The Macerich Company
Notes to Sales Per Square Foot by Property Ranking (unaudited)
Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months
for tenants that 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, 2018.
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.
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
The percentage of Portfolio 2019 Forecast Pro Rata Real Estate NOI is based on the guidance range provided on
February 7, 2019, see page 9. Real Estate NOI excludes straight-line and above/below market adjustments to minimum rents. Real Estate NOI also does not reflect REIT expenses and Management Company revenues and expenses. See the
Companys forward-looking statements disclosure on pages 1 and 2 for factors that may affect the information provided in this column.
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.
On July 30, 2014, the Company formed a joint venture to redevelop and rebrand The Gallery in Philadelphia,
Properties sold prior to December 31, 2018 are excluded in both current and prior periods above.