The Macerich Company
Joint Venture List as of December 31, 2018
Economic ownership represents the allocation of cash flow to the Company as of December 31, 2018, 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 Companys 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.
Includes GLA attributable to anchors (whether owned or non-owned) and
mall and freestanding stores as of December 31, 2018.
These centers have a Sears store which is owned by MS Portfolio LLC, see footnote (g) below. The GLA of the
Sears store at the seven centers indicated with footnote (d) in the table above is included in Total GLA at the center level. The GLA for the Sears store at these seven centers plus the GLA of the Sears store at two wholly owned centers, Danbury
Fair Mall and Vintage Faire Mall, are also aggregated into the 1,550,000 square feet in the MS Portfolio LLC above.
In October 2018, the Companys joint venture partner in Broadway Plaza sold its 50% interest to a third
party investor. Thereafter, the joint venture restated its governing documents and changed its name to Macerich HHF Broadway Plaza LLC.
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 and of its aggregate unreturned capital contributions; to the Company until it receives a 13% internal rate of return on and of its aggregate
unreturned capital contributions; and, thereafter, pro rata 35% to the third-party partner and 65% to the Company.
On April 30, 2015 Sears Holdings Corporation (Sears) and the Company announced that they had
formed a joint venture, MS Portfolio LLC. Sears contributed nine stores (located at Arrowhead Towne Center, Chandler Fashion Center, Danbury Fair Mall, Deptford Mall, Freehold Raceway Mall, Los Cerritos Center, South Plains Mall, Vintage Faire
Mall and Washington Square) to the joint venture and the Company contributed $150 million in cash to the joint venture. The lease arrangements between Sears and the joint venture provide the ability to create additional value through
recapturing certain space leased to Sears in these properties and re-leasing that space to third-party tenants. For example, Primark has leased space in portions of the Sears stores at Danbury Fair Mall and
Freehold Raceway Mall. On July 7, 2015, Sears assigned its ownership interest in MS Portfolio LLC to Seritage MS Holdings LLC.
Plans and entitlements are underway to convert former Regional Shopping Center Westside Pavilion, which closed
in January 2019, into an approximately 584,000 square foot Class A creative office campus called One Westside leased solely to Google, while maintaining approximately 96,000 square feet of adjacent entertainment and retail space at 10850 Pico
Boulevard. The Company contributed the existing buildings and land valued at $190.0 million to the joint venture on August 31, 2018.