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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported) November 4, 2010

THE MACERICH COMPANY
(Exact Name of Registrant as Specified in Charter)

MARYLAND
(State or Other Jurisdiction of
Incorporation)		   1-12504
(Commission
File Number)		   95-4448705
(IRS Employer
Identification No.)

401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401
(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code (310) 394-6000

N/A
(Former Name or Former Address, if Changed Since Last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

        The Company issued a press release on November 4, 2010 announcing results of operations for the Company for the quarter ended September 30, 2010 and such press release is furnished as Exhibit 99.1 hereto.

        The press release included as an exhibit with this report is being furnished pursuant to Item 2.02 and Item 7.01 of Form 8-K and shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC.

ITEM 7.01    REGULATION FD DISCLOSURE.

        On November 4, 2010, the Company made available on its website a financial supplement containing financial and operating information of the Company ("Supplemental Financial Information") for the three and nine months ended September 30, 2010 and such Supplemental Financial Information is furnished as Exhibit 99.2 hereto.

        The Supplemental Financial Information included as an exhibit with this report is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

        Listed below are the financial statements, pro forma financial information and exhibits furnished as part of this report:

        (a), (b) and (c) Not applicable.

        (d) Exhibits.

        Exhibit Index attached hereto and incorporated herein by reference.

2


 SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, The Macerich Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

    THE MACERICH COMPANY

 
 
By:
 
THOMAS E. O'HERN

November 4, 2010
 Date
 
/s/ THOMAS E. O'HERN
 Senior Executive Vice President,
Chief Financial Officer
and Treasurer

3


 EXHIBIT INDEX

EXHIBIT
NUMBER
 
NAME
  99.1   Press Release dated November 4, 2010

 
99.2
 
Supplemental Financial Information for the three and nine months ended September 30, 2010

4



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Exhibit 99.1

PRESS RELEASE

For:   THE MACERICH COMPANY

Press Contact:
 
Arthur Coppola, Chairman and Chief Executive Officer

 
 
or

 
 
Thomas E. O'Hern, Senior Executive Vice President,
Chief Financial Officer and Treasurer

 
 
(310) 394-6000


MACERICH ANNOUNCES QUARTERLY RESULTS

        Santa Monica, CA (11/04/10)—The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended September 30, 2010 which included total funds from operations ("FFO") diluted of $93.3 million or $.66 per share-diluted, compared to $.97 per share-diluted for the quarter ended September 30, 2009. Net income available to common stockholders for the quarter ended September 30, 2010 was $8.4 million or $.06 per share-diluted compared to net income available to common stockholders of $142.8 million or $1.75 per share-diluted for the quarter ended September 30, 2009. The primary cause of the decrease in net income available to common stockholders resulted from the gain on asset sales recorded in the quarter ended September 30, 2009 of $161.6 million, or $1.76 per share. The Company's definition of FFO is in accordance with the definition provided by the National Association of Real Estate Investment Trusts ("NAREIT"). A reconciliation of net income to FFO and net income per common share-diluted ("EPS") to FFO per share-diluted is included in the financial tables accompanying this press release.

Recent Highlights:

        Commenting on the quarter, Arthur Coppola chairman and chief executive officer of Macerich stated, "We saw fundamentals make a very positive move during the quarter. We had significant tenant sales gains and portfolio occupancy gains, positive same center NOI growth, and positive releasing spreads. We successfully completed a number of very attractive refinancings and continue to benefit from a very strong capital market."

Redevelopment Update

        The redeveloped Santa Monica Place opened in August. The project is 94% leased and is anchored by Nordstrom and Bloomingdale's and includes retailers Tiffany & Co, Louis Vuitton, Barneys Co-op, Nike, CB2, Ted Baker, Betsey Johnson, Disney, Hugo Boss, Burberry, AllSaints Spitalfields and Kitson LA.

Financing Activity

        On September 10, 2010, the Company closed on a $250 million loan on Danbury Fair Mall. The new loan has a fixed interest rate of 5.50% and has a ten year maturity. It paid off the existing loan of $160 million with a 7.51% interest rate which was scheduled to mature in 2011.

        On November 2, 2010, the Company closed on a $114 million refinancing of Stonewood Center. The new loan is a seven year fixed rate loan with an interest rate of 4.6%. This transaction paid off the old loan of $71 million with an interest rate of 7.44%.

        In addition, the Company has reached agreement on a $232 million loan on Freehold Raceway Mall. The loan will have a term of seven years with an expected fixed interest rate of 4.15%. The loan is planned to close in December 2010 and will pay off the existing loan of $157 million.

        The Company has only $55 million of remaining loan maturities for 2010. Upon completion of the above transactions, and excluding loans with built-in extension options, the loan maturities in 2011 are $466 million.

Updated Guidance

        The Company is tightening its 2010 full year FFO guidance range to $2.60 to $2.70. The primary reason for the change is the reduction of its estimate of lease termination revenue from its initial estimate of $17 million down to $7.0 million. Through September 30, 2010 lease termination revenue was $6.6 million. A reconciliation of FFO to EPS follows:

New estimated range for FFO per share:

   $2.60 to $2.70

Less: Real Estate Depreciation and Amortization

   $2.55 - $2.55
     

New estimated EPS range:

   $  .05 to $  .15
     

Dividend

        On October 29, 2010, the Board of Directors of the Company declared a quarterly cash dividend of $.50 per share of common stock. The dividend is payable on December 8, 2010 to stockholders of record at the close of business on November 12, 2010.

        Macerich is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich now owns approximately 73 million square feet of gross leaseable area consisting primarily of interests in 71 regional malls. Additional information about Macerich can be obtained from the Company's website at www.macerich.com.

Investor Conference Call

        The Company will provide an online Web simulcast and rebroadcast of its quarterly earnings conference call. The call will be available on The Macerich Company's website at www.macerich.com (Investing Section) and through CCBN at www.earnings.com. The call begins today, November 4, 2010 at 10:30 AM Pacific Time. To listen to the call, please go to any of these web sites at least 15 minutes prior to the call in order to register and download audio software if needed. An online replay at www.macerich.com (Investing Section) will be available for one year after the call.

        The Company will publish a supplemental financial information package which will be available at www.macerich.com in the Investing Section. It will also be furnished to the SEC as part of a Current Report on Form 8-K.

        Note: This release contains statements that constitute forward-looking statements. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such


factors include, among others, general industry, economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates and terms, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, acquisitions and dispositions; the liquidity of real estate investments, governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities which could adversely affect all of the above factors. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2009 and the Quarterly Reports on Form 10-Q, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.

(See attached tables)

##

THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

 
   Results before
Discontinued Operations(a) 		  Impact of
Discontinued Operations(a) 		  Results after
Discontinued Operations(a) 		 
 
   For the Three
Months Ended
September 30, 		  For the Three
Months Ended
September 30, 		  For the Three
Months Ended
September 30, 		 
 
   Unaudited   Unaudited  
 
   2010   2009   2010   2009   2010   2009  

Minimum rents

   $ 106,612   $ 119,903     —   ($ 2,310 ) $ 106,612   $ 117,593  

Percentage rents

     3,862     3,909     —     (2 )   3,862     3,907  

Tenant recoveries

     61,954     59,754     —     (526 )   61,954     59,228  

Management Companies' revenues

     10,529     10,449     —     —     10,529     10,449  

Other income

     7,725     6,648     (3 )   (33 )   7,722     6,615  
                           

Total revenues

     190,682     200,663     (3 )   (2,871 )   190,679     197,792  
                           

Shopping center and operating expenses

    
64,379		    
65,160		    
(23
)		  
(1,054
)		  
64,356		    
64,106		  

Management Companies' operating expenses

     22,042     16,400     —     —     22,042     16,400  

Income tax (benefit) expense

     (2,662 )   302     —     —     (2,662 )   302  

Depreciation and amortization

     62,801     61,856     —     (954 )   62,801     60,902  

REIT general and administrative expenses

     4,546     7,085     —     —     4,546     7,085  

Interest expense

     51,662     65,779     —     —     51,662     65,779  

Gain (loss) on early extinguishment of debt

     2,096     (455 )   —     —     2,096     (455 )

Gain (loss) on sale or write down of assets

     40     161,580     (48 )   (3,968 )   (8 )   157,612  

Co-venture interests(b)

     (269 )   —     —     —     (269 )   —  

Equity in income of unconsolidated joint ventures

     19,687     19,165     —     —     19,687     19,165  

Income from continuing operations

    
9,468		    
164,371		    
(28
)		  
(4,831
)		  
9,440		    
159,540		  

Discontinued operations:

                                      
 

Gain on sale or write down of assets

     —     —     48     3,968     48     3,968  
 

(Loss) income from discontinued operations

     —     —     (20 )   863     (20 )   863  

Total gain from discontinued operations

     —     —     28     4,831     28     4,831  

Net income

     9,468     164,371     —     —     9,468     164,371  

Less net income attributable to noncontrolling interests

     1,039     21,533     —     —     1,039     21,533  

Net income attributable to the Company

     8,429     142,838     —     —     8,429     142,838  

Less preferred dividends

     —     —     —     —     —     —  
                           

Net income available to common stockholders

   $ 8,429   $ 142,838     —     —   $ 8,429   $ 142,838  
                           

Average number of shares outstanding—basic

     130,213     79,496                 130,213     79,496  
                               

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

     142,020     91,347                 142,020     91,347  
                               

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

    
142,020		    
91,347		                
142,020		    
91,347		  
                               

Per share income—diluted before discontinued operations

     —     —               $ 0.06   $ 1.70  
                               

Net income per share—basic

   $ 0.06   $ 1.75               $ 0.06   $ 1.75  
                               

Net income per share—diluted(c)

   $ 0.06   $ 1.75               $ 0.06   $ 1.75  
                               

Dividend declared per share

   $ 0.50   $ 0.60               $ 0.50   $ 0.60  
                               

FFO—basic(c)(d)

   $ 93,321   $ 88,650               $ 93,321   $ 88,650  
                               

FFO—diluted(c)(d)

   $ 93,321   $ 88,650               $ 93,321   $ 88,650  
                               

FFO per share—basic(c)(d)

   $ 0.66   $ 0.97               $ 0.66   $ 0.97  
                               

FFO per share—diluted(c)(d)

   $ 0.66   $ 0.97               $ 0.66   $ 0.97  
                               

THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

 
   Results before
Discontinued
Operations(a) 		  Impact of
Discontinued
Operations(a) 		  Results after
Discontinued
Operations(a) 		 
 
   For the Nine
Months Ended
September 30, 		  For the Nine
Months Ended
September 30, 		  For the Nine
Months Ended
September 30, 		 
 
   Unaudited   Unaudited  
 
   2010   2009   2010   2009   2010   2009  

Minimum rents

   $ 311,098   $ 370,879     4   $ (9,514 ) $ 311,102   $ 361,365  

Percentage rents

     9,957     9,396     —     (13 )   9,957     9,383  

Tenant recoveries

     180,222     187,194     —     (2,057 )   180,222     185,137  

Management Companies' revenues

     32,867     28,335     —     —     32,867     28,335  

Other income

     20,529     21,552     (3 )   (81 )   20,526     21,471  
                           

Total revenues

     554,673     617,356     1     (11,665 )   554,674     605,691  
                           

Shopping center and operating expenses

    
182,043		    
203,504		    
(164
)		  
(4,067
)		  
181,879		    
199,437		  

Management Companies' operating expenses

     68,696     58,702     —     —     68,696     58,702  

Income tax benefit

     (5,252 )   (878 )   —     —     (5,252 )   (878 )

Depreciation and amortization

     181,930     190,507     —     (3,829 )   181,930     186,678  

REIT general and administrative expenses

     15,704     16,989     —     —     15,704     16,989  

Interest expense

     159,311     207,631     —     5     159,311     207,636  

Gain on early extinguishment of debt

     1,608     29,145     —     —     1,608     29,145  

Gain on sale or write down of assets

     551     136,731     23     23,045     574     159,776  

Co-venture interests(b)

     (3,646 )   —     —     —     (3,646 )   —  

Equity in income of unconsolidated joint ventures

     51,908     49,647     —     —     51,908     49,647  

Income from continuing operations

    
2,662		    
156,424		    
188		    
19,271		    
2,850		    
175,695		  

Discontinued operations:

                                      
 

Loss on sale or write down of assets

     —     —     (23 )   (23,045 )   (23 )   (23,045 )
 

(Loss) income from discontinued operations

     —     —     (165 )   3,774     (165 )   3,774  

Total loss from discontinued operations

     —     —     (188 )   (19,271 )   (188 )   (19,271 )

Net income

     2,662     156,424     —     —     2,662     156,424  

Less net income attributable to noncontrolling interests

     1,030     21,306     —     —     1,030     21,306  

Net income attributable to the Company

     1,632     135,118     —     —     1,632     135,118  

Less preferred dividends

     —     —     —     —     —     —  
                           

Net income available to common stockholders

   $ 1,632   $ 135,118     —     —   $ 1,632   $ 135,118  
                           

Average number of shares outstanding—basic

     116,992     77,898                 116,992     77,898  
                               

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

    
128,998		    
89,635		                
128,998		    
89,635		  
                               

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

     128,998     89,635                 128,998     89,635  
                               

Per share income—diluted before discontinued operations

     —     —               $ 0.00   $ 1.92  
                               

Net income per share—basic

   $ 0.00   $ 1.71               $ 0.00   $ 1.71  
                               

Net income per share—diluted(c)

   $ 0.00   $ 1.71               $ 0.00   $ 1.71  
                               

Dividend declared per share

   $ 1.60   $ 2.00               $ 1.60   $ 2.00  
                               

FFO—basic(c)(d)

   $ 242,387   $ 251,410               $ 242,387   $ 251,410  
                               

FFO—diluted(c)(d)

   $ 242,387   $ 251,410               $ 242,387   $ 251,410  
                               

FFO per share—basic(c)(d)

   $ 1.88   $ 2.80               $ 1.88   $ 2.80  
                               

FFO per share—diluted(c)(d)

   $ 1.88   $ 2.80               $ 1.88   $ 2.80  
                               

THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(a)
The following dispositions impacted the results for the three and nine months ended September 30, 2010 and 2009:
(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 the 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 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 and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and 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. FFO on a diluted basis is one of the measures investors find most useful in measuring the dilutive impact of outstanding convertible securities. 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 real estate investment trusts.


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Pro rata share of unconsolidated joint ventures:

 
   For the Three
Months Ended
September 30, 		  For the Nine
Months Ended
September 30, 		 
 
   Unaudited   Unaudited  
 
   2010   2009   2010   2009  

Revenues:

                          
 

Minimum rents

   $ 75,093   $ 72,756   $ 222,494   $ 204,733  
 

Percentage rents

     3,155     2,857     6,808     5,712  
 

Tenant recoveries

     39,424     35,310     112,489     99,187  
 

Other

     5,914     4,361     14,733     11,009  
                   
 

Total revenues

     123,586     115,284     356,524     320,641  
                   

Expenses:

                          
 

Shopping center and operating expenses

     44,191     39,982     126,238     111,156  
 

Interest expense

     32,131     27,448     94,516     78,747  
 

Depreciation and amortization

     27,977     28,552     84,185     80,961  
                   
 

Total operating expenses

     104,299     95,982     304,939     270,864  
                   

Gain (loss) on sale or write down of assets

     333     (309 )   699     (298 )

Loss on early extinguishment of debt

     —     —     (689 )   —  

Equity in income of joint ventures

     67     172     313     168  
                   
 

Net income

   $ 19,687   $ 19,165   $ 51,908   $ 49,647  
                   

Reconciliation of Net income to FFO(d):

 
   For the Three
Months Ended
September 30, 		  For the Nine
Months Ended
September 30, 		 
 
   Unaudited   Unaudited  
 
   2010   2009   2010   2009  

Net income—available to common stockholders

   $ 8,429   $ 142,838   $ 1,632   $ 135,118  

Adjustments to reconcile net income to FFO—basic

                          
 

Noncontrolling interests in OP

     913     21,520     167     20,351  
 

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

     (40 )   (161,580 )   (551 )   (136,731 )
     

plus gain on undepreciated asset sales—consolidated assets

     —     792     —     3,289  
     

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

     33     —     2     310  
     

less write down of consolidated assets

     —     (589 )   —     (28,228 )
 

(Gain) loss on sale or write-down of assets from unconsolidated entities (pro rata)

     (333 )   309     (699 )   298  
     

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

     92     (26 )   489     (24 )
     

less write down of assets—unconsolidated entities (pro rata share)

     —     (282 )   (32 )   (282 )
 

Depreciation and amortization on consolidated assets

     62,801     61,856     181,930     190,507  
 

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

     (1,995 )   (1,117 )   (13,585 )   (3,247 )
 

Depreciation and amortization on joint ventures (pro rata)

     27,977     28,552     84,185     80,961  
 

Less: depreciation on personal property

     (4,556 )   (3,623 )   (11,151 )   (10,912 )
                   

Total FFO—basic

     93,321     88,650     242,387     251,410  

Additional adjustment to arrive at FFO—diluted:

                          
   

Preferred units—dividends

     —     —     —     —  
                   

Total FFO—diluted

   $ 93,321   $ 88,650   $ 242,387   $ 251,410  
                   


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of EPS to FFO per diluted share:

 
   For the Three
Months Ended
September 30, 		  For the Nine
Months Ended
September 30, 		 
 
   Unaudited   Unaudited  
 
   2010   2009   2010   2009  

Earnings per share—diluted

   $ 0.06   $ 1.75   $ 0.00   $ 1.71  
 

Per share impact of depreciation and amortization of real estate

     0.60     0.94     1.87     2.89  
 

Per share impact of (gain) loss on sale or write-down of depreciated assets

     0.00     (1.72 )   0.01     (1.80 )
                   

FFO per share—diluted

   $ 0.66   $ 0.97   $ 1.88   $ 2.80  
                   

Reconciliation of Net income to EBITDA:

 
   For the Three
Months Ended
September 30, 		  For the Nine
Months Ended
September 30, 		 
 
   Unaudited   Unaudited  
 
   2010   2009   2010   2009  

Net income—available to common stockholders

   $ 8,429   $ 142,838   $ 1,632   $ 135,118  
 

Interest expense—consolidated assets

     51,662     65,779     159,311     207,631  
 

Interest expense—unconsolidated entities (pro rata)

     32,131     27,448     94,516     78,747  
 

Depreciation and amortization—consolidated assets

     62,801     61,856     181,930     190,507  
 

Depreciation and amortization—unconsolidated entities (pro rata)

     27,977     28,552     84,185     80,961  
 

Noncontrolling interests in OP

     913     21,520     167     20,351  

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

     (3,101 )   (1,552 )   (21,491 )   (4,511 )
 

(Gain) loss on early extinguishment of debt

     (2,096 )   455     (1,608 )   (29,145 )
 

Loss on early extinguishment of debt—unconsolidated entities (pro rata)

     —     —     689     —  
 

(Gain) loss on sale or write down of assets—consolidated assets

     (40 )   (161,580 )   (551 )   (136,731 )
 

(Gain) loss on sale or write down of assets—unconsolidated entities (pro rata)

     (333 )   309     (699 )   298  
 

Add: Non-controlling interests share of gain (loss) on sale of consolidated joint ventures

     33     —     2     310  
 

Add: Non-controlling interests share of gain on sale of unconsolidated entities

     —     —     93     —  
 

Income tax (benefit) expense

     (2,662 )   302     (5,252 )   (878 )
 

Distributions on preferred units

     208     208     624     623  
                   

EBITDA(e)

   $ 175,922   $ 186,135   $ 493,548   $ 543,281  
                   


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of EBITDA to Same Centers—Net Operating Income ("NOI"):

 
   For the Three
Months Ended
September 30, 		  For the Nine
Months Ended
September 30, 		 
 
   Unaudited   Unaudited  
 
   2010   2009   2010   2009  

EBITDA(e)

   $ 175,922   $ 186,135   $ 493,548   $ 543,281  

Add: REIT general and administrative expenses

     4,546     7,085     15,704     16,989  
 

Management Companies' revenues

     (10,529 )   (10,449 )   (32,867 )   (28,335 )
 

Management Companies' operating expenses

     22,042     16,400     68,696     58,702  
 

Lease termination income of comparable centers

     (3,072 )   (6,804 )   (5,640 )   (9,500 )
 

EBITDA of non-comparable centers

     (40,384 )   (47,553 )   (96,471 )   (147,398 )
                   

Same Centers—NOI(f)

   $ 148,525   $ 144,814   $ 442,970   $ 433,739  
                   
(e)
EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests, extraordinary items, gain (loss) on sale 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 straight-line and above/below market adjustments to minimum rents.



QuickLinks

MACERICH ANNOUNCES QUARTERLY RESULTS
THE MACERICH COMPANY FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Table of Contents


Exhibit 99.2

         GRAPHIC

Supplemental Financial Information
For the three and nine months ended September 30, 2010

Table of Contents


The Macerich Company

Supplemental Financial and Operating Information

Table of Contents

        All information included in this supplemental financial package is unaudited, unless otherwise indicated.

 
   Page No.
     

Corporate Overview

   1-3

Overview

   1

Capital information and market capitalization

   2

Changes in total common and equivalent shares/units

   3

Financial Data

  

4-5

Supplemental FFO information

   4

Capital expenditures

   5

Operational Data

  

6-9

Sales per square foot

   6

Occupancy

   7

Rent

   8

Cost of occupancy

   9

Balance Sheet Information

  

10-14

Consolidated Balance Sheets of the Company as of September 30, 2010 and December 31, 2009 (unaudited)

   10

Debt summary

   11

Outstanding debt by maturity date

   12-14

Top Ten Tenants

  

15

        This supplemental financial information should be read in connection with the Company's third quarter 2010 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date November 4, 2010) as certain disclosures, definitions and reconciliations in such announcement have not been included in this supplemental financial information.

Table of Contents


The Macerich Company

Supplemental Financial and Operating Information

Overview

        The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the "Operating Partnership").

        As of September 30, 2010, the Operating Partnership owned or had an ownership interest in 71 regional malls and 14 community shopping centers aggregating approximately 73 million square feet of gross leasable area ("GLA"). These 85 regional malls and community shopping centers are referred to hereinafter as the "Centers", unless the context requires otherwise.

        The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Company's management companies (collectively, the "Management Companies").

        All references to the Company in this Exhibit include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

        This document contains information that constitutes forward-looking statements and includes information regarding expectations regarding the Company's refinancing, development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, economic and business conditions; adverse changes in the real estate markets, including the liquidity of real estate investments; and risks of real estate development, redevelopment, and expansion, including availability, terms and cost of financing, construction delays, environmental and safety requirements, budget overruns, sunk costs and lease-up. Real estate development, redevelopment and expansion activities are also subject to risks relating to the inability to obtain, or delays in obtaining, all necessary zoning, land-use, building, and occupancy and other required governmental permits and authorizations and governmental actions and initiatives (including legislative and regulatory changes) as well as terrorist activities which could adversely affect all of the above factors. Furthermore, occupancy rates and rents at a newly completed property may not be sufficient to make the property profitable. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2009 and the Quarterly Reports on Form 10-Q, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events unless required by law to do so.

1

Table of Contents


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

                     
 
   Period Ended  
 
   9/30/2010   12/31/2009   12/31/2008  
 
   dollars in thousands except per share data
  

Closing common stock price per share

   $ 42.95   $ 35.95   $ 18.16  

52 week high

   $ 47.19   $ 38.22   $ 76.50  

52 week low

   $ 25.84   $ 5.45   $ 8.31  

Shares outstanding at end of period

                    

Class A non-participating convertible preferred units

     208,640     205,757     193,164  

Common shares and partnership units

     142,021,850     108,658,421     88,529,334  
               

Total common and equivalent shares/units outstanding

     142,230,490     108,864,178     88,722,498  
               

Portfolio capitalization data

                    

Total portfolio debt, including joint ventures at pro rata

   $ 5,902,823   $ 6,563,706   $ 7,926,241  

Equity market capitalization

     6,108,800     3,913,667     1,611,201  
               

Total market capitalization

   $ 12,011,623   $ 10,477,373   $ 9,537,442  
               

Floating rate debt as a percentage of total debt

    
17.2
%		  
16.0
%		  
21.9
%

2

Table of Contents


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Changes in Total Common and Equivalent Shares/Units

                           
 
   Partnership
Units 		  Company
Common
Shares 		  Class A
Non-Participating
Convertible
Preferred Units
("NPCPUs") 		  Total
Common
and
Equivalent
Shares/
Units 		 

Balance as of December 31, 2009

     11,990,732     96,667,689     205,757     108,864,178  
                   

Conversion of partnership units to common shares

     (31,878 )   31,878     —     —  

Conversion of partnership units to cash

     (8,256 )   —     —     (8,256 )

Issuance of stock/partnership units from stock dividends, restricted stock issuance or other share- or unit-based plans

     282,057     2,059,364     2,883     2,344,304  
                   

Balance as of March 31, 2010

     12,232,655     98,758,931     208,640     111,200,226  
                   

Conversion of partnership units to common shares

     (420,103 )   423,551     —     3,448  

Conversion of partnership units to cash

     (560 )         —     (560 )

Common Stock Offering

     —     31,000,000     —     31,000,000  

Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans

     —     21,963     —     21,963  
                   

Balance as of June 30, 2010

     11,811,992     130,204,445     208,640     142,225,077  
                   

Conversion of partnership units to common shares

     (6,914 )   6,914     —     —  

Conversion of partnership units to cash

     (1,000 )   —     —     (1,000 )

Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans

     —     6,413     —     6,413  
                   

Balance as of September 30, 2010

     11,804,078     130,217,772     208,640     142,230,490  
                   

3

Table of Contents


The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental Funds from Operations ("FFO") Information(a)

 
  
 
   As of September 30,  
 
   2010   2009  

Straight line rent receivable

   $ 72.2   $ 65.7  

 

 
  
 
   For the Three Months Ended
September 30, 		  For the Nine Months Ended
September 30, 		 
 
   2010   2009   2010   2009  
 
   dollars in millions
  

Lease termination fees

   $ 3.5   $ 11.1   $ 6.6   $ 14.3  

Straight line rental income

   $ 3.5   $ 3.5   $ 5.4   $ 7.2  

Gain on sales of undepreciated assets

   $ 0.1   $ 0.8   $ 0.5   $ 3.3  

Amortization of acquired above- and below-market leases

   $ 2.5   $ 3.2   $ 8.3   $ 10.4  

Amortization of debt premiums/(discounts)

   $ (0.7 ) $ 0.1   $ (2.4 ) $ 0.8  

Interest capitalized

   $ 6.6   $ 6.7   $ 24.4   $ 19.3  
(a)
All joint venture amounts included at pro rata.

4

Table of Contents


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures

 
    
  
 
   For the Nine
Months Ended
9/30/10 		  Year Ended
12/31/2009 		  Year Ended
12/31/2008 		 
 
   dollars in millions
  

Consolidated Centers(a)

                    

Acquisitions of property and equipment

   $ 11.2   $ 11.0   $ 87.5  

Development, redevelopment and expansions of Centers

     143.8     216.6     446.1  

Renovations of Centers

     15.6     9.6     8.5  

Tenant allowances

     16.1     10.8     14.7  

Deferred leasing charges

     20.5     20.0     22.3  
               
 

Total

   $ 207.2   $ 268.0   $ 579.1  
               

Unconsolidated Joint Venture Centers(a)

                    

Acquisitions of property and equipment

   $ 2.8   $ 5.4   $ 294.4  

Development, redevelopment and expansions of Centers

     24.1     57.0     60.8  

Renovations of Centers

     2.4     4.2     3.1  

Tenant allowances

     3.0     5.1     13.8  

Deferred leasing charges

     3.5     3.8     5.0  
               
 

Total

   $ 35.8   $ 75.5   $ 377.1  
               
(a)
All joint venture amounts at pro rata.

5

Table of Contents


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Sales Per Square Foot(a)

 
  
 
   Consolidated Centers   Unconsolidated
Joint Venture
Centers 		  Total Centers  

09/30/2010

   $ 387   $ 460   $ 426  

12/31/2009

   $ 368   $ 440   $ 407  

12/31/2008

   $ 420   $ 460   $ 441  

6

Table of Contents


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy

 
  
Period Ended
  Consolidated
Centers
Regional
Malls(a) 		  Unconsolidated
Joint Venture
Centers
Regional
Malls(a) 		  Total
Regional
Malls(a) 		 

09/30/2010

     93.6 %   92.5 %   93.0 %

12/31/2009

     91.2 %   91.3 %   91.3 %

12/31/2008

     91.6 %   92.8 %   92.3 %

 

 
  
Period Ended
  Consolidated Centers(b)   Unconsolidated
Joint Venture
Centers(b) 		  Total Centers(b)  

09/30/2010

     93.2 %   92.2 %   92.6 %

12/31/2009

     90.7 %   91.4 %   91.1 %

12/31/2008

     91.3 %   93.1 %   92.3 %

7

Table of Contents


The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Rent

 
    
  
 
   Average Base Rent
PSF(a) 		  Average Base Rent
PSF on Leases
Executed for the
trailing twelve
months ended(b) 		  Average Base Rent
PSF on Leases
Expiring(c) 		 

Consolidated Centers

                    
 

09/30/2010

   $ 37.59   $ 34.33   $ 36.16  
 

12/31/2009

   $ 37.77   $ 38.15   $ 34.10  
 

12/31/2008

   $ 41.39   $ 42.70   $ 35.14  

Unconsolidated Joint Venture Centers

                    
 

09/30/2010

   $ 46.02   $ 45.81   $ 38.19  
 

12/31/2009

   $ 45.56   $ 43.52   $ 37.56  
 

12/31/2008

   $ 42.14   $ 49.74   $ 37.61  
(a)
The average base rent per square foot is based on Mall and Freestanding Store GLA for spaces 10,000 square feet and under, occupied as of the applicable date, for each of the Centers owned by the Company. Leases for Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Year 2008 because they were under development. Leases for The Market at Estrella Falls were excluded for Years 2008 and 2009 because the center was under development. Leases for Santa Monica Place were excluded for Years 2008 and 2009 and the nine months ended September 30, 2010 because the center was under redevelopment.

(b)
The average base rent per square foot on leases executed during the period represents the actual rent to be paid during the first twelve months for tenants 10,000 square feet and under. Leases executed for Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Year 2008 because they were under development. Leases executed for The Market at Estrella Falls were excluded for Years 2008 and 2009 because the center was under development. Leases executed for Santa Monica Place were excluded for Years 2008 and 2009 and the nine months ended September 30, 2010 because the center was under redevelopment.

(c)
The average base rent per square foot on leases expiring during the period represents the final year minimum rent, on a cash basis, for all tenant leases 10,000 square feet and under expiring during the year. Leases for Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Year 2008 because they were under development. Leases for The Market at Estrella Falls were excluded for Years 2008 and 2009 because the center was under development. Leases for Santa Monica Place were excluded for Years 2008 and 2009 and the nine months ended September 30, 2010 because the center was under redevelopment.

8

Table of Contents


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy

 
    
  
 
   For Years Ended December 31,  
 
   2009   2008  

Consolidated Centers

              
 

Minimum rents

     9.1 %   8.9 %
 

Percentage rents

     0.4 %   0.4 %
 

Expense recoveries(a)

     4.7 %   4.4 %
           
   

Total

     14.2 %   13.7 %
           

 

 
    
  
 
   For Years Ended December 31,  
 
   2009   2008  

Unconsolidated Joint Venture Centers

              
 

Minimum rents

     9.4 %   8.2 %
 

Percentage rents

     0.4 %   0.4 %
 

Expense recoveries(a)

     4.3 %   3.9 %
           
   

Total

     14.1 %   12.5 %
           
(a)
Represents real estate tax and common area maintenance charges.

9

Table of Contents


 The Macerich Company

Supplemental Financial and Operating Information

Consolidated Balance Sheets (unaudited)

(Dollars in thousands, except share data)

 
   September 30,
2010 		  December 31,
2009 		 

ASSETS:

              

Property, net(a)

   $ 5,670,183   $ 5,657,939  

Cash and cash equivalents(b)

     486,426     93,255  

Restricted cash

     80,102     41,619  

Marketable securities

     26,528     26,970  

Tenant and other receivables, net

     86,489     101,220  

Deferred charges and other assets, net

     322,162     276,922  

Loans to unconsolidated joint ventures

     6,972     2,316  

Due from affiliates

     4,674     6,034  

Investments in unconsolidated joint ventures

     1,015,986     1,046,196  
           
     

Total assets

   $ 7,699,522   $ 7,252,471  
           

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY:

              

Mortgage notes payable:

              
 

Related parties

   $ 303,752   $ 196,827  
 

Others

     2,974,361     3,039,209  
           
     

Total

     3,278,113     3,236,036  

Bank and other notes payable

     630,135     1,295,598  

Accounts payable and accrued expenses

     72,475     70,275  

Other accrued liabilities

     260,009     266,197  

Investments in unconsolidated joint ventures

     65,830     67,052  

Co-venture obligation

     161,216     168,049  

Preferred dividends payable

     245     207  
           
     

Total liabilities

     4,468,023     5,103,414  
           

Redeemable noncontrolling interests

     11,366     20,591  
           

Commitments and contingencies

              

Equity:

              
 

Stockholders' equity:

              
   

Common stock, $0.01 par value, 250,000,000 shares authorized, 130,217,772 and 96,667,689 shares issued and outstanding at September 30, 2010 and December 31, 2009, respectively

     1,302     967  
   

Additional paid-in capital

     3,446,252     2,227,931  
   

Accumulated deficit

     (522,335 )   (345,930 )
   

Accumulated other comprehensive loss

     (8,153 )   (25,397 )
           
     

Total stockholders' equity

     2,917,066     1,857,571  
 

Noncontrolling interests

     303,067     270,895  
           
     

Total equity

     3,220,133     2,128,466  
           
     

Total liabilities, redeemable noncontrolling interests and equity

   $ 7,699,522   $ 7,252,471  
           
(a)
Includes consolidated construction in process of $308,297 at September 30, 2010 and $583,334 at December 31, 2009. Does not include pro rata share of unconsolidated joint venture construction in process of $37,191 at September 30, 2010 and $63,856 at December 31, 2009.

(b)
Does not include pro rata share of unconsolidated joint venture cash of $54,332 at September 30, 2010 or $71,335 at December 31, 2009.

10

Table of Contents


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)

 
    
  
 
   As of September 30, 2010  
 
   Fixed Rate   Floating Rate(a)   Total  
 
   dollars in thousands
  

Consolidated debt

   $ 2,961,528   $ 723,497   $ 3,685,025  

Unconsolidated debt

     1,924,172     293,626     2,217,798  
               
 

Total debt

   $ 4,885,700   $ 1,017,123   $ 5,902,823  

Weighted average interest rate

    
6.17
%		  
3.57
%		  
5.72
%

Weighted average maturity (years)

                 3.04  
(a)
Excludes swapped floating rate debt. Swapped debt is included in the fixed debt category.

11

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date

                                 
 
   As of September 30, 2010  
Center/Entity (dollars in thousands)
  Maturity Date   Effective
Interest
Rate(a) 		  Fixed   Floating   Total Debt
Balance(a) 		 

I. Consolidated Assets:

                                

Santa Monica Place(b)

     10/01/10     7.79 % $ 75,665   $ —   $ 75,665  

Valley View Center(c)

     01/01/11     5.81 %   125,000     —     125,000  

Victor Valley, Mall of(d)(e)

     05/06/11     6.94 %   100,000     —     100,000  

Shoppingtown Mall

     05/11/11     5.01 %   40,111     —     40,111  

Capitola Mall

     05/15/11     7.13 %   33,997     —     33,997  

Westside Pavilion(d)(e)

     06/05/11     8.08 %   165,000     —     165,000  

Freehold Raceway Mall(f)

     07/07/11     4.68 %   80,555     —     80,555  

Pacific View

     08/31/11     7.25 %   78,190     —     78,190  

Pacific View

     08/31/11     7.00 %   6,343     —     6,343  

Rimrock Mall

     10/01/11     7.57 %   40,850     —     40,850  

Prescott Gateway

     12/01/11     5.86 %   60,000     —     60,000  

Hilton Village

     02/01/12     5.27 %   8,577     —     8,577  

The Macerich Company—Convertible Senior Notes(g)

     03/15/12     5.41 %   604,323     —     604,323  

Tucson La Encantada

     06/01/12     5.84 %   76,710     —     76,710  

Chandler Fashion Center(f)

     11/01/12     5.21 %   48,311     —     48,311  

Chandler Fashion Center(f)

     11/01/12     6.00 %   31,997     —     31,997  

Towne Mall

     11/01/12     4.99 %   13,481     —     13,481  

Deptford Mall

     01/15/13     5.41 %   172,500     —     172,500  

Greeley—Defeasance

     09/01/13     6.34 %   25,812     —     25,812  

Great Northern Mall

     12/01/13     5.19 %   38,276     —     38,276  

Fiesta Mall

     01/01/15     4.98 %   84,000     —     84,000  

South Plains Mall

     04/11/15     6.52 %   104,470     —     104,470  

Vintage Faire Mall(d)

     04/27/15     8.37 %   135,000     —     135,000  

Fresno Fashion Fair

     08/01/15     6.76 %   166,090     —     166,090  

Flagstaff Mall

     11/01/15     5.03 %   37,000     —     37,000  

South Towne Center

     11/05/15     6.39 %   88,015     —     88,015  

Valley River Center

     02/01/16     5.59 %   120,000     —     120,000  

Salisbury, Center at

     05/01/16     5.83 %   115,000     —     115,000  

Deptford Mall

     06/01/16     6.46 %   15,300     —     15,300  

Danbury Fair Mall(h)

     10/01/20     5.53 %   220,000     —     220,000  

Chesterfield Towne Center

     01/01/24     9.07 %   50,955     —     50,955  
                         

Total Fixed Rate Debt for Consolidated Assets

           6.15 % $ 2,961,528   $ —   $ 2,961,528  
                         

Promenade at Casa Grande(i)

     11/30/10     5.05 %   —     44,426     44,426  

La Cumbre Plaza(e)

     12/09/10     2.44 %   —     27,998     27,998  

Twenty Ninth Street(e)

     03/25/11     5.45 %   —     106,700     106,700  

Westside Pavilion(e)

     06/05/11     3.26 %   —     10,000     10,000  

SanTan Village Regional Center(e)(j)

     06/13/11     2.97 %   —     117,277     117,277  

Oaks, The(e)

     07/10/11     2.33 %   —     165,000     165,000  

Oaks, The(e)

     07/10/11     2.83 %   —     92,264     92,264  

Paradise Valley Mall(e)

     08/31/12     6.30 %   —     85,000     85,000  

Northgate Mall(e)

     01/01/13     7.00 %   —     34,832     34,832  

Wilton Mall

     08/01/13     1.26 %   —     40,000     40,000  
                         

Total Floating Rate Debt for Consolidated Assets

           3.77 % $ —   $ 723,497   $ 723,497  
                         

Total Debt for Consolidated Assets

           5.69 % $ 2,961,528   $ 723,497   $ 3,685,025  
                         

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The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date

                                 
 
   As of September 30, 2010  
Center/Entity (dollars in thousands)
  Maturity Date   Effective
Interest
Rate(a) 		  Fixed   Floating   Total Debt
Balance(a) 		 

II. Unconsolidated Assets (At Company's pro rata share):

                                

Stonewood Mall (51%)(k)

     12/11/10     7.44 % $ 36,337   $ —   $ 36,337  

Inland Center (50%)

     02/11/11     6.06 %   23,811     —     23,811  

Ridgmar (50%)(e)

     04/11/11     7.74 %   28,700     —     28,700  

Arrowhead Towne Center (33.3%)

     10/01/11     6.38 %   24,953     —     24,953  

SanTan Village Power Center (34.9%)

     02/01/12     5.33 %   15,705     —     15,705  

NorthPark Center (50%)

     05/10/12     5.97 %   89,511     —     89,511  

NorthPark Center (50%)

     05/10/12     8.33 %   40,035     —     40,035  

NorthPark Land (50%)

     05/10/12     8.33 %   38,670     —     38,670  

Kierland Greenway (24.5%)

     01/01/13     6.02 %   14,714     —     14,714  

Kierland Main Street (24.5%)

     01/02/13     4.99 %   3,651     —     3,651  

Queens Center (51%)

     03/01/13     7.78 %   64,865     —     64,865  

Queens Center (51%)

     03/01/13     7.00 %   105,051     —     105,051  

Scottsdale Fashion Square (50%)

     07/08/13     5.66 %   275,000     —     275,000  

FlatIron Crossing (25%)

     12/01/13     5.26 %   44,423     —     44,423  

Tysons Corner Center (50%)

     02/17/14     4.78 %   159,806     —     159,806  

Redmond Office (51%)

     05/15/14     7.52 %   30,662     —     30,662  

Biltmore Fashion Park (50%)

     10/01/14     8.25 %   29,806     —     29,806  

Lakewood Mall (51%)

     06/01/15     5.43 %   127,500     —     127,500  

Broadway Plaza (50%)

     08/15/15     6.12 %   73,056     —     73,056  

Chandler Festival (50%)

     11/01/15     6.39 %   14,850     —     14,850  

Chandler Gateway (50%)

     11/01/15     6.37 %   9,450     —     9,450  

Washington Square (51%)

     01/01/16     6.04 %   124,837     —     124,837  

Eastland Mall (50%)

     06/01/16     5.80 %   84,000     —     84,000  

Empire Mall (50%)

     06/01/16     5.81 %   88,150     —     88,150  

Granite Run (50%)

     06/01/16     5.84 %   57,633     —     57,633  

Mesa Mall (50%)

     06/01/16     5.82 %   43,625     —     43,625  

Rushmore (50%)

     06/01/16     5.82 %   47,000     —     47,000  

Southern Hills (50%)

     06/01/16     5.82 %   50,750     —     50,750  

Valley Mall (50%)

     06/01/16     5.85 %   22,439     —     22,439  

North Bridge, The Shops at (50%)

     06/15/16     7.52 %   101,308     —     101,308  

West Acres (19%)

     10/01/16     6.41 %   12,341     —     12,341  

Corte Madera, The Village at (50.1%)

     11/01/16     7.27 %   39,755     —     39,755  

Wilshire Building (30%)

     01/01/33     6.35 %   1,778     —     1,778  
                         

Total Fixed Rate Debt for Unconsolidated Assets

           6.20 % $ 1,924,172   $ —   $ 1,924,172  
                         

Camelback Colonnade (75%)(l)

     10/09/10     1.17 %   —     31,125     31,125  

Kierland Tower Lofts (15%)

     11/18/10     3.38 %   —     354     354  

Boulevard Shops (50%)

     12/17/10     1.20 %   —     10,700     10,700  

Chandler Village Center (50%)

     01/15/11     1.44 %   —     8,643     8,643  

Desert Sky Mall (50%)

     03/04/11     1.36 %   —     25,750     25,750  

Market at Estrella Falls (39.8%)(e)

     06/01/11     2.41 %   —     13,504     13,504  

Los Cerritos Center (51%)

     07/01/11     1.13 %   —     102,000     102,000  

Pacific Premier Retail Trust (51%)(m)

     08/21/11     8.11 %   —     79,050     79,050  

Superstition Springs Center (33.3%)

     09/09/11     0.66 %   —     22,500     22,500  
                         

Total Floating Rate Debt for Unconsolidated Assets

           3.07 % $ —   $ 293,626   $ 293,626  
                         

Total Debt for Unconsolidated Assets

           5.78 % $ 1,924,172   $ 293,626   $ 2,217,798  
                         

Total Debt

           5.72 % $ 4,885,700   $ 1,017,123   $ 5,902,823  
                         

Percentage to Total

                 82.77 %   17.23 %   100.00 %
(a)
The debt balances include the unamortized debt premiums/discounts. Debt premiums/discounts represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method.The annual interest rate in the above table represents the effective interest rate, including the debt premiums/discounts and loan financing costs.

(b)
On October 1, 2010, the Company paid off the entire loan with cash on hand.

(c)
Effective July 15, 2010, a court-appointed receiver was given full control of this property.

(d)
This debt has an interest rate swap agreement which effectively fixed the interest rate until April 25, 2011 or maturity.

(e)
This loan includes extension options beyond the stated maturity date.

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(f)
This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.1%.

(g)
These convertible senior notes were issued on March 16, 2007 in an aggregate amount of $950.0 million. The above table includes the unamortized discount of $15.3 million and the annual interest rate represents the effective interest rate, including the discount.

(h)
On September 10, 2010, the Company closed on a $220.0 million loan to refinance the property. The new loan bears interest at a fixed rate of 5.50% and matures on October 1, 2020. The loan provides for additional future fundings totaling $30.0 million, upon satisfaction of certain conditions.

(i)
This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 51.3%.

(j)
This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.

(k)
On November 2, 2010, the Company's joint venture closed on a $58.1 million loan (at the Company's pro rata share) to refinance the property. The new loan bears interest at a fixed rate of 4.60% and matures on November 1, 2017.

(l)
On October 12, 2010, the Company's joint venture closed on a $35.25 million loan (at the Company's pro rata share) to refinance the property. The new loan bears interest at a fixed rate of 4.56% and matures on October 12, 2015.

(m)
On November 3, 2010, the Company's joint venture repaid $20.4 million of this loan to reduce the balance to $58.65 million. (both amounts at the Company's pro rata share). The loan was concurrently modified to reduce the rate from 7.0% (including a 2.0% LIBOR floor) to LIBOR plus 3.50%, eliminating the LIBOR floor, and to extend the term to November 3, 2012, with one additional one-year extension option to November 3, 2013.

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Table of Contents


The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Top Ten Tenants

        The following tenants (including their subsidiaries) represent the 10 largest rent payers in the Company's portfolio (including joint ventures) based upon rents in place as of December 31, 2009.

Tenant   Primary DBA's   Number of Locations
in the Portfolio 		  % of Total Rents(1)  

Gap Inc.

   Gap, Banana Republic, Old Navy     94     2.5 %

Limited Brands, Inc.

   Victoria Secret, Bath and Body     144     2.4 %

Forever 21, Inc.

   Forever 21, XXI Forever     48     1.9 %

Foot Locker, Inc.

   Footlocker, Champs Sports, Lady Footlocker     143     1.7 %

Abercrombie and Fitch Co.

   Abercrombie & Fitch, Abercrombie, Hollister     81     1.6 %

AT&T Mobility LLC(2)

   AT&T Wireless, Cingular Wireless     29     1.3 %

Luxottica Group

   Lenscrafters, Sunglass Hut     156     1.3 %

American Eagle Outfitters, Inc.

   American Eagle Outfitters     66     1.3 %

Macy's, Inc.

   Macy's, Bloomingdale's     65     1.0 %

Signet Group PLC

   Kay Jewelers, Weisfield Jewelers     76     1.0 %
(1)
Total rents include minimum rents and percentage rents.

(2)
Includes AT&T Mobility office headquarters located at Redmond Town Center.

15