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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) August 9, 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 August 9, 2010 announcing results of operations for the Company for the quarter ended June 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 August 9, 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 six months ended June 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 by the undersigned, hereunto duly authorized, in the City of Santa Monica, State of California, on August 9, 2010.

    THE MACERICH COMPANY

 

 

By:

 

THOMAS E. O'HERN

 

 

/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 August 9, 2010

 

99.2

 

Supplemental Financial Information for the three and six months ended June 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 (8/09/10)—The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended June 30, 2010 which included total funds from operations ("FFO") diluted of $77.5 million or $.57 per share-diluted, compared to $.67 per share-diluted for the quarter ended June 30, 2009. Net loss available to common stockholders for the quarter ended June 30, 2010 was $.4 million or $.01 per share-diluted compared to net loss available to common stockholders of $21.7 million or $.29 per share-diluted for the quarter ended June 30, 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 loss to FFO and net loss 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 and recent events, Arthur Coppola chairman and chief executive officer of Macerich stated, "We saw very solid and improving results for the quarter. We had strong occupancy gains, positive same center NOI growth and positive releasing spreads. In addition we continue to see improvement in the capital markets and we have been able to capitalize on that with some very attractive financings.

        We are also very pleased with last Friday's grand opening of the new Santa Monica Place. Many of the world's best retail brands are there, drawn by the outstanding quality of this project and the rare opportunity to locate in the highly desirable community of Santa Monica. The strong leasing demand for this project demonstrates that retailers will respond to a project with vision, location and top-quality execution even during challenging economic times."


Redevelopment Update

        On August 6, 2010, Macerich celebrated the grand opening of the new Santa Monica Place, a 524,000 square-foot, three-level, open-air retail and dining destination just two blocks from the beach. Bloomingdale's, a majority of retailers and the third-level Dining Deck opened as Macerich debuted the new Santa Monica Place. The project is 92% leased and 97% committed, with Nordstrom and Tory Burch opening August 27th, Tiffany & Co. slated to open September 2010 and The Market at Santa Monica Place planned for the first half of 2011. Retailers that opened alongside Bloomingdale's include Louis Vuitton, Barneys Co-op, Nike, CB2, Ted Baker, Betsey Johnson, Disney, Hugo Boss, Michael Kors, Juicy Couture and Kitson LA. Photos and more information on the grand opening can be found at: http://www.macerich.com/FileManager/Corporate/News/Macerich/smp_grand_opening_8-6-10.pdf.

        On May 7, a relocated and expanded 138,000-square-foot Nordstrom and 35,000 square feet of new small shop space opened at Los Cerritos Center, Macerich's high-performing, super-regional shopping center in Southern California. The project is 100% leased and new retailers include True Religion, Love Culture, MAC Cosmetics, Foreign Exchange, Carlton Hair and Vision Shoes.

Financing Activity

        Transactions completed or committed to in 2010 total over $640 million. Recent activity includes:

        The Company has arranged 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 will pay off the old loan of $71 million with an interest rate of 7.41%.

        The Company has also agreed to 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 will pay off the existing loan of $160 million with a 7.51% interest rate which was scheduled to mature in 2011.

        Upon completion of the above transactions, the Company will have only $118 million of remaining loan maturities for 2010.

Dividend

        On July 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 September 8, 2010 to stockholders of record at the close of business on August 20, 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, August 9, 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
June 30,
  For the Three
Months Ended
June 30,
  For the Three
Months Ended
June 30,
 
 
  Unaudited   Unaudited  
 
  2010   2009   2010   2009   2010   2009  

Minimum rents

  $ 102,509   $ 123,504     1   $ (2,935 ) $ 102,510   $ 120,569  

Percentage rents

    3,108     2,686         (17 )   3,108     2,669  

Tenant recoveries

    57,259     62,530         (765 )   57,259     61,765  

Management Companies' revenues

    12,117     9,345             12,117     9,345  

Other income

    6,887     7,850         (23 )   6,887     7,827  
                           

Total revenues

    181,880     205,915     1     (3,740 )   181,881     202,175  
                           

Shopping center and operating expenses

   
56,731
   
67,565
   
(21

)
 
(1,653

)
 
56,710
   
65,912
 

Management Companies' operating expenses

    24,466     18,872             24,466     18,872  

Income tax benefit

    (1,375 )   (380 )           (1,375 )   (380 )

Depreciation and amortization

    59,913     63,740         (1,438 )   59,913     62,302  

REIT general and administrative expenses

    3,642     4,648             3,642     4,648  

Interest expense

    52,238     71,914             52,238     71,914  

(Loss) gain on early extinguishment of debt

    (489 )   7,127             (489 )   7,127  

Gain (loss) on sale or write down of assets

    510     (25,605 )   72     26,995     582     1,390  

Co-venture interests(b)

    (1,993 )               (1,993 )    

Equity in income of unconsolidated joint ventures

    15,762     14,556             15,762     14,556  

Income (loss) income from continuing operations

   
55
   
(24,366

)
 
94
   
26,346
   
149
   
1,980
 

Discontinued operations:

                                     
 

Loss on sale or write down of assets

            (72 )   (26,995 )   (72 )   (26,995 )
 

(Loss) income from discontinued operations

            (22 )   649     (22 )   649  

Total loss from discontinued operations

            (94 )   (26,346 )   (94 )   (26,346 )

Net income (loss)

    55     (24,366 )           55     (24,366 )

Less net (loss) income attributable to noncontrolling interests

    495     (2,630 )           495     (2,630 )

Net loss attributable to the Company

    (440 )   (21,736 )           (440 )   (21,736 )

Less preferred dividends

                         
                           

Net loss available to common stockholders

  $ (440 ) $ (21,736 )         $ (440 ) $ (21,736 )
                           

Average number of shares outstanding—basic

   
123,446
   
77,270
               
123,446
   
77,270
 
                               

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

    135,495     88,970                 135,495     88,970  
                               

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

    135,495     88,970                 135,495     88,970  
                               

Per share (loss) income—diluted before discontinued operations

                      $ (0.01 ) $ 0.01  
                               

Net loss per share—basic

  $ (0.01 ) $ (0.29 )             $ (0.01 ) $ (0.29 )
                               

Net loss per share—diluted(c)

  $ (0.01 ) $ (0.29 )             $ (0.01 ) $ (0.29 )
                               

Dividend declared per share

  $ 0.50   $ 0.60               $ 0.50   $ 0.60  
                               

FFO—basic(c)(d)

  $ 77,466   $ 59,920               $ 77,466   $ 59,920  
                               

FFO—diluted(c)(d)

  $ 77,466   $ 59,920               $ 77,466   $ 59,920  
                               

FFO per share—basic(c)(d)

  $ 0.57   $ 0.67               $ 0.57   $ 0.67  
                               

FFO per share—diluted(c)(d)

  $ 0.57   $ 0.67               $ 0.57   $ 0.67  
                               

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 Six
Months Ended
June 30,
  For the Six
Months Ended
June 30,
  For the Six
Months Ended
June 30,
 
 
  Unaudited   Unaudited  
 
  2010   2009   2010   2009   2010   2009  

Minimum rents

  $ 204,485   $ 250,976     5   $ (7,198 ) $ 204,490   $ 243,778  

Percentage rents

    6,095     5,487         (17 )   6,095     5,470  

Tenant recoveries

    118,268     127,441         (1,530 )   118,268     125,911  

Management Companies' revenues

    22,339     17,885             22,339     17,885  

Other income

    12,804     14,904         (50 )   12,804     14,854  
                           

Total revenues

    363,991     416,693     5     (8,795 )   363,996     407,898  
                           

Shopping center and operating expenses

   
117,663
   
138,346
   
(133

)
 
(3,010

)
 
117,530
   
135,336
 

Management Companies' operating expenses

    46,653     42,302             46,653     42,302  

Income tax benefit

    (2,590 )   (1,181 )           (2,590 )   (1,181 )

Depreciation and amortization

    119,128     128,651         (2,874 )   119,128     125,777  

REIT general and administrative expenses

    11,160     9,906             11,160     9,906  

Interest expense

    107,649     141,852         4     107,649     141,856  

(Loss) gain on early extinguishment of debt

    (489 )   29,601             (489 )   29,601  

Gain (loss) on sale or write down of assets

    511     (24,849 )   71     27,012     582     2,163  

Co-venture interests(b)

    (3,377 )               (3,377 )    

Equity in income of unconsolidated joint ventures

    32,221     30,482             32,221     30,482  

(Loss) income from continuing operations

   
(6,806

)
 
(7,949

)
 
209
   
24,097
   
(6,597

)
 
16,148
 

Discontinued operations:

                                     
 

Loss on sale or write down of assets

            (71 )   (27,012 )   (71 )   (27,012 )
 

(Loss) income from discontinued operations

            (138 )   2,915     (138 )   2,915  

Total loss from discontinued operations

            (209 )   (24,097 )   (209 )   (24,097 )

Net loss

    (6,806 )   (7,949 )           (6,806 )   (7,949 )

Less net loss attributable to noncontrolling interests

    (9 )   (229 )           (9 )   (229 )

Net loss attributable to the Company

    (6,797 )   (7,720 )           (6,797 )   (7,720 )

Less preferred dividends

                         
                           

Net loss available to common stockholders

  $ (6,797 ) $ (7,720 )         $ (6,797 ) $ (7,720 )
                           

Average number of shares outstanding—basic

   
110,271
   
77,082
               
110,271
   
77,082
 
                               

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

    122,379     88,759                 122,379     88,759  
                               

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

    122,379     88,759                 122,379     88,759  
                               

Per share (loss) income—diluted before discontinued operations

                      $ (0.08 ) $ 0.15  
                               

Net loss per share—basic

  $ (0.08 ) $ (0.12 )             $ (0.08 ) $ (0.12 )
                               

Net loss per share—diluted(c)

  $ (0.08 ) $ (0.12 )             $ (0.08 ) $ (0.12 )
                               

Dividend declared per share

  $ 1.10   $ 1.40               $ 1.10   $ 1.40  
                               

FFO—basic(c)(d)

  $ 149,063   $ 162,760               $ 149,063   $ 162,760  
                               

FFO—diluted(c)(d)

  $ 149,063   $ 162,760               $ 149,063   $ 162,760  
                               

FFO per share—basic(c)(d)

  $ 1.22   $ 1.83               $ 1.22   $ 1.83  
                               

FFO per share—diluted(c)(d)

  $ 1.22   $ 1.83               $ 1.22   $ 1.83  
                               

2



THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(a)
The following dispositions impacted the results for the three and six months ended June 30, 2010 and 2009:


During the twelve months ended December 31, 2009, the Company sold six non-core community centers for $83.2 million and sold five Kohl's stores for approximately $52.7 million. As a result of these sales, the Company has classified the results of operations to discontinued operations for all periods presented.

(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 (loss) 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 fully 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 fully 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.


Gains or losses on sales of undepreciated assets and the impact of amortization of above/below market leases have been included in FFO. The inclusion of gains on sales of undepreciated assets increased FFO for the three and six months ended June 30, 2010 and 2009 by $0.4 million, $0.4 million, $1.1 million and $2.5 million, respectively, or by $0.00 per share, $0.00 per share, $0.01 per share and $0.03 per share, respectively. Additionally, amortization of above/below market leases increased FFO for the three and six months ended June 30, 2010 and 2009 by $2.9 million, $5.8 million, $3.0 million and $7.2 million, respectively, or by $0.02 per share, $0.05 per share, $0.03 per share and $0.08 per share, respectively.

3



THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Pro rata share of unconsolidated joint ventures:

 
  For the Three
Months Ended
June 30,
  For the Six
Months Ended
June 30,
 
 
  Unaudited   Unaudited  
 
  2010   2009   2010   2009  

Revenues:

                         
 

Minimum rents

  $ 73,350   $ 64,941   $ 147,401   $ 131,977  
 

Percentage rents

    1,757     1,458     3,653     2,855  
 

Tenant recoveries

    35,751     31,822     73,065     63,877  
 

Other

    4,636     3,213     8,819     6,648  
                   
 

Total revenues

    115,494     101,434     232,938     205,357  
                   

Expenses:

                         
 

Shopping center and operating expenses

    40,231     35,195     82,047     71,174  
 

Interest expense

    31,293     25,797     62,385     51,299  
 

Depreciation and amortization

    28,753     25,908     56,208     52,409  
                   
 

Total operating expenses

    100,277     86,900     200,640     174,882  
                   

Gain on sale or write down of assets

    428     3     366     11  

Loss on early extinguishment of debt

            (689 )    

Equity in income (loss) of joint ventures

    117     19     246     (4 )
                   
 

Net income

  $ 15,762   $ 14,556   $ 32,221   $ 30,482  
                   

4



THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of Net loss to FFO(d):

 
  For the Three
Months Ended
June 30,
  For the Six
Months Ended
June 30,
 
 
  Unaudited   Unaudited  
 
  2010   2009   2010   2009  

Net loss—available to common stockholders

  $ (440 ) $ (21,736 ) $ (6,797 ) $ (7,720 )

Adjustments to reconcile net loss to FFO—basic

                         
 

Noncontrolling interests in OP

    52     (3,293 )   (746 )   (1,169 )
 

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

    (510 )   25,605     (511 )   24,849  
   

plus gain on undepreciated asset sales—consolidated assets

        1,143         2,497  
   

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

    (32 )   310     (32 )   310  
   

less write down of consolidated assets

        (27,058 )       (27,639 )
 

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

    (428 )   (3 )   (366 )   (11 )
   

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

    427     3     396     2  
   

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

            (32 )    
 

Depreciation and amortization on consolidated assets

    59,913     63,740     119,128     128,651  
 

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

    (6,497 )   (1,064 )   (11,590 )   (2,130 )
 

Depreciation and amortization on joint ventures (pro rata)

    28,753     25,908     56,208     52,409  
 

Less: depreciation on personal property

    (3,772 )   (3,635 )   (6,595 )   (7,289 )
                   

Total FFO—basic

    77,466     59,920     149,063     162,760  

Additional adjustment to arrive at FFO—diluted:

                         
 

Preferred units—dividends

                 
                   

Total FFO—diluted

  $ 77,466   $ 59,920   $ 149,063   $ 162,760  
                   

Reconciliation of EPS to FFO per diluted share:

 
  For the Three
Months Ended
June 30,
  For the Six
Months Ended
June 30,
 
 
  Unaudited   Unaudited  
 
  2010   2009   2010   2009  

Earnings per share—diluted

  $ (0.01 ) $ (0.29 ) $ (0.08 ) $ (0.12 )
 

Per share impact of depreciation and amortization of real estate

    0.58     0.96     1.30     1.95  
                   

FFO per share—diluted

  $ 0.57   $ 0.67   $ 1.22   $ 1.83  
                   

5



THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of Net loss to EBITDA:

 
  For the Three
Months Ended
June 30,
  For the Six
Months Ended
June 30,
 
 
  Unaudited   Unaudited  
 
  2010   2009   2010   2009  

Net loss—available to common stockholders

  $ (440 ) $ (21,736 ) $ (6,797 ) $ (7,720 )
 

Interest expense—consolidated assets

   
52,238
   
71,914
   
107,649
   
141,852
 
 

Interest expense—unconsolidated entities (pro rata)

    31,293     25,797     62,385     51,299  
 

Depreciation and amortization—consolidated assets

    59,913     63,740     119,128     128,651  
 

Depreciation and amortization—unconsolidated entities (pro rata)

    28,753     25,908     56,208     52,409  
 

Noncontrolling interests in OP

    52     (3,293 )   (746 )   (1,169 )
 

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

    (10,391 )   (1,471 )   (18,390 )   (2,959 )
 

Loss (gain) on early extinguishment of debt

    489     (7,127 )   489     (29,601 )
 

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

            689      
 

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

    (510 )   25,605     (511 )   24,849  
 

Loss (gain) on sale or write down of assets—unconsolidated entities (pro rata)

    (428 )   (3 )   (366 )   (11 )
 

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

    (32 )   310     (32 )   310  
 

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

    93         93      
 

Income tax (benefit) expense

    (1,375 )   (380 )   (2,590 )   (1,181 )
 

Distributions on preferred units

    208     171     416     415  
                   

EBITDA(e)

  $ 159,863   $ 179,435   $ 317,625   $ 357,144  
                   

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

 
  For the Three
Months Ended
June 30,
  For the Six
Months Ended
June 30,
 
 
  Unaudited   Unaudited  
 
  2010   2009   2010   2009  

EBITDA(e)

  $ 159,863   $ 179,435   $ 317,625   $ 357,144  

Add: REIT general and administrative expenses

   
3,642
   
4,648
   
11,160
   
9,906
 
 

Management Companies' revenues

    (12,117 )   (9,345 )   (22,339 )   (17,885 )
 

Management Companies' operating expenses

    24,466     18,872     46,653     42,302  
 

Lease termination income of comparable centers

    (1,295 )   (1,154 )   (2,569 )   (2,696 )
 

EBITDA of non-comparable centers

    (27,852 )   (48,650 )   (56,085 )   (99,846 )
                   

Same Centers—NOI(f)

  $ 146,707   $ 143,806   $ 294,445   $ 288,925  
                   

(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.

6




QuickLinks

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 six months ended June 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

Summarized balance sheet information

  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 second quarter 2010 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date August 9, 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 June 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  
 
  6/30/2010   12/31/2009   12/31/2008  
 
  dollars in thousands except per share data
 

Closing common stock price per share

  $ 37.32   $ 35.95   $ 18.16  

52 week high

  $ 47.19   $ 38.22   $ 76.50  

52 week low

  $ 13.75   $ 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

    142,016,437     108,658,421     88,529,334  
               

Total common and equivalent shares/units outstanding

    142,225,077     108,864,178     88,722,498  
               

Portfolio capitalization data

                   

Total portfolio debt, including joint ventures at pro rata

  $ 5,897,370   $ 6,563,706   $ 7,926,241  

Equity market capitalization

    5,307,840     3,913,667     1,611,201  
               

Total market capitalization

  $ 11,205,210   $ 10,477,373   $ 9,537,442  
               

Floating rate debt as a percentage of total debt

   
17.4

%
 
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

    11,990,731     96,667,690     205,757     108,864,178  
                   

Conversion of partnership units to common shares

    (31,877 )   31,877          

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  
                   

3


Table of Contents


The Macerich Company

Supplemental Financial and Operating Information (unaudited)

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

 
 
 
  As of June 30,  
 
  2010   2009  

Straight line rent receivable

  $ 69.8   $ 69.9  

 

 
 
 
  For the Three Months Ended
June 30,
  For the Six Months Ended
June 30,
 
 
  2010   2009   2010   2009  
 
  dollars in millions
 

Lease termination fees

  $ 1.5   $ 1.3   $ 3.1   $ 3.2  

Straight line rental income

  $ 1.6   $ 2.1   $ 1.9   $ 3.7  

Gain on sales of undepreciated assets

  $ 0.4   $ 1.1   $ 0.4   $ 2.5  

Amortization of acquired above- and below-market leases

  $ 2.9   $ 3.0   $ 5.8   $ 7.2  

Amortization of debt premiums/(discounts)

  $ (0.9 ) $ 0.4   $ (1.7 ) $ 0.7  

Interest capitalized

  $ 8.8   $ 6.1   $ 17.8   $ 12.6  

(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 Six
Months Ended
6/30/10
  Year Ended
12/31/2009
  Year Ended
12/31/2008
 
 
  dollars in millions
 

Consolidated Centers(a)

                   

Acquisitions of property and equipment

  $ 6.5   $ 11.0   $ 87.5  

Development, redevelopment and expansions of Centers

    89.5     216.6     446.1  

Renovations of Centers

    7.5     9.6     8.5  

Tenant allowances

    7.0     10.8     14.7  

Deferred leasing charges

    14.8     20.0     22.3  
               
 

Total

  $ 125.3   $ 268.0   $ 579.1  
               

Unconsolidated Joint Venture Centers(a)

                   

Acquisitions of property and equipment

  $ 1.7   $ 5.4   $ 294.4  

Development, redevelopment and expansions of Centers

    15.6     57.0     60.8  

Renovations of Centers

    2.2     4.2     3.1  

Tenant allowances

    1.5     5.1     13.8  

Deferred leasing charges

    2.3     3.8     5.0  
               
 

Total

  $ 23.3   $ 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  

06/30/2010

  $ 381   $ 452   $ 420  

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)
 

06/30/2010

    92.9 %   91.3 %   92.0 %

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)  

06/30/2010

    92.6 %   91.2 %   91.8 %

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

                   
 

06/30/2010

  $ 37.81   $ 34.60   $ 35.39  
 

12/31/2009

  $ 37.77   $ 38.15   $ 34.10  
 

12/31/2008

  $ 41.39   $ 42.70   $ 35.14  

Unconsolidated Joint Venture Centers

                   
 

06/30/2010

  $ 45.98   $ 43.29   $ 37.98  
 

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 six months ended June 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 six months ended June 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 six months ended June 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 (unaudited)

Summarized Balance Sheet Information

 
   
 
 
  June 30,
2010
  December 31, 2009   December 31,
2008
 
 
  dollars in thousands
 

Cash and cash equivalents

  $ 596,718   $ 93,255   $ 66,529  

Pro rata cash and cash equivalents on unconsolidated centers

  $ 60,084   $ 71,335   $ 91,103  

Investment in real estate, net (a)

  $ 5,655,410   $ 5,657,939   $ 6,371,319  

Investment in unconsolidated centers

  $ 1,024,413   $ 1,046,196   $ 1,094,845  

Total assets

  $ 7,738,306   $ 7,252,471   $ 8,090,435  

Mortgage and notes payable

  $ 3,898,770   $ 4,531,634   $ 5,940,418  

Pro rata share of debt on unconsolidated centers

  $ 2,223,035   $ 2,258,738   $ 2,017,705  

(a)
Includes construction in process of $547,927 at June 30, 2010, $583,334 at December 31, 2009, and $600,773 at December 31, 2008.

10


Table of Contents


The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)

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

Consolidated debt

  $ 2,941,986   $ 732,349   $ 3,674,335  

Unconsolidated debt

    1,929,411     293,624     2,223,035  
               
 

Total debt

  $ 4,871,397   $ 1,025,973   $ 5,897,370  

Weighted average interest rate

   
6.14

%
 
3.55

%
 
5.69

%

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 June 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

    11/01/10     7.79 % $ 75,990   $   $ 75,990  

Valley View Center

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

Panorama Mall(b)(c)

    02/28/11     6.14 %   50,000         50,000  
                                 

Danbury Fair Mall

    03/10/11     4.64 %   159,650         159,650  

Victor Valley, Mall of(b)(d)

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

Shoppingtown Mall

    05/11/11     5.01 %   40,535         40,535  

Capitola Mall

    05/15/11     7.13 %   34,519         34,519  

Westside Pavilion(b)(d)

    06/05/11     8.08 %   175,000         175,000  

Freehold Raceway Mall(e)

    07/07/11     4.68 %   81,345         81,345  

Oaks, The(b)(d)

    07/10/11     7.18 %   75,000         75,000  

Pacific View

    08/31/11     7.25 %   78,591         78,591  

Pacific View

    08/31/11     7.00 %   6,371         6,371  

Rimrock Mall

    10/01/11     7.57 %   41,047         41,047  

Prescott Gateway

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

Hilton Village

    02/01/12     5.27 %   8,573         8,573  

The Macerich Company—Convertible Senior Notes(f)

    03/15/12     5.41 %   601,676         601,676  

Tucson La Encantada

    06/01/12     5.84 %   76,969         76,969  

Chandler Fashion Center(e)

    11/01/12     5.21 %   48,603         48,603  

Chandler Fashion Center(e)

    11/01/12     6.00 %   32,169         32,169  

Towne Mall

    11/01/12     4.99 %   13,611         13,611  

Deptford Mall

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

Greeley—Defeasance

    09/01/13     6.34 %   25,992         25,992  

Great Northern Mall

    12/01/13     5.19 %   38,468         38,468  

Fiesta Mall

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

South Plains Mall

    04/11/15     6.52 %   104,767         104,767  

Fresno Fashion Fair

    08/01/15     6.76 %   166,589         166,589  

Flagstaff Mall

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

South Towne Center

    11/05/15     6.39 %   88,299         88,299  

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 %   15,350         15,350  

Chesterfield Towne Center

    01/01/24     9.07 %   51,438         51,438  

Wilton Mall(g)

    11/01/29     11.08 %   37,934         37,934  
                         

Total Fixed Rate Debt for Consolidated Assets

          6.11 % $ 2,941,986   $   $ 2,941,986  
                         

Promenade at Casa Grande(d)(h)

    08/16/10     1.80 %       44,426     44,426  

La Cumbre Plaza(d)

    12/09/10     2.53 %       28,447     28,447  

Twenty Ninth Street(d)

    03/25/11     5.45 %       107,024     107,024  

SanTan Village Regional Center(d)(i)

    06/13/11     3.08 %       117,087     117,087  

Oaks, The(d)

    07/10/11     2.40 %       165,000     165,000  

Oaks, The(d)

    07/10/11     2.83 %       17,224     17,224  

Paradise Valley Mall(d)

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

Northgate Mall(d)

    01/01/13     7.00 %       33,141     33,141  

Vintage Faire Mall

    04/27/15     3.64 %       135,000     135,000  
                         

Total Floating Rate Debt for Consolidated Assets

          3.82 % $   $ 732,349   $ 732,349  
                         

Total Debt for Consolidated Assets

          5.66 % $ 2,941,986   $ 732,349   $ 3,674,335  
                         

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Table of Contents

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

                                 
 
  As of June 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%)

    12/11/10     7.44 % $ 36,472   $   $ 36,472  

Inland Center (50%)

    02/11/11     5.56 %   24,385         24,385  

Ridgmar (50%)(d)

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

Arrowhead Towne Center (33.3%)

    10/01/11     6.38 %   25,108         25,108  

SanTan Village Power Center (34.9%)

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

NorthPark Center (50%)

    05/10/12     5.97 %   89,899         89,899  

NorthPark Center (50%)

    05/10/12     8.33 %   40,198         40,198  

NorthPark Land (50%)

    05/10/12     8.33 %   38,828         38,828  

Kierland Greenway (24.5%)

    01/01/13     6.02 %   14,820         14,820  

Kierland Main Street (24.5%)

    01/02/13     4.99 %   3,666         3,666  

Queens Center (51%)

    03/01/13     7.78 %   65,115         65,115  

Queens Center (51%)

    03/01/13     7.00 %   105,600         105,600  

Scottsdale Fashion Square (50%)

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

FlatIron Crossing (25%)

    12/01/13     5.26 %   44,666         44,666  

Tysons Corner Center (50%)

    02/17/14     4.78 %   160,683         160,683  

Redmond Office (51%)

    05/15/14     7.52 %   30,849         30,849  

Biltmore Fashion Park (50%)

    10/01/14     8.25 %   29,856         29,856  

Lakewood Mall (51%)

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

Broadway Plaza (50%)

    08/15/15     6.12 %   73,303         73,303  

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 %   125,254         125,254  

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 %   57,850         57,850  

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 %   22,524         22,524  

North Bridge, The Shops at (50%)

    06/15/16     7.52 %   101,555         101,555  

West Acres (19%)

    10/01/16     6.41 %   12,409         12,409  

Corte Madera, The Village at (50.1%)

    11/01/16     7.27 %   39,855         39,855  

Wilshire Building (30%)

    01/01/33     6.35 %   1,786         1,786  
                         

Total Fixed Rate Debt for Unconsolidated Assets

          6.19 % $ 1,929,411   $   $ 1,929,411  
                         

Superstition Springs Center (33.3%)(d)

    09/09/10     0.72 %       22,498     22,498  

Camelback Colonnade (75%)

    10/09/10     1.24 %       31,125     31,125  

Kierland Tower Lofts (15%)

    11/18/10     3.38 %       354     354  

Boulevard Shops (50%)

    12/17/10     1.19 %       10,700     10,700  

Chandler Village Center (50%)

    01/15/11     1.43 %       8,643     8,643  

Desert Sky Mall (50%)

    03/04/11     1.45 %       25,750     25,750  

Market at Estrella Falls (39.8%)(d)

    06/01/11     2.50 %       13,504     13,504  

Los Cerritos Center (51%)

    07/01/11     1.23 %       102,000     102,000  

Pacific Premier Retail Trust (51%)(d)

    08/21/11     7.11 %       79,050     79,050  
                         

Total Floating Rate Debt for Unconsolidated Assets

          2.86 % $   $ 293,624   $ 293,624  
                         

Total Debt for Unconsolidated Assets

          5.75 % $ 1,929,411   $ 293,624   $ 2,223,035  
                         

Total Debt

          5.69 % $ 4,871,397   $ 1,025,973   $ 5,897,370  
                         

Percentage to Total

                82.60 %   17.40 %   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)
This debt has an interest rate swap agreement which effectively fixed the interest rate until April 25, 2011 or maturity.

(c)
This loan was paid off on July 2, 2010.

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

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

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Table of Contents

(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 $18.0 million and the annual interest rate represents the effective interest rate, including the discount.

(g)
The Company refinanced this loan on August 2, 2010 with a $40.0 million loan bearing interest at LIBOR plus .675% with a three year term.

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

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

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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