 February�4, 2015, 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 twelve months ended December�31, 2014 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.

2



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

February�4, 2015

Date

�

/s/�THOMAS E. O'HERN

Senior Executive Vice President,
Chief Financial Officer
and Treasurer

3



EXHIBIT INDEX

EXHIBIT
NUMBER
�
NAME
� 99.1 � Press Release dated February�4, 2015

�

99.2

�

Supplemental Financial Information for the three and twelve months ended December�31, 2014

4




QuickLinks

SIGNATURES
EXHIBIT INDEX

QuickLinks -- Click here to rapidly navigate through this document


Exhibit 99.1

PRESS RELEASE

For: � THE MACERICH COMPANY


MACERICH ANNOUNCES QUARTERLY RESULTS AND 2015 EARNINGS GUIDANCE

��������Santa Monica, CA (2/04/15)�The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended December�31, 2014 which included funds from operations ("FFO") diluted of $158.8�million or $.99 per share-diluted compared to $140.6�million or $.94 per share-diluted for the quarter ended December�31, 2013. Included in the 2014 fourth quarter results is a loss on early extinguishment of debt of $9.1�million or $.06 per share related to the payoff of two high coupon mortgage loans. Net income attributable to the Company was $1.4�billion or $9.51 per share-diluted for the quarter ended December�31, 2014 compared to net income attributable to the Company for the quarter ended December�31, 2013 of $144.9�million or $1.03 per share-diluted. Included in net income in the 2014 fourth quarter and year to date results is a $1.4�billion or $8.88 per share gain on remeasurement resulting from the buyout of partner interests in five malls during the quarter. A description and reconciliation of FFO per share-diluted to EPS-diluted is included in the financial tables accompanying this press release.

Recent Highlights:

��������Commenting on the quarter, Arthur Coppola chairman and chief executive officer of Macerich stated, "Our solid leasing momentum continued into year-end, with additional occupancy gains and accelerating releasing spreads. In addition, we continued to execute on our deep pipeline of value-add redevelopment and expansion projects while also completing a number of significant transactions which further improved the quality and growth prospects of our portfolio. In particular, we are very pleased to have increased our ownership of five top super regional malls through a common stock for asset exchange with our long-time joint venture partner the Ontario Teachers' Pension Plan Board."

Developments:

��������At Tysons Corner Center, the Company's 2.1�million square foot super regional mall, construction continues on the multifamily and hotel components of this mixed use project which will add 1.4�million square feet to one of the country's premier retail centers. The Tysons expansion includes a 527,000 square foot office tower with major tenants Intelsat and Deloitte which opened in August. The office building is currently over 80% leased. A 30-story, 430-unit luxury residential tower; and a 300-room Hyatt Regency hotel are under construction with completion slated in early 2015.


��������At Broadway Plaza, in Walnut Creek, California, a major redevelopment, including a 235,000 square foot expansion, is underway. This 774,000 square foot mall (pre-expansion) is anchored by Macy's, Nordstrom and Neiman Marcus. The expansion will open in phases starting in fall 2015.

��������At both Los Cerritos Center and Scottsdale Fashion Square, expansions are underway to add a Dick's Sporting Goods store and a Harkins Theatre. Both projects are planned for completion in the second half of 2015.

Financing:

��������In December, the Company paid off a $156.2�million, 6.76% interest rate loan on Fresno Fashion Fair and a $98�million, 5.8% interest rate loan on Vintage Faire Mall. The Company incurred prepayment penalties totaling $9.1�million related to these early debt extinguishments. The Company has arranged a $280�million, eleven year fixed rate loan on Vintage Faire Mall. The interest rate is 3.49% and the transaction is expected to close in March, 2015.

Acquisitions:

��������In November, 2014 the Company closed on the acquisition of its joint venture partner's 49% interest in Queens Center, Washington Square, Los Cerritos Center, Stonewood Center and Lakewood Center from a wholly-owned subsidiary of the Ontario Teachers' Pension Plan Board. Total consideration was approximately $1.8�billion (USD), including the assumption of $672�million of property-level debt. The balance was funded through the direct issuance to a wholly-owned subsidiary of the Ontario Teachers' Pension Plan Board of approximately 17.1�million shares of Macerich common stock, representing a 10.9% common ownership stake in the Company.

��������Also in November, the Company closed on the acquisition of joint venture partner AWE Talisman's 40% interest in Fashion Outlets of Chicago for $70�million. With this purchase, Macerich now owns 100% of the recently-developed, 529,000 square foot center which was completed in August 2013 and, as of December�31, 2014, was 94.4% occupied with annual tenant sales of $651 per square foot.

Dispositions:

��������In October, the Company sold South Towne Center in Sandy, Utah for $205�million. This 1.2�million square foot mall had annual tenant sales of $344 per square foot.

��������Also, during the quarter, the Company sold its 67.5% interest in Camelback Colonnade, a community center in Phoenix, Arizona. The Company's proceeds from this transaction totaled $61.2�million. These transactions increased the Company's 2014 dispositions of non-core assets to $360�million.

2015 Earnings Guidance:

��������Management is providing diluted EPS and FFO per share guidance for 2015.

��������A reconciliation of estimated EPS to FFO per share-diluted follows:

�
� �
�
�
� 2015 range �

Diluted EPS

� � $1.28�-�$1.38 �

Plus: real estate depreciation and amortization

� � ��2.52�-���2.52 �

Less: gain on sale of dispositions

� � ����.00�����.00 �

Diluted FFO per share

� � $3.80�$3.90 �

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


��������Macerich, an S&P�500 company, currently celebrating 20�years of trading on the NYSE, 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 54�million square feet of real estate consisting primarily of interests in 51 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in California, Arizona, Chicago, and the Greater New York Metro area. 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 (Investing Section). The call begins Thursday, February�5, 2015 at 10:30 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 (Investing 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 Investing 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, 2013, 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:

�
� �
�
�
� Results before
Discontinued
Operations(a)
� Impact of
Discontinued
Operations(a)
� Results after
Discontinued
Operations(a)
�
�
� For the Three
Months Ended
December�31,
� For the Three
Months Ended
December�31,
� For the Three
Months Ended
December�31,
�
�
� Unaudited � Unaudited � Unaudited �
�
� 2014 � 2013 � 2014 � 2013 � 2014 � 2013 �

Minimum rents

� $ 182,323 � $ 159,967 � $ 0 � $ (4,349 ) $ 182,323 � $ 155,618 �

Percentage rents

� � 15,055 � � 13,107 � � � � � (561 ) � 15,055 � � 12,546 �

Tenant recoveries

� � 96,210 � � 92,138 � � � � � (2,223 ) � 96,210 � � 89,915 �

Management Companies' revenues

� � 8,733 � � 9,001 � � � � � � � � 8,733 � � 9,001 �

Other income

� � 20,588 � � 15,249 � � � � � (192 ) � 20,588 � � 15,057 �

Total revenues

� � 322,909 � � 289,462 � � 0 � � (7,325 ) � 322,909 � � 282,137 �

Shopping center and operating expenses

� � 95,922 � � 91,643 � � � � � (2,482 ) � 95,922 � � 89,161 �

Management Companies' operating expenses

� � 23,239 � � 24,459 � � � � � � � � 23,239 � � 24,459 �

REIT general and administrative expenses

� � 12,073 � � 9,099 � � � � � � � � 12,073 � � 9,099 �

Depreciation and amortization

� � 112,517 � � 95,061 � � � � � (1,929 ) � 112,517 � � 93,132 �

Interest expense

� � 50,748 � � 49,941 � � � � � (2,353 ) � 50,748 � � 47,588 �

Loss on early extinguishment of debt, net

� � 9,146 � � 655 � � � � � (149 ) � 9,146 � � 506 �

Total expenses

� � 303,645 � � 270,858 � � � � � (6,913 ) � 303,645 � � 263,945 �

Equity in income of unconsolidated joint ventures

� � 16,019 � � 22,103 � � � � � � � � 16,019 � � 22,103 �

Co-venture expense(b)

� � (3,315 ) � (2,633 ) � � � � � � � (3,315 ) � (2,633 )

Income tax benefit (expense)

� � 510 � � (572 ) � � � � � � � 510 � � (572 )

Gain (loss) on sale or write down of assets, net

� � 74,944 � � 98,423 � � � � � (152,418 ) � 74,944 � � (53,995 )

Gain on remeasurement of assets

� � 1,423,136 � � 14,864 � � � � � � � � 1,423,136 � � 14,864 �

Income from continuing operations

� � 1,530,558 � � 150,789 � � 0 � � (152,830 ) � 1,530,558 � � (2,041 )

Discontinued operations:

� � � � � � � � � � � � � � � � � � �

Gain on sale, disposition or write down of assets, net

� � � � � � � � � � � 152,269 � � � � � 152,269 �

Income from discontinued operations

� � � � � � � � � � � 561 � � � � � 561 �

Total income from discontinued operations

� � � � � � � � � � � 152,830 � � � � � 152,830 �

Net income

� � 1,530,558 � � 150,789 � � � � � � � � 1,530,558 � � 150,789 �

Less net income attributable to noncontrolling interests

� � 101,337 � � 5,911 � � � � � � � � 101,337 � � 5,911 �

Net income attributable to the Company

� $ 1,429,221 � $ 144,878 � $ 0 � $ 0 � $ 1,429,221 � $ 144,878 �

Average number of shares outstanding�basic

� � 149,924 � � 140,724 � � � � � � � � 149,924 � � 140,724 �

Average shares outstanding, assuming full conversion of OP Units(c)

� � 160,026 � � 150,348 � � � � � � � � 160,026 � � 150,348 �

Average shares outstanding�Funds From Operations ("FFO")�diluted(c)

� � 160,241 � � 150,375 � � � � � � � � 160,241 � � 150,375 �

Per share income�diluted before discontinued operations

� � � � � � � � � � � � � $ 9.51 � $ 0.01 �

Net income per share�basic

� $ 9.52 � $ 1.03 � � � � � � � $ 9.52 � $ 1.03 �

Net income per share�diluted

� $ 9.51 � $ 1.03 � � � � � � � $ 9.51 � $ 1.03 �

Dividend declared per share

� $ 0.65 � $ 0.62 � � � � � � � $ 0.65 � $ 0.62 �

FFO�basic(c)(d)

� $ 158,848 � $ 140,624 � � � � � � � $ 158,848 � $ 140,624 �

FFO�diluted(c)(d)

� $ 158,848 � $ 140,624 � � � � � � � $ 158,848 � $ 140,624 �

FFO�excluding early extinguishment of debt�diluted(c)(d)

� $ 167,994 � $ 141,279 � � � � � � � $ 167,994 � $ 141,279 �

FFO per share�basic(c)(d)

� $ 0.99 � $ 0.94 � � � � � � � $ 0.99 � $ 0.94 �

FFO per share�diluted(c)(d)

� $ 0.99 � $ 0.94 � � � � � � � $ 0.99 � $ 0.94 �

FFO per share excluding early extinguishment of debt�diluted(c)(d)

� $ 1.05 � $ 0.94 � � � � � � � $ 1.05 � $ 0.94 �


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

�
� �
�
�
� Results before
Discontinued
Operations(a)
� Impact of
Discontinued
Operations(a)
� Results after
Discontinued
Operations(a)
�
�
� For the Twelve
Months Ended
December�31,
� For the Twelve
Months Ended
December�31,
� For the Twelve
Months Ended
December�31,
�
�
� Unaudited � Unaudited � Unaudited �
�
� 2014 � 2013 � 2014 � 2013 � 2014 � 2013 �

Minimum rents

� $ 633,571 � $ 611,888 � $ 0 � $ (33,775 ) $ 633,571 � $ 578,113 �

Percentage rents

� � 24,350 � � 24,594 � � � � � (1,438 ) � 24,350 � � 23,156 �

Tenant recoveries

� � 361,119 � � 355,625 � � � � � (17,853 ) � 361,119 � � 337,772 �

Management Companies' revenues

� � 33,981 � � 40,192 � � � � � � � � 33,981 � � 40,192 �

Other income

� � 52,226 � � 51,928 � � � � � (1,686 ) � 52,226 � � 50,242 �

Total revenues

� � 1,105,247 � � 1,084,227 � � 0 � � (54,752 ) � 1,105,247 � � 1,029,475 �

Shopping center and operating expenses

� � 353,505 � � 349,225 � � � � � (19,430 ) � 353,505 � � 329,795 �

Management Companies' operating expenses

� � 88,424 � � 93,461 � � � � � � � � 88,424 � � 93,461 �

REIT general and administrative expenses

� � 29,412 � � 27,772 � � � � � � � � 29,412 � � 27,772 �

Depreciation and amortization

� � 378,716 � � 374,425 � � � � � (17,260 ) � 378,716 � � 357,165 �

Interest expense

� � 190,689 � � 211,787 � � � � � (14,540 ) � 190,689 � � 197,247 �

Loss (gain) on early extinguishment of debt, net

� � 9,551 � � (2,684 ) � � � � 1,252 � � 9,551 � � (1,432 )

Total expenses

� � 1,050,297 � � 1,053,986 � � � � � (49,978 ) � 1,050,297 � � 1,004,008 �

Equity in income of unconsolidated joint ventures

� � 60,626 � � 167,580 � � � � � � � � 60,626 � � 167,580 �

Co-venture expense(b)

� � (9,490 ) � (8,864 ) � � � � � � � (9,490 ) � (8,864 )

Income tax benefit

� � 4,269 � � 1,692 � � � � � � � � 4,269 � � 1,692 �

Gain (loss) on sale or write down of assets, net

� � 73,440 � � 207,105 � � � � � (285,162 ) � 73,440 � � (78,057 )

Gain on remeasurement of assets

� � 1,423,136 � � 51,205 � � � � � � � � 1,423,136 � � 51,205 �

Income from continuing operations

� � 1,606,931 � � 448,959 � � 0 � � (289,936 ) � 1,606,931 � � 159,023 �

Discontinued operations:

� � � � � � � � � � � � � � � � � � �

Gain on sale, disposition or write down of assets, net

� � � � � � � � � � � 286,414 � � � � � 286,414 �

Income from discontinued operations������������������

� � � � � � � � � � � 3,522 � � � � � 3,522 �

Total income from discontinued operations

� � � � � � � � � � � 289,936 � � � � � 289,936 �

Net income

� � 1,606,931 � � 448,959 � � � � � � � � 1,606,931 � � 448,959 �

Less net income attributable to noncontrolling interests

� � 107,889 � � 28,869 � � � � � � � � 107,889 � � 28,869 �

Net income attributable to the Company

� $ 1,499,042 � $ 420,090 � $ 0 � $ 0 � $ 1,499,042 � $ 420,090 �

Average number of shares outstanding�basic

� � 143,144 � � 139,598 � � � � � � � � 143,144 � � 139,598 �

Average shares outstanding, assuming full conversion of OP Units(c)

� � 153,224 � � 149,444 � � � � � � � � 153,224 � � 149,444 �

Average shares outstanding�Funds From Operations ("FFO")�diluted(c)

� � 153,371 � � 149,526 � � � � � � � � 153,371 � � 149,526 �

Per share income�diluted before discontinued operations

� � � � � � � � � � � � � $ 10.45 � $ 1.06 �

Net income per share-basic

� $ 10.46 � $ 3.01 � � � � � � � $ 10.46 � $ 3.01 �

Net income per share�diluted

� $ 10.45 � $ 3.00 � � � � � � � $ 10.45 � $ 3.00 �

Dividend declared per share

� $ 2.51 � $ 2.36 � � � � � � � $ 2.51 � $ 2.36 �

FFO�basic(c)(d)

� $ 542,754 � $ 527,574 � � � � � � � $ 542,754 � $ 527,574 �

FFO�diluted(c)(d)

� $ 542,754 � $ 527,574 � � � � � � � $ 542,754 � $ 527,574 �

FFO�excluding early extinguishment of debt�diluted(c)(d)

� $ 552,305 � $ 524,538 � � � � � � � $ 552,305 � $ 524,538 �

FFO per share�basic(c)(d)

� $ 3.54 � $ 3.53 � � � � � � � $ 3.54 � $ 3.53 �

FFO per share�diluted(c)(d)

� $ 3.54 � $ 3.53 � � � � � � � $ 3.54 � $ 3.53 �

FFO per share excluding early extinguishment of debt�diluted(c)(d)

� $ 3.60 � $ 3.51 � � � � � � � $ 3.60 � $ 3.51 �


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)



THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

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

�
� �
�
�
� For the Three
Months Ended
December�31,
� For the Twelve
Months Ended
December�31,
�
�
� Unaudited � Unaudited �
�
� 2014 � 2013 � 2014 � 2013 �

Net income attributable to the Company

� $ 1,429,221 � $ 144,878 � $ 1,499,042 � $ 420,090 �

Adjustments to reconcile net income attributable to the Company to FFO�basic and diluted:

� � � � � � � � � � � � �

Noncontrolling interests in OP

� � 100,594 � � 10,033 � � 105,584 � � 29,637 �

Gain on sale or write down of consolidated assets, net

� � (74,944 ) � (98,423 ) � (73,440 ) � (207,105 )

Gain on remeasurement of consolidated assets

� � (1,423,136 ) � (14,864 ) � (1,423,136 ) � (51,205 )

plus gain on undepreciated asset sales�consolidated assets

� � 477 � � 308 � � 1,396 � � 2,546 �

plus non-controlling interests share of gain (loss) on sale or write down of consolidated joint ventures, net

� � 185 � � (5,245 ) � 146 � � (2,082 )

(Gain) loss on sale or write down of assets from unconsolidated entities (pro rata), net

� � (2,528 ) � (3,295 ) � 1,237 � � (94,372 )

plus gain on undepreciated asset sales�unconsolidated entities (pro rata)

� � 2,621 � � 169 � � 2,621 � � 602 �

Depreciation and amortization on consolidated assets

� � 112,517 � � 95,061 � � 378,716 � � 374,425 �

Less depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures

� � (4,419 ) � (5,514 ) � (20,700 ) � (19,928 )

Depreciation and amortization on joint ventures (pro rata)

� � 21,244 � � 20,396 � � 82,570 � � 86,866 �

Less: depreciation on personal property

� � (2,984 ) � (2,880 ) � (11,282 ) � (11,900 )

Total FFO�basic and diluted

� $ 158,848 � $ 140,624 � $ 542,754 � $ 527,574 �

Loss (gain) on early extinguishment of debt, net�consolidated assets

� � 9,146 � � 655 � � 9,551 � � (2,684 )

Gain on early extinguishment of debt, net�unconsolidated entities (pro rata)

� � � � � � � � � � � (352 )

Total FFO excluding early extinguishment of debt�diluted

� $ 167,994 � $ 141,279 � $ 552,305 � $ 524,538 �

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

�
� �
�
�
� For the Three
Months Ended
December�31,
� For the Twelve
Months Ended
December�31,
�
�
� Unaudited � Unaudited �
�
� 2014 � 2013 � 2014 � 2013 �

Earnings per share�diluted

� $ 9.51 � $ 1.03 � $ 10.45 � $ 3.00 �

Per share impact of depreciation and amortization of real estate

� � 0.79 � � 0.72 � � 2.81 � � 2.88 �

Per share impact of gain on remeasurement, sale or write down of assets, net

� � (9.31 ) � (0.81 ) � (9.72 ) � (2.35 )

FFO per share�diluted

� $ 0.99 � $ 0.94 � $ 3.54 � $ 3.53 �

Per share impact of loss (gain) on early extinguishment of debt, net

� � 0.06 � � 0.00 � � 0.06 � � (0.02 )

FFO per share excluding early extinguishment of debt�diluted

� $ 1.05 � $ 0.94 � $ 3.60 � $ 3.51 �


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of Net income attributable to the Company to EBITDA:

�
� �
�
�
� For the Three
Months Ended
December�31,
� For the Twelve
Months Ended
December�31,
�
�
� Unaudited � Unaudited �
�
� 2014 � 2013 � 2014 � 2013 �

Net income attributable to the Company

� $ 1,429,221 � $ 144,878 � $ 1,499,042 � $ 420,090 �

Interest expense�consolidated assets

� � 50,748 � � 49,941 � � 190,689 � � 211,787 �

Interest expense�unconsolidated entities (pro rata)

� � 12,165 � � 17,330 � � 61,971 � � 69,224 �

Depreciation and amortization�consolidated assets

� � 112,517 � � 95,061 � � 378,716 � � 374,425 �

Depreciation and amortization�unconsolidated entities (pro rata)

� � 21,244 � � 20,396 � � 82,570 � � 86,866 �

Noncontrolling interests in OP

� � 100,594 � � 10,033 � � 105,584 � � 29,637 �

Less: Interest expense and depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures

� � (6,871 ) � (8,387 ) � (31,960 ) � (31,397 )

Loss (gain) on early extinguishment of debt�consolidated entities

� � 9,146 � � 655 � � 9,551 � � (2,684 )

Gain on early extinguishment of debt�unconsolidated entities (pro rata)

� � � � � � � � � � � (352 )

Gain on sale or write down of assets�consolidated assets, net

� � (74,944 ) � (98,423 ) � (73,440 ) � (207,105 )

Gain on remeasurement of assets�consolidated assets

� � (1,423,136 ) � (14,864 ) � (1,423,136 ) � (51,205 )

(Gain) loss on sale or write down of assets�unconsolidated entities (pro rata), net

� � (2,528 ) � (3,295 ) � 1,237 � � (94,372 )

Add: Non-controlling interests share of gain (loss) on sale of consolidated assets, net

� � 185 � � (5,245 ) � 146 � � (2,082 )

Income tax (benefit) expense

� � (510 ) � 572 � � (4,269 ) � (1,692 )

Distributions on preferred units

� � 159 � � 184 � � 710 � � 735 �

EBITDA(e)

� $ 227,990 � $ 208,836 � $ 797,411 � $ 801,875 �

Reconciliation of EBITDA to Same Centers�Net Operating Income ("NOI"):

�
� �
�
�
� For the Three
Months Ended
December�31,
� For the Twelve
Months Ended
December�31,
�
�
� Unaudited � Unaudited �
�
� 2014 � 2013 � 2014 � 2013 �

EBITDA(e)

� $ 227,990 � $ 208,836 � $ 797,411 � $ 801,875 �

Add: REIT general and administrative expenses

� � 12,073 � � 9,099 � � 29,412 � � 27,772 �

Management Companies' revenues

� � (8,733 ) � (9,001 ) � (33,981 ) � (40,192 )

Management Companies' operating expenses

� � 23,239 � � 24,459 � � 88,424 � � 93,461 �

Straight-line and above/below market adjustments to minimum rents of comparable centers

� � (3,709 ) � (4,109 ) � (9,722 ) � (12,961 )

EBITDA of non-comparable centers

� � (40,230 ) � (30,184 ) � (102,461 ) � (132,172 )

Same Centers�NOI(f)

� $ 210,630 � $ 199,100 � $ 769,083 � $ 737,783 �

(e)
EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests, extraordinary items, gain (loss) on remeasurement, sale or write down of assets and preferred dividends and includes joint ventures at their pro rata share. Management considers 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 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 EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies.

(f)
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 EBITDA and subtracting out EBITDA from non-comparable centers and eliminating the management companies and the Company's general and administrative expenses. Same center NOI excludes the impact of straight-line and above/below market adjustments to minimum rents.



QuickLinks

MACERICH ANNOUNCES QUARTERLY RESULTS AND 2015 EARNINGS GUIDANCE
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)
THE MACERICH COMPANY FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

QuickLinks -- Click here to rapidly navigate through this document


Exhibit�99.2

LOGO

Supplemental Financial Information
For the three and twelve months ended December�31, 2014

GRAPHICS



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

� 1-3

Overview

� 1

Capital Information and Market Capitalization

� 2

Changes in Total Common and Equivalent Shares/Units

� 3

Financial Data

�

4-9

Unaudited Pro Rata Statement of Operations

� 5-6

Notes to Unaudited Pro Rata Statement of Operations

� 7

Unaudited Pro Rata Balance Sheet

� 8

2015 Guidance Range

� 9

Supplemental FFO Information

� 10

Capital Expenditures

� 11

Operational Data

�

12-27

Sales Per Square Foot

� 12

Sales Per Square Foot by Property Ranking

� 13-17

Occupancy

� 18

Average Base Rent Per Square Foot

� 19

Cost of Occupancy

� 20

Percentage of Net Operating Income by State

� 21

Property Listing

� 22-25

Joint Venture List

� 26-27

Debt Tables

�

28-30

Debt Summary

� 28

Outstanding Debt by Maturity Date

� 29-30

Development Pipeline

�

31-33

Corporate Information

�

34

��������This Supplemental Financial Information should be read in connection with the Company's fourth quarter 2014 earnings announcement (included as Exhibit�99.1 of the Company's Current Report on 8-K, event date February�4, 2015) as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Financial Information.



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 December�31, 2014, the Operating Partnership owned or had an ownership interest in 51�regional shopping centers and eight community/power shopping centers aggregating approximately 54�million square feet of gross leasable area ("GLA"). These 59 centers are referred to hereinafter as the "Centers", unless the context requires otherwise.

��������The Company is working with the loan servicer for Great Northern Mall, which is expected to result in a transition of the asset to the loan servicer or a receiver. Consequently, Great Northern Mall has been excluded from all Non-GAAP Operating Data in 2014, including Sales per square foot, Occupancy, Average Base Rent per square foot and Cost of Occupancy as well as the Property Listing.

��������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.

��������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 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, 2013, 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.

1



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

� � � � � � � � � � �
�
� Period Ended �
�
� 12/31/2014 � 12/31/2013 � 12/31/2012 �
�
� dollars in thousands, except per share data
�

Closing common stock price per share

� $ 83.41 � $ 58.89 � $ 58.30 �

52�week high

� $ 85.55 � $ 72.19 � $ 62.83 �

52�week low

� $ 55.21 � $ 55.13 � $ 49.67 �

Shares outstanding at end of period

� � � � � � � � � �

Class�A non-participating convertible preferred units

� � 145,839 � � 184,304 � � 184,304 �

Common shares and partnership units

� � 168,721,053 � � 150,673,110 � � 147,601,848 �

Total common and equivalent shares/units outstanding

� � 168,866,892 � � 150,857,414 � � 147,786,152 �

Portfolio capitalization data

� �
�
� �
�
� �
�
�

Total portfolio debt, including joint ventures at pro rata

� $ 7,050,437 � $ 6,037,219 � $ 6,620,507 �

Equity market capitalization

� � 14,085,187 � � 8,883,993 � � 8,615,933 �

Total market capitalization

� $ 21,135,624 � $ 14,921,212 � $ 15,236,440 �

Leverage ratio(a)

� � 33.4 % � 40.5 % � 43.5 %

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

Portfolio Capitalization at December�31, 2014

GRAPHIC

2



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, 2013

� � 9,939,427 � � 140,733,683 � � 184,304 � � 150,857,414 �

Conversion of partnership units to cash

� � (3,445 ) � � � � � � � (3,445 )

Conversion of partnership units to common shares

� � (63,000 ) � 63,000 � � � � � � �

Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans

� � 246,471 � � 82,701 � � � � � 329,172 �

Balance as of March�31, 2014

� � 10,119,453 � � 140,879,384 � � 184,304 � � 151,183,141 �

Conversion of partnership units to cash

� � (285 ) � � � � � � � (285 )

Conversion of partnership units to common shares

� � (8,333 ) � 8,333 � � � � � � �

Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans

� � � � � 19,703 � � � � � 19,703 �

Balance as of June�30, 2014

� � 10,110,835 � � 140,907,420 � � 184,304 � � 151,202,559 �

Conversion of partnership units to cash

� � (234 ) � � � � � � � (234 )

Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans

� � � � � 13,064 � � � � � 13,064 �

Balance as of September�30, 2014

� � 10,110,601 � � 140,920,484 � � 184,304 � � 151,215,389 �

Conversion of partnership units to common shares

� � (24,286 ) � 62,751 � � (38,465 ) � � �

Issuance of common shares�Acquisition of partnership interest

� � � � � 17,140,845 � � � � � 17,140,845 �

Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans

� � 432,742 � � 77,916 � � � � � 510,658 �

Balance as of December 31, 2014

� � 10,519,057 � � 158,201,996 � � 145,839 � � 168,866,892 �

3


��������On the following pages, the Company presents its unaudited pro�rata statement of operations and unaudited pro�rata balance sheet reflecting the Company's proportionate ownership of each asset in its portfolio. The Company also reconciles net income attributable to the Company to funds from operations ("FFO") and FFO-diluted for the three and twelve months ended December�31, 2014.

4



THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)

�
� �
�
�
� For the Three Months Ended December�31, 2014 �
�
� Consolidated � Non-
Controlling
Interests(1)
� Company's
Consolidated
Share
� Company's
Share of
Joint
Ventures(2)
� Company's
Total
Share
�

Revenues:

� � � � � � � � � � � � � � � �

Minimum rents

� $ 182,323 � $ (9,124 ) $ 173,199 � $ 44,325 � $ 217,524 �

Percentage rents

� � 15,055 � � (741 ) � 14,314 � � 3,296 � � 17,610 �

Tenant recoveries

� � 96,210 � � (5,031 ) � 91,179 � � 20,423 � � 111,602 �

Management Companies' revenues

� � 8,733 � � � � � 8,733 � � � � � 8,733 �

Other income

� � 20,588 � � (997 ) � 19,591 � � 4,437 � � 24,028 �

Total revenues

� � 322,909 � � (15,893 ) � 307,016 � � 72,481 � � 379,497 �

Expenses:

� � � � � � � � � � � � � � � �

Shopping center and operating expenses

� � 95,922 � � (5,149 ) � 90,773 � � 25,581 � � 116,354 �

Management Companies' operating expenses

� � 23,239 � � � � � 23,239 � � � � � 23,239 �

REIT general and administrative expenses

� � 12,073 � � � � � 12,073 � � � � � 12,073 �

Depreciation and amortization

� � 112,517 � � (4,419 ) � 108,098 � � 21,244 � � 129,342 �

Interest expense

� � 50,748 � � (2,452 ) � 48,296 � � 12,165 � � 60,461 �

Loss on early extinguishment of debt, net

� � 9,146 � � � � � 9,146 � � � � � 9,146 �

Total expenses

� � 303,645 � � (12,020 ) � 291,625 � � 58,990 � � 350,615 �

Equity in income of unconsolidated joint ventures

� � 16,019 � � � � � 16,019 � � (16,019 ) � � �

Co-venture expense

� � (3,315 ) � 3,315 � � � � � � � � � �

Income tax benefit

� � 510 � � � � � 510 � � � � � 510 �

Gain on sale or write down of assets, net

� � 74,944 � � (185 ) � 74,759 � � 2,528 � � 77,287 �

Gain on remeasurement of assets

� � 1,423,136 � � � � � 1,423,136 � � � � � 1,423,136 �

Net income

� � 1,530,558 � � (743 ) � 1,529,815 � � � � � 1,529,815 �

Less net income attributable to noncontrolling interests

� � 101,337 � � (743 ) � 100,594 � � � � � 100,594 �

Net income attributable to the Company

� $ 1,429,221 � $ � � $ 1,429,221 � $ � � $ 1,429,221 �

Reconciliation of net income attributable to the Company to FFO(3):

� � � � � � � � � � � � � � � �

Net income attributable to the Company

� � � � � � � $ 1,429,221 � $ � � $ 1,429,221 �

Equity in income of unconsolidated joint ventures

� � � � � � � � (16,019 ) � 16,019 � � � �

Adjustments to reconcile net income to FFO�basic and diluted:

� � � � � � � � � � � � � � � �

Noncontrolling interests in the Operating Partnership

� � � � � � � � 100,594 � � � � � 100,594 �

Gain on sale or write down of assets, net

� � � � � � � � (74,759 ) � (2,528 ) � (77,287 )

Gain on remeasurement of assets

� � � � � � � � (1,423,136 ) � � � � (1,423,136 )

Gain on sale of undepreciated assets, net

� � � � � � � � 477 � � 2,621 � � 3,098 �

Depreciation and amortization of all property

� � � � � � � � 108,098 � � 21,244 � � 129,342 �

Depreciation on personal property

� � � � � � � � (2,746 ) � (238 ) � (2,984 )

Total FFO�Basic and diluted

� � � � � � � � 121,730 � � 37,118 � � 158,848 �

Loss on early extinguishment of debt, net

� � � � � � � � 9,146 � � � � � 9,146 �

Total FFO excluding early extinguishment of debt�diluted

� � � � � � � $ 130,876 � $ 37,118 � $ 167,994 �

(1)
This represents the non-owned portion of the consolidated entities not wholly-owned by the Company.

(2)
This represents the Company's pro rata share of unconsolidated joint ventures.

5



THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)

�
� �
�
�
� For the Year Ended December�31, 2014 �
�
� Consolidated � Non-
Controlling
Interests(1)
� Company's
Consolidated
Share
� Company's
Share of
Joint
Ventures(2)
� Company's
Total
Share
�

Revenues:

� � � � � � � � � � � � � � � �

Minimum rents

� $ 633,571 � $ (38,764 ) $ 594,807 � $ 191,255 � $ 786,062 �

Percentage rents

� � 24,350 � � (1,562 ) � 22,788 � � 8,399 � � 31,187 �

Tenant recoveries

� � 361,119 � � (23,193 ) � 337,926 � � 92,567 � � 430,493 �

Management Companies' revenues������������

� � 33,981 � � � � � 33,981 � � � � � 33,981 �

Other income

� � 52,226 � � (2,842 ) � 49,384 � � 20,203 � � 69,587 �

Total revenues

� � 1,105,247 � � (66,361 ) � 1,038,886 � � 312,424 � � 1,351,310 �

Expenses:

� � � � � � � � � � � � � � � �

Shopping center and operating expenses

� � 353,505 � � (22,752 ) � 330,753 � � 106,020 � � 436,773 �

Management Companies' operating expenses

� � 88,424 � � � � � 88,424 � � � � � 88,424 �

REIT general and administrative expenses

� � 29,412 � � � � � 29,412 � � � � � 29,412 �

Depreciation and amortization

� � 378,716 � � (20,700 ) � 358,016 � � 82,570 � � 440,586 �

Interest expense

� � 190,689 � � (11,260 ) � 179,429 � � 61,971 � � 241,400 �

Loss on early extinguishment of debt, net

� � 9,551 � � � � � 9,551 � � � � � 9,551 �

Total expenses

� � 1,050,297 � � (54,712 ) � 995,585 � � 250,561 � � 1,246,146 �

Equity in income of unconsolidated joint ventures

� � 60,626 � � � � � 60,626 � � (60,626 ) � � �

Co-venture expense

� � (9,490 ) � 9,490 � � � � � � � � � �

Income tax benefit

� � 4,269 � � � � � 4,269 � � � � � 4,269 �

Gain (loss) on sale or write down of assets, net

� � 73,440 � � (146 ) � 73,294 � � (1,237 ) � 72,057 �

Gain on remeasurement of assets

� � 1,423,136 � � � � � 1,423,136 � � � � � 1,423,136 �

Net income

� � 1,606,931 � � (2,305 ) � 1,604,626 � � � � � 1,604,626 �

Less net income attributable to noncontrolling interests

� � 107,889 � � (2,305 ) � 105,584 � � � � � 105,584 �

Net income attributable to the Company

� $ 1,499,042 � $ � � $ 1,499,042 � $ � � $ 1,499,042 �

Reconciliation of net income attributable to the Company to FFO(3):

� � � � � � � � � � � � � � � �

Net income attributable to the Company

� � � � � � � $ 1,499,042 � $ � � $ 1,499,042 �

Equity in income of unconsolidated joint ventures

� � � � � � � � (60,626 ) � 60,626 � � � �

Adjustments to reconcile net income to FFO�basic and diluted:

� � � � � � � � � � � � � � � �

Noncontrolling interests in the Operating Partnership

� � � � � � � � 105,584 � � � � � 105,584 �

(Gain) loss on sale or write down of assets, net

� � � � � � � � (73,294 ) � 1,237 � � (72,057 )

Gain on remeasurement of assets

� � � � � � � � (1,423,136 ) � � � � (1,423,136 )

Gain on sale of undepreciated assets, net

� � � � � � � � 1,396 � � 2,621 � � 4,017 �

Depreciation and amortization of all property

� � � � � � � � 358,016 � � 82,570 � � 440,586 �

Depreciation on personal property

� � � � � � � � (10,321 ) � (961 ) � (11,282 )

Total FFO�Basic and diluted

� � � � � � � � 396,661 � � 146,093 � � 542,754 �

Loss on early extinguishment of debt, net

� � � � � � � � 9,551 � � � � � 9,551 �

Total FFO excluding early extinguishment of debt�diluted

� � � � � � � $ 406,212 � $ 146,093 � $ 552,305 �

(1)
This represents the non-owned portion of the consolidated entities not wholly-owned by the Company.

(2)
This represents the Company's pro rata share of unconsolidated joint ventures.

6



The Macerich Company

Notes to Unaudited Pro Rata Statement of Operations

(1)
This represents the non-owned portion of consolidated joint ventures.

(2)
This represents the Company's pro rata share of unconsolidated joint ventures.

(3)
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.

7



THE MACERICH COMPANY

UNAUDITED PRO RATA BALANCE SHEET

(All Dollars in thousands)

�
� �
�
�
� As of December�31, 2014 �
�
� Consolidated � Non-
Controlling
Interests(1)
� Company's
Consolidated
Share
� Company's
Share of
Joint
Ventures(2)
� Company's
Total
Share
�

ASSETS:

� � � � � � � � � � � � � � � �

Property, net(3)

� $ 11,067,890 � $ (329,922 ) $ 10,737,968 � $ 1,944,366 � $ 12,682,334 �

Cash and cash equivalents

� � 84,907 � � (9,139 ) � 75,768 � � 26,317 � � 102,085 �

Restricted cash

� � 13,530 � � � � � 13,530 � � 2,523 � � 16,053 �

Tenant and other receivables, net

� � 132,026 � � (20,186 ) � 111,840 � � 26,136 � � 137,976 �

Deferred charges and other assets, net

� � 759,061 � � (6,959 ) � 752,102 � � 47,482 � � 799,584 �

Due from affiliates

� � 80,232 � � 217 � � 80,449 � � (1,830 ) � 78,619 �

Investments in unconsolidated joint ventures

� � 984,132 � � � � � 984,132 � � (984,132 ) � � �

Total assets

� $ 13,121,778 � $ (365,989 ) $ 12,755,789 � $ 1,060,862 � $ 13,816,651 �

LIABILITIES AND EQUITY:

� � � � � � � � � � � � � � � �

Mortgage notes payable

� $ 5,404,521 � $ (234,409 ) $ 5,170,112 � $ 997,886 � $ 6,167,998 �

Bank and other notes payable

� � 887,879 � � (5,440 ) � 882,439 � � � � � 882,439 �

Accounts payable and accrued expenses

� � 115,406 � � (2,197 ) � 113,209 � � 32,946 � � 146,155 �

Other accrued liabilities

� � 568,716 � � (23,489 ) � 545,227 � � 59,987 � � 605,214 �

Distributions in excess of investment in unconsolidated joint ventures

� � 29,957 � � � � � 29,957 � � (29,957 ) � � �

Co-venture obligation

� � 75,450 � � (75,450 ) � � � � � � � � �

Total liabilities

� � 7,081,929 � � (340,985 ) � 6,740,944 � � 1,060,862 � � 7,801,806 �

Commitments and contingencies

� � � � � � � � � � � � � � � �

Equity:

� � � � � � � � � � � � � � � �

Stockholders' equity:

� � � � � � � � � � � � � � � �

Common stock

� � 1,581 � � � � � 1,581 � � � � � 1,581 �

Additional paid-in capital

� � 5,041,798 � � � � � 5,041,798 � � � � � 5,041,798 �

Retained earnings

� � 596,741 � � � � � 596,741 � � � � � 596,741 �

Total stockholders' equity

� � 5,640,120 � � � � � 5,640,120 � � � � � 5,640,120 �

Noncontrolling interests

� � 399,729 � � (25,004 ) � 374,725 � � � � � 374,725 �

Total equity

� � 6,039,849 � � (25,004 ) � 6,014,845 � � � � � 6,014,845 �

Total liabilities and equity

� $ 13,121,778 � $ (365,989 ) $ 12,755,789 � $ 1,060,862 � $ 13,816,651 �

(1)
This represents the non-owned portion of the consolidated joint ventures.

(2)
This represents the Company's pro rata share of the unconsolidated joint ventures.

(3)
Includes construction in progress of $290,369 from the Company's consolidated share and $212,179 from its pro rata share of the unconsolidated joint ventures.

8



The Macerich Company

2015 Guidance Range (Unaudited)

�
� �
�
� Year 2015
Guidance
� �

Earnings Expectations:

� � � �

Earnings per share�diluted

�

$1.28�-�$1.38

�

�

Plus: real estate depreciation and amortization

� $2.52 � �

Less: gain on sale of dispositions

� $0.00 � �

FFO per share�diluted

� $3.80�-�$3.90 � �

Underlying Assumptions to 2015 Guidance

�

�

�

�

Cash Same Center NOI Growth(a)

�

4.25% to 4.75%

�

�

Assumed acquisitions

� $0 � �

Assumed dispositions

� $0 � �

�

�
� �
�
� �
� Year 2015
FFO / Share
Impact

Lease termination income

� $10�million � $0.06

Capitalized interest

� $14�million � $0.084

Bad debt expense

� ($4�million) � $(0.024)

Dilutive impact on 2015 of assets sold in 2014

� ($17�million) � $(0.10)

(a)
Excludes non cash items of straight-line and above/below market adjustments to minimum rents. Includes lease termination income.

9



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)

�
�
� As of December�31,
�
� 2014 � 2013
�
� dollars in millions

Straight-line rent receivable

� $75.2 � $69.9

�

�
�
�
� For the
Three Months Ended
December�31,
� For the
Twelve Months Ended
December�31,
�
�
� 2014 � 2013 � 2014 � 2013 �
�
� dollars in millions
�

Lease termination fees

� $ 6.8 � $ 0.6 � $ 11.8 � $ 5.0 �

Straight-line rental income

� $ 3.8 � $ 2.2 � $ 9.3 � $ 8.1 �

Gain on sales of undepreciated assets

� $ 3.1 � $ 0.5 � $ 4.0 � $ 3.2 �

Amortization of acquired above- and below-market leases

� $ 3.5 � $ 2.3 � $ 10.2 � $ 8.7 �

Amortization of debt premiums

� $ 4.7 � $ 1.2 � $ 8.5 � $ 6.9 �

Interest capitalized

� $ 5.5 � $ 4.7 � $ 23.2 � $ 19.3 �

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

10



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures

�
� �
�
�
� Year Ended
12/31/14
� Year Ended
12/31/13
� Year Ended
12/31/12
�
�
� dollars in millions
�

Consolidated Centers

� � � � � � � � � �

Acquisitions of property and equipment(a)

� $ 97.9 � $ 591.6 � $ 1,313.1 �

Development, redevelopment, expansions and renovations of Centers

� � 197.9 � � 164.4 � � 158.5 �

Tenant allowances

� � 30.5 � � 20.9 � � 18.1 �

Deferred leasing charges

� � 26.6 � � 23.9 � � 23.5 �

Total

� $ 352.9 � $ 800.8 � $ 1,513.2 �

Unconsolidated Joint Venture Centers(b)

� �
�
� �
�
� �
�
�

Acquisitions of property and equipment

� $ 158.8 � $ 8.2 � $ 5.1 �

Development, redevelopment, expansions and renovations of Centers

� � 201.8 � � 118.8 � � 79.6 �

Tenant allowances

� � 4.8 � � 8.1 � � 6.4 �

Deferred leasing charges

� � 3.0 � � 3.3 � � 4.2 �

Total

� $ 368.4 � $ 138.4 � $ 95.3 �

(a)
Excludes non cash acquisition of partner's interests in five Centers on November�14, 2014.

(b)
All joint venture amounts at pro rata.

11



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

12/31/2014(b)

� $556 � $724 � $587

12/31/2013(c)

� $488 � $717 � $562

12/31/2012

� $463 � $629 � $517

12/31/2011

� $417 � $597 � $489

12/31/2010

� $392 � $468 � $433

(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)
Great Northern Mall is excluded at December 31, 2014 because the Center is being transitioned to the loan servicer.

(c)
Rotterdam Square, sold January�15, 2014, is excluded at December�31, 2013.


Sales Per Square Foot

GRAPHIC

12


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 12/31/14
(d)
� �
�
�
� �
� �
� Same Center NOI Growth(c) � % of Portfolio
2015 Forecast
Pro Rata NOI
(e)
�
�
� �
� �
� 12/31/2014
(a)
� 12/31/2013
(a)
� 12/31/2014
(b)
� 12/31/2013
(b)
�
Count
� Properties � 2014 � 2013 � 2012 � 2011 �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � Group 1: Top 10 � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

�

1

�

�

�

Queens Center

�

$

1,088

�

$

1,038

�

�

99.1

%

�

98.8

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 2 � � � Washington Square � $ 1,012 � $ 1,090 � � 94.8 % � 92.2 % � � � � � � � � � � � � � � � � � �

�

3

�

�

�

Corte Madera, Village at

�

$

957

�

$

902

�

�

96.3

%

�

97.8

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 4 � � � North Bridge, The Shops at � $ 870 � $ 906 � � 98.9 % � 97.3 % � � � � � � � � � � � � � � � � � �

�

5

�

�

�

Biltmore Fashion Park

�

$

865

�

$

927

�

�

97.9

%

�

90.0

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 6 � � � Tysons Corner Center � $ 821 � $ 824 � � 98.4 % � 98.2 % � � � � � � � � � � � � � � � � � �

�

7

�

�

�

Santa Monica Place

�

$

754

�

$

734

�

�

92.7

%

�

90.5

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 8 � � � Tucson La Encantada � $ 733 � $ 694 � � 94.5 % � 92.2 % � � � � � � � � � � � � � � � � � �

�

9

�

�

�

Scottsdale Fashion Square

�

$

732

�

$

694

�

�

95.9

%

�

94.5

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 10 � � � Broadway Plaza(f) � � n/a � $ 726 � � n/a � � 87.1 % � � � � � � � � � � � � � � � � � �
� � � Total Top 10: � $ 864 � $ 855 � � 96.9 % � 95.0 % � � � � � � � � � � � � � 14.0 % � 26.7 %
� � � Group 2: Top 11-20 � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

�

11

�

�

�

Los Cerritos Center

�

$

720

�

$

674

�

�

98.5

%

�

97.3

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 12 � � � Kings Plaza Shopping Center � $ 673 � $ 675 � � 91.9 % � 95.9 % � � � � � � � � � � � � � � � � � �

�

13

�

�

�

Arrowhead Towne Center

�

$

673

�

$

649

�

�

94.9

%

�

96.8

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 14 � � � Kierland Commons � $ 671 � $ 637 � � 97.4 % � 97.2 % � � � � � � � � � � � � � � � � � �

�

15

�

�

�

Fashion Outlets of Chicago(g)

�

$

651

�

�

n/a

�

�

94.4

%

�

95.4

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 16 � � � Danbury Fair Mall � $ 643 � $ 636 � � 97.6 % � 96.6 % � � � � � � � � � � � � � � � � � �

�

17

�

�

�

Vintage Faire Mall

�

$

633

�

$

594

�

�

96.6

%

�

99.3

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 18 � � � Chandler Fashion Center � $ 606 � $ 567 � � 93.6 % � 97.5 % � � � � � � � � � � � � � � � � � �

�

19

�

�

�

Twenty Ninth Street

�

$

605

�

$

613

�

�

97.8

%

�

95.7

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 20 � � � Fresno Fashion Fair � $ 601 � $ 609 � � 98.4 % � 96.8 % � � � � � � � � � � � � � � � � � �

�

�

�

Total Top 11-20:

�

$

647

�

$

625

�

�

96.0

%

�

96.8

%

�

�

�

�

�

�

�

�

�

�

�

�

�

12.7

%

�

26.8

%

13


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 12/31/14
(d)
� �
�
�
� �
� �
� Same Center NOI Growth(c) � % of Portfolio
2015 Forecast
Pro Rata NOI
(e)
�
�
� �
� �
� 12/31/2014
(a)
� 12/31/2013
(a)
� 12/31/2014
(b)
� 12/31/2013
(b)
�
Count
� Properties � 2014 � 2013 � 2012 � 2011 �
� � � Group 3: Top 21-30 � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

�

21

�

�

�

Freehold Raceway Mall

�

$

590

�

$

619

�

�

98.6

%

�

98.5

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 22 � � � Green Acres Mall � $ 577 � $ 541 � � 93.0 % � 93.4 % � � � � � � � � � � � � � � � � � �

�

23

�

�

�

Stonewood Center

�

$

544

�

$

522

�

�

99.5

%

�

96.1

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 24 � � � Fashion Outlets of Niagara Falls USA(f) � � n/a � $ 532 � � n/a � � 94.6 % � � � � � � � � � � � � � � � � � �

�

25

�

�

�

FlatIron Crossing

�

$

532

�

$

525

�

�

93.9

%

�

93.7

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 26 � � � Deptford Mall � $ 526 � $ 505 � � 98.5 % � 96.7 % � � � � � � � � � � � � � � � � � �

�

27

�

�

�

Oaks, The

�

$

512

�

$

502

�

�

97.9

%

�

97.2

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 28 � � � West Acres � $ 512 � $ 527 � � 99.8 % � 99.8 % � � � � � � � � � � � � � � � � � �

�

29

�

�

�

SanTan Village Regional Center

�

$

497

�

$

495

�

�

99.1

%

�

96.7

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 30 � � � Victor Valley, Mall of � $ 492 � $ 509 � � 98.6 % � 97.0 % � � � � � � � � � � � � � � � � � �

�

�

�

Total Top 21-30:

�

$

535

�

$

532

�

�

97.2

%

�

96.2

%

�

�

�

�

�

�

�

�

�

�

�

�

�

13.4

%

�

21.4

%
� � � Group 4: Top 31-40 � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

�

31

�

�

�

Valley River Center

�

$

461

�

$

478

�

�

98.3

%

�

98.2

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 32 � � � South Plains Mall � $ 455 � $ 468 � � 95.2 % � 88.3 % � � � � � � � � � � � � � � � � � �

�

33

�

�

�

Lakewood Center

�

$

431

�

$

430

�

�

97.3

%

�

97.5

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 34 � � � La Cumbre Plaza � $ 417 � $ 396 � � 85.6 % � 86.4 % � � � � � � � � � � � � � � � � � �

�

35

�

�

�

Inland Center

�

$

409

�

$

417

�

�

98.6

%

�

97.9

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 36 � � � Pacific View � $ 405 � $ 405 � � 95.0 % � 98.7 % � � � � � � � � � � � � � � � � � �

�

37

�

�

�

Northgate Mall

�

$

392

�

$

396

�

�

96.0

%

�

97.9

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 38 � � � Eastland Mall � $ 371 � $ 395 � � 94.8 % � 98.8 % � � � � � � � � � � � � � � � � � �
� 39 � � � Westside Pavilion(f) � � n/a � $ 348 � � n/a � � 94.7 % � � � � � � � � � � � � � � � � � �
� 40 � � � Superstition Springs Center � $ 350 � $ 345 � � 92.8 % � 96.9 % � � � � � � � � � � � � � � � � � �

�

�

�

Total Top 31-40:

�

$

412

�

$

412

�

�

95.5

%

�

96.0

%

�

�

�

�

�

�

�

�

�

�

�

�

�

14.9

%

�

15.3

%
� � � Total Top 40: � $ 618 � $ 609 � � 96.4 % � 96.1 % � 4.7 % � 4.6 % � 3.7 % � 4.2 % � 13.6 % � 90.2 %

14



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 12/31/14
(d)
� �
�
�
� �
� �
� Same Center NOI Growth(c) � % of Portfolio
2015 Forecast
Pro Rata NOI
(e)
�
�
� �
� �
� 12/31/2014
(a)
� 12/31/2013
(a)
� 12/31/2014
(b)
� 12/31/2013
(b)
�
Count
� Properties � 2014 � 2013 � 2012 � 2011 �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � Group 5: 41-50 � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� 41 � � � Flagstaff Mall � $ 340 � $ 310 � � 71.8 % � 78.8 % � � � � � � � � � � � � � � � � � �

�

42

�

�

�

Capitola Mall

�

$

334

�

$

326

�

�

89.9

%

�

85.3

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 43 � � � Towne Mall � $ 323 � $ 331 � � 89.8 % � 86.4 % � � � � � � � � � � � � � � � � � �

�

44

�

�

�

Cascade Mall

�

$

317

�

$

298

�

�

91.4

%

�

91.5

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 45 � � � NorthPark Mall � $ 307 � $ 313 � � 90.6 % � 91.6 % � � � � � � � � � � � � � � � � � �

�

46

�

�

�

Desert Sky Mall

�

$

302

�

$

270

�

�

92.8

%

�

89.2

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 47 � � � Wilton Mall � $ 276 � $ 296 � � 94.0 % � 90.7 % � � � � � � � � � � � � � � � � � �

�

48

�

�

�

Valley Mall

�

$

271

�

$

286

�

�

92.6

%

�

95.4

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� 49 � � � SouthPark Mall(f) � � n/a � $ 228 � � n/a � � 79.4 % � � � � � � � � � � � � � � � � � �

�

50

�

�

�

Paradise Valley Mall(f)

�

�

n/a

�

�

n/a

�

�

n/a

�

�

n/a

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� � � Total 41-50: � $ 307 � $ 292 � � 90.6 % � 88.0 % � (3.0 )% � 2.5 % � 1.0 % � 0.5 % � 12.3 % � 6.1 %

�

�

�

Subtotal�Regional Shopping Centers(h)

�

$

587

�

$

574

�

�

95.8

%

�

95.1

%

�

4.2

%

�

4.4

%

�

3.3

%

�

3.8

%

�

13.5

%

�

96.3

%
� � � Other Properties: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

�

51

�

�

�

Gallery, The(f)(i)

�

�

n/a

�

�

n/a

�

�

n/a

�

�

n/a

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� � � Community / Power Centers � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

�

�

�

Other Non-mall Assets

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�
� � � Subtotal�Other Properties � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 3.7 %

�

�

�

TOTAL ALL PROPERTIES

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

13.4

%

�

100.0

%

15


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

�
� �
� �
� �
� �
� Same Center
NOI Growth(c)
� �
�
�
� �
� �
� Sales Per
Square Foot
12/31/2012
(a)
� �
� % of Portfolio
2012
Pro Rata NOI
(j)
�
�
� �
� �
� Occupancy
12/31/2012
(b)
�
Count
� Properties � 2012 � 2011 �
� � � � � � � � � � � � � � � � � � � � � �
� � � 2013 Disposition Centers � � � � � � � � � � � � � � � �

�

1

�

�

�

Chesterfield Towne Center

�

$

361

�

�

91.9

%

�

�

�

�

�

�

�

�

�
� 2 � � � Fiesta Mall � $ 235 � � 86.1 % � � � � � � � � �

�

3

�

�

�

Green Tree Mall

�

$

400

�

�

91.2

%

�

�

�

�

�

�

�

�

�
� 4 � � � Kitsap Mall � $ 383 � � 92.4 % � � � � � � � � �

�

5

�

�

�

Northridge Mall

�

$

342

�

�

97.2

%

�

�

�

�

�

�

�

�

�
� 6 � � � Redmond Town Center � $ 361 � � 89.2 % � � � � � � � � �

�

7

�

�

�

Redmond Town Center-Office

�

�

n/a

�

�

99.1

%

�

�

�

�

�

�

�

�

�
� 8 � � � Ridgmar Mall � $ 332 � � 84.6 % � � � � � � � � �

�

9

�

�

�

Rimrock Mall

�

$

424

�

�

92.0

%

�

�

�

�

�

�

�

�

�
� 10 � � � Salisbury, Centre at � $ 311 � � 96.3 % � � � � � � � � �

�

10

�

Total 2013 Disposition Centers:

�

$

348

�

�

92.1

%

�

�

�

�

�

�

�

�

�
� � � 2014 Disposition Centers � � � � � � � � � � � � � � � �

�

1

�

�

�

Lake Square Mall

�

$

232

�

�

86.4

%

�

�

�

�

�

�

�

�

�

�

2

�

�

�

Rotterdam Square

�

$

232

�

�

86.1

%

�

�

�

�

�

�

�

�

�

�

3

�

�

�

Somersville Towne Center

�

$

287

�

�

84.7

%

�

�

�

�

�

�

�

�

�

�

4

�

�

�

South Towne Center

�

$

374

�

�

88.7

%

�

�

�

�

�

�

�

�

�
� 4 � Total 2014 Disposition Centers: � $ 309 � � 87.0 % � � � � � � � � �

�

14

�

TOTAL DISPOSITION CENTERS

�

$

338

�

�

90.9

%

�

(0.1

)%

�

(5.7

)%

�

11.6

%

16



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, 2014. Sales per square foot are excluded for Great Northern Mall which is being transitioned to the loan servicer.
(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. Occupancy excludes Great Northern Mall which is being transitioned to the loan servicer.
(c) � The Company presents Same Center Net Operating Income ("NOI") Growth because the Company believes it is useful for investors to evaluate the operating performance of comparable Centers. Same Center NOI is calculated using total EBITDA and subtracting out EBITDA from non-comparable centers and eliminating the management companies and the Company's general and administrative expenses. Same Center NOI excludes the impact of straight-line and above/below market adjustments to minimum rents.
� � EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests, extraordinary items, gain (loss) on remeasurement, sale or write down of assets and preferred dividends and includes joint ventures at their pro rata share. Management considers 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 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 EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies.
(d) � 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.
(e) � The percentage of Portfolio 2015 Forecast Pro Rata NOI is based on guidance provided on February�4, 2015. NOI excludes straight-line and above/below market adjustments to minimum rents. It does not reflect REIT expenses and net Management Company expenses. See the Company's forward-looking statements disclosure on page�1 for factors that may affect the information provided in this column.
(f) � 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.
(g) � Fashion Outlets of Chicago opened August�1, 2013.
(h) � Properties sold prior to December�31, 2014 are excluded in prior years above.
(i) � On July�30, 2014, the Company formed a joint venture to redevelop The Gallery, a 1,474,000 square foot regional shopping center in Philadelphia, Pennsylvania.
(j) � The percentage of Portfolio 2012 Pro Rata NOI excludes the following items: straight-line rent, above/below market adjustments to minimum rents and termination fee income. It does not reflect REIT expenses and net Management Company expenses.

17



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy(a)

�
�
Regional Shopping Centers:
Period Ended
� Consolidated
Centers
� Unconsolidated
Joint Venture
Centers
� Total
Centers
�

12/31/2014(b)

� � 95.3% � � 97.9% � � 95.8% �

12/31/2013(c)

� � 93.9% � � 96.2% � � 94.6% �

12/31/2012

� � 93.4% � � 94.5% � � 93.8% �

(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)
Great Northern Mall is excluded at December�31, 2014 because the Center is being transitioned to the loan servicer.

(c)
Rotterdam Square, sold January�15, 2014, is excluded at December�31, 2013.

18



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

� � � � � � � � � �

12/31/2014(e)

� $ 49.68 � $ 49.55 � $ 41.20 �

12/31/2013(f)

� $ 44.51 � $ 45.06 � $ 40.00 �

12/31/2012

� $ 40.98 � $ 44.01 � $ 38.00 �

Unconsolidated Joint Venture Centers

� �
�
� �
�
� �
�
�

12/31/2014

� $ 63.78 � $ 82.47 � $ 64.59 �

12/31/2013

� $ 62.47 � $ 63.44 � $ 48.43 �

12/31/2012

� $ 55.64 � $ 55.72 � $ 48.74 �

All Regional Shopping Centers

� �
�
� �
�
� �
�
�

12/31/2014(e)

� $ 51.15 � $ 54.48 � $ 44.66 �

12/31/2013(f)

� $ 48.16 � $ 49.09 � $ 41.88 �

12/31/2012

� $ 44.29 � $ 46.78 � $ 40.54 �

(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)
Great Northern Mall is excluded at December�31, 2014 because the Center is being transitioned to the loan servicer.

(f)
Rotterdam Square, sold January�15, 2014, is excluded at December�31, 2013.

19



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy

�
� �
�
�
� For Years Ended December�31, �
�
� 2014(a) � 2013(b) � 2012 �

Consolidated Centers

� � � � � � � � � �

Minimum rents

� � 8.7 % � 8.4 % � 8.1 %

Percentage rents

� � 0.4 % � 0.4 % � 0.4 %

Expense recoveries(c)

� � 4.3 % � 4.5 % � 4.2 %

Total

� � 13.4 % � 13.3 % � 12.7 %

�

�
� �
�
�
� For Years Ended December�31, �
�
� 2014 � 2013(a) � 2012 �

Unconsolidated Joint Venture Centers

� � � � � � � � � �

Minimum rents

� � 8.7 % � 8.8 % � 8.9 %

Percentage rents

� � 0.4 % � 0.4 % � 0.4 %

Expense recoveries(c)

� � 4.5 % � 4.0 % � 3.9 %

Total

� � 13.6 % � 13.2 % � 13.2 %

�

�
� �
�
�
� For Years Ended December�31, �
�
� 2014 � 2013(a) � 2012 �

All Centers

� � � � � � � � � �

Minimum rents

� � 8.7 % � 8.6 % � 8.4 %

Percentage rents

� � 0.4 % � 0.4 % � 0.4 %

Expense recoveries(c)

� � 4.3 % � 4.3 % � 4.0 %

Total

� � 13.4 % � 13.3 % � 12.8 %

(a)
Great Northern Mall is excluded for the year ended December�31, 2014 because the Center is being transitioned to the loan servicer.

(b)
Rotterdam Square, sold January�15, 2014, is excluded for the year ended December�31, 2013.

(c)
Represents real estate tax and common area maintenance charges.

20



The Macerich Company

Percentage of Net Operating Income by State

��������Great Northern Mall is excluded from the table below because the Center is being transitioned to the loan servicer.

�
� �
�
State
� % of Portfolio
2015 Forecast Pro
Rata NOI(a)
�

California

� � 29.0 %

New York

� � 18.3 %

Arizona

� � 17.0 %

New Jersey�& Connecticut

� � 8.1 %

Illinois, Indiana�& Iowa

� � 7.6 %

Pennsylvania�& Virginia

� � 6.6 %

Oregon�& Washington

� � 5.8 %

Colorado

� � 4.9 %

Other(b)

� � 2.7 %

Total

� � 100.0 %

(a)
The percentage of Portfolio 2015 Forecast Pro Rata NOI is based on guidance provided on February�4, 2015. NOI excludes straight-line and above/below market adjustments to minimum rents. NOI also does not reflect REIT expenses and net Management Company expenses. See the Company's forward-looking statements disclosure on page�1 for factors that may affect the information provided in this column.

(b)
"Other" includes Kentucky, North Dakota and Texas.

21



The Macerich Company

Property Listing

December�31, 2014

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company. Great Northern Mall is excluded from the table below because the Center is being transitioned to the loan servicer.

Count
�
Company's
Ownership(a)
� Name of
Center/Location
� Year of
Original
Construction/
Acquisition
� Year of Most
Recent
Expansion/
Renovation
� Total
GLA(b)
�
�

�

CONSOLIDATED CENTERS:

� � � � � � �
�

1

�

100%

�

Arrowhead Towne Center
Glendale, Arizona

� � 1993/2002 � � 2004 � � 1,198,000 �
�

2

�

100%

�

Capitola Mall(c)
Capitola, California

� � 1977/1995 � � 1988 � � 577,000 �
�

3

�

100%

�

Cascade Mall
Burlington, Washington

� � 1989/1999 � � 1998 � � 589,000 �
�

4

�

50.1%

�

Chandler Fashion Center
Chandler, Arizona

� � 2001/2002 � � � � � 1,320,000 �
�

5

�

100%

�

Danbury Fair Mall
Danbury, Connecticut

� � 1986/2005 � � 2010 � � 1,271,000 �
�

6

�

100%

�

Deptford Mall
Deptford, New Jersey

� � 1975/2006 � � 1990 � � 1,040,000 �
�

7

�

100%

�

Desert Sky Mall
Phoenix, Arizona

� � 1981/2002 � � 2007 � � 892,000 �
�

8

�

100%

�

Eastland Mall(c)
Evansville, Indiana

� � 1978/1998 � � 1996 � � 1,044,000 �
�

9

�

100%

�

Fashion Outlets of Chicago
Rosemont, Illinois

� � 2013/� � � � � � 529,000 �
�

10

�

100%

�

Flagstaff Mall
Flagstaff, Arizona

� � 1979/2002 � � 2007 � � 347,000 �
�

11

�

100%

�

FlatIron Crossing
Broomfield, Colorado

� � 2000/2002 � � 2009 � � 1,434,000 �
�

12

�

50.1%

�

Freehold Raceway Mall
Freehold, New Jersey

� � 1990/2005 � � 2007 � � 1,668,000 �
�

13

�

100%

�

Fresno Fashion Fair
Fresno, California

� � 1970/1996 � � 2006 � � 963,000 �
�

14

�

100%

�

Green Acres Mall(c)
Valley Stream, New�York

� � 1956/2013 � � 2007 � � 1,790,000 �
�

15

�

100%

�

Kings Plaza Shopping Center(c)
Brooklyn, New York

� � 1971/2012 � � 2002 � � 1,191,000 �
�

16

�

100%

�

La Cumbre Plaza(c)
Santa Barbara, California

� � 1967/2004 � � 1989 � � 491,000 �
�

17

�

100%

�

Lakewood Center
Lakewood, California

� � 1953/1975 � � 2008 � � 2,066,000 �
�

18

�

100%

�

Los Cerritos Center
Cerritos, California

� � 1971/1999 � � 2010 � � 1,113,000 �
�

19

�

100%

�

Northgate Mall
San Rafael, California

� � 1964/1986 � � 2010 � � 753,000 �
�

20

�

100%

�

NorthPark Mall
Davenport, Iowa

� � 1973/1998 � � 2001 � � 1,050,000 �
�

21

�

100%

�

Oaks, The
Thousand Oaks, California

� � 1978/2002 � � 2009 � � 1,137,000 �
�

22

�

100%

�

Pacific View
Ventura, California

� � 1965/1996 � � 2001 � � 1,021,000 �
�

23

�

100%

�

Queens Center(c)
Queens, New York

� � 1973/1995 � � 2004 � � 967,000 �
�

24

�

100%

�

Santa Monica Place
Santa Monica, California

� � 1980/1999 � � 2010 � � 466,000 �

22



The Macerich Company

Property Listing

December�31, 2014

Count
�
Company's
Ownership(a)
� Name of
Center/Location
� Year of
Original
Construction/
Acquisition
� Year of Most
Recent
Expansion/
Renovation
� Total
GLA(b)
�
�

25

�

84.9%

�

SanTan Village Regional Center
Gilbert, Arizona

� � 2007/� � � 2009 � � 1,028,000 �
�

26

�

100%

�

South Plains Mall
Lubbock, Texas

� � 1972/1998 � � 1995 � � 1,127,000 �
�

27

�

100%

�

Stonewood Center(c)
Downey, California

� � 1953/1997 � � 1991 � � 932,000 �
�

28

�

100%

�

Superstition Springs Center
Mesa, Arizona

� � 1990/2002 � � 2002 � � 1,082,000 �
�

29

�

100%

�

Towne Mall
Elizabethtown, Kentucky

� � 1985/2005 � � 1989 � � 350,000 �
�

30

�

100%

�

Tucson La�Encantada
Tucson, Arizona

� � 2002/2002 � � 2005 � � 242,000 �
�

31

�

100%

�

Twenty Ninth Street(c)
Boulder, Colorado

� � 1963/1979 � � 2007 � � 847,000 �
�

32

�

100%

�

Valley Mall
Harrisonburg, Virginia

� � 1978/1998 � � 1992 � � 507,000 �
�

33

�

100%

�

Valley River Center
Eugene, Oregon

� � 1969/2006 � � 2007 � � 920,000 �
�

34

�

100%

�

Victor Valley, Mall of
Victorville, California

� � 1986/2004 � � 2012 � � 576,000 �
�

35

�

100%

�

Vintage Faire Mall
Modesto, California

� � 1977/1996 � � 2008 � � 1,129,000 �
�

36

�

100%

�

Washington Square
Portland, Oregon

� � 1974/1999 � � 2005 � � 1,441,000 �
�

37

�

100%

�

Wilton Mall
Saratoga Springs, New York

� � 1990/2005 � � 1998 � � 736,000 �
�

�

�

�

Total Consolidated Centers

� � � � � 35,834,000 �
�

UNCONSOLIDATED JOINT VENTURE CENTERS:

� � � �
�

38

�

50%

�

Biltmore Fashion Park
Phoenix, Arizona

� � 1963/2003 � � 2006 � � 516,000 �
�

39

�

50.1%

�

Corte Madera, Village at
Corte Madera, California

� � 1985/1998 � � 2005 � � 460,000 �
�

40

�

50%

�

Inland Center(c)
San Bernardino, California

� � 1966/2004 � � 2004 � � 933,000 �
�

41

�

50%

�

Kierland Commons
Scottsdale, Arizona

� � 1999/2005 � � 2003 � � 434,000 �
�

42

�

50%

�

North Bridge, The Shops at(c)
Chicago, Illinois

� � 1998/2008 � � � � � 660,000 �
�

43

�

50%

�

Scottsdale Fashion Square
Scottsdale, Arizona

� � 1961/2002 � � 2009 � � 1,724,000 �
�

44

�

50%

�

Tysons Corner Center
Tysons Corner, Virginia

� � 1968/2005 � � 2005 � � 1,968,000 �
�

45

�

19%

�

West Acres
Fargo, North Dakota

� � 1972/1986 � � 2001 � � 971,000 �
�

�

�

�

Total Unconsolidated Joint Venture Centers

� � 7,666,000 �

23



The Macerich Company

Property Listing

December�31, 2014

Count
�
Company's
Ownership(a)
� Name of
Center/Location
� Year of
Original
Construction/
Acquisition
� Year of Most
Recent
Expansion/
Renovation
� Total
GLA(b)
�
�

REGIONAL SHOPPING CENTERS UNDER REDEVELOPMENT:

� � � �
�

46

�

50%

�

Broadway Plaza(c)(d)
Walnut Creek, California

� � 1951/1985 � � 1994 � � 774,000 �
�

47

�

100%

�

Fashion Outlets of Niagara Falls USA(e)
Niagara Falls, New York

� � 1982/2011 � � 2014 � � 686,000 �
�

48

�

50%

�

Gallery, The�(c)(d)
Philadelphia, Pennsylvania

� � 1977/2014 � � 1990 � � 948,000 �
�

49

�

100%

�

Paradise Valley Mall(e)
Phoenix, Arizona

� � 1979/2002 � � 2009 � � 1,151,000 �
�

50

�

100%

�

SouthPark Mall(e)
Moline, Illinois

� � 1974/1998 � � 1990 � � 855,000 �
�

51

�

100%

�

Westside Pavilion
Los Angeles, California

� � 1985/1998 � � 2007 � � 755,000 �
�

�

�

�

Total Regional Shopping Centers

� � � � � 48,669,000 �
�

COMMUNITY / POWER CENTERS:

� � � � � � �
�

1

�

50%

�

Atlas Park, The Shops at(d)
Queens, New York

� � 2006/2011 � � 2013 � � 377,000 �
�

2

�

50%

�

Boulevard Shops(d)
Chandler, Arizona

� � 2001/2002 � � 2004 � � 185,000 �
�

3

�

39.7%

�

Estrella Falls, The Market at(d)
Goodyear, Arizona

� � 2009/� � � 2009 � � 242,000 �
�

4

�

100%

�

Panorama Mall(e)
Panorama, California

� � 1955/1979 � � 2005 � � 312,000 �
�

5

�

89.4%

�

Promenade at Casa Grande(e)
Casa Grande, Arizona

� � 2007/� � � 2009 � � 909,000 �
�

6

�

100%

�

Southridge Center(e)
Des Moines, Iowa

� � 1975/1998 � � 2013 � � 823,000 �
�

7

�

100%

�

Superstition Springs Power Center(e)
Mesa, Arizona

� � 1990/2002 � � � � � 206,000 �
�

8

�

100%

�

The Marketplace at Flagstaff Mall(c)(e)
Flagstaff, Arizona

� � 2007/� � � � � � 268,000 �
�

�

�

�

Total Community / Power Centers

� � 3,322,000 �
�

OTHER ASSETS:

� � � � � � � � � �
�

�

100%

�

Various(e)(f)

� � � � � � � � 572,000 �
�

�

100%

�

500 North Michigan Avenue(e)
Chicago, Illinois

� � � � � � � � 326,000 �
�

�

50%

�

Gallery, The-Offices(c)(d)
Philadelphia, Pennsylvania

� � � � � � � � 526,000 �
�

�

100%

�

Paradise Village Ground Leases(e)
Phoenix, Arizona

� � � � � � � � 58,000 �
�

�

100%

�

Paradise Village Office Park II(e)
Phoenix, Arizona

� � � � � � � � 46,000 �
�

�

50%

�

Scottsdale Fashion Square-Office(d)
Scottsdale, Arizona

� � � � � � � � 123,000 �
�

�

50%

�

Tysons Corner Center-Office(d)
Tysons Corner, Virginia

� � � � � � � � 173,000 �
�

�

50%

�

Tysons Tower(d)
Tysons Corner, Virginia

� � � � � � � � 527,000 �
�

�

�

�

Total Other Assets

� � � � � 2,351,000 �
�

�

�

�

Grand Total at December�31, 2014

� � � � � 54,342,000 �

24



The Macerich Company

Property Listing

December�31, 2014


(a)
The Company's ownership interest in this table reflects its legal ownership interest. See footnotes�(a) and (b) on page�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 December�31, 2014.

(c)
Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 46 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.

(d)
Included in Unconsolidated Joint Venture Centers.

(e)
Included in Consolidated Centers.

(f)
The Company owns a portfolio of nine stores located at shopping centers not owned by the Company. Of these nine�stores, two have been leased to Forever 21, one has been leased to Kohl's, and six have been leased for non-Anchor usage. With respect to six of the nine�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.

25



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 December�31, 2014.

�
�
Properties
� 12/31/2014
Legal
Ownership(a)
� 12/31/2014
Economic
Ownership(b)
� Joint�Venture � 12/31/2014
Total�GLA(c)
�

Atlas Park, The Shops at

� � 50% � � 50% � WMAP, L.L.C. � � 377,000 �

Biltmore Fashion Park

� � 50% � � 50% � Biltmore Shopping Center Partners�LLC � � 516,000 �

Boulevard Shops

� � 50% � � 50% � Propcor II Associates,�LLC � � 185,000 �

Broadway Plaza

� � 50% � � 50% � Macerich Northwestern Associates � � 774,000 �

Chandler Fashion Center(d)

� � 50.1% � � 50.1% � Freehold Chandler Holdings�LP � � 1,320,000 �

Corte Madera, Village at

� � 50.1% � � 50.1% � Corte Madera Village,�LLC � � 460,000 �

Estrella Falls, The Market at(e)

� � 39.7% � � 39.7% � The Market at Estrella Falls�LLC � � 242,000 �

Freehold Raceway Mall(d)

� � 50.1% � � 50.1% � Freehold Chandler Holdings�LP � � 1,668,000 �

Gallery, The

� � 50% � � 50% � Various Entities � � 948,000 �

Gallery, The-Office

� � 50% � � 50% � Various Entities � � 526,000 �

Inland Center

� � 50% � � 50% � WM Inland�LP � � 933,000 �

Kierland Commons

� � 50% � � 50% � Kierland Commons Investment�LLC � � 434,000 �

North Bridge, The Shops at

� � 50% � � 50% � North Bridge Chicago�LLC � � 660,000 �

Promenade at Casa Grande(f)

� � 89.4% � � 89.4% � WP Casa Grande Retail�LLC � � 909,000 �

SanTan Village Regional Center

� � 84.9% � � 84.9% � Westcor SanTan Village�LLC � � 1,012,000 �

Scottsdale Fashion Square

� � 50% � � 50% � Scottsdale Fashion Square Partnership � � 1,724,000 �

Scottsdale Fashion Square-Office

� � 50% � � 50% � Scottsdale Fashion Square Partnership � � 123,000 �

Tysons Corner Center

� � 50% � � 50% � Tysons Corner�LLC � � 1,968,000 �

Tysons Corner Center-Office

� � 50% � � 50% � Tysons Corner Property�LLC � � 173,000 �

Tysons Tower

� � 50% � � 50% � Tysons Corner Property�LLC � � 527,000 �

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 December�31, 2014.
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.

(b)
Economic ownership represents the allocation of cash flow to the Company as of December�31, 2014, 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 December�31, 2014.

(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 its aggregate unreturned capital contributions; to the Company until it receives a 13% internal rate of return on its aggregate unreturned capital contributions; and, thereafter, 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

26


    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 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.

27



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)

�
� �
�
�
� As of December�31, 2014 �
�
� Fixed Rate � Floating Rate � Total �
�
� dollars in thousands
�

Consolidated debt

� $ 4,924,143 � $ 1,128,408 � $ 6,052,551 �

Unconsolidated debt

� � 882,527 � � 115,359 � � 997,886 �

Total debt

� $ 5,806,670 � $ 1,243,767 � $ 7,050,437 �

Weighted average interest rate

� �
3.77

%
�
2.16

%
�
3.48

%

Weighted average maturity (years)

� � � � � � � � 5.16 �

28



The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date

�
� �
�
�
� As of December�31, 2014 �
Center/Entity (dollars in thousands)
� Maturity Date � Effective
Interest
Rate(a)
� Fixed � Floating � Total Debt
Balance(a)
�

I. Consolidated Assets:

� � � � � � � � � � � � � � � �

Great Northern Mall(b)

� � 01/01/15 � � 6.54 % $ 34,494 � $ � � $ 34,494 �

Lakewood Center

� � 06/01/15 � � 1.80 % � 253,708 � � � � � 253,708 �

Flagstaff Mall

� � 11/01/15 � � 5.03 % � 37,000 � � � � � 37,000 �

Washington Square

� � 01/01/16 � � 1.65 % � 238,696 � � � � � 238,696 �

Valley River Center

� � 02/01/16 � � 5.59 % � 120,000 � � � � � 120,000 �

Prasada(c)

� � 03/29/16 � � 5.25 % � 5,440 � � � � � 5,440 �

Eastland Mall

� � 06/01/16 � � 5.79 % � 168,000 � � � � � 168,000 �

Valley Mall

� � 06/01/16 � � 5.85 % � 41,368 � � � � � 41,368 �

Deptford Mall

� � 06/01/16 � � 6.46 % � 14,285 � � � � � 14,285 �

Stonewood Center

� � 11/01/17 � � 1.80 % � 111,297 � � � � � 111,297 �

Freehold Raceway Mall(d)

� � 01/01/18 � � 4.20 % � 114,851 � � � � � 114,851 �

Santa Monica Place

� � 01/03/18 � � 2.99 % � 230,344 � � � � � 230,344 �

Los Cerritos Center

� � 07/01/18 � � 1.65 % � 206,548 � � � � � 206,548 �

Arrowhead Towne Center

� � 10/05/18 � � 2.76 % � 228,703 � � � � � 228,703 �

SanTan Village Regional Center(e)

� � 06/01/19 � � 3.14 % � 113,590 � � � � � 113,590 �

Chandler Fashion Center(d)

� � 07/01/19 � � 3.77 % � 100,200 � � � � � 100,200 �

Kings Plaza Shopping Center

� � 12/03/19 � � 3.67 % � 480,761 � � � � � 480,761 �

Danbury Fair Mall

� � 10/01/20 � � 5.53 % � 228,529 � � � � � 228,529 �

Fashion Outlets of Niagara Falls USA

� � 10/06/20 � � 4.89 % � 121,376 � � � � � 121,376 �

FlatIron Crossing

� � 01/05/21 � � 3.90 % � 261,494 � � � � � 261,494 �

Green Acres Mall

� � 02/03/21 � � 3.61 % � 313,514 � � � � � 313,514 �

Tucson La Encantada

� � 03/01/22 � � 4.23 % � 71,500 � � � � � 71,500 �

Pacific View

� � 04/01/22 � � 4.08 % � 133,200 � � � � � 133,200 �

Oaks, The

� � 06/05/22 � � 4.14 % � 210,197 � � � � � 210,197 �

Westside Pavilion

� � 10/01/22 � � 4.49 % � 149,626 � � � � � 149,626 �

Towne Mall

� � 11/01/22 � � 4.48 % � 22,607 � � � � � 22,607 �

Deptford Mall

� � 04/03/23 � � 3.76 % � 197,815 � � � � � 197,815 �

Victor Valley, Mall of

� � 09/01/24 � � 4.00 % � 115,000 � � � � � 115,000 �

Queens Center

� � 01/01/25 � � 3.49 % � 600,000 � � � � � 600,000 �

Total Fixed Rate Debt for Consolidated Assets

� � � � � 3.64 % $ 4,924,143 � $ � � $ 4,924,143 �

Superstition Springs Center

� � 10/28/16 � � 1.98 % $ � � $ 68,079 � $ 68,079 �

Northgate Mall

� � 03/01/17 � � 3.05 % � � � � 64,000 � � 64,000 �

Fashion Outlets of Chicago(f)

� � 03/05/17 � � 2.97 % � � � � 119,329 � � 119,329 �

The Macerich Partnership,�L.P.�Line of Credit

� � 08/06/18 � � 1.89 % � � � � 752,000 � � 752,000 �

The Macerich Partnership,�L.P.�Term Loan

� � 12/08/18 � � 2.25 % � � � � 125,000 � � 125,000 �

Total Floating Rate Debt for Consolidated Assets

� � � � � 2.12 % $ � � $ 1,128,408 � $ 1,128,408 �

Total Debt for Consolidated Assets

� � � � � 3.35 % $ 4,924,143 � $ 1,128,408 � $ 6,052,551 �

29



The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date

�
� �
�
�
� As of December�31, 2014 �
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):

� � � � � � � � � � � � � � � �

Broadway Plaza (50%)

� � 08/15/15 � � 6.12 % � 68,237 � � � � � 68,237 �

North Bridge, The Shops at (50%)

� � 06/15/16 � � 7.52 % � 96,309 � � � � � 96,309 �

West Acres (19%)

� � 10/01/16 � � 6.41 % � 10,988 � � � � � 10,988 �

Corte Madera, The Village at (50.1%)

� � 11/01/16 � � 7.27 % � 37,762 � � � � � 37,762 �

Scottsdale Fashion Square (50%)

� � 04/03/23 � � 3.02 % � 253,472 � � � � � 253,472 �

Tysons Corner Center (50%)

� � 01/01/24 � � 4.13 % � 415,759 � � � � � 415,759 �

Total Fixed Rate Debt for Unconsolidated Assets

� � � � � 4.50 % $ 882,527 � $ � � $ 882,527 �

Estrella Falls, The Market at (39.71%)(g)

� � 06/01/15 � � 3.13 % $ � � $ 13,319 � $ 13,319 �

Inland Center (50%)

� � 04/01/16 � � 3.41 % � � � � 25,000 � � 25,000 �

Kierland Commons (50%)(f)

� � 01/02/18 � � 2.25 % � � � � 67,082 � � 67,082 �

Boulevard Shops (50%)(f)

� � 12/16/18 � � 2.05 % � � � � 9,958 � � 9,958 �

Total Floating Rate Debt for Unconsolidated Assets

� � � � � 2.59 % $ � � $ 115,359 � $ 115,359 �

Total Debt for Unconsolidated Assets

� � � � � 4.28 % $ 882,527 � $ 115,359 � $ 997,886 �

Total Debt

� � � � � 3.48 % $ 5,806,670 � $ 1,243,767 � $ 7,050,437 �

Percentage to Total

� � � � � � � � 82.36 % � 17.64 % � 100.00 %

(a)
The debt balances include the unamortized debt premiums/discounts. Debt premiums/discounts represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The annual interest rate in the above table represents the effective interest rate, including the debt premiums/discounts and loan financing costs.
(b)
This non-recourse loan is in maturity default. The Company is working with the loan servicer, which is expected to result in a transition of the asset to the loan servicer or a receiver.
(c)
This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.0%.
(d)
This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.1%.
(e)
This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.
(f)
The maturity date assumes that all such extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates.
(g)
On 02/03/15, the Company's joint venture replaced the existing loan on the property with a new $10,500 loan, at the Company's pro rata share, that bears interest at LIBOR plus 1.7% and matures on 02/05/20, including a one-year extension option.

30


The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of December�31, 2014

In-Process Developments and Redevelopments:

Property
� Project Type � Total Cost(a)(b)
at 100%
� Ownership
%
� Total Cost(a)(b)
Pro Rata
� Pro Rata
Capitalized Costs(b)
12/31/2014
� 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 : $240
* Phase�2 : $30
� � 50 % * Phase�1 : $120
* Phase�2 : $15
� * Phase�1 : $45
* Phase�2 : $0
� * 25% 4Q15
* 50% 2Q16
* 25% 2Q17
� 9%
� � � � � � � � � � � � � � � �

� � � Total: $270 � � � � Total: $135 � Total: $45 � � � �

Los Cerritos Center
Cerritos, CA

� 200,000 square foot redevelopment, including a Dick's Sporting Goods and a Harkins Theatre � $45 � � 100 % $45 � $6 � 4Q15 � 8%

Santa Monica Place
Santa Monica, CA

� Movie theater addition�Adding a 48,000 square foot state-of-art, 12-screen Arclight Cinema to the third level/Dining Deck � $33 � � 100 % $33 � $12 � 4Q15 � 8%

Scottsdale Fashion Square
Scottsdale, AZ

� 135,000 square foot addition to an existing 1.8�million square foot center, including a Dick's Sporting Goods and a Harkins Theatre � $30 � � 50 % $15 � $5 � 3Q15 � 10%

31


The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of December�31, 2014

In-Process Developments and Redevelopments: (continued)

Property
� Project Type � Total Cost(a)(b)
at 100%
� Ownership
%
� Total Cost(a)(b)
Pro Rata
� Pro Rata
Capitalized Costs(b)
12/31/2014
� Expected
Delivery(a)
� Stabilized
Yield(a)(b)(c)
� � � � � � � � � � � � � � � �

Tysons Corner
Tysons, VA

� Mixed-use expansion/densification�Constructing office (527,000 square feet), multifamily (430 units) and hotel (300-room Hyatt Regency) components immediately adjacent to Tysons Corner Center, all of which will be served by the expanded METRO line (opened July 2014) and tied together by a 1.5-acre plaza � * Office: $228
* Hotel: $136
* Multifamily: $160
� � 50 % * Office: $114
* Hotel: $68
* Multifamily: $80
� * Office: $104
* Hotel: $61
* Multifamily: $70
� * Office: 3Q14
* Hotel: 1Q15
* Multifamily: 1Q15
� 8%
� � � � � � � � � � � � � � � �

� � � Total: $524 � � � � Total: $262 � Total: $235 � � � �

Green Acres Commons
Valley Stream, NY

� 335,000 square foot, Big Box development � $105�- $110 � � 100 % $105�- $110 � $24 � Fall 2016 � 10%

Total In-Process

� � � $1,007�- $1,012 � � � � $595�- $600 � $327 � � � �

32


The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of December�31, 2014

Shadow Pipeline of Developments and Redevelopments(d):

Property
� Project Type � Total Cost(a)(b)
at 100%
� Ownership
%
� Total Cost(a)(b)
Pro Rata
� Pro Rata
Capitalized Costs(b)
12/31/2014
� Expected
Delivery(a)
� Stabilized
Yield(a)(b)(c)
� � � � � � � � � � � � � � � � � �

500 N. Michigan Ave (contiguous to The Shops at North Bridge)
Chicago, IL

� 25,000 square foot redevelopment/street retail � $20�- $25 � � 100 % $20 -$25 � $ 5 � � 2016�-�2017 � 10%�-�12%

Gallery, The
Philadelphia, PA

� Redevelopment of The Gallery in downtown Philadelphia � TBD � � 50 % TBD � $ 0 � � TBD � TBD

Fashion Outlets of San Francisco
San Francisco, CA

� A 500,000 square foot outlet center on the historic site of Candlestick Park � TBD � � 50.1 % TBD � $ 0 � � TBD � TBD

Kings Plaza Shopping Center
Brooklyn, NY

� Major remerchandising and redemising of Sears � $65�- $75 � � 100 % $65�- $75 � $ 0 � � 2017�-�2018 � 7%�- 8%

Paradise Valley Mall
Phoenix, AZ

� Redevelopment (size TBD) including a theater � TBD � � 100 % TBD � $ 0 � � TBD � TBD

Scottsdale Fashion Square
Scottsdale, AZ

� Office / Residential / Retail Mixed Use development on 7.5 Acres (former Days Inn) � $250 � � 50 % $125 � $ 0 � � 2017�-�2018 � 8%

Tysons Corner
Tysons, VA

� Mixed Use Development. Residential Tower with Retail Ground Floor. � $165 � � 50 % $83 � $ 0 � � 2018�-�2019 � 7%�- 8%

Westside Pavilion
Los Angeles, CA

� Redevelopment of an existing 755,000 square foot Regional Shopping Center � TBD � � 100 % TBD � $ 0 � � TBD � TBD

Total Shadow Pipeline

� � � $500�- $515 � � � � $293�- $308 � $ 5 � � � � �

(a)
Much of this information is estimated and may change from time to time. See the Company's forward-looking disclosure on page�1 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 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 12%. There is no certainty that the Company will develop any or all of these potential projects.

33



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 2014, 2013 and 2012 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, 2012

� $ 58.08 � $ 49.67 � $ 0.55 �

June�30, 2012

� $ 62.83 � $ 54.37 � $ 0.55 �

September�30, 2012

� $ 61.80 � $ 56.02 � $ 0.55 �

December�31, 2012

� $ 60.03 � $ 54.32 � $ 0.58 �

March�31, 2013

�
$

64.47
�
$

57.66
�
$

0.58
�

June�30, 2013

� $ 72.19 � $ 56.68 � $ 0.58 �

September�30, 2013

� $ 66.12 � $ 55.19 � $ 0.58 �

December�31, 2013

� $ 60.76 � $ 55.13 � $ 0.62 �

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 �

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]

34




QuickLinks

The Macerich Company Supplemental Financial and Operating Information Table of Contents
The Macerich Company Supplemental Financial and Operating Information Overview
The Macerich Company Supplemental Financial and Operating Information (unaudited) Capital Information and Market Capitalization
The Macerich Company Supplemental Financial and Operating Information (unaudited) Changes in Total Common and Equivalent Shares/Units
THE MACERICH COMPANY UNAUDITED PRO RATA STATEMENT OF OPERATIONS (Dollars in thousands)
THE MACERICH COMPANY UNAUDITED PRO RATA STATEMENT OF OPERATIONS (Dollars in thousands)
The Macerich Company Notes to Unaudited Pro Rata Statement of Operations
THE MACERICH COMPANY UNAUDITED PRO RATA BALANCE SHEET (All Dollars in thousands)
The Macerich Company 2015 Guidance Range (Unaudited)
The Macerich Company Supplemental Financial and Operating Information (unaudited) Supplemental FFO Information(a)
The Macerich Company Supplemental Financial and Operating Information (unaudited) Capital Expenditures
The Macerich Company Supplemental Financial and Operating Information (unaudited) Regional Shopping Center Portfolio Sales Per Square Foot(a)
Sales Per Square Foot
The Macerich Company Notes to Sales Per Square Foot by Property Ranking (unaudited)
The Macerich Company Supplemental Financial and Operating Information (unaudited) Occupancy(a)
The Macerich Company Supplemental Financial and Operating Information (unaudited) Average Base Rent Per Square Foot(a)
The Macerich Company Supplemental Financial and Operating Information (unaudited) Cost of Occupancy
The Macerich Company Percentage of Net Operating Income by State
The Macerich Company Property Listing December 31, 2014
Joint Venture List
The Macerich Company Supplemental Financial and Operating Information (unaudited) Debt Summary (at Company's pro rata share)
The Macerich Company Supplemental Financial and Operating Information (Unaudited) Outstanding Debt by Maturity Date
The Macerich Company Supplemental Financial and Operating Information (Unaudited) Outstanding Debt by Maturity Date
The Macerich Company Corporate Information

Categories

SEC Filings

Next Articles