News Release Making News.

Media Contact:

Debra Panzarella, Freehold Raceway Mall, 732-577-1300 x112

Rebecca Stenholm, Macerich, 602-953-6597

Howard Gordon, The Cheesecake Factory, 818-871-3000 x 3459

FREEHOLD, N.J. (June 7, 2007) – Anticipation for the grand opening of Freehold Raceway Mall's new lifestyle expansion in November 2007 just got a little more decadent with the announcement of the region's first Cheesecake Factory, a dining concept at the top of Monmouth County residents' shopping lists.

Freehold Raceway Mall's parent company, Macerich (NYSE: MAC), and The Cheesecake Factory today announced that the popular restaurant will anchor the lifestyle expansion in a 10,300-square-foot "casually elegant" space at the entrance. Beginning with a family recipe, the original Cheesecake Factory opened in 1978 and has grown to become an award-winning upscale casual dining concept with locations across the country. Guests can choose from more than 200 menu selections and 40 delicious desserts, including their famous Cheesecakes.

The Cheesecake Factory is the second company announced as part of the new lifestyle expansion at Freehold Raceway Mall. Previously announced Borders, Inc. will open in a 25,150-square-foot space, opposite The Cheesecake Factory at the expansion's entrance.

"People today are seeking a multifaceted experience when they visit a shopping center," noted Ben Kaplan, vice president of Macerich's National Restaurant Leasing Group. "They are seeking inviting and engaging venues that offer great shopping, dining and entertainment that responds to their needs and those of their families. The Cheesecake Factory is a perfect match and is at the top of most shoppers' lists when it comes to dining."

Scheduled to open this fall, the 100,000-square-foot lifestyle expansion at Freehold Raceway Mall began in early 2007. The renovation of the 1.4-million-square-foot center's interior is being expected to be complete in spring 2008.

"When we select a new location, we look for an environment that matches the relaxed sophistication of The Cheesecake Factory," said Howard Gordon, senior vice president of business development and marketing for The Cheesecake Factory Incorporated. "The environment being created at Freehold Raceway Mall will have a wonderful synergy that blends the existing shopping center with the retail offerings and amenities of the new outdoor component. This dynamic setting is exactly what we look for in a location."

The Cheesecake Factory Incorporated operates 124 upscale, casual dining restaurants under The Cheesecake Factory® name that offer an extensive menu of more than 200 items with an average check of approximately $17.50. The Company also operates two bakery production facilities that produce over 50 varieties of quality cheesecakes and other baked products for the Company's restaurants and for other leading foodservice operators, retailers and distributors. Additionally, the Company operates nine upscale, casual dining restaurants under the Grand Lux Cafe® name; one self-service, limited menu "express" foodservice operation under The Cheesecake Factory Express® mark inside the DisneyQuest® family entertainment center in Orlando, Florida; and licenses two bakery cafe outlets to another foodservice operator under The Cheesecake Factory Bakery Cafe® name. For more information about The Cheesecake Factory Incorporated, please visit www.thecheesecakefactory.com.

A part of Monmouth County since 1990, Freehold Raceway Mall is an approximately 1.4 million-square-foot regional enclosed shopping center that offers more than 200 specialty stores and five major department stores. Located at the intersection of Routes 33, 9 and 537, Freehold Raceway Mall is owned and operated by Macerich. For more information, visit www.freeholdracewaymall.com.

Macerich 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. The company is the sole general partner and owns an 84% ownership interest in The Macerich Partnership, L.P. Macerich now owns approximately 77 million square feet of gross leaseable area consisting primarily of interests in 73 regional malls. Additional information about Macerich can be obtained from the Company's Web site at www.macerich.com.