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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) February 8, 2011

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 February 8, 2011 announcing results of operations for the Company for the quarter and year ended December 31, 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 February 8, 2011, 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 twelve months ended December 31, 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

February 8, 2011
 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 February 8, 2011

 
99.2
 
Supplemental Financial Information for the three and twelve months ended December 31, 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 (2/8/11)—The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended December 31, 2010 which included total funds from operations ("FFO") diluted of $108.9 million or $.77 per share-diluted, compared to $92.7 million or $.90 per share-diluted for the quarter ended December 31, 2009. For the year ended December 31, 2010, FFO-diluted was $351.3 million, or $2.66 per share-diluted compared to $344.1 million or $3.70 per share-diluted for the year ended December 31, 2009. Net income available to common stockholders for the quarter ended December 31, 2010 was $23.6 million or $.18 per share-diluted compared to net loss available to common stockholders of $14.4 million or $.18 per share-diluted for the quarter ended December 31, 2009. For the year ended December 31, 2010, net income available to common stockholders was $25.2 million or $.19 per share-diluted compared to $120.7 million or $1.45 per share-diluted for the year ended December 31, 2009. 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, "The fundamentals of our business continue to improve. We saw strong retail sales gains again during the fourth quarter. Mall occupancy continued to improve with a 180 basis point increase for the year. We have now had four consecutive quarters of same center NOI growth, and we expect that trend to continue in 2011. We successfully completed a number of very attractive refinancings and continue to benefit from a very strong capital market."

Redevelopment Update

        At Pacific View Mall in Ventura, California, Macerich announced three new deals—BevMo!, Staples and Massage Envy which join previously announced Sephora, Trader Joe's and H&M. BevMo!, Massage Envy and Trader Joe's are scheduled to open in the second quarter, followed by Staples in the third quarter. Macerich began this recycling of retail space on the property's north end in September 2010.

        On February 5, 2011, a 79,000-square-foot Forever 21 opened as part of Macerich's phased anchor recycling at Danbury Fair, a 1,292,086 square-foot regional shopping center in Fairfield County, Connecticut. Forever 21 joins Dick's Sporting Goods, which opened in November 2010.

Financing Activity

        On December 29, 2010, the Company closed on a $232 million loan on Freehold Raceway Mall. The loan has a term of seven years with a fixed interest rate of 4.15%. The loan paid off the previous loan of $157 million.

        On February 1, 2011, the Company paid off the $50 million participating mortgage on Chesterfield Town Center. The loan had an interest rate of 9.1% with a maturity in January 2024. The Company negotiated the early extinguishment of this debt at the principal amount plus $9 million, which included the buyout of the lender's 35% participating interest in any sale proceeds from the asset in excess of the loan amount.

Earnings Guidance

        The Company is issuing 2011 FFO per share guidance in a range from $2.78 to $2.94. This guidance includes the prepayment of the Chesterfield loan. The guidance also assumes same center net operating income growth of 1.5% to 2.5% and an occupancy gain of .50%.

        A reconciliation of FFO to EPS follows:

Estimated range for FFO per share:

   $2.78 to $2.94

Less: real estate depreciation and amortization

   $2.40 - $2.40
     

Estimated EPS range:

   $  .38 to $  .54
     

Dividend

        On February 2, 2011, the Board of Directors of the Company declared a quarterly cash dividend of $.50 per share of common stock. The dividend is payable on March 8, 2011 to stockholders of record at the close of business on February 22, 2011.

        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 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, February 8, 2011 at 10:30 AM Pacific Time. To listen to the call, please go to any of these websites 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 which can be identified by the use of words, such as "expects," "anticipates," "assumes," "projects," "estimated" and "scheduled" and similar expressions that do not relate to historical matters. 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, as well as national, regional and local 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, terms and payments, 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, 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
December 31, 		  For the Three
Months Ended
December 31, 		  For the Three
Months Ended
December 31, 		 
 
   Unaudited   Unaudited  
 
   2010   2009   2010   2009   2010   2009  

Minimum rents

   $ 112,052   $ 113,829     10   $ (932 ) $ 112,062   $ 112,897  

Percentage rents

     8,454     7,247     —     —     8,454     7,247  

Tenant recoveries

     63,081     59,338     (4 )   (373 )   63,077     58,965  

Management Companies' revenues

     10,028     12,422     —     —     10,028     12,422  

Other income

     10,270     8,439     (6 )   (2 )   10,264     8,437  
                           

Total revenues

     203,885     201,275     0     (1,307 )   203,885     199,968  
                           

Shopping center and operating expenses

    
64,021		    
59,022		    
(22
)		  
(282
)		  
63,999		    
58,740		  

Management Companies' operating expenses

     21,718     20,602     —     —     21,718     20,602  

Income tax benefit

     (3,950 )   (3,883 )   —     —     (3,950 )   (3,883 )

Depreciation and amortization

     64,882     75,656     —     (272 )   64,882     75,384  

REIT general and administrative expenses

     4,999     8,944     —     —     4,999     8,944  

Interest expense

     53,507     59,408     —     1     53,507     59,409  

Gain on early extinguishment of debt

     2,053     15     —     —     2,053     15  

(Loss) gain on sale or write down of assets

     (77 )   (14,965 )   —     17,126     (77 )   2,161  

Co-venture interests(b)

     (2,547 )   (2,262 )   —     —     (2,547 )   (2,262 )

Equity in income of unconsolidated joint ventures

     27,621     18,513     —     —     27,621     18,513  

Income (loss) from continuing operations

    
25,758		    
(17,173
)		  
22		    
16,372		    
25,780		    
(801
)

Discontinued operations:

                                      
 

Loss on sale or write down of assets

     —     —     —     (17,126 )   —     (17,126 )
 

(Loss) income from discontinued operations

     —     —     (22 )   754     (22 )   754  

Total loss from discontinued operations

     —     —     (22 )   (16,372 )   (22 )   (16,372 )

Net income (loss)

     25,758     (17,173 )   —     —     25,758     (17,173 )

Less net income (loss) attributable to noncontrolling interests

     2,200     (2,797 )   —     —     2,200     (2,797 )

Net income (loss) attributable to the Company

     23,558     (14,376 )   —     —     23,558     (14,376 )

Less preferred dividends

     —     —     —     —     —     —  
                           

Net income (loss) available to common stockholders

   $ 23,558   $ (14,376 )   —     —   $ 23,558   $ (14,376 )
                           

Average number of shares outstanding—basic

     130,301     91,102                 130,301     91,102  
                               

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

     142,031     103,026                 142,031     103,026  
                               

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

    
142,031		    
103,026		                
142,031		    
103,026		  
                               

Per share income (loss)—diluted before discontinued operations

     —     —               $ 0.18   $ (0.02 )
                               

Net income (loss) per share—basic

   $ 0.18   $ (0.17 )             $ 0.18   $ (0.17 )
                               

Net income (loss) per share—diluted(c)

   $ 0.18   $ (0.18 )             $ 0.18   $ (0.18 )
                               

Dividend declared per share

   $ 0.50   $ 0.60               $ 0.50   $ 0.60  
                               

FFO—basic(c)(d)

   $ 108,921   $ 92,701               $ 108,921   $ 92,701  
                               

FFO—diluted(c)(d)

   $ 108,921   $ 92,701               $ 108,921   $ 92,701  
                               

FFO per share—basic(c)(d)

   $ 0.77   $ 0.90               $ 0.77   $ 0.90  
                               

FFO per share—diluted(c)(d)

   $ 0.77   $ 0.90               $ 0.77   $ 0.90  
                               

1

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 Twelve
Months Ended
December 31, 		  For the Twelve
Months Ended
December 31, 		  For the Twelve
Months Ended
December 31, 		 
 
   Unaudited   Unaudited  
 
   2010   2009   2010   2009   2010   2009  

Minimum rents

   $ 423,151   $ 484,709     13   $ (10,448 ) $ 423,164   $ 474,261  

Percentage rents

     18,411     16,643     —     (12 )   18,411     16,631  

Tenant recoveries

     243,303     246,533     (4 )   (2,432 )   243,299     244,101  

Management Companies' revenues

     42,895     40,757     —     —     42,895     40,757  

Other income

     30,800     29,988     (10 )   (84 )   30,790     29,904  
                           

Total revenues

     758,560     818,630     (1 )   (12,976 )   758,559     805,654  
                           

Shopping center and operating expenses

    
246,066		    
262,526		    
(188
)		  
(4,352
)		  
245,878		    
258,174		  

Management Companies' operating expenses

     90,414     79,305     —     —     90,414     79,305  

Income tax benefit

     (9,202 )   (4,761 )   —     —     (9,202 )   (4,761 )

Depreciation and amortization

     246,812     266,163     —     (4,100 )   246,812     262,063  

REIT general and administrative expenses

     20,703     25,933     —     —     20,703     25,933  

Interest expense

     212,818     267,039     —     6     212,818     267,045  

Gain on early extinguishment of debt

     3,661     29,161     —     —     3,661     29,161  

Gain on sale or write down of assets

     474     121,766     23     40,171     497     161,937  

Co-venture interests(b)

     (6,193 )   (2,262 )   —     —     (6,193 )   (2,262 )

Equity in income of unconsolidated joint ventures

     79,529     68,160     —     —     79,529     68,160  

Income from continuing operations

    
28,420		    
139,250		    
210		    
35,641		    
28,630		    
174,891		  

Discontinued operations:

                                      
 

Loss on sale or write down of assets

     —     —     (23 )   (40,171 )   (23 )   (40,171 )
 

(Loss) income from discontinued operations

     —     —     (187 )   4,530     (187 )   4,530  

Total loss from discontinued operations

     —     —     (210 )   (35,641 )   (210 )   (35,641 )

Net income

     28,420     139,250     —     —     28,420     139,250  

Less net income attributable to noncontrolling interests

     3,230     18,508     —     —     3,230     18,508  

Net income attributable to the Company

     25,190     120,742     —     —     25,190     120,742  

Less preferred dividends

     —     —     —     —     —     —  
                           

Net income available to common stockholders

   $ 25,190   $ 120,742     —     —   $ 25,190   $ 120,742  
                           

Average number of shares outstanding—basic

     120,346     81,226                 120,346     81,226  
                               

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

    
132,283		    
93,010		                
132,283		    
93,010		  
                               

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

     132,283     93,010                 132,283     93,010  
                               

Per share income—diluted before discontinued operations

     —     —               $ 0.19   $ 1.83  
                               

Net income per share—basic

   $ 0.19   $ 1.45               $ 0.19   $ 1.45  
                               

Net income per share—diluted(c)

   $ 0.19   $ 1.45               $ 0.19   $ 1.45  
                               

Dividend declared per share

   $ 2.10   $ 2.60               $ 2.10   $ 2.60  
                               

FFO—basic(c)(d)

   $ 351,308   $ 344,108               $ 351,308   $ 344,108  
                               

FFO—diluted(c)(d)

   $ 351,308   $ 344,108               $ 351,308   $ 344,108  
                               

FFO per share—basic(c)(d)

   $ 2.66   $ 3.70               $ 2.66   $ 3.70  
                               

FFO per share—diluted(c)(d)

   $ 2.66   $ 3.70               $ 2.66   $ 3.70  
                               

2

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

(a)
The following dispositions impacted the results for the three and twelve months ended December 31, 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.

3


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Pro rata share of unconsolidated joint ventures:

 
   For the Three
Months Ended
December 31, 		  For the Twelve
Months Ended
December 31, 		 
 
   Unaudited   Unaudited  
 
   2010   2009   2010   2009  

Revenues:

                          
 

Minimum rents

   $ 78,143   $ 78,564   $ 300,637   $ 283,297  
 

Percentage rents

     6,650     6,647     13,458     12,359  
 

Tenant recoveries

     36,868     37,247     149,357     136,434  
 

Other

     6,685     5,413     21,418     16,422  
                   
 

Total revenues

     128,346     127,871     484,870     448,512  
                   

Expenses:

                          
 

Shopping center and operating expenses

     43,983     44,259     170,221     155,415  
 

Interest expense

     31,342     32,529     125,858     111,276  
 

Depreciation and amortization

     25,721     25,474     109,906     106,435  
                   
 

Total operating expenses

     101,046     102,262     405,985     373,126  
                   

Gain (loss) on sale or write down of assets

     124     (7,344 )   823     (7,642 )

Loss on early extinguishment of debt

     —     —     (689 )   —  

Equity in income of joint ventures

     197     248     510     416  
                   
 

Net income

   $ 27,621   $ 18,513   $ 79,529   $ 68,160  
                   

Reconciliation of Net income (loss) to FFO(d):

 
   For the Three
Months Ended
December 31, 		  For the Twelve
Months Ended
December 31, 		 
 
   Unaudited   Unaudited  
 
   2010   2009   2010   2009  

Net income (loss)—available to common stockholders

   $ 23,558   $ (14,376 ) $ 25,190   $ 120,742  

Adjustments to reconcile net income (loss) to FFO—basic

                          
 

Noncontrolling interests in OP

     2,330     (2,834 )   2,497     17,517  
 

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

     77     14,965     (474 )   (121,766 )
     

plus gain on undepreciated asset sales—consolidated assets

     —     1,475     —     4,763  
     

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

     —     —     2     310  
     

less write down of consolidated assets

     —     (210 )   —     (28,439 )
 

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

     (124 )   7,344     (823 )   7,642  
     

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

     124     (128 )   613     (152 )
     

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

     —     (7,219 )   (32 )   (7,501 )
 

Depreciation and amortization on consolidated assets

     64,882     75,656     246,812     266,163  
 

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

     (4,394 )   (4,624 )   (17,979 )   (7,871 )
 

Depreciation and amortization on joint ventures (pro rata)

     25,721     25,474     109,906     106,435  
 

Less: depreciation on personal property

     (3,253 )   (2,822 )   (14,404 )   (13,735 )
                   

Total FFO—basic

     108,921     92,701     351,308     344,108  

Additional adjustment to arrive at FFO—diluted:

                          
   

Preferred units—dividends

     —     —     —     —  
                   

Total FFO—diluted

   $ 108,921   $ 92,701   $ 351,308   $ 344,108  
                   

4


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of EPS to FFO per diluted share:

 
   For the Three
Months Ended
December 31, 		  For the Twelve
Months Ended
December 31, 		 
 
   Unaudited   Unaudited  
 
   2010   2009   2010   2009  

Earnings per share—diluted

   $ 0.18   $ (0.18 ) $ 0.19   $ 1.45  
 

Per share impact of depreciation and amortization of real estate

     0.59     0.91     2.46     3.77  
 

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

     0.00     0.17     0.01     (1.52 )
                   

FFO per share—diluted

   $ 0.77   $ 0.90   $ 2.66   $ 3.70  
                   

Reconciliation of Net income (loss) to EBITDA:

 
   For the Three
Months Ended
December 31, 		  For the Twelve
Months Ended
December 31, 		 
 
   Unaudited   Unaudited  
 
   2010   2009   2010   2009  

Net income (loss)—available to common stockholders

   $ 23,558   $ (14,376 ) $ 25,190   $ 120,742  
 

Interest expense—consolidated assets

     53,507     59,408     212,818     267,039  
 

Interest expense—unconsolidated entities (pro rata)

     31,342     32,529     125,858     111,276  
 

Depreciation and amortization—consolidated assets

     64,882     75,656     246,812     266,163  
 

Depreciation and amortization—unconsolidated entities (pro rata)

     25,721     25,474     109,906     106,435  
 

Noncontrolling interests in OP

     2,330     (2,834 )   2,497     17,517  

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

     (7,224 )   (7,328 )   (28,715 )   (11,839 )
 

Gain on early extinguishment of debt

     (2,053 )   (15 )   (3,661 )   (29,161 )
 

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

     —     —     689     —  
 

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

     77     14,965     (474 )   (121,766 )
 

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

     (124 )   7,344     (823 )   7,642  
 

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

     —     275     2     585  
 

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

     —     —     93     —  
 

Income tax benefit

     (3,950 )   (3,883 )   (9,202 )   (4,761 )
 

Distributions on preferred units

     207     208     831     831  
                   

EBITDA(e)

   $ 188,273   $ 187,423   $ 681,821   $ 730,703  
                   

5


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
December 31, 		  For the Twelve
Months Ended
December 31, 		 
 
   Unaudited   Unaudited  
 
   2010   2009   2010   2009  

EBITDA(e)

   $ 188,273   $ 187,423   $ 681,821   $ 730,703  

Add: REIT general and administrative expenses

     4,999     8,944     20,703     25,933  
 

Management Companies' revenues

     (10,028 )   (12,422 )   (42,895 )   (40,757 )
 

Management Companies' operating expenses

     21,718     20,602     90,414     79,305  
 

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

     (4,924 )   (11,189 )   (19,638 )   (28,955 )
 

EBITDA of non-comparable centers

     (19,380 )   (15,927 )   (106,778 )   (155,059 )
                   

Same Centers—NOI(f)

   $ 180,658   $ 177,431   $ 623,627   $ 611,170  
                   
(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 lease termination income, staraight-line and above/below market adjustments to minimum rents.

6



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 twelve months ended December 31, 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 December 31, 2010 and 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 fourth quarter 2010 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date February 8, 2011) 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 December 31, 2010, the Operating Partnership owned or had an ownership interest in 71 regional malls and 13 community shopping centers aggregating approximately 73 million square feet of gross leasable area ("GLA"). These 84 regional malls and community shopping centers are referred to hereinafter as the "Centers", unless the context requires otherwise.

        On July 15, 2010, a court appointed receiver ("Receiver") assumed operational control of Valley View Center and responsibility for managing all aspects of the property. The Company anticipates the disposition of the asset, which is under the control of the Receiver, will be executed through foreclosure, deed in lieu of foreclosure, or by some other means, and will be completed within the next twelve months. Consequently, Valley View has been excluded from certain Non-GAAP operating measures in 2010 as indicated in this document.

        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.

1

Table of Contents


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

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

Closing common stock price per share

   $ 47.37   $ 35.95   $ 18.16  

52 week high

   $ 49.86   $ 38.22   $ 76.50  

52 week low

   $ 29.30   $ 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

     142,048,985     108,658,421     88,529,334  
               

Total common and equivalent shares/units outstanding

     142,257,625     108,864,178     88,722,498  
               

Portfolio capitalization data

                    

Total portfolio debt, including joint ventures at pro rata

   $ 5,854,780   $ 6,563,706   $ 7,926,241  

Equity market capitalization

     6,738,744     3,913,667     1,611,201  
               

Total market capitalization

   $ 12,593,524   $ 10,477,373   $ 9,537,442  
               

Floating rate debt as a percentage of total debt

    
16.4
%		  
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  
                   

Conversion of partnership units to common shares

     (210,600 )   210,600     —     —  

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

     3,475     23,660     —     27,135  
                   

Balance as of December 31, 2010

     11,596,953     130,452,032     208,640     142,257,625  
                   

3

Table of Contents


The Macerich Company

Supplemental Financial and Operating Information (unaudited)

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

 
  
 
   As of December 31,  
 
   2010   2009  

Straight line rent receivable

   $ 74.0   $ 67.9  

 

 
  
 
   For the Three Months Ended
December 31, 		  For the Twelve Months Ended
December 31, 		 
 
   2010   2009   2010   2009  
 
   dollars in millions
  

Lease termination fees

   $ 2.9   $ 7.5   $ 9.5   $ 21.8  

Straight line rental income

   $ 1.6   $ 3.5   $ 7.0   $ 10.7  

Gain on sales of undepreciated assets

   $ 0.1   $ 1.3   $ 0.6   $ 4.6  

Amortization of acquired above- and below-market leases

   $ 2.4   $ 3.3   $ 10.8   $ 13.7  

Amortization of debt (discounts)/premiums

   $ (1.7 ) $ (0.6 ) $ (4.2 ) $ 0.1  

Interest capitalized

   $ 3.9   $ 7.1   $ 28.4   $ 26.4  
(a)
All joint venture amounts included at pro rata.

4

Table of Contents


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures

 
    
  
 
   Year Ended
12/31/10 		  Year Ended
12/31/2009 		  Year Ended
12/31/2008 		 
 
   dollars in millions
  

Consolidated Centers(a)

                    

Acquisitions of property and equipment

   $ 12.9   $ 11.0   $ 87.5  

Development, redevelopment and expansions of Centers

     201.6     216.6     446.1  

Renovations of Centers

     13.2     9.6     8.5  

Tenant allowances

     22.0     10.8     14.7  

Deferred leasing charges

     24.5     20.0     22.3  
               
 

Total

   $ 274.2   $ 268.0   $ 579.1  
               

Unconsolidated Joint Venture Centers(a)

                    

Acquisitions of property and equipment

   $ 6.1   $ 5.4   $ 294.4  

Development, redevelopment and expansions of Centers

     35.3     57.0     60.8  

Renovations of Centers

     7.0     4.2     3.1  

Tenant allowances

     8.1     5.1     13.8  

Deferred leasing charges

     4.7     3.8     5.0  
               
 

Total

   $ 61.2   $ 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  

12/31/2010

   $ 392   $ 468   $ 433  

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)(b) 		  Unconsolidated
Joint Venture
Centers
Regional
Malls(a) 		  Total
Regional
Malls(a)(b) 		 

12/31/2010

     93.8 %   92.5 %   93.1 %

12/31/2009

     91.2 %   91.3 %   91.3 %

12/31/2008

     91.6 %   92.8 %   92.3 %

 

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

12/31/2010

     93.5 %   92.3 %   92.9 %

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

Consolidated Centers

                    
 

12/31/2010(d)

   $ 37.93   $ 34.99   $ 37.02  
 

12/31/2009

   $ 37.77   $ 38.15   $ 34.10  
 

12/31/2008

   $ 41.39   $ 42.70   $ 35.14  

Unconsolidated Joint Venture Centers

                    
 

12/31/2010

   $ 46.16   $ 48.90   $ 38.39  
 

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, 2009 and 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, 2009 and 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, 2009 and 2010 because the center was under redevelopment.

(d)
The amounts in the table above exclude Valley View Center in Year 2010.

8

Table of Contents


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy

 
    
  
 
   For Years Ended December 31,  
 
   2010(a)   2009   2008  

Consolidated Centers

                    
 

Minimum rents

     8.6 %   9.1 %   8.9 %
 

Percentage rents

     0.4 %   0.4 %   0.4 %
 

Expense recoveries(b)

     4.4 %   4.7 %   4.4 %
               
   

Total

     13.4 %   14.2 %   13.7 %
               

 

 
    
  
 
   For Years Ended December 31,  
 
   2010   2009   2008  

Unconsolidated Joint Venture Centers

                    
 

Minimum rents

     9.1 %   9.4 %   8.2 %
 

Percentage rents

     0.4 %   0.4 %   0.4 %
 

Expense recoveries(b)

     4.0 %   4.3 %   3.9 %
               
   

Total

     13.5 %   14.1 %   12.5 %
               
(a)
The cost of occupancy for the year ended December 31, 2010 excludes Valley View Center.

(b)
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 par value)

 
   December 31,
2010 		  December 31,
2009 		 

ASSETS:

              

Property, net(a)

   $ 5,674,127   $ 5,657,939  

Cash and cash equivalents(b)

     445,645     93,255  

Restricted cash

     71,434     41,619  

Marketable securities

     25,935     26,970  

Tenant and other receivables, net

     95,083     101,220  

Deferred charges and other assets, net

     316,969     276,922  

Loans to unconsolidated joint ventures

     3,095     2,316  

Due from affiliates

     6,599     6,034  

Investments in unconsolidated joint ventures

     1,006,123     1,046,196  
           
     

Total assets

   $ 7,645,010   $ 7,252,471  
           

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY:

              

Mortgage notes payable:

              
 

Related parties

   $ 302,344   $ 196,827  
 

Others

     2,957,131     3,039,209  
           
     

Total

     3,259,475     3,236,036  

Bank and other notes payable

     632,595     1,295,598  

Accounts payable and accrued expenses

     70,585     70,275  

Other accrued liabilities

     257,471     266,197  

Distributions in excess of investments in unconsolidated joint ventures

     65,045     67,052  

Co-venture obligation

     160,270     168,049  

Preferred dividends payable

     207     207  
           
     

Total liabilities

     4,445,648     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, 130,452,032 and 96,667,689 shares issued and outstanding at December 31, 2010 and 2009, respectively

     1,304     967  
   

Additional paid-in capital

     3,456,569     2,227,931  
   

Accumulated deficit

     (564,357 )   (345,930 )
   

Accumulated other comprehensive loss

     (3,237 )   (25,397 )
           
     

Total stockholders' equity

     2,890,279     1,857,571  
 

Noncontrolling interests

     297,717     270,895  
           
     

Total equity

     3,187,996     2,128,466  
           
     

Total liabilities, redeemable noncontrolling interests and equity

   $ 7,645,010   $ 7,252,471  
           
(a)
Includes consolidated construction in process of $292,891 at December 31, 2010 and $583,334 at December 31, 2009. Does not include pro rata share of unconsolidated joint venture construction in process of $36,903 at December 31, 2010 and $63,856 at December 31, 2009.

(b)
Does not include pro rata share of unconsolidated joint venture cash of $57,437 at December 31, 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 December 31, 2010  
 
   Fixed Rate   Floating Rate(a)   Total  
 
   dollars in thousands
  

Consolidated debt

   $ 2,919,406   $ 717,585   $ 3,636,991  

Unconsolidated debt

     1,976,066     241,723     2,217,789  
               
 

Total debt

   $ 4,895,472   $ 959,308   $ 5,854,780  

Weighted average interest rate

    
6.09
%		  
3.40
%		  
5.65
%

Weighted average maturity (years)

                 5.12  
(a)
Excludes swapped floating rate debt. Swapped debt is included in the fixed debt category.

11


 The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date

 
    
  
 
   As of December 31, 2010  
Center/Entity (dollars in thousands)
  Maturity Date   Effective
Interest
Rate(a) 		  Fixed   Floating   Total Debt
Balance(a) 		 

I. Consolidated Assets:

                                

Valley View Center(b)

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

Victor Valley, Mall of(c)(d)

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

Shoppingtown Mall

     05/11/11     5.01 %   39,675     —     39,675  

Capitola Mall

     05/15/11     7.13 %   33,459     —     33,459  

Westside Pavilion(d)(e)

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

Pacific View

     08/31/11     7.25 %   77,782     —     77,782  

Pacific View

     08/31/11     7.00 %   6,314     —     6,314  

Rimrock Mall

     10/01/11     7.57 %   40,650     —     40,650  

Prescott Gateway

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

Hilton Village

     02/01/12     5.27 %   8,581     —     8,581  

The Macerich Company—Convertible Senior Notes(f)

     03/15/12     5.41 %   606,971     —     606,971  

Tucson La Encantada

     06/01/12     5.84 %   76,437     —     76,437  

Chandler Fashion Center(g)

     11/01/12     5.21 %   48,017     —     48,017  

Chandler Fashion Center(g)

     11/01/12     6.00 %   31,823     —     31,823  

Towne Mall

     11/01/12     4.99 %   13,348     —     13,348  

Deptford Mall

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

Greeley—Defeasance

     09/01/13     6.34 %   25,624     —     25,624  

Great Northern Mall

     12/01/13     5.19 %   38,077     —     38,077  

Fiesta Mall

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

South Plains Mall

     04/11/15     6.53 %   104,132     —     104,132  

Vintage Faire Mall(h)

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

Fresno Fashion Fair

     08/01/15     6.76 %   165,583     —     165,583  

Flagstaff Mall

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

South Towne Center

     11/05/15     6.39 %   87,726     —     87,726  

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 %   15,248     —     15,248  

Freehold Raceway Mall(g)

     01/01/18     4.20 %   116,683     —     116,683  

Danbury Fair Mall

     10/01/20     5.53 %   219,313     —     219,313  

Chesterfield Towne Center(i)

     01/01/24     9.07 %   50,463     —     50,463  
                         

Total Fixed Rate Debt for Consolidated Assets

           6.07 % $ 2,919,406   $ —   $ 2,919,406  
                         

La Cumbre Plaza(d)

     12/09/11     2.44 % $ —   $ 23,113   $ 23,113  

Twenty Ninth Street(j)

     03/25/11     5.45 %   —     106,244     106,244  

Westside Pavilion(d)

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

SanTan Village Regional Center(d)(k)

     06/13/11     2.94 %   —     117,277     117,277  

Oaks, The(d)

     07/10/11     2.31 %   —     165,000     165,000  

Oaks, The(d)

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

Paradise Valley Mall(d)

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

Northgate Mall(d)

     01/01/13     7.00 %   —     38,115     38,115  

Wilton Mall

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

Promenade at Casa Grande(l)

     12/30/13     5.21 %   —     40,572     40,572  
                         

Total Floating Rate Debt for Consolidated Assets

           3.79 % $ —   $ 717,585   $ 717,585  
                         

Total Debt for Consolidated Assets

           5.62 % $ 2,919,406   $ 717,585   $ 3,636,991  
                         

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

 
    
  
 
   As of December 31, 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):

                                

Inland Center (50%)(m)

     02/11/11     6.06 % $ 23,400   $ —   $ 23,400  

Ridgmar (50%)(d)

     04/11/11     7.74 %   28,546     —     28,546  

Arrowhead Towne Center (33.3%)

     10/01/11     6.38 %   24,793     —     24,793  

SanTan Village Power Center (34.9%)

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

NorthPark Center (50%)

     05/10/12     5.97 %   89,118     —     89,118  

NorthPark Center (50%)

     05/10/12     8.33 %   39,868     —     39,868  

NorthPark Land (50%)

     05/10/12     8.33 %   38,509     —     38,509  

Kierland Greenway (24.5%)

     01/01/13     6.02 %   14,604     —     14,604  

Kierland Main Street (24.5%)

     01/02/13     4.99 %   3,636     —     3,636  

Queens Center (51%)

     03/01/13     7.78 %   64,610     —     64,610  

Queens Center (51%)

     03/01/13     7.00 %   104,472     —     104,472  

Scottsdale Fashion Square (50%)

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

FlatIron Crossing (25%)

     12/01/13     5.26 %   44,176     —     44,176  

Tysons Corner Center (50%)

     02/17/14     4.78 %   158,918     —     158,918  

Redmond Office (51%)

     05/15/14     7.52 %   30,472     —     30,472  

Biltmore Fashion Park (50%)

     10/01/14     8.25 %   29,747     —     29,747  

Lakewood Mall (51%)

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

Broadway Plaza (50%)

     08/15/15     6.12 %   72,806     —     72,806  

Camelback Colonnade (75%)

     10/12/15     4.82 %   35,250     —     35,250  

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 %   124,415     —     124,415  

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 %   57,484     —     57,484  

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 %   22,323     —     22,323  

North Bridge, The Shops at (50%)

     06/15/16     7.52 %   101,056     —     101,056  

West Acres (19%)

     10/01/16     6.41 %   12,271     —     12,271  

Corte Madera, The Village at (50.1%)

     11/01/16     7.27 %   39,654     —     39,654  

Stonewood Mall (51%)

     11/01/17     4.67 %   58,140     —     58,140  

Wilshire Building (30%)

     01/01/33     6.35 %   1,768     —     1,768  
                         

Total Fixed Rate Debt for Unconsolidated Assets

           6.11 % $ 1,976,066   $ —   $ 1,976,066  
                         

Chandler Village Center (50%)

     03/01/11     1.39 % $ —   $ 8,643   $ 8,643  

Desert Sky Mall (50%)

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

Market at Estrella Falls (39.7%) (d)

     06/01/11     2.41 %   —     13,480     13,480  

Los Cerritos Center (51%)

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

Superstition Springs Center (33.3%)

     09/09/11     0.68 %   —     22,500     22,500  

Pacific Premier Retail Trust (51%) (d)

     11/03/12     5.06 %   —     58,650     58,650  

Boulevard Shops (50%)

     12/16/13     3.33 %   —     10,700     10,700  
                         

Total Floating Rate Debt for Unconsolidated Assets

           2.24 % $ —   $ 241,723   $ 241,723  
                         

Total Debt for Unconsolidated Assets

           5.68 % $ 1,976,066   $ 241,723   $ 2,217,789  
                         

Total Debt

           5.65 % $ 4,895,472   $ 959,308   $ 5,854,780  
                         

Percentage to Total

                 83.61 %   16.39 %   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)
Effective July 15, 2010, a court-appointed receiver assumed operational control of this property and responsibility for managing all aspects of the property.

13

(c)
The Company placed an interest rate swap on this loan that effectively converts the interest rate from LIBOR plus 1.60% to fixed rate debt of 6.94% until April 25, 2011.

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

(e)
The Company placed an interest rate swap on this loan that effectively converts the interest rate from LIBOR plus 2.00% to fixed rate debt of 8.08% until April 25, 2011.

(f)
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 $12.7 million and the annual interest rate represents the effective interest rate, including the discount.

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

(h)
The Company placed an interest rate swap on this loan that effectively converts the interest rate from LIBOR plus 3.00% to fixed rate debt of 8.37% until April 25, 2011.

(i)
On February 1, 2011, the entire loan was paid off with cash on hand.

(j)
On January 18, 2011, the Company replaced the existing loan on the property with a new $107,000 loan that bears interest at LIBOR plus 2.63% and matures on January 18, 2016.

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

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

(m)
The Company's joint venture has obtained a commitment for a $50 million refinancing for five years at LIBOR plus 3.0%.

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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, 2010. Valley View Center is excluded from the table below.

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

Gap Inc.

   Gap, Banana Republic, Old Navy     87     2.6 %

Limited Brands, Inc.

   Victoria Secret, Bath and Body     135     2.4 %

Forever 21, Inc.

   Forever 21, XXI Forever     46     2.0 %

Foot Locker, Inc.

   Footlocker, Champs Sports, Lady Footlocker     131     1.6 %

Abercrombie and Fitch Co.

   Abercrombie & Fitch, Abercrombie, Hollister     75     1.5 %

AT&T Mobility LLC(2)

   AT&T Wireless, Cingular Wireless     29     1.4 %

Golden Gate Capital

   Eddie Bauer, Express, J. Jill     59     1.3 %

Luxottica Group

   Lenscrafters, Sunglass Hut     149     1.3 %

American Eagle Outfitters, Inc.

   American Eagle Outfitters     61     1.1 %

Macy's, Inc.

   Macy's, Bloomingdale's     64     1.0 %
(1)
Total rents include minimum rents and percentage rents.

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

15