View:
Download DOC
Download PDF
Download XLS

QuickLinks -- Click here to rapidly navigate through this document

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) May 5, 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 May 5, 2011 announcing results of operations for the Company for the quarter ended March 31, 2011 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 May 5, 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 months ended March 31, 2011 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

May 5, 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 May 5, 2011

 
99.2
 
Supplemental Financial Information for the three months ended March 31, 2011

4



QuickLinks

SIGNATURES
EXHIBIT INDEX

QuickLinks -- Click here to rapidly navigate through this document


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 and Chief Financial Officer

 
 
(310) 394-6000

MACERICH ANNOUNCES QUARTERLY RESULTS AND NEW $1.5 BILLION LINE OF CREDIT

        Santa Monica, CA (5/05/11)—The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended March 31, 2011 which included total funds from operations ("FFO") diluted of $73.7 million or $.52 per share-diluted, compared to $.66 per share-diluted for the quarter ended March 31, 2010. Net income available to common stockholders for the quarter ended March 31, 2011 was $34,000 or $.00 per share-diluted compared to net loss available to common stockholders of $6.4 million or $.08 per share-diluted for the quarter ended March 31, 2010. Negatively impacting net income and FFO during the quarter ended March 31, 2011 was a $9.1 million, or $.064 per share prepayment penalty on the early debt extinguishment of the 9.1% participating loan on Chesterfield Towne Center. 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 or loss to FFO and net income or 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 results, Arthur Coppola chairman and chief executive officer of Macerich stated, "We are optimistic about our operating performance and continue to see strong operating results, with occupancies up significantly, good leasing activity and a continued trend of solid retail sales growth".

Acquisition Activity

        Kierland Commons—On February 24, 2011, Macerich along with its joint venture partner bought an additional 51% interest in Kierland Commons from Dallas-based Woodbine Development Corporation and the Herberger Interests of Phoenix/Scottsdale. This transaction effectively increased Macerich's ownership interest in Kierland Commons from 24.5% up to 50% and the Company's pro rata share of the purchase price included $34.2 million of cash, in addition to assuming debt of $18.6 million.

        Kierland Commons, which opened in 2000, is a 38 acre mixed-use retail anchored development that produces annual shop tenant sales of $625 per square foot. Occupancy for the project's 316,000 square feet of retail space is 98%.

        Atlas Park—On January 28, 2011, Macerich and an affiliate of private investment firm Walton Street Capital, LLC submitted the successful bid at a foreclosure auction of The Shops at Atlas Park.


The acquisition was completed on February 28, 2011. The 50/50 joint venture acquired ownership of the property at auction for $53.75 million. Macerich will manage and lease the property.

        The Shops at Atlas Park is an approximately 400,000 square-foot mixed-used neighborhood center that opened in 2006 in Queens, New York. The Shops at Atlas Park includes approximately 216,000 square feet of inline retail space, 142,000 square feet of major and anchor retail space, and approximately 41,000 square feet of office space. Tenants include Regal Cinemas, California Pizza Kitchen, Chico's, Coldwater Creek, Gymboree, J. Jill and Joseph A. Bank.

        Desert Sky Mall—On February 28, 2011, Macerich purchased the remaining 50% ownership interest in Desert Sky Mall, increasing its ownership of the asset to 100%. The total purchase price was $27.6 million which included the assumption of a pro rata share of the property debt. Concurrent with the purchase of the partnership interest, the $51.5 million loan on the property was paid off.

        Desert Sky Mall is a 900,000 square-foot, classic indoor shopping center located in West Phoenix that features a unique merchandise mix geared toward Hispanic consumers. Key retailers include La Curacao, a Latin-focused department store, and Cinema Latino, a multi-screen theater complex, plus Sears, Dillard's and Burlington Coat Factory.

Financing Activity

        On February 1, 2011, the Company successfully completed the early extinguishment of the $50.3 million loan on Chesterfield Towne Center. The loan had an interest rate of 9.1% with a maturity date of January 1, 2024. The prepayment cost associated with that early extinguishment of debt, including the participation feature, was $9.1 million and was reflected as a charge to net income and FFO during the quarter.

        The Company has also obtained a commitment for a $200 million loan on Los Cerritos Center. The loan will have a fixed interest rate of 4.46% and has a term of seven years and is expected to close in early June.

        On May 2, 2011, the Company closed on a new $1.5 billion unsecured line of credit facility. Based on the Company's current leverage level, the facility has an interest rate of LIBOR + 2.00%. The line of credit has a four year term, extendable to five years, and can be expanded up to a total facility of $2.0 billion.

Dividend

        On April 28, 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 June 8, 2011 to stockholders of record at the close of business on May 10, 2011.

Earnings Guidance

        Management is reconfirming its previously issued FFO guidance range of $2.78 to $2.94.

        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
     

        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 72 million square feet of gross leaseable area consisting primarily of interests in 70 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, May 5, 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, 2010, 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
March 31, 		  For the Three
Months Ended
March 31, 		  For the Three
Months Ended
March 31, 		 
 
   Unaudited   Unaudited  
 
   2011   2010   2011   2010   2011   2010  

Minimum rents

   $ 109,521   $ 101,976     —   $ 4   $ 109,521   $ 101,980  

Percentage rents

     2,954     2,987     —     —     2,954     2,987  

Tenant recoveries

     61,672     61,009     —     —     61,672     61,009  

Management Companies' revenues

     10,584     10,221     —     —     10,584     10,221  

Other income

     6,338     5,917     —     —     6,338     5,917  
                           

Total revenues

     191,069     182,110     0     4     191,069     182,114  
                           

Shopping center and operating expenses

     62,775     60,930     —     (109 )   62,775     60,821  

Management Companies' operating expenses

     25,855     22,187     —     —     25,855     22,187  

Income tax benefit

     (2,478 )   (1,215 )   —     —     (2,478 )   (1,215 )

Depreciation and amortization

     64,626     59,215     —     —     64,626     59,215  

REIT general and administrative expenses

     7,644     7,518     —     —     7,644     7,518  

Interest expense

     51,997     55,411     —     —     51,997     55,411  

Loss on early extinguishment of debt

     (9,101 )   —     —     —     (9,101 )   —  

Loss on sale or write down of assets, net

     (437 )   —     —     —     (437 )   —  

Co-venture interests(b)

     (1,296 )   (1,384 )   —     —     (1,296 )   (1,384 )

Equity in income of unconsolidated joint ventures

     30,275     16,459     —     —     30,275     16,459  

Income (loss) from continuing operations

     91     (6,861 )   0     113     91     (6,748 )

Discontinued operations:

                                      
 

Loss on sale or write down of assets

     —     —     —     —     —     —  
 

(Loss) income from discontinued operations

     —     —     —     (113 )   —     (113 )

Total loss from discontinued operations

     —     —     —     (113 )   —     (113 )

Net income (loss)

     91     (6,861 )   —     —     91     (6,861 )

Less net income (loss) attributable to noncontrolling interests

     57     (504 )   —     —     57     (504 )
                           

Net income (loss) available to common stockholders

   $ 34   $ (6,357 ) $ 0   $ 0   $ 34   $ (6,357 )
                           

Average number of shares outstanding—basic

     130,574     96,951                 130,574     96,951  
                               

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

     142,477     109,118                 142,477     109,118  
                               

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

     142,477     109,118                 142,477     109,118  
                               

Per share income (loss)—diluted before discontinued operations

     —     —               $ 0.00   $ (0.08 )
                               

Net income (loss) per share-basic

   $ 0.00   $ (0.08 )             $ 0.00   $ (0.08 )
                               

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

   $ 0.00   $ (0.08 )             $ 0.00   $ (0.08 )
                               

Dividend declared per share

   $ 0.50   $ 0.60               $ 0.50   $ 0.60  
                               

FFO—basic(c)(d)

   $ 73,681   $ 71,597               $ 73,681   $ 71,597  
                               

FFO—diluted(c)(d)

   $ 73,681   $ 71,597               $ 73,681   $ 71,597  
                               

FFO per share—basic(c)(d)

   $ 0.52   $ 0.66               $ 0.52   $ 0.66  
                               

FFO per share—diluted(c)(d)

   $ 0.52   $ 0.66               $ 0.52   $ 0.66  
                               

1

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(a)
The Company has classified the results of operations on any dispositions as discontinued operations for the three months ended March 31, 2010.

(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.

2


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Pro rata share of unconsolidated joint ventures:

 
   For the Three
Months Ended
March 31, 		 
 
   Unaudited  
 
   2011   2010  

Revenues:

              
 

Minimum rents

   $ 74,901   $ 74,051  
 

Percentage rents

     2,215     1,896  
 

Tenant recoveries

     36,352     37,314  
 

Other

     5,219     4,183  
           
 

Total revenues

     118,687     117,444  
           

Expenses:

              
 

Shopping center and operating expenses

     41,954     41,816  
 

Interest expense

     30,583     31,092  
 

Depreciation and amortization

     28,525     27,455  
           
 

Total operating expenses

     101,062     100,363  
           

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

     12,550     (62 )

Loss on early extinguishment of debt

     —     (689 )

Equity in income of joint ventures

     100     129  
           
 

Net income

   $ 30,275   $ 16,459  
           

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

 
   For the Three
Months Ended
March 31, 		 
 
   Unaudited  
 
   2011   2010  

Net income (loss)—available to common stockholders

   $ 34   $ (6,357 )

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

              
 

Noncontrolling interests in OP

     3     (798 )
 

Loss on sale or write down of consolidated assets, net

     437     —  
   

plus gain on undepreciated asset sales—consolidated assets

     542     —  
 

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

     (12,550 )   62  
   

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

     40     (31 )
   

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

     —     (32 )
 

Depreciation and amortization on consolidated assets

     64,626     59,215  
 

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

     (4,494 )   (5,093 )
 

Depreciation and amortization on joint ventures (pro rata)

     28,525     27,455  
 

Less: depreciation on personal property

     (3,482 )   (2,824 )
           

Total FFO—basic

     73,681     71,597  

Additional adjustment to arrive at FFO—diluted:

              
 

Preferred units—dividends

     —     —  
           

Total FFO—diluted

   $ 73,681   $ 71,597  
           

3


THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of EPS to FFO per diluted share:

 
   For the Three
Months Ended
March 31, 		 
 
   Unaudited  
 
   2011   2010  

Earnings per share—diluted

   $ 0.00   $ (0.08 )
 

Per share impact of depreciation and amortization of real estate

     0.60     0.74  
 

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

     (0.08 )   0.00  
           

FFO per share—diluted

   $ 0.52   $ 0.66  
           

Reconciliation of Net income (loss) to EBITDA:

 
   For the Three
Months Ended
March 31, 		 
 
   Unaudited  
 
   2011   2010  

Net income (loss)—available to common stockholders

   $ 34   $ (6,357 )
 

Interest expense—consolidated assets

     51,997     55,411  
 

Interest expense—unconsolidated entities (pro rata)

     30,583     31,092  
 

Depreciation and amortization—consolidated assets

     64,626     59,215  
 

Depreciation and amortization—unconsolidated entities (pro rata)

     28,525     27,455  
 

Noncontrolling interests in OP

     3     (798 )
 

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

     (7,479 )   (7,999 )
 

Loss on early extinguishment of debt—consolidated entities

     9,101     —  
 

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

     —     689  
 

Loss on sale or write down of assets—consolidated assets

     437     —  
 

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

     (12,550 )   62  
 

Income tax benefit

     (2,478 )   (1,215 )
 

Distributions on preferred units

     207     208  
           

EBITDA(e)

   $ 163,006   $ 157,763  
           

4


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
March 31, 		 
 
   Unaudited  
 
   2011   2010  

EBITDA(e)

   $ 163,006   $ 157,763  

Add: REIT general and administrative expenses

     7,644     7,518  
 

Management Companies' revenues

     (10,584 )   (10,221 )
 

Management Companies' operating expenses

     25,855     22,187  
 

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

     (3,037 )   (3,447 )
 

EBITDA of non-comparable centers

     (15,410 )   (10,471 )
           

Same Centers—NOI(f)

   $ 167,474   $ 163,329  
           
(e)
EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests, extraordinary items, gain (loss) on sale, remeasurement or write down of assets and preferred dividends and includes joint ventures at their pro rata share. Management considers EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability of the Company to incur and service debt and make capital expenditures. EBITDA should not be construed as an alternative to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) or as a measure of liquidity. EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies.

(f)
The Company presents same-center NOI because the Company believes it is useful for investors to evaluate the operating performance of comparable centers. Same-center NOI is calculated using total EBITDA and subtracting out EBITDA from non-comparable centers and eliminating the management companies and the Company's general and administrative expenses. Same center NOI excludes the impact of lease termination income, staraight-line and above/below market adjustments to minimum rents.

5



QuickLinks


Table of Contents


Exhibit 99.2

         GRAPHIC

Supplemental Financial Information
For the three months ended March 31, 2011

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 March 31, 2011 and December 31, 2010 (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 first quarter 2011 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date May 5, 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 March 31, 2011, 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.

        On April 1, 2011, the joint venture that owned Granite Run Mall conveyed the property to the lender by a deed in lieu of foreclosure. The mortgage on this property is non-recourse. Consequently, Granite Run has been excluded from certain Non-GAAP operating measures in 2011 as indicated in this document.

        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 and 2011 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  
 
   3/31/2011   12/31/2010   12/31/2009  
 
   dollars in thousands except per share data
  

Closing common stock price per share

   $ 49.53   $ 47.37   $ 35.95  

52 week high

   $ 50.80   $ 49.86   $ 38.22  

52 week low

   $ 35.50   $ 29.30   $ 5.45  

Shares outstanding at end of period

                    

Class A non-participating convertible preferred units

     208,640     208,640     205,757  

Common shares and partnership units

     143,132,441     142,048,985     108,658,421  
               

Total common and equivalent shares/units outstanding

     143,341,081     142,257,625     108,864,178  
               

Portfolio capitalization data

                    

Total portfolio debt, including joint ventures at pro rata

   $ 5,777,369   $ 5,854,780   $ 6,563,706  

Equity market capitalization

     7,099,684     6,738,744     3,913,667  
               

Total market capitalization

   $ 12,877,053   $ 12,593,524   $ 10,477,373  
               

Floating rate debt as a percentage of total debt

    
16.6
%		  
16.4
%		  
16.0
%

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, 2010

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

Conversion of partnership units to common shares

     (19,100 )   19,100     —     —  

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

     504,857     578,599     —     1,083,456  
                   

Balance as of March 31, 2011

     12,082,710     131,049,731     208,640     143,341,081  
                   

3

Table of Contents


The Macerich Company

Supplemental Financial and Operating Information (unaudited)

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

 
  
 
   As of March 31,  
 
   2011   2010  

Straight line rent receivable

   $ 73.0   $ 68.2  

 

 
    
  
 
   For the Three Months Ended
March 31, 		 
 
   2011   2010  
 
   dollars in millions
  

Lease termination fees

   $ 2.1   $ 1.6  

Straight line rental income

   $ (0.3 ) $ 0.3  

Gain on sales of undepreciated assets

   $ 0.6   $ —  

Amortization of acquired above- and below-market leases

   $ 2.9   $ 2.9  

Amortization of debt (discounts)/premiums

   $ (2.1 ) $ (0.8 )

Interest capitalized

   $ 4.5   $ 9.0  
(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 Three
Months Ended
3/31/11 		  For the Three
Months Ended
3/31/10 		  Year Ended
12/31/10 		  Year Ended
12/31/2009 		 
 
   dollars in millions
  

Consolidated Centers(a)

                          

Acquisitions of property and equipment

   $ 38.0   $ 2.2   $ 12.9   $ 11.0  

Development, redevelopment and expansions of Centers

     19.3     35.7     201.6     216.6  

Renovations of Centers

     1.9     2.2     13.2     9.6  

Tenant allowances

     3.1     2.0     22.0     10.8  

Deferred leasing charges

     9.5     8.1     24.5     20.0  
                   
 

Total

   $ 71.8   $ 50.2   $ 274.2   $ 268.0  
                   

Unconsolidated Joint Venture Centers(a)

                          

Acquisitions of property and equipment

   $ 61.4   $ 0.1   $ 6.1   $ 5.4  

Development, redevelopment and expansions of Centers

     7.6     7.1     35.3     57.0  

Renovations of Centers

     1.1     1.4     7.0     4.2  

Tenant allowances

     1.3     0.6     8.1     5.1  

Deferred leasing charges

     1.5     1.2     4.7     3.8  
                   
 

Total

   $ 72.9     10.4   $ 61.2   $ 75.5  
                   
(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  

03/31/2011(b)(c)

   $ 400   $ 494   $ 449  

03/31/2010(c)

   $ 377   $ 449   $ 416  

12/31/2010(c)

   $ 392   $ 468   $ 433  

12/31/2009

   $ 368   $ 440   $ 407  

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) 		 

03/31/2011

     93.2 %   91.8 %   92.5 %

03/31/2010

     91.3 %   91.1 %   91.2 %

12/31/2010

     93.8 %   92.5 %   93.1 %

12/31/2009

     91.2 %   91.3 %   91.3 %

 

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

03/31/2011

     93.1 %   91.7 %   92.3 %

03/31/2010

     91.1 %   91.1 %   91.1 %

12/31/2010

     93.5 %   92.3 %   92.9 %

12/31/2009

     90.7 %   91.4 %   91.1 %

7

Table of Contents


The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Rent

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

Consolidated Centers

                    
 

03/31/2011(e)

   $ 39.35   $ 36.41   $ 36.67  
 

03/31/2010

   $ 38.08   $ 35.64   $ 34.71  
 

12/31/2010(e)

   $ 37.93   $ 34.99   $ 37.02  
 

12/31/2009

   $ 37.77   $ 38.15   $ 34.10  

Unconsolidated Joint Venture Centers

                    
 

03/31/2011(f)

   $ 47.59   $ 49.15   $ 38.54  
 

03/31/2011

   $ 46.21   $ 43.14   $ 37.77  
 

12/31/2010

   $ 46.16   $ 48.90   $ 38.39  
 

12/31/2009

   $ 45.56   $ 43.52   $ 37.56  
(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. Average base rent gives effect to the terms of each lease in effect at such time, including any concessions, abatements and other adjustments or allowances that have been granted to the tenants.

(b)
Leases for The Market at Estrella Falls were excluded for Year 2009 because the center was under development. Leases for Santa Monica Place were excluded for Years 2009 and 2010 because the center was under redevelopment.

(c)
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.

(d)
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.

(e)
The leases for Valley View Center were excluded.

(f)
The leases for Granite Run Mall were excluded.

8

Table of Contents


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy

 
    
  
 
   For Years Ended
December 31, 		 
 
   2010(a)   2009  

Consolidated Centers

              
 

Minimum rents

     8.6 %   9.1 %
 

Percentage rents

     0.4 %   0.4 %
 

Expense recoveries(b)

     4.4 %   4.7 %
           
   

Total

     13.4 %   14.2 %
           

 

 
    
  
 
   For Years Ended
December 31, 		 
 
   2010   2009  

Unconsolidated Joint Venture Centers

              
 

Minimum rents

     9.1 %   9.4 %
 

Percentage rents

     0.4 %   0.4 %
 

Expense recoveries(b)

     4.0 %   4.3 %
           
   

Total

     13.5 %   14.1 %
           
(a)
The cost of occupancy 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 share data)

 
   March 31,
2011 		  December 31,
2010 		 

ASSETS:

              

Property, net(a)

   $ 5,686,779   $ 5,674,127  

Cash and cash equivalents(b)

     188,025     445,645  

Restricted cash

     76,859     71,434  

Marketable securities

     26,000     25,935  

Tenant and other receivables, net

     92,200     95,083  

Deferred charges and other assets, net

     346,087     316,969  

Loans to unconsolidated joint ventures

     3,452     3,095  

Due from affiliates

     8,672     6,599  

Investments in unconsolidated joint ventures

     1,070,204     1,006,123  
           
     

Total assets

   $ 7,498,278   $ 7,645,010  
           

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY:

              

Mortgage notes payable:

              
 

Related parties

   $ 277,817   $ 302,344  
 

Others

     2,911,860     2,957,131  
           
     

Total

     3,189,677     3,259,475  

Bank and other notes payable

     634,990     632,595  

Accounts payable and accrued expenses

     74,287     70,585  

Other accrued liabilities

     258,613     257,678  

Distributions in excess of investments in unconsolidated joint ventures

     71,783     65,045  

Co-venture obligation

     131,274     160,270  
           
     

Total liabilities

     4,360,624     4,445,648  
           

Redeemable noncontrolling interests

     11,366     11,366  
           

Commitments and contingencies

              

Equity:

              
 

Stockholders' equity:

              
   

Common stock, $0.01 par value, 250,000,000 shares authorized, 131,049,731 and 130,452,032 shares issued and outstanding at March 31, 2011 and December 31, 2010, respectively

     1,310     1,304  
   

Additional paid-in capital

     3,452,875     3,456,569  
   

Accumulated deficit

     (630,017 )   (564,357 )
   

Accumulated other comprehensive income (loss)

     1,593     (3,237 )
           
     

Total stockholders' equity

     2,825,761     2,890,279  
 

Noncontrolling interests

     300,527     297,717  
           
     

Total equity

     3,126,288     3,187,996  
           
     

Total liabilities, redeemable noncontrolling interests and equity

   $ 7,498,278   $ 7,645,010  
           
(a)
Includes consolidated construction in process of $293,516 at March 31, 2011 and $292,891 at December 31, 2010. Does not include pro rata share of unconsolidated joint venture construction in process of $39,421 at March 31, 2011 and $36,903 at December 31, 2010.

(b)
Does not include pro rata share of unconsolidated joint venture cash of $56,334 at March 31, 2011 or $57,437 at December 31, 2010.

10

Table of Contents


 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)

 
    
  
 
   As of March 31, 2011  
 
   Fixed Rate   Floating Rate(a)   Total  
 
   dollars in thousands
  

Consolidated debt

   $ 2,853,416   $ 716,715   $ 3,570,131  

Unconsolidated debt

     1,966,309     240,929     2,207,238  
               
 

Total debt

   $ 4,819,725   $ 957,644   $ 5,777,369  

Weighted average interest rate

    
6.04
%		  
3.21
%		  
5.57
%

Weighted average maturity (years)

                 2.82  
(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 March 31, 2011  
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 %   39,234     —     39,234  

Westside Pavilion(d)(e)

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

Pacific View

     08/31/11     7.25 %   77,367     —     77,367  

Pacific View

     08/31/11     7.00 %   6,284     —     6,284  

Rimrock Mall

     10/01/11     7.57 %   40,445     —     40,445  

Prescott Gateway

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

Hilton Village

     02/01/12     5.27 %   8,586     —     8,586  

The Macerich Company—Convertible Senior Notes(f)

     03/15/12     5.41 %   609,560     —     609,560  

Tucson La Encantada

     06/01/12     5.84 %   76,148     —     76,148  

Chandler Fashion Center(g)

     11/01/12     5.21 %   47,719     —     47,719  

Chandler Fashion Center(g)

     11/01/12     6.00 %   31,646     —     31,646  

Towne Mall

     11/01/12     4.99 %   13,211     —     13,211  

Deptford Mall

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

Greeley—Defeasance

     09/01/13     6.34 %   25,430     —     25,430  

Great Northern Mall

     12/01/13     5.19 %   37,868     —     37,868  

Fiesta Mall

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

South Plains Mall

     04/11/15     6.53 %   103,773     —     103,773  

Vintage Faire Mall(h)

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

Fresno Fashion Fair

     08/01/15     6.76 %   165,067     —     165,067  

Flagstaff Mall

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

South Towne Center

     11/05/15     6.39 %   87,433     —     87,433  

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 %   15,191     —     15,191  

Freehold Raceway Mall(g)

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

Danbury Fair Mall

     10/01/20     5.53 %   238,271     —     238,271  
                         

Total Fixed Rate Debt for Consolidated Assets

           6.00 % $ 2,853,416   $ —   $ 2,853,416  
                         

Westside Pavilion(d)

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

SanTan Village Regional Center(d)(i)

     06/13/11     2.99 %   —     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  

La Cumbre Plaza(d)

     12/09/11     2.43 %   —     21,561     21,561  

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     1.25 %   —     40,000     40,000  

Promenade at Casa Grande(j)

     12/30/13     5.21 %   —     40,498     40,498  

Twenty Ninth Street

     01/18/16     3.15 %   —     107,000     107,000  
                         

Total Floating Rate Debt for Consolidated Assets

           3.46 % $ —   $ 716,715   $ 716,715  
                         

Total Debt for Consolidated Assets

           5.49 % $ 2,853,416   $ 716,715   $ 3,570,131  
                         

12

Table of Contents

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

 
    
  
 
   As of March 31, 2011  
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):

                                

Arrowhead Towne Center (33.3%)

     10/01/11     6.38 % $ 24,630   $ —   $ 24,630  

SanTan Village Power Center (34.9%)

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

Ridgmar (50%)(d)

     04/11/12     7.82 %   28,416     —     28,416  

NorthPark Center (50%)

     05/10/12     5.97 %   88,719     —     88,719  

NorthPark Center (50%)

     05/10/12     8.33 %   39,698     —     39,698  

NorthPark Land (50%)

     05/10/12     8.33 %   38,345     —     38,345  

Kierland Greenway (50%)

     01/01/13     6.02 %   29,298     —     29,298  

Kierland Main Street (50%)

     01/02/13     4.99 %   7,388     —     7,388  

Queens Center (51%)

     03/01/13     7.78 %   64,350     —     64,350  

Queens Center (51%)

     03/01/13     7.00 %   103,863     —     103,863  

Scottsdale Fashion Square (50%)

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

FlatIron Crossing (25%)

     12/01/13     5.26 %   43,926     —     43,926  

Tysons Corner Center (50%)

     02/17/14     4.78 %   158,021     —     158,021  

Redmond Office (51%)

     05/15/14     7.52 %   30,278     —     30,278  

Biltmore Fashion Park (50%)

     10/01/14     8.25 %   29,682     —     29,682  

Lakewood Mall (51%)

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

Broadway Plaza (50%)

     08/15/15     6.12 %   72,552     —     72,552  

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 %   123,985     —     123,985  

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%)(k)

     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 %   22,256     —     22,256  

North Bridge, The Shops at (50%)

     06/15/16     7.52 %   100,799     —     100,799  

West Acres (19%)

     10/01/16     6.41 %   12,200     —     12,200  

Corte Madera, The Village at (50.1%)

     11/01/16     7.27 %   39,551     —     39,551  

Stonewood Mall (51%)

     11/01/17     4.67 %   57,828     —     57,828  

Wilshire Building (30%)

     01/01/33     6.35 %   1,760     —     1,760  
                         

Total Fixed Rate Debt for Unconsolidated Assets

           6.10 % $ 1,966,309   $ —   $ 1,966,309  
                         

Market at Estrella Falls (39.7%)(d)(l)

     06/01/11     2.38 % $ —   $ 13,480   $ 13,480  

Los Cerritos Center (51%)(m)

     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     5.08 %   —     58,650     58,650  

Boulevard Shops (50%)

     12/16/13     3.38 %   —     10,656     10,656  

Chandler Village Center (50%)(d)(n)

     03/01/14     1.39 %   —     8,643     8,643  

Inland Center (50%)

     04/01/16     3.56 %   —     25,000     25,000  
                         

Total Floating Rate Debt for Unconsolidated Assets

           2.48 % $ —   $ 240,929   $ 240,929  
                         

Total Debt for Unconsolidated Assets

           5.71 % $ 1,966,309   $ 240,929   $ 2,207,238  
                         

Total Debt

           5.57 % $ 4,819,725   $ 957,644   $ 5,777,369  
                         

Percentage to Total

                 83.42 %   16.58 %   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

Table of Contents

(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 $10.1 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)
This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.

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

(k)
On April 1, 2011, the joint venture conveyed the property to the lender by a deed in lieu of foreclosure. The mortgage on this property is non-recourse.

(l)
The joint venture has obtained a commitment to extend $33.54 million of the loan for four years at an interest rate of LIBOR plus 2.75%.

(m)
The joint venture has obtained a commitment for a $200 million refinancing of this loan for seven years at an interest rate of 4.46%.

(n)
On April 26, 2011, the joint venture closed a $17.5 million refinance of this loan. The loan matures March 1, 2014 with two one-year extension options at an interest rate of LIBOR plus 2.25%.

14

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 and excluding Valley View) based upon total rents in place as of December 31, 2010:

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 S.P.A.

   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