News Release Making News.

 Prior Loan (in 000's)

 New Loan (in 000's)

Property

MAC Ownership

Loan Closing Date

 Balance @ Pro-Rata

 Interest Rate

 Balance @ 100%

 Balance @ Pro-Rata

Interest Rate

Term in years

Maturity Date

Kings Plaza

100.00%

11/28/2012

-

-

500,000

500,000

3.44%

7

12/03/19

Deptford Mall

100.00%

12/5/2012

172,500

5.41%

205,000

205,000

3.73%

10.3

04/03/23

Queens Center

51.00%

12/24/2012

161,905

7.30%

600,000

306,000

3.49%

12

01/01/25

Santa Monica Place

100.00%

12/28/2012

-

-

240,000

240,000

2.94%

5

01/03/18

Total

334,405

1,545,000

1,251,000

3.40%

8.4

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

Estimated EPS range:                       

$1.17  to   $1.77

Less: estimated Gain on asset sales  

- .50  to   - 1.00

Plus:  Real estate depreciation and amortization     

2.65   to     2.65

Estimated range for FFO per share-diluted        

$3.32   to   $3.42

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

2012

2011

2012

2011

2012

2011

Minimum rents 

$140,157

$118,751

$0

($5,335)

$140,157

$113,416

Percentage rents   

12,451

10,489

-

(691)

12,451

9,798

Tenant recoveries

75,518

64,842

4

(2,853)

75,522

61,989

Management Companies' revenues

10,505

11,942

-

-

10,505

11,942

Other income

12,534

11,743

(4)

(409)

12,530

11,334

Total revenues

251,165

217,767

0

(9,288)

251,165

208,479

Shopping center and operating  expenses 

82,275

67,882

(9)

(4,834)

82,266

63,048

Management Companies' operating  expenses 

18,657

19,560

-

-

18,657

19,560

Income tax benefit

(1,999)

(298)

-

-

(1,999)

(298)

Depreciation and amortization 

85,004

70,831

-

(3,672)

85,004

67,159

REIT general and administrative expenses 

5,187

5,237

-

-

5,187

5,237

Interest expense  

48,335

47,843

-

(4,562)

48,335

43,281

Loss on extinguishment of debt, net

(32)

(5,378)

32

3,929

-

(1,449)

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

164,025

(42,823)

40

16,653

164,065

(26,170)

Co-venture interests (b)

(2,061)

(2,027)

-

-

(2,061)

(2,027)

Equity in income of unconsolidated joint ventures 

10,657

219,156

-

-

10,657

219,156

Income from continuing operations

186,295

175,640

81

24,362

186,376

200,002

Discontinued operations:

   (Loss) gain on sale, disposition or write down of assets, net

-

-

(72)

(20,582)

(72)

(20,582)

   Loss from discontinued operations

-

-

(9)

(3,780)

(9)

(3,780)

Total loss from discontinued operations

-

-

(81)

(24,362)

(81)

(24,362)

Net income 

186,295

175,640

-

-

186,295

175,640

Less net income attributable to noncontrolling interests

12,048

12,533

-

-

12,048

12,533

Net income attributable to the Company

$174,247

$163,107

$0

$0

$174,247

$163,107

Average number of shares outstanding - basic

136,975

132,128

136,975

132,128

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

147,254

143,165

147,254

143,165

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

147,254

143,165

147,254

143,165

Per share income - diluted before discontinued operations

-

-

$1.27

$1.40

Net income per share-basic 

$1.27

$1.23

$1.27

$1.23

Net income per share - diluted  

$1.27

$1.23

$1.27

$1.23

Dividend declared per share 

$0.58

$0.55

$0.58

$0.55

FFO - basic  (c) (d)

$132,577

$118,783

$132,577

$118,783

FFO - diluted (c) (d)

$132,577

$118,783

$132,577

$118,783

FFO per share- basic   (c) (d)

$0.90

$0.83

$0.90

$0.83

FFO per share- diluted  (c) (d)

$0.90

$0.83

$0.90

$0.83

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

$0.90

$0.87

$0.90

$0.87

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

2012

2011

2012

2011

2012

2011

Minimum rents 

$503,130

$453,439

($6,422)

($24,432)

$496,708

$429,007

Percentage rents   

24,731

20,721

(342)

(1,546)

24,389

19,175

Tenant recoveries

276,827

254,380

(3,382)

(12,604)

273,445

241,776

Management Companies' revenues

41,235

40,404

-

-

41,235

40,404

Other income

46,000

34,357

(454)

(1,348)

45,546

33,009

Total revenues

891,923

803,301

(10,600)

(39,930)

881,323

763,371

Shopping center and operating  expenses 

285,589

263,341

(5,058)

(21,043)

280,531

242,298

Management Companies' operating  expenses 

85,610

86,587

-

-

85,610

86,587

Income tax benefit

(4,159)

(6,110)

-

-

(4,159)

(6,110)

Depreciation and amortization 

307,193

269,286

(4,640)

(17,211)

302,553

252,075

REIT general and administrative expenses 

20,412

21,113

-

-

20,412

21,113

Interest expense  

183,148

198,025

(6,370)

(18,317)

176,778

179,708

Gain (loss) on extinguishment of debt, net

119,926

(14,517)

(119,926)

3,929

-

(10,588)

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

159,575

(76,338)

45,093

54,301

204,668

(22,037)

Co-venture interests (b)

(6,523)

(5,806)

-

-

(6,523)

(5,806)

Equity in income of unconsolidated joint ventures 

79,281

294,677

-

-

79,281

294,677

Income from continuing operations

366,389

169,075

(69,365)

74,871

297,024

243,946

Discontinued operations:

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

-

-

74,833

(58,230)

74,833

(58,230)

   Loss from discontinued operations

-

-

(5,468)

(16,641)

(5,468)

(16,641)

Total income (loss) from discontinued operations

-

-

69,365

(74,871)

69,365

(74,871)

Net income 

366,389

169,075

-

-

366,389

169,075

Less net income attributable to noncontrolling interests

28,963

12,209

-

-

28,963

12,209

Net income attributable to the Company

$337,426

$156,866

$0

$0

$337,426

$156,866

Average number of shares outstanding - basic

134,067

131,628

134,067

131,628

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

144,937

142,986

144,937

142,986

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

144,937

142,986

144,937

142,986

Per share income - diluted before discontinued operations

-

-

$2.03

$1.70

Net income per share-basic 

$2.51

$1.18

$2.51

$1.18

Net income per share - diluted  

$2.51

$1.18

$2.51

$1.18

Dividend declared per share 

$2.23

$2.05

$2.23

$2.05

FFO - basic  (c) (d)

$577,862

$399,559

$577,862

$399,559

FFO - diluted (c) (d)

$577,862

$399,559

$577,862

$399,559

FFO per share- basic   (c) (d)

$3.99

$2.79

$3.99

$2.79

FFO per share- diluted  (c) (d)

$3.99

$2.79

$3.99

$2.79

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

$3.18

$2.88

$3.18

$2.88

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, 2012 and 2011.

(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. 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 and 2011. 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 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 

2012

2011

2012

2011

Net income attributable to the Company

$174,247

$163,107

$337,426

$156,866

Adjustments to reconcile net income attributable to the Company to FFO - basic

   Noncontrolling interests in OP

13,784

14,073

27,359

13,529

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

(164,025)

42,823

(159,575)

76,338

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

(390)

-

(390)

2,277

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

(1,636)

(1,437)

1,899

(1,441)

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

9,273

(188,245)

(2,019)

(200,828)

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

1,163

(19)

1,163

51

   Depreciation and amortization on consolidated assets 

85,004

70,831

307,193

269,286

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

(4,609)

(4,503)

(18,561)

(18,022)

   Depreciation and amortization on joint ventures (pro rata) 

22,991

25,370

96,228

115,431

   Less: depreciation on personal property 

(3,225)

(3,217)

(12,861)

(13,928)

Total FFO - basic

132,577

118,783

577,862

399,559

Additional adjustment to arrive at FFO - diluted:

    Preferred units - dividends

-

-

-

-

Total FFO - diluted

$132,577

$118,783

$577,862

$399,559

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

    Shoppingtown Mall

25

3,179

422

3,491

    Valley View Center

11

2,684

(101,105)

8,786

    Prescott Gateway

-

-

(16,296)

-

Total AFFO- diluted

$132,613

$124,646

$460,883

$411,836

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 

2012

2011

2012

2011

Earnings per share - diluted

$1.27

$1.23

$2.51

$1.18

   Per share impact of depreciation and amortization of real estate

0.68

0.62

2.57

2.47

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

(1.05)

(1.02)

(1.09)

(0.86)

FFO per share - diluted

$0.90

$0.83

$3.99

$2.79

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

0.00

0.04

(0.81)

0.09

AFFO per share - diluted

$0.90

$0.87

$3.18

$2.88

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 

2012

2011

2012

2011

Net income attributable to the Company

$174,247

$163,107

$337,426

$156,866

   Interest expense - consolidated assets

48,335

47,843

183,148

198,025

   Interest expense - unconsolidated entities (pro rata)

21,419

32,175

97,978

123,713

   Depreciation and amortization - consolidated assets

85,004

70,831

307,193

269,286

   Depreciation and amortization - unconsolidated entities (pro rata)

22,991

25,370

96,228

115,431

   Noncontrolling interests in OP

13,784

14,073

27,359

13,529

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

(7,408)

(7,446)

(30,019)

(29,877)

   Loss (gain) on extinguishment of debt - consolidated entities

32

5,378

(119,926)

14,517

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

-

(60)

-

(7,852)

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

(164,025)

42,823

(159,575)

76,338

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

9,273

(188,245)

(2,019)

(200,828)

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

(1,636)

(1,437)

1,899

(1,441)

   Income tax benefit

(1,999)

(298)

(4,159)

(6,110)

   Distributions on preferred units

184

208

783

832

EBITDA   (e)

$200,201

$204,322

$736,316

$722,429

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 

2012

2011

2012

2011

EBITDA (e)

$200,201

$204,322

$736,316

$722,429

Add: REIT general and administrative expenses

5,187

5,237

20,412

21,113

        Management Companies' revenues

(10,505)

(11,942)

(41,235)

(40,404)

        Management Companies' operating  expenses 

18,657

19,560

85,610

86,587

        Lease termination income, straight-line and above/below market adjustments to minimum rents of comparable centers

(4,515)

(7,214)

(15,400)

(23,324)

        EBITDA of non-comparable centers

(28,479)

(34,291)

(119,233)

(118,831)

Same Centers - NOI (f)

$180,546

$175,672

$666,470

$647,570

(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, straight-line and above/below market adjustments to minimum rents.