SEC Filing | Macerich

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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 1, 2012

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 1, 2012 announcing results of operations for the Company for the quarter ended June 30, 2012 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 1, 2012, 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, 2012 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.

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
August 1, 2012 Date		/s/ THOMAS E. O'HERN Senior Executive Vice President, Chief Financial Officer and Treasurer

EXHIBIT INDEX

EXHIBIT NUMBER			NAME

	99.1		Press Release dated August 1, 2012
	99.2		Supplemental Financial Information for the three and six months ended June 30, 2012

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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

ITEM 7.01 REGULATION FD DISCLOSURE.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

SIGNATURES
EXHIBIT INDEX

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Exhibit 99.1

PRESS RELEASE


For:		THE MACERICH COMPANY
		MACERICH ANNOUNCES QUARTERLY RESULTS

Santa Monica, CA (8/1/12)—The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended June 30, 2012 which included funds from operations ("FFO") diluted of $226.2 million compared to $102.9 million for the quarter ended June 30 2011. Adjusted FFO ("AFFO") diluted was $106.2 million for the quarter ended June 30, 2012 compared to $105.3 million for the quarter ended June 30, 2011 and AFFO per share-diluted was $.74 for the quarter ended June 30, 2012 compared to $.74 for the quarter ended June 30, 2011. Net income available to common stockholders was $133.4 million for the quarter ended June 30, 2012 compared to net loss available to common stockholders for the quarter ended June 30, 2011 of $19.2 million. A description and reconciliation of FFO per share-diluted and AFFO per share-diluted to EPS-diluted is included in the financial tables accompanying this press release.

Recent Highlights:

•: Mall tenant annual sales per square foot increased 12% to $513 for the twelve months ended June 30, 2012 compared to $458 for the twelve months ended June 30, 2011.
•: The releasing spreads for the twelve months ended June 30, 2012 were up 16.3%.
•: Same center net operating income increased 2.9% compared to the quarter ended June 30, 2011.
•: Portfolio occupancy was at 92.7% at June 30, 2012 compared to 92.3% at June 30, 2011.
•: During the quarter, the Company continued to sell non-core assets including its interests in three urban villages and a shopping center. The Company's share of the gross sales proceeds from non-core asset sales during the quarter was approximately $121 million.

Commenting on the quarter, Arthur Coppola chairman and chief executive officer of Macerich stated, "We are pleased to announce another strong quarter. We continue to see our portfolio fundamentals improve with good tenant sales growth, positive releasing spreads and solid occupancy gains. In addition, we continued to execute on our plan to dispose of non-core assets."

Balance Sheet Activity:

In June, the Company closed on a seven year, fixed-rate $200 million financing on Chandler Fashion Center. The fixed interest rate is 3.77%. The prior loan amount of $153 million had an interest rate of 5.48%.

In May, the Company closed on a $220 million refinancing of The Oaks. The new loan has a fixed interest rate of 4.14% and has a 10 year term.

In April 2012, Valley View Center, which was in receivership, was disposed of and the Company recognized a gain on disposition of $104 million. In May 2012, Prescott Gateway was conveyed to the lender in a deed-in-lieu of foreclosure transaction and a gain on extinguishment of debt of $16 million was recorded. These gains are not included in AFFO.

Dispositions:

During the quarter, the Company continued its plan to sell non-core assets with the sale of three urban villages (Chandler Gateway, The Borgata and Hilton Village). In addition, the Company sold Carmel Plaza and a former Mervyn's site. Macerich's share of the gross proceeds was approximately $121 million.

2012 Earnings Guidance:

Management is reaffirming its previously issued 2012 AFFO per share-diluted guidance range of $3.06 to $3.14.

A reconciliation of EPS to FFO per share and AFFO per share-diluted follows:


Estimated EPS range:		$2.04 - $2.12
Less: Gain on asset sales		-.98 - -.98
Plus: Impairment on real estate		.39 - .39
Plus: Real estate depreciation and amortization		$2.43 - $2.43

Estimated range for FFO per share-diluted		$3.88 to $3.96
Less: Net FFO impact of Valley View and Prescott Gateway dispositions		-.82 - -.82

Estimated AFFO per share-diluted:		$3.06 to $3.14

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 64 million square feet of gross leaseable area consisting primarily of interests in 63 regional shopping centers. 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 1, 2012 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, 2011, 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
	2012			2011			2012			2011			2012			2011
Minimum rents	$	120,186		$	111,285		$	(2,296	)	$	(6,834	)	$	117,890		$	104,451
Percentage rents		2,872			3,139			(103	)		(278	)		2,769			2,861
Tenant recoveries		66,013			61,081			(1,308	)		(3,059	)		64,705			58,022
Management Companies' revenues		9,657			8,119			—			—			9,657			8,119
Other income		9,736			8,161			(212	)		(315	)		9,524			7,846

Total revenues		208,464			191,785			(3,919	)		(10,486	)		204,545			181,299

Shopping center and operating expenses		66,791			64,442			(1,721	)		(5,375	)		65,070			59,067
Management Companies' operating expenses		23,734			20,921			—			—			23,734			20,921
Income tax benefit		(3,075	)		(1,768	)		—			—			(3,075	)		(1,768	)
Depreciation and amortization		73,003			65,834			(1,516	)		(4,908	)		71,487			60,926
REIT general and administrative expenses		5,655			3,742			—			—			5,655			3,742
Interest expense		45,068			49,032			(1,771	)		(4,966	)		43,297			44,066
Gain (loss) on extinguishment of debt, net		120,356			(32	)		(120,356	)		—			—			(32	)
Gain (loss) on remeasurement, sale or write down of assets, net		9,512			(34,466	)		(10,371	)		35,753			(859	)		1,287
Co-venture interests(b)		(1,304	)		(1,202	)		—			—			(1,304	)		(1,202	)
Equity in income of unconsolidated joint ventures		18,691			25,207			—			—			18,691			25,207
Income (loss) from continuing operations		144,543			(20,911	)		(129,638	)		40,516			14,905			19,605
Discontinued operations:
Gain (loss) on sale, disposition or write-down of assets, net		—			—			130,727			(35,753	)		130,727			(35,753	)
Loss from discontinued operations		—			—			(1,089	)		(4,763	)		(1,089	)		(4,763	)
Total income (loss) from discontinued operations		—			—			129,638			(40,516	)		129,638			(40,516	)
Net income (loss)		144,543			(20,911	)		—			—			144,543			(20,911	)
Less net income (loss) attributable to noncontrolling interests		11,189			(1,695	)		—			—			11,189			(1,695	)

Net income (loss) available to common stockholders	$	133,354		$	(19,216	)	$	0		$	0		$	133,354		$	(19,216	)

Average number of shares outstanding—basic		132,768			131,691									132,768			131,691

Average shares outstanding, assuming full conversion of OP Units(c)		144,030			143,140									144,030			143,140

Average shares outstanding—Funds From Operations ("FFO")—diluted(c)		144,139			143,140									144,139			143,140

Per share income—diluted before discontinued operations		—			—								$	0.10		$	0.13

Net income (loss) per share—basic	$	1.00		$	(0.15	)							$	1.00		$	(0.15	)

Net income (loss) per share—diluted	$	1.00		$	(0.15	)							$	1.00		$	(0.15	)

Dividend declared per share	$	0.55		$	0.50								$	0.55		$	0.50

FFO—basic(c)(d)	$	226,212		$	102,893								$	226,212		$	102,893

FFO—diluted(c)(d)	$	226,212		$	102,893								$	226,212		$	102,893

FFO per share—basic(c)(d)	$	1.57		$	0.72								$	1.57		$	0.72

FFO per share—diluted(c)(d)	$	1.57		$	0.72								$	1.57		$	0.72

Adjusted FFO ("AFFO") per share—diluted(c)(d)	$	0.74		$	0.74								$	0.74		$	0.74

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
	2012			2011			2012			2011			2012			2011
Minimum rents	$	243,823		$	220,802		$	(6,407	)	$	(13,667	)	$	237,416		$	207,135
Percentage rents		6,864			6,090			(342	)		(490	)		6,522			5,600
Tenant recoveries		132,785			122,753			(3,385	)		(6,502	)		129,400			116,251
Management Companies' revenues		20,872			18,702			—			—			20,872			18,702
Other income		20,738			14,499			(463	)		(611	)		20,275			13,888

Total revenues		425,082			382,846			(10,597	)		(21,270	)		414,485			361,576

Shopping center and operating expenses		135,607			127,209			(5,036	)		(11,043	)		130,571			116,166
Management Companies' operating expenses		46,259			46,777			—			—			46,259			46,777
Income tax benefit		(1,225	)		(4,246	)		—			—			(1,225	)		(4,246	)
Depreciation and amortization		149,968			130,459			(4,640	)		(9,825	)		145,328			120,634
REIT general and administrative expenses		10,174			11,386			—			—			10,174			11,386
Interest expense		92,191			101,029			(6,370	)		(8,362	)		85,821			92,667
Gain (loss) on extinguishment of debt, net		120,012			(9,133	)		(120,012	)		—			—			(9,133	)
(Loss) gain on remeasurement, sale or write down of assets, net		(26,215	)		(34,903	)		44,853			37,991			18,638			3,088
Co-venture interests(b)		(2,395	)		(2,498	)		—			—			(2,395	)		(2,498	)
Equity in income of unconsolidated joint ventures		49,309			55,482			—			—			49,309			55,482
Income (loss) from continuing operations		132,819			(20,820	)		(69,710	)		45,951			63,109			25,131
Discontinued operations:
Gain (loss) on sale, disposition or write-down of assets, net		—			—			75,159			(37,991	)		75,159			(37,991	)
Loss from discontinued operations		—			—			(5,449	)		(7,960	)		(5,449	)		(7,960	)
Total income (loss) from discontinued operations		—			—			69,710			(45,951	)		69,710			(45,951	)
Net income (loss)		132,819			(20,820	)		—			—			132,819			(20,820	)
Less net income (loss) attributable to noncontrolling interests		13,533			(1,638	)		—			—			13,533			(1,638	)

Net income (loss) available to common stockholders	$	119,286		$	(19,182	)	$	0		$	0		$	119,286		$	(19,182	)

Average number of shares outstanding—basic		132,520			131,136									132,520			131,136

Average shares outstanding, assuming full conversion of OP Units(c)		143,741			142,810									143,741			142,810

Average shares outstanding—Funds From Operations ("FFO")—diluted(c)		143,832			142,810									143,832			142,810

Per share income—diluted before discontinued operations		—			—								$	0.42		$	0.17

Net income (loss) per share—basic	$	0.90		$	(0.15	)							$	0.90		$	(0.15	)

Net income (loss) per share—diluted	$	0.90		$	(0.15	)							$	0.90		$	(0.15	)

Dividend declared per share	$	1.10		$	1.00								$	1.10		$	1.00

FFO—basic(c)(d)	$	332,385		$	176,574								$	332,385		$	176,574

FFO—diluted(c)(d)	$	332,385		$	176,574								$	332,385		$	176,574

FFO per share—basic(c)(d)	$	2.31		$	1.24								$	2.31		$	1.24

FFO per share—diluted(c)(d)	$	2.31		$	1.24								$	2.31		$	1.24

Adjusted FFO ("AFFO") per share—diluted(c)(d)	$	1.50		$	1.26								$	1.50		$	1.26

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(a)

The Company has classified the results of operations on dispositions as discontinued operations for the three and six months ended June 30, 2012 and 2011.

(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 FFO per share and the weighted average number of shares outstanding. The computation of average shares for FFO—diluted includes the effect of share and unit-based compensation plans, stock warrants and convertible senior notes using the treasury stock method. It also assumes conversion of MACWH, LP preferred and common units to the extent they are dilutive to the calculation.

(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, impairment write-downs of real estate and write-downs of investments in an affiliate where the write-downs have been driven by a decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis.

Adjusted FFO ("AFFO") excludes the FFO impact of Shoppingtown Mall and Valley View Center for the three and six months ended June 30, 2012 and 2011. In December 2011, the Company conveyed Shoppingtown Mall to the lender by a deed-in-lieu of foreclosure. In July 2010, a court-appointed receiver assumed operational control of Valley View Center and responsibility for managing all aspects of the property. Valley View Center was sold by the receiver on April 23, 2012, and the related non-recourse mortgage loan obligation was fully extinguished on that date. On May 31, 2012, the Company conveyed Prescott Gateway to the lender by a deed-in-lieu of foreclosure and the debt was forgiven resulting in a gain on extinguishment of debt of $16.4 million. AFFO excludes the gain on extinguishment of debt on Prescott Gateway for the three and six months ended June 30, 2012.

FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that AFFO and AFFO on a diluted basis provide useful supplemental information regarding the Company's performance as they show a more meaningful and consistent comparison of the Company's operating performance and allow investors to more easily compare the Company's results without taking into account the non-cash credits and charges on properties controlled by either a receiver or loan servicer. FFO and AFFO on a diluted basis are measures investors find most useful in measuring the dilutive impact of outstanding convertible securities. FFO and AFFO do 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 are not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO and AFFO as presented, may not be comparable to similarly titled measures reported by other real estate investment trusts.

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

Pro rata share of unconsolidated joint ventures:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,

	Unaudited					Unaudited
	2012			2011		2012		2011
Revenues:
Minimum rents	$	66,980		$	75,205	$	136,465	$	150,106
Percentage rents		1,980			2,106		4,249		4,321
Tenant recoveries		33,498			37,153		66,835		73,505
Other		5,871			5,640		11,111		10,859

Total revenues		108,329			120,104		218,660		238,791

Expenses:
Shopping center and operating expenses		37,675			42,615		77,420		84,569
Interest expense		26,056			29,864		52,778		60,447
Depreciation and amortization		25,553			30,181		50,310		58,706

Total operating expenses		89,284			102,660		180,508		203,722

(Loss) gain on remeasurement, sale or write down of assets, net		(354	)		10		11,157		12,560
Gain on extinguishment of debt		—			7,753		—		7,753
Equity in income of joint ventures		—			—		—		100

Net income	$	18,691		$	25,207	$	49,309	$	55,482

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

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

	For the Three Months Ended June 30,						For the Six Months Ended June 30,

	Unaudited						Unaudited
	2012			2011			2012			2011
Net income (loss) available to common stockholders	$	133,354		$	(19,216	)	$	119,286		$	(19,182	)
Adjustments to reconcile net income (loss) to FFO—basic
Noncontrolling interests in OP		11,294			(1,710	)		10,106			(1,707	)
(Gain) loss on remeasurement, sale or write down of consolidated assets, net		(9,512	)		34,466			26,215			34,903
plus gain on undepreciated asset sales—consolidated assets		—			1,734			—			2,277
plus non-controlling interests share of (loss) gain on remeasurement, sale or write down of consolidated joint ventures, net		(17	)		(4	)		3,538			(4	)
Loss (gain) on remeasurement, sale or write down of assets from unconsolidated entities (pro rata), net		354			(10	)		(11,157	)		(12,560	)
plus gain on undepreciated asset sales—unconsolidated entities (pro rata share)		—			10			—			50
Depreciation and amortization on consolidated assets		73,003			65,834			149,968			130,459
Less depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures		(4,578	)		(4,492	)		(9,428	)		(8,986	)
Depreciation and amortization on joint ventures (pro rata)		25,553			30,181			50,310			58,706
Less: depreciation on personal property		(3,239	)		(3,900	)		(6,453	)		(7,382	)

Total FFO—basic		226,212			102,893			332,385			176,574
Additional adjustment to arrive at FFO—diluted:
Preferred units—dividends		—			—			—			—

Total FFO—diluted		226,212			102,893			332,385			176,574

Additional adjustments to arrive at AFFO—diluted(d):
Shoppingtown Mall		36			2			396			22
Valley View Center		(103,745	)		2,425			(101,116	)		3,216
Prescott Gateway		(16,350	)		—			(16,350	)		—

Total AFFO—diluted	$	106,153		$	105,320		$	215,315		$	179,812

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

Reconciliation of EPS to FFO and AFFO per diluted share:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,

	Unaudited						Unaudited
	2012			2011			2012			2011
Earnings per share—diluted	$	1.00		$	(0.15	)	$	0.90		$	(0.15	)
Per share impact of depreciation and amortization of real estate		0.63			0.61			1.28			1.21
Per share impact of (gain) loss on remeasurement, sale or write down of assets		(0.06	)		0.26			0.13			0.18

FFO per share—diluted	$	1.57		$	0.72		$	2.31		$	1.24

Per share impact—Shoppingtown Mall, Valley View Center and Prescott Gateway		(0.83	)		0.02			(0.81	)		0.02

AFFO per share—diluted	$	0.74		$	0.74		$	1.50		$	1.26

Reconciliation of Net income (loss) to EBITDA:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,

	Unaudited						Unaudited
	2012			2011			2012			2011
Net income (loss) available to common stockholders	$	133,354		($	19,216	)	$	119,286		($	19,182	)
Interest expense—consolidated assets		45,068			49,032			92,191			101,029
Interest expense—unconsolidated entities (pro rata)		26,056			29,864			52,778			60,447
Depreciation and amortization—consolidated assets		73,003			65,834			149,968			130,459
Depreciation and amortization—unconsolidated entities (pro rata)		25,553			30,181			50,310			58,706
Noncontrolling interests in OP		11,294			(1,710	)		10,106			(1,707	)
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures		(7,503	)		(7,465	)		(15,279	)		(14,944	)
(Gain) loss on extinguishment of debt—consolidated entities		(120,356	)		32			(120,012	)		9,133
Gain on extinguishment of debt—unconsolidated entities (pro rata)		—			(7,753	)		—			(7,753	)
(Gain) loss on remeasurement, sale or write down of assets—consolidated assets, net		(9,512	)		34,466			26,215			34,903
Loss (gain) on remeasurement, sale or write down of assets—unconsolidated entities (pro rata), net		354			(10	)		(11,157	)		(12,560	)
Add: Non-controlling interests share of (loss) gain on sale of consolidated assets, net		(17	)		(4	)		3,538			(4	)
Income tax benefit		(3,075	)		(1,768	)		(1,225	)		(4,246	)
Distributions on preferred units		208			207			416			416

EBITDA(e)	$	174,427		$	171,690		$	357,135		$	334,697

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 June 30,						For the Six Months Ended June 30,

	Unaudited						Unaudited
	2012			2011			2012			2011
EBITDA(e)	$	174,427		$	171,690		$	357,135		$	334,697
Add: REIT general and administrative expenses		5,655			3,742			10,174			11,386
Management Companies' revenues		(9,657	)		(8,119	)		(20,872	)		(18,702	)
Management Companies' operating expenses		23,734			20,921			46,259			46,777
Lease termination income, straight-line and above/below market adjustments to minimum rents of comparable centers		(3,207	)		(5,206	)		(7,498	)		(8,454	)
EBITDA of non-comparable centers		(29,543	)		(26,142	)		(62,136	)		(52,532	)

Same Centers—NOI(f)	$	161,409		$	156,886		$	323,062		$	313,172

(e): EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests, extraordinary items, gain (loss) on remeasurement, sale 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, straight-line and above/below market adjustments to minimum rents.

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Exhibit 99.1

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

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Exhibit 99.2

Supplemental Financial Information
For the three and six months ended June 30, 2012

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
Average base rent per square foot		8
Cost of occupancy		9
Balance Sheet Information		10-13
Consolidated Balance Sheets of the Company as of June 30, 2012 and December 31, 2011 (unaudited)		10
Debt summary		11
Outstanding debt by maturity date		12
Top Ten Tenants		14

This Supplemental Financial Information should be read in connection with the Company's second quarter 2012 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date August 1, 2012) as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Financial Information.

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, 2012, the Operating Partnership owned or had an ownership interest in 63 regional shopping centers and seven community shopping centers aggregating approximately 64 million square feet of gross leasable area ("GLA"). These 70 centers are referred to hereinafter as the "Centers", unless the context requires otherwise.

On December 31, 2011, the Company and its joint venture partner reached an agreement for the distribution and conveyance of interests in SDG Macerich Properties, L.P., a Delaware limited partnership ("SDG Macerich") that owned 11 regional malls in a 50/50 partnership. Six of the eleven assets were distributed to the Company on December 31, 2011. The Company received 100% ownership of Eastland Mall in Evansville, Indiana, Lake Square Mall in Leesburg, Florida, NorthPark Mall in Davenport, Iowa, SouthPark Mall in Moline, Illinois, Southridge Mall in Des Moines, Iowa, and Valley Mall in Harrisonburg, Virginia (collectively referred to herein as the "SDG Acquisition Properties").

On May 31, 2012, the Company conveyed Prescott Gateway to the mortgage note lender by a deed-in-lieu of foreclosure. The mortgage loan was non-recourse.

On July 15, 2010, a court-appointed receiver assumed operational control of Valley View Center and responsibility for managing all aspects of the property. Valley View Center was sold by the receiver on April 23, 2012, and the related non-recourse mortgage loan obligation was fully extinguished on that date. Valley View Center has been excluded from certain Non-GAAP operating measures in 2010, 2011 and 2012 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.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

	Period Ended


	6/30/2012			12/31/2011			12/31/2010
	dollars in thousands, except per share data
Closing common stock price per share	$	59.05		$	50.60		$	47.37
52 week high	$	62.83		$	56.50		$	49.86
52 week low	$	38.64		$	38.64		$	29.30
Shares outstanding at end of period
Class A non-participating convertible preferred units		184,304			208,640			208,640
Common shares and partnership units		144,054,168			143,178,521			142,048,985

Total common and equivalent shares/units outstanding		144,238,472			143,387,161			142,257,625

Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	5,679,925		$	5,903,805		$	5,854,780
Equity market capitalization		8,517,282			7,255,390			6,738,744

Total market capitalization	$	14,197,207		$	13,159,195		$	12,593,524

Leverage ratio(a)		40.0	%		44.9	%		46.5	%

(a): Debt as a percentage of market capitalization.

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			Total Common and Equivalent Shares/ Units
Balance as of December 31, 2011		11,025,077			132,153,444		208,640			143,387,161

Conversion of partnership units to cash		(195	)		—		—			(195	)
Conversion of partnership units to common shares		(23,351	)		23,351		—			—
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans		285,000			549,562		—			834,562

Balance as of March 31, 2012		11,286,531			132,726,357		208,640			144,221,528

Conversion of partnership units to cash		(82	)		—		—			(82	)
Conversion of partnership units to common shares		(516,025	)		540,791		(24,336	)		430
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans		—			16,596		—			16,596

Balance as of June 30, 2012		10,770,424			133,283,744		184,304			144,238,472

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

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



	As of June 30,
	2012		2011
	dollars in millions
Straight line rent receivable	$	70.2	$	73.1



	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2012		2011			2012			2011
	dollars in millions
Lease termination fees	$	1.2	$	2.5		$	4.1		$	4.6
Straight line rental income	$	2.1	$	2.0		$	3.2		$	1.7
Gain on sales of undepreciated assets	$	—	$	1.7		$	—		$	2.3
Amortization of acquired above- and below-market leases	$	2.1	$	2.7		$	5.6		$	5.6
Amortization of debt (discounts)/premiums	$	0.4	$	(2.1	)	$	(0.7	)	$	(4.2	)
Interest capitalized	$	3.6	$	4.5		$	7.5		$	8.9

(a): All joint venture amounts included at pro rata.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures



		For the Six Months Ended 6/30/12		For the Six Months Ended 6/30/11		Year Ended 12/31/11		Year Ended 12/31/10
		dollars in millions
Consolidated Centers(a)
Acquisitions of property and equipment		$	76.9	$	70.1	$	314.6	$	12.9
Development, redevelopment, expansions and renovations of Centers			53.0		52.5		88.8		214.8
Tenant allowances			8.5		8.8		19.4		22.0
Deferred leasing charges			13.6		16.9		29.3		24.5

	Total	$	152.0	$	148.3	$	452.1	$	274.2

Unconsolidated Joint Venture Centers(a)
Acquisitions of property and equipment		$	1.7	$	137.3	$	143.4	$	6.1
Development, redevelopment, expansions and renovations of Centers			46.5		16.4		37.7		42.3
Tenant allowances			2.5		2.7		8.4		8.1
Deferred leasing charges			2.6		2.9		4.9		4.7

	Total	$	53.3	$	159.3	$	194.4	$	61.2

(a): All joint venture amounts at pro rata.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Sales Per Square Foot(a)



	Consolidated Centers		Unconsolidated Joint Venture Centers		Total Centers
06/30/12(b)(c)	$	436	$	623	$	513
06/30/11(b)(c)	$	406	$	506	$	458
12/31/2011(b)(c)	$	417	$	597	$	489
12/31/2010(b)(c)(d)	$	392	$	468	$	433

(a): Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants which have occupied such stores for a minimum of 12 months. Sales per square foot are based on tenants 10,000 square feet and under for regional shopping centers. Sales per square foot exclude Centers under development and redevelopment.
(b): The SDG Acquisition Properties are included in Consolidated Centers at June 30, 2012 and December 31, 2011. These Centers are included in Unconsolidated Joint Venture Centers at June 30, 2011 and December 31, 2010.
(c): The sales per square foot for all periods above exclude Valley View Center.
(d): The sales per square foot for Year 2010 exclude Santa Monica Place which opened in August 2010.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy(a)



All Centers: Period Ended	Consolidated Centers(b)(c)		Unconsolidated Joint Venture Centers(b)		Total
06/30/2012		92.7%		92.9%		92.7%
06/30/2011		93.0%		91.8%		92.3%
12/31/2011		92.8%		92.3%		92.6%
12/31/2010		93.5%		92.3%		92.9%

(a): Occupancy is the percentage of Mall and Freestanding GLA leased as of the last day of the reporting period. Occupancy excludes Centers under development and redevelopment.
(b): The SDG Acquisition Properties are included in Consolidated Centers at June 30, 2012 and December 31, 2011. These Centers are included in Unconsolidated Joint Venture Centers at June 30, 2011 and December 31, 2010.
(c): Occupancy of Valley View Center is excluded for all periods above.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Average Base Rent Per Square Foot(a)



		Average Base Rent PSF(b)		Average Base Rent PSF on Leases Executed during the trailing twelve months ended(c)		Average Base Rent PSF on Leases Expiring(d)
Consolidated Centers
	06/30/12(e)(f)	$	39.23	$	42.23	$	36.38
	06/30/11(e)(f)	$	39.26	$	37.05	$	36.36
	12/31/2011(e)(f)	$	38.80	$	38.35	$	35.84
	12/31/2010(e)(f)	$	37.93	$	34.99	$	37.02
Unconsolidated Joint Venture Centers
	06/30/12(e)	$	55.11	$	53.95	$	46.12
	06/30/11(e)	$	47.61	$	49.94	$	38.68
	12/31/2011(e)	$	53.72	$	50.00	$	38.98
	12/31/2010(e)	$	46.16	$	48.90	$	38.39

(a): Average base rent per square foot is based on spaces 10,000 square feet and under. Centers under development and redevelopment are excluded.
(b): Average base rent per square foot gives effect to the terms of each lease in effect, as of the applicable date, including any concessions, abatements and other adjustments or allowances that have been granted to the tenants.
(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.
(d): The average base rent per square foot on leases expiring during the period represents the final year minimum rent on a cash basis.
(e): The SDG Acquisition Properties are included in Consolidated Centers at June 30, 2012 and December 31, 2011. These Centers are included in Unconsolidated Joint Venture Centers at June 30, 2011 and December 31, 2010.
(f): The leases for Valley View Center are excluded for all periods above.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy



			For Years Ended December 31,
			2011(a)(b)			2010(b)
Consolidated Centers
	Minimum rents			8.2	%		8.6	%
	Percentage rents			0.5	%		0.4	%
	Expense recoveries(c)			4.1	%		4.4	%

		Total		12.8	%		13.4	%



			For Years Ended December 31,
			2011			2010(a)
Unconsolidated Joint Venture Centers
	Minimum rents			9.1	%		9.1	%
	Percentage rents			0.4	%		0.4	%
	Expense recoveries(c)			3.9	%		4.0	%

		Total		13.4	%		13.5	%

(a): The SDG Acquisition Properties are included as Consolidated Centers for the year ended December 31, 2011. These Centers are included with Unconsolidated Joint Venture Centers for the year ended December 31, 2010.
(b): The cost of occupancy excludes Valley View Center in all periods above.
(c): Represents real estate tax and common area maintenance charges.

The Macerich Company

Supplemental Financial and Operating Information

Consolidated Balance Sheets (unaudited)

(Dollars in thousands, except share data)

				June 30, 2012			December 31, 2011

ASSETS:
Property, net(a)				$	5,945,007		$	6,079,043
Cash and cash equivalents(b)					89,797			67,248
Restricted cash					58,869			68,628
Marketable securities					24,257			24,833
Tenant and other receivables, net					98,198			109,092
Deferred charges and other assets, net					387,118			483,763
Loans to unconsolidated joint ventures					3,403			3,995
Due from affiliates					3,572			3,387
Investments in unconsolidated joint ventures					1,120,832			1,098,560

			Total assets	$	7,731,053		$	7,938,549

LIABILITIES AND EQUITY:
Mortgage notes payable:
	Related parties			$	277,117		$	279,430
	Others				3,025,203			3,049,008

			Total		3,302,320			3,328,438
Bank and other notes payable					764,444			877,636
Accounts payable and accrued expenses					57,619			72,870
Other accrued liabilities					270,103			299,098
Distributions in excess of investments in unconsolidated joint ventures					79,213			70,685
Co-venture obligation					119,576			125,171

			Total liabilities		4,593,275			4,773,898

Commitments and contingencies
Equity:
	Stockholders' equity:
		Common stock, $0.01 par value, 250,000,000 shares authorized, 133,283,744 and 132,153,444 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively			1,333			1,321
		Additional paid-in capital			3,500,217			3,490,647
		Accumulated deficit			(705,292	)		(678,631	)

			Total stockholders' equity		2,796,258			2,813,337

	Noncontrolling interests				341,520			351,314

			Total equity		3,137,778			3,164,651

			Total liabilities and equity	$	7,731,053		$	7,938,549

(a): Includes consolidated construction in process of $347,882 at June 30, 2012 and $209,732 at December 31, 2011. Does not include pro rata share of unconsolidated joint venture construction in process of $62,495 at June 30, 2012 and $61,407 at December 31, 2011.
(b): Does not include pro rata share of unconsolidated joint venture cash of $53,108 at June 30, 2012 and $61,728 at December 31, 2011.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)



		As of June 30, 2012
		Fixed Rate			Floating Rate			Total
		dollars in thousands
Consolidated debt		$	2,200,112		$	1,593,109		$	3,793,221
Unconsolidated debt			1,708,324			178,380			1,886,704

	Total debt	$	3,908,436		$	1,771,489		$	5,679,925
Weighted average interest rate			5.53	%		3.06	%		4.76	%
Weighted average maturity (years)									3.92

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date



	As of June 30, 2012
Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate(a)			Fixed		Floating		Total Debt Balance(a)
I. Consolidated Assets:
Towne Mall		11/01/12		4.99	%	$	12,519	$	—	$	12,519
Deptford Mall		01/15/13		5.41	%		172,500		—		172,500
Greeley—Defeasance		09/01/13		6.34	%		24,444		—		24,444
Great Northern Mall		12/01/13		5.19	%		36,831		—		36,831
Fiesta Mall		01/01/15		4.98	%		84,000		—		84,000
South Plains Mall		04/11/15		6.56	%		102,058		—		102,058
Fresno Fashion Fair		08/01/15		6.76	%		162,354		—		162,354
Flagstaff Mall		11/01/15		5.03	%		37,000		—		37,000
South Towne Center		11/05/15		6.39	%		85,896		—		85,896
Valley River Center		02/01/16		5.59	%		120,000		—		120,000
Salisbury, Center at		05/01/16		5.83	%		115,000		—		115,000
Eastland Mall		06/01/16		5.79	%		168,000		—		168,000
Valley Mall		06/01/16		5.85	%		43,238		—		43,238
Deptford Mall		06/01/16		6.46	%		14,917		—		14,917
Freehold Raceway Mall(b)		01/01/18		4.20	%		116,683		—		116,683
Chandler Fashion Center(b)		07/01/19		3.77	%		100,200		—		100,200
Danbury Fair Mall		10/01/20		5.53	%		242,239		—		242,239
Fashion Outlets of Niagara		10/06/20		4.89	%		127,816		—		127,816
Tucson La Encantada		03/01/22		4.23	%		74,821		—		74,821
Pacific View		04/01/22		4.08	%		139,596		—		139,596
Oaks, The		06/05/22		4.14	%		220,000		—		220,000

Total Fixed Rate Debt for Consolidated Assets				5.25	%	$	2,200,112	$	—	$	2,200,112

Victor Valley, Mall of		05/06/13		2.08	%	$	—	$	93,700	$	93,700
Westside Pavilion		06/05/13		2.53	%		—		175,000		175,000
SanTan Village Regional Center(c)		06/13/13		2.64	%		—		117,263		117,263
Wilton Mall		08/01/13		1.24	%		—		40,000		40,000
Promenade at Casa Grande(d)		12/30/13		5.21	%		—		38,646		38,646
Paradise Valley Mall(e)		08/31/14		6.30	%		—		82,500		82,500
Vintage Faire Mall		04/27/15		3.53	%		—		135,000		135,000
Twenty Ninth Street		01/18/16		3.07	%		—		107,000		107,000
The Macerich Partnership L.P.—Line of Credit(e)		05/02/16		2.78	%		—		615,000		615,000
Northgate Mall(e)		03/01/17		3.12	%		—		64,000		64,000
The Macerich Partnership L.P.—Term Loan		12/08/18		2.59	%		—		125,000		125,000

Total Floating Rate Debt for Consolidated Assets				2.99	%	$	—	$	1,593,109	$	1,593,109

Total Debt for Consolidated Assets				4.30	%	$	2,200,112	$	1,593,109	$	3,793,221

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



	As of June 30, 2012
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):
NorthPark Center (50%)		08/10/12		6.70	%	$	125,436		$	—		$	125,436
NorthPark Land (50%)		08/10/12		8.33	%		37,471			—			37,471
Kierland Greenway (50%)		01/01/13		6.02	%		28,324			—			28,324
Kierland Main Street (50%)		01/02/13		4.99	%		7,225			—			7,225
Queens Center (51%)		03/01/13		7.30	%		163,792			—			163,792
Scottsdale Fashion Square (50%)		07/08/13		5.66	%		275,000			—			275,000
FlatIron Crossing (25%)		12/01/13		5.26	%		42,626			—			42,626
Tysons Corner Center (50%)		02/17/14		4.78	%		153,654			—			153,654
Redmond Office (51%)		05/15/14		7.52	%		29,251			—			29,251
Biltmore Fashion Park (50%)		10/01/14		8.25	%		29,387			—			29,387
Lakewood Center (51%)		06/01/15		5.43	%		127,500			—			127,500
Broadway Plaza (50%)		08/15/15		6.12	%		71,222			—			71,222
Camelback Colonnade (75%)		10/12/15		4.82	%		35,250			—			35,250
Washington Square (51%)		01/01/16		6.04	%		121,740			—			121,740
North Bridge, The Shops at (50%)		06/15/16		7.52	%		99,440			—			99,440
West Acres (19%)		10/01/16		6.41	%		11,828			—			11,828
Corte Madera, The Village at (50.1%)		11/01/16		7.27	%		39,008			—			39,008
Stonewood Center (51%)		11/01/17		4.67	%		56,213			—			56,213
Los Cerritos Center (51%)		07/01/18		4.50	%		100,624			—			100,624
Arrowhead Towne Center (66.7%)		10/05/18		4.30	%		151,622			—			151,622
Wilshire Building (30%)		01/01/33		6.35	%		1,711			—			1,711

Total Fixed Rate Debt for Unconsolidated Assets				5.88	%	$	1,708,324		$	—		$	1,708,324

Pacific Premier Retail Trust (51%)(e)		11/03/13		5.01	%	$	—		$	58,650		$	58,650
Boulevard Shops (50%)		12/16/13		3.30	%		—			10,425			10,425
Market at Estrella Falls (39.7%)		06/01/15		3.21	%		—			13,305			13,305
Inland Center (50%)		04/01/16		3.49	%		—			25,000			25,000
Superstition Springs Center (66.7%)		10/28/16		2.85	%		—			45,000			45,000
Ridgmar (50%)		04/11/17		2.99	%		—			26,000			26,000

Total Floating Rate Debt for Unconsolidated Assets				3.72	%	$	—		$	178,380		$	178,380

Total Debt for Unconsolidated Assets				5.68	%	$	1,708,324		$	178,380		$	1,886,704

Total Debt				4.76	%	$	3,908,436		$	1,771,489		$	5,679,925

Percentage to Total							68.81	%		31.19	%		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 property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.1%.
(c): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.
(d): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 51.3%.
(e): The maturity date assumes that all such extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates.

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

The following retailers (including their subsidiaries) represent the 10 largest rent payers of the Centers (excluding Valley View Center) based upon total rents in place as of December 31, 2011:

Tenant	Primary DBA

Limited Brands, Inc.	Victoria's Secret, Bath and Body Works, Victoria's Secret Beauty, PINK	118	2.4	%
Gap Inc., The	The Gap, Old Navy, Banana Republic, Gap Kids, Gap Body, Baby Gap, The Gap Outlet	80	2.3	%
Forever 21, Inc.	Forever 21, XXI Forever	40	1.9	%
Golden Gate Capital	Express, Eddie Bauer, J. Jill, California Pizza Kitchen	78	1.9	%
Foot Locker, Inc.	Champs Sports, Foot Locker, Foot Action USA, CCS, Lady Foot Locker, Kids Foot Locker	115	1.7	%
Abercrombie & Fitch Co.	Abercrombie & Fitch, Hollister, Abercrombie	64	1.4	%
Luxottica Group S.P.A.	Sunglass Hut, LensCrafters, Oakley, Optical Shop of Aspen, Pearle Vision Center, Ilori, Sunglass Hut / Watch Station	133	1.3	%
American Eagle Outfitters, Inc.	American Eagle, Aerie, 77Kids	53	1.2	%
Nordstrom, Inc.	Nordstrom, Last Chance, Nordstrom Rack, Nordstrom Spa	21	1.1	%
AT&T Mobility LLC(2)	AT&T, Cingular Wireless, AT&T Experience Store	30	1.1	%

(1): Total rents include minimum rents and percentage rents.
(2): Includes AT&T Mobility office headquarters located at Redmond Town Center.

QuickLinks

Exhibit 99.2