News Release Making News.

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

2014 range

Fully diluted EPS

$ .98  -  $1.08

Plus: real estate depreciation and amortization 

2.62  -    2.62

Less: gain on sale of dispositions 

( .10)  -   ( .10)

Fully diluted FFO per share 

$3.50  -  $3.60

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

Results before 

Impact of 

Results after 

Discontinued Operations (a)

Discontinued Operations (a)

Discontinued Operations (a)

For the Three Months

For the Three Months

For the Three Months

Ended December 31,

Ended December 31,

Ended December 31,

Unaudited

Unaudited

Unaudited

2013

2012

2013

2012

2013

2012

Minimum rents 

$159,967

$140,157

($4,349)

($13,139)

$155,618

$127,018

Percentage rents   

13,107

12,451

(561)

(1,357)

12,546

11,094

Tenant recoveries

92,138

75,518

(2,223)

(6,507)

89,915

69,011

Management Companies' revenues

9,001

10,505

-

-

9,001

10,505

Other income

15,249

12,534

(192)

(955)

15,057

11,579

     Total revenues

289,462

251,165

(7,325)

(21,958)

282,137

229,207

Shopping center and operating  expenses 

91,643

82,275

(2,482)

(7,519)

89,161

74,756

Management Companies' operating  expenses 

24,459

18,657

-

-

24,459

18,657

REIT general and administrative expenses 

9,099

5,187

-

-

9,099

5,187

Depreciation and amortization 

95,061

85,004

(1,929)

(6,414)

93,132

78,590

Interest expense  

49,941

48,335

(2,353)

(4,081)

47,588

44,254

Loss on extinguishment of debt, net

655

32

(149)

(32)

506

-

     Total expenses

270,858

239,490

(6,913)

(18,046)

263,945

221,444

Equity in income of unconsolidated joint ventures 

22,103

10,657

-

-

22,103

10,657

Co-venture expense (b)

(2,633)

(2,061)

-

-

(2,633)

(2,061)

Income tax (expense) benefit 

(572)

1,999

-

-

(572)

1,999

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

113,287

164,025

(152,418)

24,626

(39,131)

188,651

     Income (loss) from continuing operations

150,789

186,295

(152,830)

20,714

(2,041)

207,009

Discontinued operations:

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

-

-

152,269

(24,658)

152,269

(24,658)

     Income from discontinued operations

-

-

561

3,944

561

3,944

     Total income (loss) from discontinued operations

-

-

152,830

(20,714)

152,830

(20,714)

Net income 

150,789

186,295

-

-

150,789

186,295

Less net income attributable to noncontrolling interests

5,911

12,048

-

-

5,911

12,048

Net income attributable to the Company

$144,878

$174,247

$0

$0

$144,878

$174,247

Average number of shares outstanding - basic

140,724

136,975

140,724

136,975

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

150,348

147,254

150,348

147,254

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

150,375

147,254

150,375

147,254

Per share income - diluted before discontinued operations

-

-

$0.01

$1.41

Net income per share-basic 

$1.03

$1.27

$1.03

$1.27

Net income per share - diluted  

$1.03

$1.27

$1.03

$1.27

Dividend declared per share 

$0.62

$0.58

$0.62

$0.58

FFO - basic  (c) (d)

$140,624

$132,577

$140,624

$132,577

FFO - diluted (c) (d)

$140,624

$132,577

$140,624

$132,577

FFO per share- basic   (c) (d)

$0.94

$0.90

$0.94

$0.90

FFO per share- diluted  (c) (d)

$0.94

$0.90

$0.94

$0.90

Adjusted FFO ("AFFO") per share- diluted  (c)(d)

$0.94

$0.90

$0.94

$0.90

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

Results before 

Impact of 

Results after 

Discontinued Operations (a)

Discontinued Operations (a)

Discontinued Operations (a)

For the Twelve Months

For the Twelve Months 

For the Twelve Months 

Ended December 31,

Ended December 31,

Ended December 31,

Unaudited

Unaudited

Unaudited

2013

2012

2013

2012

2013

2012

Minimum rents 

$611,888

$503,130

($33,775)

($55,809)

$578,113

$447,321

Percentage rents   

24,594

24,731

(1,438)

(3,343)

23,156

21,388

Tenant recoveries

355,625

276,827

(17,853)

(29,234)

337,772

247,593

Management Companies' revenues

40,192

41,235

-

-

40,192

41,235

Other income

51,928

46,000

(1,686)

(6,020)

50,242

39,980

     Total revenues

1,084,227

891,923

(54,752)

(94,406)

1,029,475

797,517

Shopping center and operating  expenses 

349,225

285,589

(19,430)

(33,666)

329,795

251,923

Management Companies' operating  expenses 

93,461

85,610

-

-

93,461

85,610

REIT general and administrative expenses 

27,772

20,412

-

-

27,772

20,412

Depreciation and amortization 

374,425

307,193

(17,260)

(29,572)

357,165

277,621

Interest expense  

211,787

183,148

(14,540)

(18,756)

197,247

164,392

Gain on extinguishment of debt, net

(2,684)

(119,926)

1,252

119,926

(1,432)

-

     Total expenses

1,053,986

762,026

(49,978)

37,932

1,004,008

799,958

Equity in income of unconsolidated joint ventures 

167,580

79,281

-

-

167,580

79,281

Co-venture expense (b)

(8,864)

(6,523)

-

-

(8,864)

(6,523)

Income tax benefit 

1,692

4,159

-

-

1,692

4,159

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

258,310

159,575

(285,162)

69,115

(26,852)

228,690

     Income from continuing operations

448,959

366,389

(289,936)

(63,223)

159,023

303,166

Discontinued operations:

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

-

-

286,414

50,811

286,414

50,811

     Income from discontinued operations

-

-

3,522

12,412

3,522

12,412

     Total income from discontinued operations

-

-

289,936

63,223

289,936

63,223

Net income 

448,959

366,389

-

-

448,959

366,389

Less net income attributable to noncontrolling interests

28,869

28,963

-

-

28,869

28,963

Net income attributable to the Company

$420,090

$337,426

$0

$0

$420,090

$337,426

Average number of shares outstanding - basic

139,598

134,067

139,598

134,067

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

149,444

144,937

149,444

144,937

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

149,526

144,937

149,526

144,937

Per share income - diluted before discontinued operations

-

-

$1.06

$2.07

Net income per share-basic 

$3.01

$2.51

$3.01

$2.51

Net income per share - diluted  

$3.00

$2.51

$3.00

$2.51

Dividend declared per share 

$2.36

$2.23

$2.36

$2.23

FFO - basic  (c) (d)

$527,574

$577,862

$527,574

$577,862

FFO - diluted (c) (d)

$527,574

$577,862

$527,574

$577,862

FFO per share- basic   (c) (d)

$3.53

$3.99

$3.53

$3.99

FFO per share- diluted  (c) (d)

$3.53

$3.99

$3.53

$3.99

Adjusted FFO ("AFFO") per share- diluted  (c)(d)

$3.53

$3.18

$3.53

$3.18

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 (a)

The Company has classified the results of operations on dispositions as discontinued operations for the three and twelve months ended December 31, 2013 and 2012.

 (b)

This represents the outside partners' allocation of net income in the Chandler Fashion Center/Freehold Raceway Mall joint venture.

 (c)

The Macerich Partnership, L.P. (the "Operating Partnership" or the "OP") has operating partnership units ("OP units"). OP units can be converted into shares of Company common stock. Conversion of the OP units not owned by the Company has been assumed for purposes of calculating FFO per share and the weighted average number of shares outstanding. The computation of average shares for FFO - diluted includes the effect of share and unit-based compensation plans, stock warrants and convertible senior notes using the treasury stock method. It also assumes conversion of MACWH, LP preferred and common units to the extent they are dilutive to the calculation.

 (d)

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.

Adjusted FFO ("AFFO") excludes the FFO impact of Shoppingtown Mall and Valley View Center for the three and twelve months ended December 31, 2012. In December 2011, the Company conveyed Shoppingtown Mall to the lender by a deed-in-lieu of foreclosure. In July 2010, a court-appointed receiver assumed operational control of Valley View Center and responsibility for managing all aspects of the property. Valley View Center was sold by the receiver on April 23, 2012, and the related non-recourse mortgage loan obligation was fully extinguished on that date. On May 31, 2012, the Company conveyed Prescott Gateway to the lender by a deed-in-lieu of foreclosure and the debt was forgiven resulting in a gain on extinguishment of debt of $16.3 million. AFFO also excludes the gain on extinguishment of debt on Prescott Gateway for the twelve months ended December 31, 2012.

FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that AFFO and AFFO on a diluted basis provide useful supplemental information regarding the Company's performance as they show a more meaningful and consistent comparison of the Company's operating performance and allow investors to more easily compare the Company's results without taking into account non-cash credits and charges on properties controlled by either a receiver or loan servicer. FFO and AFFO on a diluted basis are measures investors find most useful in measuring the dilutive impact of outstanding convertible securities. FFO and AFFO do not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and are not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO and AFFO as presented, may not be comparable to similarly titled measures reported by other real estate investment trusts.

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

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

 For the Three
Months 

 For the Twelve
Months

Ended December 31,

Ended December 31,

 Unaudited 

 Unaudited 

2013

2012

2013

2012

Net income attributable to the Company

$144,878

$174,247

$420,090

$337,426

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

   Noncontrolling interests in OP

10,033

13,784

29,637

27,359

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

(113,287)

(164,025)

(258,310)

(159,575)

        plus gain (loss) on undepreciated asset sales - consolidated assets

308

(390)

2,546

(390)

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

(5,245)

(1,636)

(2,082)

1,899

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

(3,295)

9,273

(94,372)

(2,019)

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

169

1,163

602

1,163

   Depreciation and amortization on consolidated assets 

95,061

85,004

374,425

307,193

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

(5,514)

(4,609)

(19,928)

(18,561)

   Depreciation and amortization on joint ventures (pro rata) 

20,396

22,991

86,866

96,228

   Less: depreciation on personal property 

(2,880)

(3,225)

(11,900)

(12,861)

Total FFO - basic and diluted

$140,624

$132,577

$527,574

$577,862

Additional adjustments to arrive at AFFO - diluted (d):

    Shoppingtown Mall

-

25

-

422

    Valley View Center

-

11

-

(101,105)

    Prescott Gateway

-

-

-

(16,296)

Total AFFO- diluted

$140,624

$132,613

$527,574

$460,883

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

 For the Three
Months

 For the Twelve
Months

Ended December 31,

Ended December 31,

 Unaudited 

 Unaudited 

2013

2012

2013

2012

Earnings per share - diluted

$1.03

$1.27

$3.00

$2.51

   Per share impact of depreciation and amortization of real estate

0.72

0.68

2.88

2.57

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

(0.81)

(1.05)

(2.35)

(1.09)

FFO per share - diluted

$0.94

$0.90

$3.53

$3.99

   Per share impact - Shoppingtown Mall, Valley View Center and Prescott Gateway 

0.00

0.00

0.00

(0.81)

AFFO per share - diluted

$0.94

$0.90

$3.53

$3.18

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 For the Three
Months

 For the Twelve
Months

Reconciliation of Net income attributable to the Company to EBITDA:

Ended December 31,

Ended December 31,

 Unaudited 

 Unaudited 

2013

2012

2013

2012

Net income attributable to the Company

$144,878

$174,247

$420,090

$337,426

   Interest expense - consolidated assets

49,941

48,335

211,787

183,148

   Interest expense - unconsolidated entities (pro rata)

17,330

21,419

69,224

97,978

   Depreciation and amortization - consolidated assets

95,061

85,004

374,425

307,193

   Depreciation and amortization - unconsolidated entities (pro rata)

20,396

22,991

86,866

96,228

   Noncontrolling interests in OP

10,033

13,784

29,637

27,359

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

(8,387)

(7,408)

(31,397)

(30,019)

   Loss (gain) on extinguishment of debt - consolidated entities

655

32

(2,684)

(119,926)

   Gain on extinguishment of debt - unconsolidated entities (pro rata)

-

-

(352)

-

   Gain on remeasurement, sale or write down of assets - consolidated assets, net

(113,287)

(164,025)

(258,310)

(159,575)

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

(3,295)

9,273

(94,372)

(2,019)

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

(5,245)

(1,636)

(2,082)

1,899

   Income tax expense (benefit)

572

(1,999)

(1,692)

(4,159)

   Distributions on preferred units

184

184

735

783

EBITDA (e)

$208,836

$200,201

$801,875

$736,316

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

 For the Three
Months 

 For the Twelve
Months

Ended December 31,

Ended December 31,

 Unaudited 

 Unaudited 

2013

2012

2013

2012

EBITDA (e)

$208,836

$200,201

$801,875

$736,316

Add: REIT general and administrative expenses

9,099

5,187

27,772

20,412

        Management Companies' revenues

(9,001)

(10,505)

(40,192)

(41,235)

        Management Companies' operating  expenses 

24,459

18,657

93,461

85,610

        Lease termination income, straight-line and above/below market adjustments 

          to minimum rents of comparable centers

(1,823)

(3,753)

(10,979)

(17,178)

        EBITDA of non-comparable centers

(40,119)

(27,311)

(142,310)

(83,121)

Same Centers - NOI (f)

$191,451

$182,476

$729,627

$700,804

(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. 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. 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 lease termination income and straight-line and above/below market adjustments to minimum rents.