News Release Making News.

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

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

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 

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

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)

(a)

In April 2014, the Financial Accounting Standards Board issued guidance that amends the definition of discontinued operations by limiting discontinued operations reporting to disposals that represent strategic shifts that have, or will have, a major effect on an entity's operations and financial results. Previously, the Company had reported all disposed properties that qualified as discontinued operations. The Company early adopted this accounting pronouncement in the first quarter of 2014. As a result, the Company's results of operations for all 2014 property disposals are presented within income from  continuing operations in the consolidated statements of operations.

(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.

FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that such a presentation also provides investors with a more meaningful measure of its operating results in comparison to the operating results of other real estate investment trusts ("REITs"). The Company believes that FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities. The Company further believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO as presented, may not be comparable to similarly titled measures reported by other REITs.

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

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

 For the Three Months  

 For the Twelve Months  

 Ended December 31, 

 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  

 For the Twelve Months  

 Ended December 31, 

 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)

 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 

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  

 For the Twelve Months  

 Ended December 31, 

 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.