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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) May 4, 2010

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

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))

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ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

        The Company issued a press release on May 4, 2010 announcing results of operations for the Company for the quarter ended March 31, 2010 and such press release is furnished as Exhibit 99.1 hereto.

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

ITEM 7.01    REGULATION FD DISCLOSURE.

        On May 4, 2010, the Company made available on its website a financial supplement containing financial and operating information of the Company ("Supplemental Financial Information") for the three months ended March 31, 2010 and such Supplemental Financial Information is furnished as Exhibit 99.2 hereto.

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

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

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

(a), (b) and (c) Not applicable.

(d)

Exhibits.

        Exhibit Index attached hereto and incorporated herein by reference.

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SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, The Macerich Company has duly caused this report to be signed by the undersigned, hereunto duly authorized, in the City of Santa Monica, State of California, on May 4, 2010.

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EXHIBIT INDEX

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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

MACERICH ANNOUNCES QUARTERLY RESULTS

        Santa Monica, CA (5/04/10)—The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended March 31, 2010 which included total funds from operations ("FFO") diluted of $71.6 million or $.66 per share-diluted, compared to $1.16 per share-diluted for the quarter ended March 31, 2009. Net loss available to common stockholders for the quarter ended March 31, 2010 was $6.4 million or -$.08 per share-diluted compared to net income available to common stockholders of $14.0 million or $.18 per share-diluted for the quarter ended March 31, 2009. The Company's definition of FFO is in accordance with the definition provided by the National Association of Real Estate Investment Trusts ("NAREIT"). A reconciliation of net income 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:

•

During the quarter, same center net operating income increased by 1.8%.



•

Occupancy increased to 91.1% at March 31, 2010, up from 90.1% at March 31, 2009.



•

Mall total tenant sales increased 3.4% for the quarter compared to the quarter ended March 31, 2009.



•

In April, the Company issued 31 million shares of common stock raising net proceeds in excess of $1.2 billion.



•

The Company closed on property loans for over $280 million during the first four months of 2010.

        Commenting on results, Arthur Coppola chairman and chief executive officer of Macerich stated, "Over a year ago we embarked on a multi-faceted capital plan to raise liquidity and strengthen our balance sheet. With the completion of our recent equity issuance we have successfully executed our capital plan and we now have a very strong balance sheet and have positioned the Company to be opportunistic.

        In addition to the recent capital activity, we are pleased to report improving business fundamentals including increased occupancy, positive same center operating results, increasing tenant sales and very strong leasing volumes."

Redevelopment Update

        In 2010, Macerich announced new leases with 18 retailers for the new Santa Monica Place, including Barneys Co-op, Betsy Johnson and Tory Burch, as well as The Market at Santa Monica Place. The project is slated to open in August 2010. To date, executed deals with nearly 60 retailers and

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restaurants have been announced, including Bloomingdale's and Nordstrom. The project has tenant leases or commitments for over 92% of the project.

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

Financing Activity

        Transactions completed in 2010 include the recent closing of a $135 million, five year floating rate bank loan on Vintage Faire Mall. The new loan carries a LIBOR plus 3.00% interest rate and paid off the former loan of $62 million with a fixed interest rate of 7.9%.

        The Company has also closed on a $105 million, five year, 6.08% CMBS financing on South Plains Mall in Lubbuck, Texas. The loan proceeds repaid the former loan of $58 million with an interest rate of 9.5%.

        In addition, the Company has financing agreements in place for the refinancings of Panorama Mall and Wilton Mall. The combined financings total $88 million.

        Upon completion of the above transactions, the Company will have $155 million of remaining loan maturities for 2010.

        In April, the Company executed a one year extension option on its $1.5 billion credit facility and repaid the existing balance in its entirety.

Dividend

        On April 29^th, 2010, the Board of Directors of the Company declared a quarterly cash dividend of $.50 per share of common stock. The dividend is payable on June 8, 2010 to stockholders of record at the close of business on May 10, 2010. This represents the Company's return to a 100% cash dividend.

Earnings Guidance

        Management is providing revised guidance for both FFO per share-diluted and EPS for 2010. The revised guidance gives effect to the upsized public offering of 31 million shares of common stock from the initial offering of 18.5 million shares used in the previously issued guidance.

        The reconciliation from the prior 2010 FFO guidance and its reconciliation to EPS is reflected below:

        The revised guidance assumes that the use of proceeds is to reduce the Company's indebtedness and for general corporate purposes.

        The Company's 2010 earnings guidance is based upon its internal forecasting and planning process and on many assumptions including management's current view of market and economic conditions, including those specifically impacting the regional mall business. Due to the uncertainty in the timing and economics of dispositions and acquisitions of assets and joint venture interests, the guidance ranges do not include any potential impact from such future dispositions or acquisitions.

        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

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malls throughout the United States. The Company is the sole general partner and owns a 91% ownership interest in The Macerich Partnership, L.P. Macerich now owns approximately 74 million square feet of gross leaseable area consisting primarily of interests in 71 regional malls. Additional information about Macerich can be obtained from the Company's website at www.macerich.com.

Investor Conference Call

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

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

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

(See attached tables)
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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

(a)

The following dispositions impacted the results for the three months ended March 31, 2010 and 2009:

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

(b)

This represents the outside partners' allocation of net income in the Chandler Fashion Center/Freehold Raceway Mall joint venture.

(c)

The Macerich Partnership, L.P. (the "Operating Partnership" or the "OP") has operating partnership units ("OP units"). OP units can be converted into shares of Company common stock. Conversion of the OP units not owned by the Company has been assumed for purposes of calculating the FFO per share and the weighted average number of shares outstanding. The computation of average shares for FFO—diluted includes the effect of share and unit-based compensation plans and convertible senior notes using the treasury stock method. It also assumes conversion of MACWH, LP preferred and common units to the extent they are dilutive to the calculation.

(d)

The Company uses FFO in addition to net income to report its operating and financial results and considers FFO and FFO-diluted as supplemental measures for the real estate industry and a supplement to Generally Accepted Accounting Principles ("GAAP") measures. NAREIT defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from extraordinary items and sales of depreciated operating properties, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. FFO and FFO on a fully diluted basis are useful to investors in comparing operating and financial results between periods.This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. FFO on a fully diluted basis is one of the measures investors find most useful in measuring the dilutive impact of outstanding convertible securities. FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income as defined by GAAP and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO as presented, may not be comparable to similarly titled measures reported by other real estate investment trusts.

Gains or losses on sales of undepreciated assets and the impact of amortization of above/below market leases have been included in FFO. The inclusion of gains on sales of undepreciated assets increased FFO for the three months ended March 31, 2010 and 2009 by $0.0 million and $1.3 million, respectively, or by $0.00 per share and $0.01 per share, respectively. Additionally, amortization of above/below market leases increased FFO for the three months ended March 31, 2010 and 2009 by $2.9 million and $4.1 million, respectively, or by $0.03 per share and $0.05 per share, respectively.

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Pro rata share of unconsolidated joint ventures:

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

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of EPS to FFO per diluted share:

Reconciliation of Net (loss) income to EBITDA:

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

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

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Exhibit 99.1

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

Table of Contents

Exhibit 99.2

        

Supplemental Financial Information
For the three months ended March 31, 2010

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The Macerich Company

Supplemental Financial and Operating Information

Table of Contents

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

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

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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, 2010, the Operating Partnership owned or had an ownership interest in 71 regional malls and 14 community shopping centers aggregating approximately 74 million square feet of gross leasable area ("GLA"). These 85 regional malls and community shopping centers are referred to hereinafter as the "Centers", unless the context requires otherwise.

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

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

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

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Changes in Total Common and Equivalent Shares/Units

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

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

 

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures

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(a)

All joint venture amounts at pro rata.

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Sales Per Square Foot(a)

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(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 malls.

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy

 

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(a)

Only includes regional malls. Occupancy data excludes space under development and redevelopment.



(b)

Includes regional malls and community centers. Occupancy data excludes space under development and redevelopment.

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Rent

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy

 

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Summarized Balance Sheet Information

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)

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

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

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

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

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