News Release Making News.

2017 range 

Diluted EPS                                         

$1.19 - $1.29                         

Plus: real estate depreciation and amortization             

  3.12 -   3.12                            

Less: gain on sale of dispositions                               

    .41 -     .41                           

Diluted FFO per share                                                         

$3.90 - $4.00                

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

For the Three Months 

For the Six Months 

Ended June 30,

Ended June 30,

Unaudited

Unaudited

2017

2016

2017

2016

Revenues:

Minimum rents 

$152,893

$152,448

$298,448

$303,496

Percentage rents   

2,060

2,394

3,978

5,408

Tenant recoveries

68,948

75,948

141,360

156,121

Other income

13,519

17,789

28,783

30,937

Management Companies' revenues

10,003

11,325

21,899

19,942

     Total revenues

247,423

259,904

494,468

515,904

Expenses:

Shopping center and operating  expenses 

71,032

73,910

146,929

153,234

Management Companies' operating  expenses 

26,216

24,299

54,733

52,199

REIT general and administrative expenses 

7,458

7,681

15,921

16,310

Depreciation and amortization 

83,243

85,190

166,316

172,121

Interest expense  

42,321

41,195

83,622

80,971

Loss on extinguishment of debt, net

-

-

-

3,575

     Total expenses

230,270

232,275

467,521

478,410

Equity in income of unconsolidated joint ventures 

16,936

14,616

32,779

26,276

Co-venture expense (a)

(4,123)

(3,212)

(8,000)

(6,501)

Income tax (expense) benefit

(437)

(514)

3,047

(1,831)

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

(477)

10,915

49,088

445,371

     Net income

29,052

49,434

103,861

500,809

Less net income attributable to noncontrolling interests

2,414

4,212

7,980

34,672

     Net income attributable to the Company

$26,638

$45,222

$95,881

$466,137

Weighted average number of shares outstanding - basic

141,695

146,644

142,640

149,314

Weighted average shares outstanding, assuming full conversion of OP Units  (b)

152,221

157,477

153,199

160,141

Weighted average shares outstanding - Funds From Operations ("FFO") - diluted (b) 

152,254

157,602

153,246

160,286

Net income per share - basic 

$0.19

$0.31

$0.67

$3.12

Net income per share - diluted  

$0.19

$0.31

$0.67

$3.12

Dividend declared per share 

$0.71

$0.68

$1.42

$1.36

FFO - basic  (b) (c)

$148,634

$160,348

$282,237

$301,377

FFO - diluted (b) (c)

$148,634

$160,348

$282,237

$301,377

FFO  - diluted, excluding extinguishment of debt, net

$148,634

$160,348

$282,237

$304,952

FFO per share - basic   (b) (c)

$0.98

$1.02

$1.84

$1.88

FFO per share - diluted  (b) (c)

$0.98

$1.02

$1.84

$1.88

FFO per share - diluted, excluding extinguishment of debt, net

$0.98

$1.02

$1.84

$1.90

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

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

    (b)  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. 

    (c)  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 attributable to common

stockholders and unit holders - basic and diluted (c):

 For the Three Months  

 For the Six Months  

 Ended June 30, 

 Ended June 30, 

 Unaudited 

 Unaudited 

2017

2016

2017

2016

Net income attributable to the Company

$26,638

$45,222

$95,881

$466,137

Adjustments to reconcile net income attributable to the Company to FFO attributable to common

    stockholders and unit holders - basic and diluted:

   Noncontrolling interests in the OP

1,987

3,810

7,095

33,795

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

477

(10,915)

(49,088)

(445,371)

   Add: Gain on undepreciated asset sales - consolidated assets

-

225

-

2,637

             Loss on write-down of consolidated non-real estate assets

-

-

(10,138)

-

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

-

(2)

(2,269)

2

   Add: Gain (loss) on undepreciated asset sales - unconsolidated joint ventures (pro rata)

-

2

660

(2)

   Depreciation and amortization on consolidated assets 

83,243

85,190

166,316

172,121

   Less depreciation and amortization allocable to noncontrolling interests

        on consolidated joint ventures

(3,715)

(3,731)

(7,608)

(7,425)

   Depreciation and amortization on unconsolidated joint ventures (pro rata) 

43,450

43,640

88,215

85,516

   Less: depreciation on personal property 

(3,446)

(3,093)

(6,827)

(6,033)

FFO attributable to common stockholders and unit holders - basic and diluted

148,634

160,348

282,237

301,377

   Loss on extinguishment of debt, net - consolidated assets

-

-

-

3,575

FFO attributable to common stockholders and unit holders excluding extinguishment of debt, net  - diluted 

$148,634

$160,348

$282,237

$304,952

Reconciliation of Earnings per Share ("EPS") to FFO per diluted share (c):

 For the Three Months  

 For the Six Months  

 Ended June 30, 

 Ended June 30, 

 Unaudited 

 Unaudited 

2017

2016

2017

2016

EPS - diluted

$0.19

$0.31

$0.67

$3.12

   Per share impact of depreciation and amortization of real estate

0.79

0.78

1.57

1.52

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

0.00

(0.07)

(0.40)

(2.76)

FFO per share - diluted

$0.98

$1.02

$1.84

$1.88

   Per share impact of loss on extinguishment of debt, net

-

-

-

0.02

FFO per share - diluted, excluding extinguishment of debt, net

$0.98

$1.02

$1.84

$1.90

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of Net income attributable to the Company to Adjusted EBITDA:

 For the Three Months  

 For the Six Months  

 Ended June 30, 

 Ended June 30, 

 Unaudited 

 Unaudited 

2017

2016

2017

2016

Net income attributable to the Company

$26,638

$45,222

$95,881

$466,137

   Interest expense - consolidated assets

42,321

41,195

83,622

80,971

   Interest expense - unconsolidated joint ventures (pro rata)

25,452

24,170

50,758

46,664

   Depreciation and amortization - consolidated assets

83,243

85,190

166,316

172,121

   Depreciation and amortization - unconsolidated joint ventures (pro rata)

43,450

43,640

88,215

85,516

   Noncontrolling interests in the OP

1,987

3,810

7,095

33,795

   Less: Interest expense and depreciation and amortization

            allocable to noncontrolling interests on consolidated joint ventures

(5,997)

(6,057)

(12,209)

(12,100)

   Loss on extinguishment of debt, net - consolidated assets

-

-

-

3,575

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

477

(10,915)

(49,088)

(445,371)

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

-

(2)

(2,269)

2

   Income tax expense (benefit) 

437

514

(3,047)

1,831

   Distributions on preferred units

98

143

194

286

Adjusted EBITDA (d)

$218,106

$226,910

$425,468

$433,427

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

 For the Three Months  

 For the Six Months  

 Ended June 30, 

 Ended June 30, 

 Unaudited 

 Unaudited 

2017

2016

2017

2016

Adjusted EBITDA (d)

$218,106

$226,910

$425,468

$433,427

   REIT general and administrative expenses

7,458

7,681

15,921

16,310

   Management Companies' revenues

(10,003)

(11,325)

(21,899)

(19,942)

   Management Companies' operating  expenses 

26,216

24,299

54,733

52,199

   Straight-line and above/below market adjustments 

(8,756)

(8,702)

(16,175)

(15,114)

NOI - All Centers

233,021

238,863

458,048

466,880

   NOI of non-Same Centers

(16,274)

(29,125)

(36,168)

(56,391)

NOI - Same Centers (e)

$216,747

$209,738

$421,880

$410,489

(d) Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss (gain) on

      remeasurement, sale or write down of assets, loss (gain) on extinguishment of debt and preferred dividends and includes joint ventures at their pro rata

      share. Management considers Adjusted 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 Adjusted 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 Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements

      reported by other companies.

(e) 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 Adjusted  EBITDA and eliminating the impact of the management companies' revenues and operating expenses, the 

      Company's general and administrative expenses and the straight-line and above/below market adjustments to minimum rents and subtracting out NOI from 

      non-Same Centers.