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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported) February 11, 2009

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

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))

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ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

        The Company issued a press release on February 11, 2009 announcing results of operations for the Company for the quarter and year ended December 31, 2008 and such press release is furnished as Exhibit 99.1 hereto.

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

ITEM 7.01    REGULATION FD DISCLOSURE.

        On February 11, 2009, the Company made available on its website a financial supplement containing financial and operating information of the Company ("Supplemental Financial Information") for the three and twelve months ended December 31, 2008 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 February 11, 2009.

		THE MACERICH COMPANY
		By:    THOMAS E. O'HERN
		/s/ THOMAS E. O'HERN Senior Executive Vice President, Chief Financial Officer and Treasurer

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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 19% INCREASE IN 2008 FFO PER SHARE

Santa Monica, CA (2/11/09)—The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended December 31, 2008 which included total funds from operations ("FFO") diluted of $184.3 million or $2.08 per share-diluted, compared to $1.45 per share-diluted for the quarter ended December 31, 2007. For the year ended December 31, 2008, FFO-diluted was $486.4 million, or $5.50 per share-diluted compared to $407.9 million or $4.62 per share-diluted for the year ended December 31, 2007. Net income available to common stockholders for the quarter ended December 31, 2008 was $63.2 million or $.83 per share-diluted compared to $39.9 million or $.55 per share-diluted for the quarter ended December 31, 2007. For the year ended December 31, 2008, net income available to common stockholders was $183.3 million or $2.47 per share-diluted compared to $73.7 million or $1.02 per share-diluted for the year ended December 31, 2007. The Company's definition of FFO is in accordance with the definition provided by the National Association of Real Estate Investment Trusts ("NAREIT"). A reconciliation of net income to FFO and net income per common share-diluted ("EPS") to FFO per share-diluted is included in the financial tables accompanying this press release.

Results included:

•

During the quarter, Macerich signed 231,000 square feet of specialty store leases with average initial rents of $44.40 per square foot. Starting base rent on new lease signings was 23% higher than the expiring base rent.



•

Mall tenant sales per square foot decreased to $441 for the year ended December 31, 2008 compared to $467 for 2007.



•

Mall occupancy at December 31, 2008 was 92.3% compared to 93.1% at December 31, 2007.



•

FFO per share-diluted for the year ended December 31, 2008 was $5.50, up 19% compared to $4.62 for 2007.

Commenting on results, Arthur Coppola chairman and chief executive officer of Macerich stated, "In light of the very difficult economy we are in, we are pleased with our results for the quarter and the year. Releasing spreads remain strong, and occupancy levels, although down, remain at very healthy levels. We continue to access capital in this tough credit market and we continue to make good progress in bolstering our balance sheet."

Redevelopment Activity

Construction continues on Santa Monica Place, a regional shopping center under development in Santa Monica, California. In September, the Company announced that Bloomingdale's will join Nordstrom.

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Bloomingdale's will open the first of the store's SoHo concept outside of Manhattan. In addition, the Company has announced deals with 11 retailers and restaurants slated to join the new Santa Monica Place—Ed Hardy, Arthur, R.O.C. Republic of Couture, Ilori, Love Culture, Michael Brandon, Shuz, restaurants La Sandia, Zengo and Pizza Antica, and gallery Artevo. These 11 strong brands join previously announced restaurants XINO and Osumo Sushi and fashion retailers Kitson LA, BCBG Max Azria, Coach, Lacoste, Joe's Jeans and True Religion, all of which are slated to open mid 2010 alongside Bloomingdale's SoHo concept and Nordstrom.

At Scottsdale Fashion Square, construction on an approximately 160,000-square-foot expansion continues on schedule toward a fall 2009 opening. The expansion will be anchored by a 60,000-square-foot Barneys New York. In addition, recently signed fashion retailers Ed Hardy, French luxury homewear retailer Arthur and Forever 21 will join previously announced True Religion and restaurants Marcella's and Modern Steak, in the new wing. Recent additions to the center's interior merchandise mix include Cartier and Bvlgari.

Also during the quarter, the Company wrote off $8.7 million of development costs on development projects it has determined it will not pursue. In addition, during the quarter, there was an $18.8 million impairment charge to reduce the carrying value of land held for development.

Financing Activity

In December, 2008, the Company closed on a $250 million refinancing of Washington Square Mall in Portland, Oregon. This seven year fixed rate loan has an interest rate of 6.00%. The former loan of $126 million was scheduled to mature in February, 2009.

During 2008 the Company completed 13 financing transactions with its pro-rata share of the loan proceeds being nearly $1.3 billion.

Loan transactions completed or underway for 2009 include the recent closing of a $130 million, four year fixed rate loan on a portion of Queens Center. The new loan carries a 7.5% interest rate and paid off the former loan of $89 million.

In addition, the Company has obtained a commitment for a $62 million, five year 7.5% fixed rate financing of the Redmond Town Center office buildings. After the closing of the Redmond transaction, the Company has $406 million of 2009 debt maturities remaining.

During the fourth quarter the Company opportunistically retired $222 million of convertible debentures at an average 45% discount to the face amount. That early retirement of debt resulted in a $95 million gain on early extinguishment of debt.

Earnings Guidance

Management is providing guidance for both FFO per share-diluted and EPS for 2009. The FFO guidance of $4.50 to $4.75 per share includes an assumption of same center net operating income growth ("NOI") of .50% to 1.00%, and a reduction of rental income and expense recoveries of $.25 per share for the Mervyns store closures.

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The following table provides the reconciliation of the range of estimated EPS to estimated FFO per diluted-share.

The Company's 2009 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 dispositions or acquisitions.

The Macerich Company 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. The Company is the sole general partner and owns an 87% ownership interest in The Macerich Partnership, L.P. Macerich now owns approximately 77 million square feet of gross leaseable area consisting primarily of interests in 72 regional malls. Additional information about The Macerich Company can be obtained from the Company's web site at www.macerich.com.

Investor Conference Call

The Company will provide an online Web simulcast and rebroadcast of its quarterly earnings conference call. The call will be available on The Macerich Company's website at www.macerich.com (Investing section) and through CCBN at www.earnings.com. The call begins today, February 11 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

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Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K/A for the year ended December 31, 2007 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 PER SHARE AMOUNTS)

Results of Operations:

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

(a)

On February 25, 1998, the Company sold $100 million of convertible preferred stock representing 3.627 million shares. The convertible preferred shares were convertible on a 1 for 1 basis for common stock. The preferred shares were not assumed converted for purposes of net income per share—diluted for the three and twelve months ended December 31, 2008 and for all periods presented for 2007 as they would be antidilutive to the calculation. The weighted average preferred shares are assumed converted for purposes of FFO per share—diluted as they are dilutive to those calculations for all periods presented.

On October 18, 2007, 560,000 shares of convertible preferred stock were converted to common shares. Additionally, on May 6, 2008, May 8, 2008 and September 18, 2008, 684,000, 1,338,860 and 1,044,271 shares of convertible preferred stock were converted to common shares, respectively. As of December 31, 2008, there was no convertible preferred stock outstanding.

(b)

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. FFO as presented may not be comparable to similarly titled measures reported by other real estate investment trusts.

Effective January 1, 2003, gains or losses on sales of undepreciated assets and the impact of SFAS 141 have been included in FFO. The inclusion of gains on sales of undepreciated assets increased FFO for the three and twelve months ended December 31, 2008 and 2007 by $0.3 million, $3.8 million, $10.0 million and $10.8 million, respectively, or by $0.00 per share, $0.04 per share, $0.11 per share and $0.12 per share, respectively. Additionally, SFAS 141 increased FFO for the three and twelve months ended December 31, 2008 and 2007 by $14.2 million and $27.4 million, $3.5 million and $15.1 million, respectively, or by $0.16 per share, $0.31 per share, $0.04 per share and $0.17 per share, respectively.

(c)

This includes, using the equity method of accounting, the Company's prorata share of the equity in income or loss of its unconsolidated joint ventures for all periods presented.

(d)

The Macerich Partnership, LP (the "Operating Partnership" or the "OP") has operating partnership units ("OP units"). Each OP unit can be converted into a share 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. For the three and twelve months ended December 31, 2008 and for the three months ended December 31, 2007, the MACWH, LP preferred units outstanding were dilutive to FFO.

(e)

In October 2001, the FASB issued SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS 144"). SFAS 144 addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The Company adopted SFAS 144 on January 1, 2002.

On April 25, 2005, in connection with the acquisition of Wilmorite Holdings, L.P. and its affiliates, the Company issued as part of the consideration participating and non-participating convertible preferred units in MACWH, LP. The participating units are not assumed converted for purposes of net income per share and FFO—diluted per share for all periods presented as they would be antidilutive to the calculation. On January 1, 2008, a subsidiary of the Company, at the election of the holders, redeemed approximately 3.4 million participating convertible preferred units in exchange for the distribution of the interests in the entity which held that portion of the Wilmorite portfolio that consisted of Eastview Commons, Eastview Mall, Greece Ridge Center, Marketplace Mall and Pittsford Plaza ("Rochester Properties"). This exchange is referred to as the "Rochester Redemption." As a result of the Rochester Redemption , the Company has classified the

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

results of operations from the Rochester Properties to discontinued operations and recorded a gain of $99.3 million for the period ended March 31, 2008.

On December 19, 2008, the Company sold the fee simple and/or ground leasehold interests in three freestanding Mervyn's buildings to the Pacific Premier Retail Trust joint venture for $43.4 million. As a result of the sale, the Company has classified the results of operations to discontinued operations for all periods presented and recorded a gain of $1.5 million for the period ended December 31, 2008.

Pro rata share of joint ventures:

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

Reconciliation of Net Income to FFO(b):

Reconciliation of EPS to FFO per diluted share:

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

Reconciliation of Net Income to EBITDA:

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

(f)

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

(g)

The Company presents same-center NOI because the Company believes it is useful for investors to evaluate the operating performance of comparable centers. Same-center NOI is calculated using total EBITDA and subtracting out EBITDA from non-comparable centers and eliminating the management companies and the Company's general and administrative expenses. Same center NOI excludes the impact of straight-line and SFAS 141 adjustments to minimum rents.

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Exhibit 99.1

MACERICH ANNOUNCES 19% INCREASE IN 2008 FFO PER SHARE
THE MACERICH COMPANY FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THE MACERICH COMPANY FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

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Exhibit 99.2

        

Supplemental Financial Information
For the three and twelve months ended December 31, 2008

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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.

		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		10-13
Summarized balance sheet information		10
Debt summary		11
Outstanding debt by maturity date		12-13
Financing Activity		14-15
2009 Summary of financing activity		14
2010 Summary of financing activity		15
Development Pipeline Forecast		16

        This supplemental financial information should be read in connection with the Company's fourth quarter 2008 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date February 11, 2009) as certain disclosures, definitions and reconciliations in such announcement have not been included in this supplemental financial information.

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The Macerich Company

Supplemental Financial and Operating Information

Overview

        The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the "Operating Partnership").

        As of December 31, 2008, the Operating Partnership owned or had an ownership interest in 72 regional malls and 20 community shopping centers aggregating approximately 77 million square feet of gross leasable area ("GLA"). These 92 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/A for the year ended December 31, 2007 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

Portfolio Capitalization at December 31, 2008

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Changes in Total Common and Equivalent Shares/Units

3

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

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

 

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(a)

All joint venture amounts included at pro rata.

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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.



(b)

Sales per square foot were $467 after giving effect to the Rochester Redemption, including The Shops at North Bridge and excluding the Community/Specialty Centers.

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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 shopping 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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(a)

Average base rent per square foot is based on Mall and Freestanding Store GLA for spaces 10,000 square feet and under, occupied as of the applicable date, for each of the Centers owned by the Company. Leases for Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Years 2007 and 2008. Leases for The Market at Estrella Falls and Santa Monica Place were excluded for Year 2008.

(b)

The average base rent per square foot on lease signings commencing during the period represents the actual rent to be paid during the first twelve months for tenants 10,000 square feet and under. Lease signings for Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Years 2007 and 2008. Lease signings for The Market at Estrella Falls and Santa Monica Place were excluded for Year 2008.

(c)

The average base rent per square foot on leases expiring during the period represents the final year minimum rent, on a cash basis, for all tenant leases 10,000 square feet and under expiring during the year. Leases for Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Years 2007 and 2008. Leases for The Market at Estrella Falls and Santa Monica Place were excluded for Year 2008.

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy

 

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(a)

Represents real estate tax and common area maintenance charges.

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Summarized Balance Sheet Information

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(a)

Includes construction in process of $600,773 at December 31, 2008 and $442,670 at December 31, 2007.

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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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(a)

Excludes swapped floating rate debt. Swapped debt is included in the fixed debt category.

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

12

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(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)

The existing loan was replaced by a new $130.0 million loan on February 2, 2009. The new loan bears interest at 7.5% and matures on March 1, 2013.

(c)

This debt has an interest rate swap agreement which effectively fixed the interest rate from December 1, 2005 to April 15, 2010.

(d)

This debt has an interest rate swap agreement which effectively fixed the interest rate from September 12, 2006 to April 25, 2011.

(e)

These convertible senior notes were issued on 3/16/07 in an aggregate amount of $950.0 million. The above table includes the unamortized discount of $4.7 million and the annual interest rate represents the effective interest rate, including the discount. In the fourth quarter of 2008, the Company retired $222.8 million of the notes.

(f)

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

(g)

This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 52.8%.

(h)

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

(i)

This debt has an interest rate swap agreement, expiring February 15, 2009, which effectively fixed the interest rate.

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The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
2009 Summary of Financing Activity (at Company's pro rata share)

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(a)

Much of this information is estimated and may change from time to time. See the Company's Forward Looking Statements disclosure on page 1 for factors that may effect the information provided in this table.

(b)

The Company refinanced this loan on a portion of Queens Center on February 1, 2009 with a new loan for $130.0 million at a fixed rate of 7.50% that matures 3/1/2013.

(c)

The Company has received a commitment for a $32 million refinancing for five years, at a fixed rate of 7.50% which is expected to close in May 2009.

(d)

The Company refinanced this loan on December 10, 2008 with a new loan for $127.5 million at a fixed rate of 6.0% that matures 1/1/2016.

(e)

This anticipates the exercise of an accordion funding from the existing mortgage.

(f)

This anticipates a new development financing totaling approximately $75.0 million.

(g)

These loans have extension options that have not yet been exercised by the Company.

(h)

The Company is currently negotiating a three year extension of this loan.

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The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
2010 Summary of Financing Activity (at Company's pro rata share)

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(a)

Much of this information is estimated and may change from time to time. See the Company's Forward Looking Statements disclosure on page 1 for factors that may effect the information in this table.

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The Macerich Company
Supplemental Financial and Operating Information
Development Pipeline Forecast
as of December 31, 2008

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NOTES

(a)—Much of this information is estimated and may change from time to time. See the Company's Forward Looking Statements disclosure on page 1 for factors that may effect the information provided in this table.

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QuickLinks

Exhibit 99.2

The Macerich Company Supplemental Financial and Operating Information Table of Contents
The Macerich Company Supplemental Financial and Operating Information Overview
The Macerich Company Supplemental Financial and Operating Information (unaudited) Capital Information and Market Capitalization
Portfolio Capitalization at December 31, 2008
The Macerich Company Supplemental Financial and Operating Information (unaudited) Changes in Total Common and Equivalent Shares/Units
The Macerich Company Supplemental Financial and Operating Information (unaudited) Supplemental Funds from Operations ("FFO") Information(a)
The Macerich Company Supplemental Financial and Operating Information (unaudited) Capital Expenditures
The Macerich Company Supplemental Financial and Operating Information (unaudited) Sales Per Square Foot(a)
The Macerich Company Supplemental Financial and Operating Information (unaudited) Occupancy
The Macerich Company Supplemental Financial and Operating Information (unaudited) Rent
The Macerich Company Supplemental Financial and Operating Information (unaudited) Cost of Occupancy
The Macerich Company Supplemental Financial and Operating Information (unaudited) Summarized Balance Sheet Information
The Macerich Company Supplemental Financial and Operating Information (unaudited) Debt Summary (at Company's pro rata share)
The Macerich Company Supplemental Financial and Operating Information (Unaudited) Outstanding Debt by Maturity Date