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) October 28, 2013

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 October 28, 2013 announcing results of operations for the Company for the quarter ended September 30, 2013 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 October 28, 2013, 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 nine months ended September 30, 2013 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
October 28, 2013 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 October 28, 2013
	99.2		Supplemental Financial Information for the three and nine months ended September 30, 2013

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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 A 10% INCREASE IN AFFO PER SHARE

Santa Monica, CA (10/28/2013)—The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended September 30, 2013 which included adjusted funds from operations ("AFFO") diluted of $129.6 million or $.86 per share—diluted compared to $112.9 million or $.78 per share—diluted for the quarter ended September 30, 2012. Net income attributable to the Company was $38.1 million or $.27 per share—diluted for the quarter ended September 30, 2013 compared to net income attributable to the Company for the quarter ended September 30, 2012 of $43.9 million or $.33 per share—diluted. 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 7.4% for the year ended September 30, 2013 to $549 from $511 for the year ended September 30, 2012.
•: The releasing spreads for the year ended September 30, 2013 were up 14.2%.
•: Mall portfolio occupancy was 93.7% at September 30, 2013 compared to 92.8% at September 30, 2012.
•: AFFO per share—diluted was $.86, up 10% compared to the quarter ended September 30, 2012.
•: The Company recently sold two non-core assets with its pro rata share of gross sales proceeds totaling $96 million.

Commenting on the quarter and recent events, Arthur Coppola chairman and chief executive officer of Macerich stated, "It was another strong quarter for us. We generated double digit growth in AFFO per share and our operating fundamentals continued to reflect significant occupancy gains, continued tenant sales growth and a solid year over year same center net operating income increase. In addition, we continued to execute our strategy of refining and improving the quality of our portfolio with the sale of two additional non-core assets."

Developments:

At Tysons Corner Center, a 2.1 million square foot super regional mall, the Company is building a mixed-use densification which will add 1.4 million square feet to one of the country's premier retail centers. The Tysons expansion includes a 19-story office tower; a 500,000 square foot, 30-story, 430 unit luxury residential tower; and a 17-story, 300-room Hyatt Regency hotel. The office building is currently over 69% leased. The project is scheduled to open in 2014.

At Fashion Outlets of Niagara, a 175,000 square foot expansion is planned. Entitlements have been obtained and construction is expected to start in November, 2013. The expected yield on this $75 million project is 9%.

Disposition Activity:

The Company continued the refinement of its portfolio with the sale of two non-core joint venture assets. The assets sold were the Redmond Town Center retail center in Redmond, Washington and Ridgmar Mall in Fort Worth, Texas. The average annual sales per square foot for these malls was $358. The Company's pro rata share of the total gross sales proceeds from the sale of these two assets was

$96 million. The Company's pro rata share of proceeds from non-core assets sold year to date is $564 million.

Financing Activity:

During the quarter, the Company closed on an $850 million refinancing of the Tysons Corner super regional mall. The new fixed rate 10 year loan has an interest rate of 4.10%. The loan paid off the existing $299.5 million loan that had a 4.78% interest rate. The Company owns 50% of the center and its $275 million share of the excess loan proceeds was primarily used to pay down floating rate debt.

The Company has also committed to a $268 million financing of FlatIron Crossing mall. The interest rate has been locked at 3.85% for this fixed rate, seven year loan on this previously unencumbered asset. The loan is expected to close in November and the proceeds are expected to be used for repayment of debt and general corporate purposes. With the closing of the FlatIron loan and planned use of the loan proceeds, the Company expects its floating rate debt as a percentage of total debt to be below 9.0% and its weighted average debt maturity to be over six years.

Dividend Increase:

On October 24, 2013, the Company declared and increased its quarterly dividend per share by 6.9% to $.62. The dividend is payable on December 6, 2013 to stockholders of record on November 12, 2013. As of close of business on October 23, 2013, this increased dividend represented a 4.2% annual dividend yield.

2013 Earnings Guidance:

Management is increasing the mid-point of its previously issued estimated 2013 FFO per share—diluted guidance range by $.06 per share and tightening the range to $3.46 to $3.52.

A reconciliation of estimated EPS to FFO per share—diluted follows:


Estimated EPS range:	$	2.32	to	$	2.38
Less: estimated Gain on asset sales		-1.67	to		-1.67
Plus: Real estate depreciation and amortization		2.81	to		2.81

Estimated range for FFO per share—diluted	$	3.46	to	$	3.52

Macerich, an S&P 500 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.

Macerich currently owns 59 million square feet of real estate consisting primarily of interests in 57 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in California, Arizona, Chicago and the Greater New York Metro area. 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 Tuesday, October 29, 2013 at 10:30 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 or other acts of violence 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, 2012, 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 September 30,						For the Three Months Ended September 30,						For the Three Months Ended September 30,
	Unaudited						Unaudited						Unaudited
	2013			2012			2013			2012			2013			2012
Minimum rents	$	152,005		$	119,148		$	(1,367	)	$	(6,927	)	$	150,638		$	112,221
Percentage rents		4,311			5,414			(174	)		(576	)		4,137			4,838
Tenant recoveries		90,854			68,523			(821	)		(3,810	)		90,033			64,713
Management Companies' revenues		10,742			9,858			—			—			10,742			9,858
Other income		11,168			12,729			(162	)		(267	)		11,006			12,462

Total revenues		269,080			215,672			(2,524	)		(11,580	)		266,556			204,092

Shopping center and operating expenses		87,459			67,680			(1,275	)		(4,434	)		86,184			63,246
Management Companies' operating expenses		23,036			20,706			—			—			23,036			20,706
REIT general and administrative expenses		5,955			5,063			—			—			5,955			5,063
Depreciation and amortization		92,221			72,220			(875	)		(3,483	)		91,346			68,737
Interest expense		53,711			42,622			(1,055	)		(1,057	)		52,656			41,565
(Gain) loss on extinguishment of debt, net		(1,395	)		54			1,401			(54	)		6			—

Total expenses		260,987			208,345			(1,804	)		(9,028	)		259,183			199,317
Equity in income of unconsolidated joint ventures		35,161			19,315			—			—			35,161			19,315
Co-venture expense(b)		(2,053	)		(2,066	)		—			—			(2,053	)		(2,066	)
Income tax benefit		543			934			—			—			543			934
(Loss) gain on remeasurement, sale or write down of assets, net		(919	)		21,765			2,682			202			1,763			21,967

Income from continuing operations		40,825			47,275			1,962			(2,350	)		42,787			44,925

Discontinued operations:
Loss on sale, disposition or write down of assets, net		—			—			(1,281	)		(256	)		(1,281	)		(256	)
(Loss) income from discontinued operations		—			—			(681	)		2,606			(681	)		2,606

Total (loss) income from discontinued operations		—			—			(1,962	)		2,350			(1,962	)		2,350

Net income		40,825			47,275			—			—			40,825			47,275
Less net income attributable to noncontrolling interests		2,702			3,382			—			—			2,702			3,382

Net income attributable to the Company	$	38,123		$	43,893		$	0		$	0		$	38,123		$	43,893

Average number of shares outstanding—basic		140,712			134,220									140,712			134,220

Average shares outstanding, assuming full conversion of OP Units(c)		150,334			144,990									150,334			144,990

Average shares outstanding—Funds From Operations ("FFO")—diluted(c)		150,395			145,100									150,395			145,100

Per share income—diluted before discontinued operations		—			—								$	0.28		$	0.31

Net income per share—basic	$	0.27		$	0.33								$	0.27		$	0.33

Net income per share—diluted	$	0.27		$	0.33								$	0.27		$	0.33

Dividend declared per share	$	0.58		$	0.55								$	0.58		$	0.55

FFO—basic(c)(d)	$	129,573		$	112,898								$	129,573		$	112,898

FFO—diluted(c)(d)	$	129,573		$	112,898								$	129,573		$	112,898

FFO per share—basic(c)(d)	$	0.86		$	0.78								$	0.86		$	0.78

FFO per share—diluted(c)(d)	$	0.86		$	0.78								$	0.86		$	0.78

Adjusted FFO ("AFFO") per share—diluted(c)(d)	$	0.86		$	0.78								$	0.86		$	0.78

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 Nine Months Ended September 30,						For the Nine Months Ended September 30,						For the Nine Months Ended September 30,
	Unaudited						Unaudited						Unaudited
	2013			2012			2013			2012			2013			2012
Minimum rents	$	451,919		$	362,974		$	(13,294	)	$	(27,261	)	$	438,625		$	335,713
Percentage rents		11,486			12,280			(533	)		(1,474	)		10,953			10,806
Tenant recoveries		263,486			201,309			(7,120	)		(14,648	)		256,366			186,661
Management Companies' revenues		31,193			30,730			—			—			31,193			30,730
Other income		36,678			33,466			(908	)		(4,478	)		35,770			28,988

Total revenues		794,762			640,759			(21,855	)		(47,861	)		772,907			592,898

Shopping center and operating expenses		257,576			203,306			(8,643	)		(17,974	)		248,933			185,332
Management Companies' operating expenses		69,003			66,953			—			—			69,003			66,953
REIT general and administrative expenses		18,672			15,235			—			—			18,672			15,235
Depreciation and amortization		279,364			222,188			(6,668	)		(15,011	)		272,696			207,177
Interest expense		161,847			134,813			(3,128	)		(9,519	)		158,719			125,294
Gain on extinguishment of debt, net		(3,339	)		(119,958	)		1,401			119,958			(1,938	)		—

Total expenses		783,123			522,537			(17,038	)		77,454			766,085			599,991
Equity in income of unconsolidated joint ventures		145,477			68,624			—			—			145,477			68,624
Co-venture expense(b)		(6,232	)		(4,462	)		—			—			(6,232	)		(4,462	)
Income tax benefit		2,263			2,159			—			—			2,263			2,159
Gain (loss) on remeasurement, sale or write down of assets, net		145,023			(4,449	)		(139,230	)		44,387			5,793			39,938

Income from continuing operations		298,170			180,094			(144,047	)		(80,928	)		154,123			99,166

Discontinued operations:
Gain on sale, disposition or write down of assets, net		—			—			140,631			75,571			140,631			75,571
Income from discontinued operations		—			—			3,416			5,357			3,416			5,357

Total income from discontinued operations		—			—			144,047			80,928			144,047			80,928

Net income		298,170			180,094			—			—			298,170			180,094
Less net income attributable to noncontrolling interests		22,958			16,915			—			—			22,958			16,915

Net income attributable to the Company	$	275,212		$	163,179		$	0		$	0		$	275,212		$	163,179

Average number of shares outstanding—basic		139,219			133,091									139,219			133,091

Average shares outstanding, assuming full conversion of OP Units(c)		149,140			144,160									149,140			144,160

Average shares outstanding—Funds From Operations ("FFO")—diluted(c)		149,241			144,256									149,241			144,256

Per share income—diluted before discontinued operations		—			—								$	1.00		$	0.66

Net income per share—basic	$	1.97		$	1.22								$	1.97		$	1.22

Net income per share—diluted	$	1.97		$	1.22								$	1.97		$	1.22

Dividend declared per share	$	1.74		$	1.65								$	1.74		$	1.65

FFO—basic(c)(d)	$	386,951		$	445,283								$	386,951		$	445,283

FFO—diluted(c)(d)	$	386,951		$	445,283								$	386,951		$	445,283

FFO per share—basic(c)(d)	$	2.59		$	3.09								$	2.59		$	3.09

FFO per share—diluted(c)(d)	$	2.59		$	3.09								$	2.59		$	3.09

Adjusted FFO ("AFFO") per share—diluted(c)(d)	$	2.59		$	2.28								$	2.59		$	2.28

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 nine months ended September 30, 2013 and 2012.

(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. The National Association of Real Estate Investment Trusts ("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 nine months ended September 30, 2012. 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 $16.3 million. AFFO also excludes the gain on extinguishment of debt on Prescott Gateway for the three and nine months ended September 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 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)

Reconciliation of Net income attributable to the Company to FFO and AFFO(d):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,

	Unaudited						Unaudited
	2013			2012			2013			2012
Net income attributable to the Company	$	38,123		$	43,893		$	275,212		$	163,179
Adjustments to reconcile net income attributable to the Company to FFO—basic and diluted:
Noncontrolling interests in OP		2,362			3,469			19,605			13,575
Loss (gain) on remeasurement, sale or write down of consolidated assets, net		919			(21,765	)		(145,023	)		4,449
plus gain on undepreciated asset sales—consolidated assets		—			—			2,238			—
plus non-controlling interests share of (loss) gain on remeasurement, sale or write down of consolidated joint ventures, net		—			(3	)		3,163			3,535
Gain on remeasurement, sale or write down of assets from unconsolidated entities (pro rata), net		(18,062	)		(135	)		(91,077	)		(11,292	)
plus (loss) gain on undepreciated asset sales—unconsolidated entities (pro rata)		(51	)		—			433			—
Depreciation and amortization on consolidated assets		92,221			72,220			279,364			222,188
Less depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures		(5,276	)		(4,523	)		(14,414	)		(13,952	)
Depreciation and amortization on joint ventures (pro rata)		22,323			22,927			66,470			73,237
Less: depreciation on personal property		(2,986	)		(3,185	)		(9,020	)		(9,636	)

Total FFO—basic and diluted	$	129,573		$	112,898		$	386,951		$	445,283

Additional adjustments to arrive at AFFO—diluted(d):
Shoppingtown Mall		—			—			—			396
Valley View Center		—			—			—			(101,116	)
Prescott Gateway		—			54			—			(16,296	)

Total AFFO—diluted	$	129,573		$	112,952		$	386,951		$	328,267

Reconciliation of EPS to FFO and AFFO per diluted share(d):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,

	Unaudited						Unaudited
	2013			2012			2013			2012
Earnings per share—diluted	$	0.27		$	0.33		$	1.97		$	1.22
Per share impact of depreciation and amortization of real estate		0.70			0.60			2.16			1.89
Per share impact of gain on remeasurement, sale or write down of assets		(0.11	)		(0.15	)		(1.54	)		(0.02	)

FFO per share—diluted	$	0.86		$	0.78		$	2.59		$	3.09

Per share impact—Shoppingtown Mall, Valley View Center and Prescott Gateway		0.00			0.00			0.00			(0.81	)

AFFO per share—diluted	$	0.86		$	0.78		$	2.59		$	2.28

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of Net income attributable to the Company to EBITDA:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,

	Unaudited						Unaudited
	2013			2012			2013			2012
Net income attributable to the Company	$	38,123		$	43,893		$	275,212		$	163,179
Interest expense—consolidated assets		53,711			42,622			161,847			134,813
Interest expense—unconsolidated entities (pro rata)		16,045			23,781			51,894			76,559
Depreciation and amortization—consolidated assets		92,221			72,220			279,364			222,188
Depreciation and amortization—unconsolidated entities (pro rata)		22,323			22,927			66,470			73,237
Noncontrolling interests in OP		2,362			3,469			19,605			13,575
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures		(8,269	)		(7,332	)		(23,010	)		(22,611	)
(Gain) loss extinguishment of debt—consolidated entities		(1,395	)		54			(3,339	)		(119,958	)
Gain on extinguishment of debt—unconsolidated entities (pro rata)		(352	)		—			(352	)		—
Loss (gain) on remeasurement, sale or write down of assets—consolidated assets, net		919			(21,765	)		(145,023	)		4,449
Gain on remeasurement, sale or write down of assets—unconsolidated entities (pro rata), net		(18,062	)		(135	)		(91,077	)		(11,292	)
Add: Non-controlling interests share of (loss) gain on sale of consolidated assets, net		—			(3	)		3,163			3,535
Income tax benefit		(543	)		(934	)		(2,263	)		(2,159	)
Distributions on preferred units		184			183			551			599

EBITDA(e)	$	197,267		$	178,980		$	593,042		$	536,114

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

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,

	Unaudited						Unaudited
	2013			2012			2013			2012
EBITDA(e)	$	197,267		$	178,980		$	593,042		$	536,114
Add: REIT general and administrative expenses		5,955			5,063			18,672			15,235
Management Companies' revenues		(10,742	)		(9,858	)		(31,193	)		(30,730	)
Management Companies' operating expenses		23,036			20,706			69,003			66,953
Lease termination income, straight-line and above/below market adjustments to minimum rents of comparable centers		(4,277	)		(4,024	)		(9,156	)		(13,425	)
EBITDA of non-comparable centers		(33,289	)		(18,879	)		(102,194	)		(55,819	)

Same Centers—NOI(f)	$	177,950		$	171,988		$	538,174		$	518,328

(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 and straight-line and above/below market adjustments to minimum rents.

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Exhibit 99.1

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Exhibit 99.2

Supplemental Financial Information
For the three and nine months ended September 30, 2013

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		4-10
Unaudited Pro Rata Statement of Operations		5-6
Notes to Unaudited Pro Rata Statement of Operations		7
Unaudited Pro Rata Balance Sheet		8
Supplemental FFO Information		9
Capital Expenditures		10
Operational Data		11-25
Sales Per Square Foot		11
Sales Per Square Foot by Property Ranking		12-17
Occupancy		18
Average Base Rent Per Square Foot		19
Cost of Occupancy		20
Percentage of Net Operating Income by State		21
Property Listing		22-26
Joint Venture List		27-28
Debt Tables		29-31
Debt Summary		29
Outstanding Debt by Maturity Date		30-31
Development Pipeline Forecast		32
Corporate Information		33

This Supplemental Financial Information should be read in connection with the Company's third quarter 2013 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date October 28, 2013) 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 September 30, 2013, the Operating Partnership owned or had an ownership interest in 58 regional shopping centers and nine community/power shopping centers aggregating approximately 61 million square feet of gross leasable area ("GLA"). These 67 centers are referred to hereinafter as the "Centers", unless the context requires otherwise.

The Company sold five properties in the second quarter of 2013: Redmond Town Center Office on May 29, 2013, Green Tree Mall on May 31, 2013, Northridge Mall and Rimrock Mall on June 4, 2013 and Kitsap Mall on June 12, 2013. The Company sold the retail component of Redmond Town Center on August 1, 2013. On September 30, 2013, the Company conveyed Fiesta Mall to the mortgage lender by a deed-in-lieu of foreclosure. The Company sold its 50% interest in Ridgmar Mall on October 8, 2013. These eight properties, collectively, the "2013 Disposition Centers" have been excluded from certain Non-GAAP operating measures in 2013, including Sales Per Square Foot, Occupancy, Average Base Rent Per Square Foot and Cost of Occupancy as well as our Property Listing at September 30, 2013.

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 constituting forward-looking statements and includes expectations regarding the Company's future operational results as well as 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, 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, operating expenses, and competition; 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; 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 or other acts of violence 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, 2012, 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.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

	Period Ended


	9/30/2013			12/31/2012			12/31/2011
	dollars in thousands, except per share data
Closing common stock price per share	$	56.44		$	58.30		$	50.60
52 week high	$	72.19		$	62.83		$	56.50
52 week low	$	54.32		$	49.67		$	38.64
Shares outstanding at end of period
Class A non-participating convertible preferred units		184,304			184,304			208,640
Common shares and partnership units		150,337,509			147,601,848			143,178,521

Total common and equivalent shares/units outstanding		150,521,813			147,786,152			143,387,161

Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	6,266,595		$	6,620,507		$	5,903,805
Equity market capitalization		8,495,451			8,615,933			7,255,390

Total market capitalization	$	14,762,046		$	15,236,440		$	13,159,195

Leverage ratio(a)		42.5	%		43.5	%		44.9	%

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

Portfolio Capitalization at September 30, 2013

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, 2012		10,094,838			137,507,010		184,304		147,786,152

Conversion of partnership units to cash		(16,662	)		—		—		(16,662	)
Conversion of partnership units to common shares		(61,372	)		61,372		—		—
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans		200,000			60,021		—		260,021

Balance as of March 31, 2013		10,216,804			137,628,403		184,304		148,029,511

Conversion of partnership units to common shares		(595,493	)		595,493		—		—
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans		—			28,350		—		28,350
Common stock issued through ATM(a)		—			2,456,956		—		2,456,956

Balance as of June 30, 2013		9,621,311			140,709,202		184,304		150,514,817

Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans		—			6,996		—		6,996

Balance as of September 30, 2013		9,621,311			140,716,198		184,304		150,521,813

(a): During the second quarter of 2013, the Company issued 2,456,956 shares of common stock under its at-the-market ("ATM") program, in exchange for net proceeds of approximately $171.3 million.

On the following pages, the Company presents its unaudited pro rata statement of operations and unaudited pro rata balance sheet reflecting the Company's proportionate ownership of each asset in its portfolio. The Company also reconciles net income attributable to the Company to funds from operations ("FFO") and FFO-diluted for the three and nine months ended September 30, 2013.

THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)



	For the Three Months Ended September 30, 2013
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
Revenues:
Minimum rents	$	150,638		$	(9,390	)	$	141,248		$	51,574		$	192,822
Percentage rents		4,137			(210	)		3,927			1,705			5,632
Tenant recoveries		90,033			(6,011	)		84,022			26,296			110,318
Management Companies' revenues		10,742			—			10,742			—			10,742
Other income		11,006			(709	)		10,297			4,917			15,214

Total revenues		266,556			(16,320	)		250,236			84,492			334,728

Expenses:
Shopping center and operating expenses		86,184			(5,658	)		80,526			29,377			109,903
Management Companies' operating expenses		23,036			—			23,036			—			23,036
REIT general and administrative expenses		5,955			—			5,955			—			5,955
Depreciation and amortization		91,346			(5,277	)		86,069			22,323			108,392
Interest expense		52,656			(2,992	)		49,664			16,045			65,709
Loss (gain) on early extinguishment of debt, net		6			—			6			(352	)		(346	)

Total expenses		259,183			(13,927	)		245,256			67,393			312,649
Equity in income of unconsolidated joint ventures		35,161			—			35,161			(35,161	)		—
Co-venture expense		(2,053	)		2,053			—			—			—
Income tax benefit		543			—			543			—			543
Gain on remeasurement, sale or write down of assets, net		1,763			—			1,763			18,062			19,825

Income from continuing operations		42,787			(340	)		42,447			—			42,447

Discontinued operations:
Loss on sale or write down of assets, net		(1,281	)		—			(1,281	)		—			(1,281	)
Loss from discontinued operations		(681	)		—			(681	)		—			(681	)

Total loss from discontinued operations		(1,962	)		—			(1,962	)		—			(1,962	)

Net income		40,825			(340	)		40,485			—			40,485
Less net income attributable to noncontrolling interests		2,702			(340	)		2,362			—			2,362

Net income attributable to the Company	$	38,123		$	—		$	38,123		$	—		$	38,123

Reconciliation of net income attributable to the Company to FFO(3):
Net income attributable to the Company							$	38,123		$	—		$	38,123
Equity in income of unconsolidated joint ventures								(35,161	)		35,161			—
Adjustments to reconcile net income to FFO—basic and diluted:
Noncontrolling interests in the Operating Partnership								2,362			—			2,362
Loss (gain) on remeasurement, sale or write down of assets, net								919			(18,062	)		(17,143	)
Loss on sale of undepreciated assets, net								—			(51	)		(51	)
Depreciation and amortization of all property								86,945			22,323			109,268
Depreciation on personal property								(2,766	)		(220	)		(2,986	)

Total FFO—Basic and diluted							$	90,422		$	39,151		$	129,573

THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)



	For the Nine Months Ended September 30, 2013
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
Revenues:
Minimum rents	$	438,625		$	(25,769	)	$	412,856		$	160,443		$	573,299
Percentage rents		10,953			(518	)		10,435			4,940			15,375
Tenant recoveries		256,366			(15,482	)		240,884			79,523			320,407
Management Companies' revenues		31,193			—			31,193			—			31,193
Other income		35,770			(1,838	)		33,932			16,647			50,579

Total revenues		772,907			(43,607	)		729,300			261,553			990,853

Expenses:
Shopping center and operating expenses		248,933			(14,175	)		234,758			89,141			323,899
Management Companies' operating expenses		69,003			—			69,003			—			69,003
REIT general and administrative expenses		18,672			—			18,672			—			18,672
Depreciation and amortization		272,696			(14,414	)		258,282			66,470			324,752
Interest expense		158,719			(8,596	)		150,123			51,894			202,017
Gain on early extinguishment of debt, net		(1,938	)		—			(1,938	)		(352	)		(2,290	)

Total expenses		766,085			(37,185	)		728,900			207,153			936,053
Equity in income of unconsolidated joint ventures		145,477			—			145,477			(145,477	)		—
Co-venture expense		(6,232	)		6,232			—			—			—
Income tax benefit		2,263			—			2,263			—			2,263
Gain on remeasurement, sale or write down of assets, net		5,793			(3,163	)		2,630			91,077			93,707

Income from continuing operations		154,123			(3,353	)		150,770			—			150,770

Discontinued operations:
Gain on sale or write down of assets, net		140,631			—			140,631			—			140,631
Income from discontinued operations		3,416			—			3,416			—			3,416

Total income from discontinued operations		144,047			—			144,047			—			144,047

Net income		298,170			(3,353	)		294,817			—			294,817
Less net income attributable to noncontrolling interests		22,958			(3,353	)		19,605			—			19,605

Net income attributable to the Company	$	275,212		$	—		$	275,212		$	—		$	275,212

Reconciliation of net income attributable to the Company to FFO(3):
Net income attributable to the Company							$	275,212		$	—		$	275,212
Equity in income of unconsolidated joint ventures								(145,477	)		145,477			—
Adjustments to reconcile net income to FFO—basic and diluted:
Noncontrolling interests in the Operating Partnership								19,605			—			19,605
Gain on remeasurement, sale or write down of assets								(141,860	)		(91,077	)		(232,937	)
Gain on sale of undepreciated assets, net								2,238			433			2,671
Depreciation and amortization of all property								264,950			66,470			331,420
Depreciation on personal property								(8,310	)		(710	)		(9,020	)

Total FFO—Basic and diluted							$	266,358		$	120,593		$	386,951

The Macerich Company

Notes to Unaudited Pro Rata Statement of Operations

(1): This represents the non-owned portion of consolidated joint ventures.
(2): This represents the Company's pro rata share of unconsolidated joint ventures.
(3): 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. The National Association of Real Estate Investment Trusts ("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.

Management compensates for the limitations of FFO by providing investors with financial statements prepared according to GAAP, along with a detailed discussion of FFO and a reconciliation of FFO and FFO-diluted to net income attributable to the Company. Management believes that to further understand the Company's performance, FFO should be compared with the Company's reported net income and considered in addition to cash flows in accordance with GAAP, as presented in the Company's consolidated financial statements.

THE MACERICH COMPANY

UNAUDITED PRO RATA BALANCE SHEET

(All Dollars in thousands)



	As of September 30, 2013
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
ASSETS:
Property, net(3)	$	7,733,929		$	(525,791	)	$	7,208,138		$	2,213,128		$	9,421,266
Cash and cash equivalents		62,108			(11,711	)		50,397			52,170			102,567
Restricted cash		26,704			(2,083	)		24,621			10,951			35,572
Tenant and other receivables, net		94,719			(29,637	)		65,082			33,086			98,168
Deferred charges and other assets, net		546,582			(16,335	)		530,247			64,004			594,251
Loans to unconsolidated joint ventures		2,736			—			2,736			—			2,736
Due from affiliates		32,299			1,644			33,943			(3,021	)		30,922
Investments in unconsolidated joint ventures		706,450			—			706,450			(706,450	)		—

Total assets	$	9,205,527		$	(583,913	)	$	8,621,614		$	1,663,868		$	10,285,482

LIABILITIES AND EQUITY:
Mortgage notes payable	$	4,480,615		$	(316,697	)	$	4,163,918		$	1,826,209		$	5,990,127
Bank and other notes payable		282,937			(6,469	)		276,468			—			276,468
Accounts payable and accrued expenses		85,394			(6,651	)		78,743			28,729			107,472
Other accrued liabilities		360,408			(37,404	)		323,004			66,382			389,386
Distributions in excess of investment in unconsolidated joint ventures		257,452			—			257,452			(257,452	)		—
Co-venture obligation		83,951			(83,951	)		—			—			—

Total liabilities		5,550,757			(451,172	)		5,099,585			1,663,868			6,763,453

Commitments and contingencies
Equity:
Stockholders' equity:
Common stock		1,407			—			1,407			—			1,407
Additional paid-in capital		3,901,676			—			3,901,676			—			3,901,676
Accumulated deficit		(606,464	)		—			(606,464	)		—			(606,464	)

Total stockholders' equity		3,296,619			—			3,296,619			—			3,296,619
Noncontrolling interests		358,151			(132,741	)		225,410			—			225,410

Total equity		3,654,770			(132,741	)		3,522,029			—			3,522,029

Total liabilities and equity	$	9,205,527		$	(583,913	)	$	8,621,614		$	1,663,868		$	10,285,482

(1): This represents the non-owned portion of the consolidated joint ventures.
(2): This represents the Company's pro rata share of unconsolidated joint ventures.
(3): Includes construction in progress of $218,705 from the Company's consolidated share and $167,440 from its pro rata share of unconsolidated joint ventures.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)



	As of September 30,
	2013	2012
	dollars in millions
Straight line rent receivable	$69.8	$66.4



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2013		2012		2013		2012
	dollars in millions
Lease termination fees	$	2.3	$	1.5	$	4.4	$	5.6
Straight line rental income	$	2.5	$	2.1	$	5.9	$	5.3
Gain on sales of undepreciated assets	$	—	$	—	$	2.7	$	—
Amortization of acquired above- and below-market leases	$	2.1	$	1.2	$	6.4	$	6.8
Amortization of debt (discounts)/premiums	$	1.1	$	0.4	$	5.7	$	(0.3	)
Interest capitalized	$	5.0	$	3.7	$	14.6	$	11.2

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

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures



	For the Nine Months Ended 9/30/13		For the Nine Months Ended 9/30/12		Year Ended 12/31/12		Year Ended 12/31/11
	dollars in millions
Consolidated Centers
Acquisitions of property and equipment	$	545.1	$	86.4	$	1,313.1	$	314.6
Development, redevelopment, expansions and renovations of Centers		140.3		101.6		158.5		88.8
Tenant allowances		17.9		12.6		18.1		19.4
Deferred leasing charges		18.8		17.6		23.5		29.3

Total	$	722.1	$	218.2	$	1,513.2	$	452.1

Unconsolidated Joint Venture Centers(a)
Acquisitions of property and equipment	$	3.5	$	3.1	$	5.1	$	143.4
Development, redevelopment, expansions and renovations of Centers		75.2		54.3		79.6		37.7
Tenant allowances		7.0		4.8		6.4		8.4
Deferred leasing charges		2.9		3.4		4.2		4.9

Total	$	88.6	$	65.6	$	95.3	$	194.4

(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
09/30/2013(b)	$482	$688	$549
09/30/2012	$444	$616	$511
12/31/2012	$463	$629	$517
12/31/2011	$417	$597	$489
12/31/2010	$392	$468	$433
12/31/2009	$368	$440	$407

(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 2013 Disposition Centers are excluded at September 30, 2013.

Sales Per Square Foot

The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)

																								Outstanding Debt @ Pro Rata ($ in thousands) 09/30/2013 (d)

				Sales Per Square Foot
				Sales Per Square Foot						Occupancy											% of Portfolio 2013 Forecast Pro Rata NOI (c)
				09/30/2013 (a)		12/31/2012 (a)		09/30/2012 (a)		Occupancy
Count		Properties		09/30/2013 (a)		12/31/2012 (a)		09/30/2012 (a)		09/30/2013			12/31/2012			09/30/2012

		Group 1: Top 10
	1		Queens Center	$	1,040	$	1,004	$	981		94.9	%		97.3	%		97.2	%						$	306,000
	2		Washington Square	$	1,053	$	909	$	832		92.5	%		93.3	%		91.0	%						$	119,321
	3		Biltmore Fashion Park	$	916	$	903	$	921		89.8	%		87.6	%		81.5	%						$	29,054
	4		Corte Madera, Village at	$	884	$	882	$	920		98.3	%		98.3	%		98.3	%						$	38,413
	5		Tysons Corner Center	$	829	$	820	$	814		98.0	%		97.5	%		97.6	%						$	425,000
	6		North Bridge, The Shops at	$	915	$	805	$	784		91.5	%		90.1	%		85.0	%						$	97,948
	7		Santa Monica Place	$	716	$	723	$	730		91.2	%		94.3	%		91.3	%						$	236,701
	8		Los Cerritos Center	$	671	$	682	$	689		95.3	%		97.2	%		98.1	%						$	98,462
	9		Kings Plaza Shopping Center(e)	$	683	$	680		n/a		95.9	%		95.5	%		n/a							$	492,954
	10		Tucson La Encantada	$	689	$	673	$	668		92.1	%		90.3	%		90.8	%						$	73,204

		Total Top 10:		$	844	$	813	$	814		94.8	%		95.0	%		93.7	%	13.5	%		24.8	%	$	1,917,057

		Group 2: Top 11-20
	11		Fashion Outlets of Chicago(f)		n/a		n/a		n/a		n/a			n/a			n/a							$	48,883
	12		Broadway Plaza	$	695	$	657	$	660		92.8	%		97.6	%		99.0	%						$	69,786
	13		Kierland Commons	$	635	$	641	$	659		97.1	%		95.1	%		95.9	%						$	67,500
	14		Arrowhead Towne Center	$	646	$	635	$	640		95.8	%		98.1	%		97.6	%						$	237,832
	15		Fresno Fashion Fair	$	617	$	630	$	622		96.5	%		97.0	%		96.5	%						$	159,402
	16		Freehold Raceway Mall	$	614	$	623	$	634		98.3	%		95.1	%		94.1	%						$	116,683
	17		Danbury Fair Mall	$	636	$	623	$	640		95.8	%		96.9	%		96.2	%						$	235,619
	18		Scottsdale Fashion Square	$	664	$	603	$	600		92.5	%		95.1	%		94.1	%						$	260,302
	19		Twenty Ninth Street	$	615	$	588	$	602		95.0	%		95.8	%		94.3	%						$	107,000
	20		Vintage Faire Mall	$	593	$	578	$	572		99.3	%		99.1	%		99.2	%						$	99,431

		Total Top 11-20:		$	632	$	616	$	621		96.0	%		96.3	%		95.7	%	12.8	%		24.0	%	$	1,402,438

The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)

																								Outstanding Debt @ Pro Rata ($ in thousands) 09/30/2013 (d)

				Sales Per Square Foot
				Sales Per Square Foot						Occupancy											% of Portfolio 2013 Forecast Pro Rata NOI (c)
				09/30/2013 (a)		12/31/2012 (a)		09/30/2012 (a)		Occupancy
Count		Properties		09/30/2013 (a)		12/31/2012 (a)		09/30/2012 (a)		09/30/2013			12/31/2012			09/30/2012
		Group 3: Top 21-30
	21		Fashion Outlets of Niagara Falls USA	$	560	$	571	$	565		94.6	%		94.5	%		95.3	%						$	124,682
	22		Chandler Fashion Center	$	561	$	564	$	567		96.4	%		96.7	%		95.7	%						$	100,200
	23		FlatIron Crossing	$	529	$	548	$	531		95.6	%		89.4	%		85.0	%						$	—
	24		Green Acres Mall(g)	$	540	$	535		n/a		92.6	%		n/a			n/a							$	321,407
	25		West Acres	$	530	$	535	$	530		99.5	%		97.1	%		97.1	%						$	11,425
	26		Oaks, The	$	506	$	505	$	504		97.5	%		94.4	%		94.4	%						$	215,224
	27		Stonewood Center	$	519	$	500	$	495		95.2	%		99.4	%		99.6	%						$	54,503
	28		Deptford Mall	$	505	$	497	$	487		97.3	%		99.3	%		99.6	%						$	217,172
	29		Valley River Center	$	488	$	496	$	495		97.4	%		95.6	%		95.5	%						$	120,000
	30		SanTan Village Regional Center	$	493	$	477	$	474		96.6	%		96.4	%		92.3	%						$	116,573

		Total Top 21-30:		$	526	$	525	$	520		95.8	%		95.2	%		93.8	%	13.0	%		21.2	%	$	1,281,186

		Group 4: Top 31-40
	31		South Plains Mall	$	471	$	469	$	457		86.5	%		90.2	%		88.2	%						$	100,221
	32		Victor Valley, Mall of	$	496	$	460	$	459		95.4	%		93.7	%		93.0	%						$	90,000
	33		Pacific View	$	411	$	419	$	415		98.2	%		96.9	%		96.6	%						$	136,478
	34		Lakewood Center	$	423	$	412	$	409		96.7	%		93.7	%		93.6	%						$	127,500
	35		Eastland Mall	$	405	$	401	$	410		95.4	%		99.5	%		99.7	%						$	168,000
	36		Inland Center	$	412	$	399	$	395		97.8	%		94.3	%		93.5	%						$	25,000
	37		La Cumbre Plaza	$	397	$	391	$	387		86.4	%		79.7	%		79.7	%						$	—
	38		Northgate Mall	$	397	$	387	$	403		97.9	%		95.9	%		95.3	%						$	64,000
	39		South Towne Center	$	364	$	374	$	375		87.8	%		88.7	%		87.7	%						$	—
	40		Westside Pavilion	$	351	$	362	$	376		94.5	%		95.8	%		97.2	%						$	152,797

		Total Top 31-40:		$	412	$	408	$	408		93.9	%		93.5	%		93.2	%	14.7	%		15.0	%	$	863,996

		Total Top 40:		$	606	$	593	$	589		95.2	%		95.1	%		94.1	%	13.3	%		85.0	%	$	5,464,677

The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)

																								Outstanding Debt @ Pro Rata ($ in thousands) 09/30/2013 (d)

				Sales Per Square Foot
				Sales Per Square Foot						Occupancy											% of Portfolio 2013 Forecast Pro Rata NOI (c)
				09/30/2013 (a)		12/31/2012 (a)		09/30/2012 (a)		Occupancy
Count		Properties		09/30/2013 (a)		12/31/2012 (a)		09/30/2012 (a)		09/30/2013			12/31/2012			09/30/2012

		Group 5: 41-57
	41		Chesterfield Towne Center	$	359	$	361	$	359		89.4	%		91.9	%		90.9	%						$	110,000
	42		Superstition Springs Center(h)	$	346	$	334	$	331		96.9	%		92.3	%		90.4	%						$	45,000
	43		Capitola Mall	$	326	$	327	$	325		85.4	%		84.8	%		81.6	%						$	—
	44		Towne Mall	$	331	$	320	$	327		86.4	%		88.4	%		87.9	%						$	23,092
	45		Wilton Mall	$	300	$	313	$	317		91.2	%		95.7	%		95.6	%						$	—
	46		Salisbury, Centre at	$	321	$	311	$	313		94.3	%		96.3	%		96.8	%						$	115,000
	47		NorthPark Mall	$	308	$	310	$	308		89.4	%		89.0	%		91.8	%						$	—
	48		Cascade Mall	$	303	$	299	$	298		91.5	%		92.8	%		90.0	%						$	—
	49		Flagstaff Mall	$	309	$	296	$	293		78.2	%		89.7	%		91.4	%						$	37,000
	50		Somersville Towne Center	$	274	$	287	$	285		73.2	%		84.7	%		86.1	%						$	—
	51		Valley Mall	$	283	$	266	$	264		93.5	%		94.0	%		94.5	%						$	42,345
	52		Desert Sky Mall	$	268	$	263	$	278		91.9	%		96.2	%		93.0	%						$	—
	53		Great Northern Mall	$	253	$	263	$	263		95.5	%		93.3	%		93.5	%						$	35,719
	54		SouthPark Mall	$	239	$	248	$	246		77.0	%		86.9	%		83.2	%						$	—
	55		Lake Square Mall	$	254	$	232	$	227		78.6	%		86.4	%		83.1	%						$	—
	56		Rotterdam Square	$	234	$	232	$	235		79.8	%		86.1	%		84.1	%						$	—
	57		Paradise Valley Mall(i)		n/a	$	287	$	298		n/a			88.2	%		85.8	%						$	—

		Total 41-57:		$	300	$	297	$	298		88.4	%		91.0	%		90.0	%	12.2	%		12.0	%	$	408,156

The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)

																						Outstanding Debt @ Pro Rata ($ in thousands) 09/30/2013 (d)

				Sales Per Square Foot
				Sales Per Square Foot						Occupancy									% of Portfolio 2013 Forecast Pro Rata NOI (c)
				09/30/2013 (a)		12/31/2012 (a)		09/30/2012 (a)		Occupancy
Count		Properties		09/30/2013 (a)		12/31/2012 (a)		09/30/2012 (a)		09/30/2013			12/31/2012			09/30/2012

		Community / Power Centers
	58		Atlas Park, The Shops at(j)	$	337		n/a		n/a		62.8	%		n/a			n/a					$	—
	59		Boulevard Shops	$	424	$	429	$	410		100.0	%		99.2	%		97.8	%				$	10,174
	60		Camelback Colonnade	$	377	$	351	$	320		97.3	%		97.7	%		98.5	%				$	33,356
	61		Estrella Falls, The Market at(k)		n/a		n/a		n/a		95.5	%		95.5	%		96.0	%				$	13,310
	62		Panorama Mall	$	380	$	349	$	328		98.3	%		92.8	%		91.5	%				$	—
	63		Promenade at Casa Grande	$	214	$	193	$	199		91.6	%		95.9	%		96.3	%				$	32,942
	64		Southridge Center(j)	$	115		n/a		n/a		84.2	%		n/a			n/a					$	—
	65		Superstition Springs Power Center(h)	$	236		n/a		n/a		100.0	%		n/a			n/a					$	—
	66		The Marketplace at Flagstaff Mall(k)		n/a		n/a		n/a		100.0	%		100.0	%		100.0	%				$	—

		Total Community / Power Centers:		$	326	$	320	$	308		90.1	%		96.8	%		97.0	%		2.6	%	$	89,782

		Other Non-mall Assets																		0.4	%	$	1,658

		TOTAL ALL PROPERTIES																		100.0	%	$	5,964,273

The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)

				Sales Per Square Foot

				Sales Per Square Foot				Occupancy						% of Portfolio 2012 Pro Rata NOI (l)
				12/31/2012 (a)		09/30/2012 (a)		Occupancy
Count		Properties		12/31/2012 (a)		09/30/2012 (a)		12/31/2012			09/30/2012

		2013 Disposition Centers
	1		Fiesta Mall	$	235	$	235		86.1	%		87.0	%
	2		Green Tree Mall	$	400	$	399		91.2	%		85.6	%
	3		Kitsap Mall	$	383	$	383		92.4	%		91.2	%
	4		Northridge Mall	$	342	$	352		97.2	%		94.3	%
	5		Redmond Town Center	$	361	$	355		89.2	%		89.5	%
	6		Redmond Town Center Office		n/a		n/a		99.1	%		100.0	%
	7		Ridgmar Mall	$	332	$	326		84.6	%		84.2	%
	8		Rimrock Mall	$	424	$	417		92.0	%		91.5	%


	8	TOTAL 2013 Disposition Centers		$	352	$	351		91.7	%		90.9	%		6.3	%

The Macerich Company

Notes to Sales Per Square Foot by Property Ranking (unaudited)


Footnotes
(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. Properties are ranked by Sales per square foot as of December 31, 2012.
(b)		Cost of Occupancy represents "Tenant Occupancy Costs" divided by "Tenant Sales". Tenant Occupancy Costs in this calculation are the amounts paid to the Company, including minimum rents, percentage rents and recoverable expenditures, which consist primarily of property operating expenses, real estate taxes and repair and maintenance expenditures.
(c)		The percentage of portfolio 2013 Forecast Pro Rata Net Operating Income ("NOI") is based on guidance previously published adjusted to exclude the 2013 Disposition Centers, and to annualize the NOI of Fashion Outlets of Chicago. NOI excludes the following items: straight-line rent, above/below market adjustments to minimum rents and termination fee income. It does not reflect REIT expenses, net Management Company expenses and the effect of any future 2013 acquisitions or dispositions. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.
(d)		Please see further disclosures for Outstanding Debt at pro rata on pages 29-31.
(e)		The Company acquired Kings Plaza Shopping Center in November 2012.
(f)		Fashion Outlets of Chicago opened August 1, 2013 and is included in "Group 2: Top 11 - 20" above based on our expectations for Sales per square foot at this property. Annualized 2013 Forecast Pro Rata NOI for Fashion Outlets of Chicago is included in Group 2. See the Company's forward-looking statements disclosure on page 1 for factors that may affect this information.
(g)		The Company acquired Green Acres Mall in January 2013.
(h)		Superstition Springs Power Center was combined with Superstition Springs Center in prior periods, but is shown separately as a "Community / Power Center" at September 30, 2013.
(i)		Tenant spaces have been intentionally held off the market and remain vacant because of redevelopment plans. As a result, the Company believes the Sales per square foot and Occupancy for the current period are not meaningful data.
(j)		These properties were previously under redevelopment with tenant spaces intentionally held off the market and vacant because of redevelopment plans. As a result, the Company believes the Sales per square foot and Occupancy for the prior periods were not meaningful data.
(k)		These properties have no tenants 10,000 square feet and under. Therefore, Sales per square foot is not applicable.
(l)		The percentage of portfolio 2012 NOI excludes the following items: straight-line rent, above/below market adjustments to minimum rents and termination fee income. It does not reflect REIT expenses and net Management Company expenses.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy(a)



Regional Shopping Centers: Period Ended	Consolidated Centers		Unconsolidated Joint Venture Centers		Total Centers
09/30/2013(b)		93.0%		95.4%		93.7%
09/30/2012		92.6%		93.1%		92.8%
12/31/2012		93.4%		94.5%		93.8%
12/31/2011		92.8%		92.4%		92.7%

(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 2013 Disposition Centers are excluded at September 30, 2013.

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
09/30/2013(e)	$	43.53	$	44.10	$	39.73
09/30/2012	$	39.43	$	43.79	$	37.08
12/31/2012	$	40.98	$	44.01	$	38.00
12/31/2011	$	38.80	$	38.35	$	35.84
Unconsolidated Joint Venture Centers
09/30/2013(e)	$	60.07	$	59.14	$	47.93
09/30/2012	$	54.43	$	56.60	$	47.42
12/31/2012	$	55.64	$	55.72	$	48.74
12/31/2011	$	53.72	$	50.00	$	38.98

(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 2013 Disposition Centers are excluded at September 30, 2013.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy



				For Years Ended December 31,
	For the trailing twelve months ended September 30, 2013(a)			For Years Ended December 31,
	For the trailing twelve months ended September 30, 2013(a)			2012			2011
Consolidated Centers
Minimum rents		8.2	%		8.1	%		8.2	%
Percentage rents		0.4	%		0.4	%		0.5	%
Expense recoveries(b)		4.4	%		4.2	%		4.1	%

Total		13.0	%		12.7	%		12.8	%



				For Years Ended December 31,
	For the trailing twelve months ended September 30, 2013(a)			For Years Ended December 31,
	For the trailing twelve months ended September 30, 2013(a)			2012			2011
Unconsolidated Joint Venture Centers
Minimum rents		8.9	%		8.9	%		9.1	%
Percentage rents		0.4	%		0.4	%		0.4	%
Expense recoveries(b)		4.0	%		3.9	%		3.9	%

Total		13.3	%		13.2	%		13.4	%

(a): The 2013 Disposition Centers are excluded for the trailing twelve months ended September 30, 2013.
(b): Represents real estate tax and common area maintenance charges.

The Macerich Company

Percentage of Net Operating Income by State



State	% of Portfolio Forecast 2013 Pro Rata NOI(a)
California		27.4	%
Arizona		17.9	%
New York		15.5	%
New Jersey & Connecticut		9.0	%
Illinois, Indiana & Iowa		7.6	%
Virginia		7.1	%
Colorado		5.2	%
Oregon		3.6	%
Other(b)		6.7	%

Total		100.0	%

(a): The percentage of portfolio 2013 Forecast Pro Rata NOI is based on guidance previously published adjusted to exclude the 2013 Disposition Centers, and to annualize the NOI of Fashion Outlets of Chicago. NOI excludes the following items: straight-line rent, above/below market adjustments to minimum rents and termination fee income. NOI also does not reflect REIT expenses, net Management Company expenses and the effect of any future 2013 acquisitions or dispositions. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.
(b): "Other" includes Florida, Kentucky, Maryland, New Mexico, North Dakota, Texas, Utah and Washington.

The Macerich Company

Property Listing

September 30, 2013

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company.

Company's Ownership(a)	Name of Center/Location

CONSOLIDATED CENTERS:
100%	Arrowhead Towne Center Glendale, Arizona	1993/2002	2004	1,196,000
100%	Capitola Mall(c) Capitola, California	1977/1995	1988	586,000
50.1%	Chandler Fashion Center Chandler, Arizona	2001/2002	—	1,321,000
100%	Chesterfield Towne Center Richmond, Virginia	1975/1994	2000	1,016,000
100%	Danbury Fair Mall Danbury, Connecticut	1986/2005	2010	1,286,000
100%	Deptford Mall Deptford, New Jersey	1975/2006	1990	1,039,000
100%	Desert Sky Mall Phoenix, Arizona	1981/2002	2007	890,000
100%	Eastland Mall(c) Evansville, Indiana	1978/1998	1996	1,041,000
100%	Fashion Outlets of Niagara Falls USA Niagara Falls, New York	1982/2011	2009	525,000
100%	Flagstaff Mall Flagstaff, Arizona	1979/2002	2007	347,000
100%	FlatIron Crossing Broomfield, Colorado	2000/2002	2009	1,435,000
50.1%	Freehold Raceway Mall Freehold, New Jersey	1990/2005	2007	1,675,000
100%	Fresno Fashion Fair Fresno, California	1970/1996	2006	963,000
100%	Great Northern Mall Clay, New York	1988/2005	—	895,000
100%	Green Acres Mall(c) Valley Stream, New York	1956/2013	2007	1,792,000
100%	Kings Plaza Shopping Center(c) Brooklyn, New York	1971/2012	2002	1,199,000
100%	La Cumbre Plaza(c) Santa Barbara, California	1967/2004	1989	494,000
100%	Lake Square Mall Leesburg, Florida	1980/1998	1995	559,000
100%	Northgate Mall San Rafael, California	1964/1986	2010	720,000
100%	NorthPark Mall Davenport, Iowa	1973/1998	2001	1,050,000
100%	Oaks, The Thousand Oaks, California	1978/2002	2009	1,140,000
100%	Pacific View Ventura, California	1965/1996	2001	1,020,000
100%	Rotterdam Square Schenectady, New York	1980/2005	1990	585,000

The Macerich Company

Property Listing

September 30, 2013

Company's Ownership(a)	Name of Center/Location

100%	Salisbury, Centre at Salisbury, Maryland	1990/1995	2005	862,000
100%	Santa Monica Place Santa Monica, California	1980/1999	2010	474,000
84.9%	SanTan Village Regional Center Gilbert, Arizona	2007/—	2009	999,000
100%	Somersville Towne Center Antioch, California	1966/1986	2004	348,000
100%	SouthPark Mall Moline, Illinois	1974/1998	1990	1,010,000
100%	South Plains Mall Lubbock, Texas	1972/1998	1995	1,131,000
100%	South Towne Center Sandy, Utah	1987/1997	1997	1,278,000
100%	Towne Mall Elizabethtown, Kentucky	1985/2005	1989	350,000
100%	Tucson La Encantada Tucson, Arizona	2002/2002	2005	243,000
100%	Twenty Ninth Street(c) Boulder, Colorado	1963/1979	2007	856,000
100%	Valley Mall Harrisonburg, Virginia	1978/1998	1992	504,000
100%	Valley River Center Eugene, Oregon	1969/2006	2007	912,000
100%	Victor Valley, Mall of Victorville, California	1986/2004	2012	579,000
100%	Vintage Faire Mall Modesto, California	1977/1996	2008	1,126,000
100%	Westside Pavilion Los Angeles, California	1985/1998	2007	755,000
100%	Wilton Mall Saratoga Springs, New York	1990/2005	1998	735,000

	Total Consolidated Centers			34,936,000

UNCONSOLIDATED JOINT VENTURE CENTERS (VARIOUS PARTNERS):(d)
50%	Biltmore Fashion Park Phoenix, Arizona	1963/2003	2006	528,000
50%	Broadway Plaza(c) Walnut Creek, California	1951/1985	1994	777,000
51%	Cascade Mall Burlington, Washington	1989/1999	1998	592,000
50.1%	Corte Madera, Village at Corte Madera, California	1985/1998	2005	440,000
50%	Inland Center(c) San Bernardino, California	1966/2004	2004	933,000
50%	Kierland Commons Scottsdale, Arizona	1999/2005	2003	434,000
51%	Lakewood Center Lakewood, California	1953/1975	2008	2,066,000
51%	Los Cerritos Center Cerritos, California	1971/1999	2010	1,310,000

The Macerich Company

Property Listing

September 30, 2013

Company's Ownership(a)	Name of Center/Location

50%	North Bridge, The Shops at(c) Chicago, Illinois	1998/2008	—	678,000
51%	Queens Center(c) Queens, New York	1973/1995	2004	968,000
50%	Scottsdale Fashion Square Scottsdale, Arizona	1961/2002	2009	1,727,000
51%	Stonewood Center(c) Downey, California	1953/1997	1991	927,000
66.7%	Superstition Springs Center(c) Mesa, Arizona	1990/2002	2002	999,000
50%	Tysons Corner Center(c) McLean, Virginia	1968/2005	2005	1,958,000
51%	Washington Square Portland, Oregon	1974/1999	2005	1,440,000
19%	West Acres Fargo, North Dakota	1972/1986	2001	970,000

	Total Unconsolidated Joint Venture Centers (Various Partners)			16,747,000

	Total Regional Shopping Centers			51,683,000

COMMUNITY / POWER CENTERS:
50%	Atlas Park, The Shops at(e) Queens, New York	2006/2011	2013	308,000
50%	Boulevard Shops(e) Chandler, Arizona	2001/2002	2004	185,000
67.5%	Camelback Colonnade(f) Phoenix, Arizona	1961/2002	1994	619,000
39.7%	Estrella Falls, The Market at(e) Goodyear, Arizona	2009/—	2009	238,000
100%	Panorama Mall(f) Panorama, California	1955/1979	2005	312,000
51.3%	Promenade at Casa Grande(f) Casa Grande, Arizona	2007/—	2009	909,000
100%	Southridge Center(f) Des Moines, Iowa	1975/1998	2013	811,000
100%	Superstition Springs Power Center(f) Mesa, Arizona	1990/2002	—	206,000
100%	The Marketplace at Flagstaff Mall(c)(f) Flagstaff, Arizona	2007/—	—	267,000

	Total Community / Power Centers			3,855,000

	Total before Centers under Redevelopment and Other Assets			55,538,000

The Macerich Company

Property Listing

September 30, 2013

Company's Ownership(a)	Name of Center/Location

CENTERS UNDER REDEVELOPMENT:
60%	Fashion Outlets of Chicago(c)(f) Rosemont, Illinois	2013/2013	—	526,000
100%	Paradise Valley Mall(f) Phoenix, Arizona	1979/2002	2009	1,145,000

	Total Centers under Redevelopment			1,671,000

OTHER ASSETS:
100%	Various(f)(g)			1,117,000
100%	500 North Michigan Avenue(f) Chicago, Illinois			327,000
50%	Atlas Park, The Shops at-Office(e) Queens, New York			68,000
100%	Paradise Village Ground Leases(f) Phoenix, Arizona			58,000
100%	Paradise Village Office Park II(f) Phoenix, Arizona			46,000
50%	Scottsdale Fashion Square-Office(e) Scottsdale, Arizona			123,000
50%	Tysons Corner Center-Office(c)(e) McLean, Virginia			173,000
30%	Wilshire Boulevard(e) Santa Monica, California			40,000

	Total Other Assets			1,952,000

	Grand Total at September 30, 2013			59,161,000

The Macerich Company

Property Listing

September 30, 2013

(a): The Company's ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on pages 27-28 regarding the legal versus economic ownership of joint venture entities.
(b): Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores as of September 30, 2013.
(c): Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 51 Centers, the underlying land controlled by the Company is owned in fee entirely by the Company, or, in the case of jointly-owned Centers, by the joint venture property partnership or limited liability company.
(d): The Company sold its 50% ownership in Ridgmar Mall on October 8, 2013 and it is excluded from this table.
(e): Included in Unconsolidated Joint Venture Centers.
(f): Included in Consolidated Centers.
(g): The Company owns a portfolio of 16 stores located at shopping centers not owned by the Company. Of these 16 stores, four have been leased to Forever 21, one has been leased to Kohl's, one has been leased to Burlington Coat Factory, one has been leased to Cabela's, and nine have been leased for non-Anchor usage. With respect to eleven of the 16 stores, the underlying land is owned in fee entirely by the Company. With respect to the remaining five stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases.

Joint Venture List

The following table sets forth certain information regarding the Centers and other operating properties that are not wholly-owned by the Company. This list of properties includes unconsolidated joint ventures, consolidated joint ventures, and co-venture arrangements. The percentages shown are the effective legal ownership and economic ownership interests of the Company as of September 30, 2013.



Properties	09/30/2013 Legal Ownership(a)			09/30/2013 Economic Ownership(b)			Joint Venture	09/30/2013 Total GLA(c)
Atlas Park, The Shops at		50	%		50	%	WMAP, L.L.C.		308,000
Atlas Park, The Shops at-Office		50	%		50	%	WMAP, L.L.C		68,000
Biltmore Fashion Park		50	%		50	%	Biltmore Shopping Center Partners LLC		528,000
Boulevard Shops		50	%		50	%	Propcor II Associates, LLC		185,000
Broadway Plaza		50	%		50	%	Macerich Northwestern Associates		777,000
Camelback Colonnade(d)		67.5	%		67.5	%	Camelback Colonnade Associates LLC		619,000
Cascade Mall		51	%		51	%	Pacific Premier Retail LP		592,000
Chandler Fashion Center(e)		50.1	%		50.1	%	Freehold Chandler Holdings LP		1,321,000
Corte Madera, Village at		50.1	%		50.1	%	Corte Madera Village, LLC		440,000
Estrella Falls, The Market at(f)		39.7	%		39.7	%	The Market at Estrella Falls LLC		238,000
Fashion Outlets of Chicago(g)		60	%		60	%	Fashion Outlets of Chicago LLC		526,000
Freehold Raceway Mall(e)		50.1	%		50.1	%	Freehold Chandler Holdings LP		1,675,000
Inland Center		50	%		50	%	WM Inland LP		933,000
Kierland Commons		50	%		50	%	Kierland Commons Investment LLC		434,000
Lakewood Center		51	%		51	%	Pacific Premier Retail LP		2,066,000
Los Cerritos Center		51	%		51	%	Pacific Premier Retail LP		1,310,000
North Bridge, The Shops at		50	%		50	%	North Bridge Chicago LLC		678,000
Promenade at Casa Grande(f)		51.3	%		51.3	%	WP Casa Grande Retail LLC		909,000
Queens Center		51	%		51	%	Queens JV LP		968,000
Ridgmar Mall(h)		50	%		50	%	WM Ridgmar, L.P.		1,273,000
Santan Village Regional Center		84.9	%		84.9	%	Westcor SanTan Village LLC		999,000
Scottsdale Fashion Square		50	%		50	%	Scottsdale Fashion Square Partnership		1,727,000
Scottsdale Fashion Square-Office		50	%		50	%	Scottsdale Fashion Square Partnership		123,000
Stonewood Center		51	%		51	%	Pacific Premier Retail LP		927,000
Superstition Springs Center(i)		66.7	%		66.7	%	East Mesa Mall, L.L.C.		999,000
Tysons Corner Center		50	%		50	%	Tysons Corner LLC		1,958,000
Tysons Corner Center-Office		50	%		50	%	Tysons Corner Property LLC		173,000
Washington Square		51	%		51	%	Pacific Premier Retail LP		1,440,000
West Acres		19	%		19	%	West Acres Development, LLP		970,000
Wilshire Boulevard		30	%		30	%	Wilshire Building—Tenants in Common		40,000

(a): This column reflects the Company's legal ownership in the listed properties as of September 30, 2013.
Legal ownership may, at times, not equal the Company's economic interest in the listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company's actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company's joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.
(b): Economic ownership represents the allocation of cash flow to the Company as of September 30, 2013, except as noted below. In cases where the Company receives a current cash distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage is shown in this column. The Company's economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings, partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.

(c): Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores as of September 30, 2013.
(d): Cash flow from operations is distributed 67.5% to the Company and 32.5% to the third-party members. Distributions from capital event proceeds are also made at these percentages such that the members receive a defined return of and return on agreed capital. Thereafter any excess capital event proceeds are distributed 52.5% to the Company and 47.5% to the third-party members.
(e): The joint venture entity was formed in September 2009. Upon liquidation of the partnership, distributions are made in the following order: to the third-party partner until it receives a 13% internal rate of return on its aggregate unreturned capital contributions; to the Company until it receives a 13% internal rate of return on its aggregate unreturned capital contributions; and, thereafter, 35% to the third-party partner and 65% to the Company.
(f): Columns 1 and 2 reflect the Company's indirect ownership interest in the property owner. The Company and a third-party partner are each members of a joint venture (the "MW Joint Venture") which, in turn, is a member in the joint venture that owns the property. Cash flow distributions for the MW Joint Venture are made in accordance with the members' relative capital accounts until the members have received distributions equal to their capital accounts, and thereafter in accordance with the members' relative legal ownership percentages. In addition, the Company has executed a joint and several guaranty of the mortgage for the property with its third-party partner. The Company may incur liabilities under such guaranty greater than its legal ownership percentage.
(g): After the third anniversary of substantial completion of the development, the Company in its sole discretion may elect to purchase the interest of the other member based on a net operating income formula using a 6.5% capitalization rate, less any unpaid debt on the property. In addition, the Company has executed a guaranty of the mortgage for the property. The Company may incur liabilities under such guaranty greater than its legal ownership percentage.
(h): This property was sold on October 8, 2013.
(i): On October 24, 2013, the Company acquired the remaining 33.3% ownership interest in the property.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)



	As of September 30, 2013
	Fixed Rate			Floating Rate			Total
	dollars in thousands
Consolidated debt	$	3,827,561		$	612,825		$	4,440,386
Unconsolidated debt		1,639,372			186,837			1,826,209

Total debt	$	5,466,933		$	799,662		$	6,266,595
Weighted average interest rate		4.44	%		2.72	%		4.22	%
Weighted average maturity (years)								6.0

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date



	As of September 30, 2013
Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate(a)			Fixed		Floating		Total Debt Balance(a)
I. Consolidated Assets:
Great Northern Mall		12/01/13		5.19	%	$	35,719	$	—	$	35,719
South Plains Mall		04/11/15		6.58	%		100,221		—		100,221
Fresno Fashion Fair		08/01/15		6.76	%		159,402		—		159,402
Camelback Colonnade(b)		10/12/15		2.16	%		33,356		—		33,356
Flagstaff Mall		11/01/15		5.03	%		37,000		—		37,000
Vintage Faire Mall		11/05/15		5.81	%		99,431		—		99,431
Valley River Center		02/01/16		5.59	%		120,000		—		120,000
Prasada(c)		03/29/16		5.25	%		6,469		—		6,469
Salisbury, Centre 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	%		42,345		—		42,345
Deptford Mall		06/01/16		6.46	%		14,616		—		14,616
Freehold Raceway Mall(d)		01/01/18		4.20	%		116,683		—		116,683
Santa Monica Place		01/03/18		2.99	%		236,701		—		236,701
Arrowhead Towne Center		10/05/18		2.76	%		237,832		—		237,832
SanTan Village Regional Center(e)		06/01/19		3.14	%		116,573		—		116,573
Chandler Fashion Center(d)		07/01/19		3.77	%		100,200		—		100,200
Kings Plaza Shopping Center		12/03/19		3.67	%		492,954		—		492,954
Danbury Fair Mall		10/01/20		5.53	%		235,619		—		235,619
Fashion Outlets of Niagara Falls USA		10/06/20		4.89	%		124,682		—		124,682
Green Acres Mall		02/03/21		3.61	%		321,407		—		321,407
Tucson La Encantada		03/01/22		4.23	%		73,204		—		73,204
Pacific View		04/01/22		4.08	%		136,478		—		136,478
Oaks, The		06/05/22		4.14	%		215,224		—		215,224
Chesterfield Towne Center		10/01/22		4.80	%		110,000		—		110,000
Westside Pavilion		10/01/22		4.49	%		152,797		—		152,797
Towne Mall		11/01/22		4.48	%		23,092		—		23,092
Deptford Mall		04/03/23		3.76	%		202,556		—		202,556

Total Fixed Rate Debt for Consolidated Assets				4.38	%	$	3,827,561	$	—	$	3,827,561

Promenade at Casa Grande(f)		12/30/13		5.21	%	$	—	$	32,942	$	32,942
Victor Valley, Mall of		11/06/14		2.74	%		—		90,000		90,000
Twenty Ninth Street		01/18/16		3.02	%		—		107,000		107,000
Northgate Mall		03/01/17		3.06	%		—		64,000		64,000
Fashion Outlets of Chicago(g)(h)		03/05/17		2.98	%		—		48,883		48,883
The Macerich Partnership, L.P.—Line of Credit		08/06/18		1.86	%		—		145,000		145,000
The Macerich Partnership, L.P.—Term Loan		12/08/18		2.53	%		—		125,000		125,000

Total Floating Rate Debt for Consolidated Assets				2.72	%	$	—	$	612,825	$	612,825

Total Debt for Consolidated Assets				4.15	%	$	3,827,561	$	612,825	$	4,440,386

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



	As of September 30, 2013
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):
Biltmore Fashion Park (50%)		10/01/14		8.25	%	$	29,054		$	—		$	29,054
Lakewood Center (51%)		06/01/15		5.43	%		127,500			—			127,500
Broadway Plaza (50%)		08/15/15		6.12	%		69,786			—			69,786
Washington Square (51%)		01/01/16		6.04	%		119,321			—			119,321
North Bridge, The Shops at (50%)		06/15/16		7.52	%		97,948			—			97,948
West Acres (19%)		10/01/16		6.41	%		11,425			—			11,425
Corte Madera, The Village at (50.1%)		11/01/16		7.27	%		38,413			—			38,413
Stonewood Center (51%)		11/01/17		4.67	%		54,503			—			54,503
Los Cerritos Center (51%)		07/01/18		4.50	%		98,462			—			98,462
Scottsdale Fashion Square (50%)		04/03/23		3.02	%		260,302			—			260,302
Tysons Corner Center (50%)		01/01/24		4.13	%		425,000			—			425,000
Queens Center (51%)		01/01/25		3.65	%		306,000			—			306,000
Wilshire Boulevard (30%)		01/01/33		6.35	%		1,658			—			1,658

Total Fixed Rate Debt for Unconsolidated Assets				4.60	%	$	1,639,372		$	—		$	1,639,372

Estrella Falls, The Market at (39.7%)		06/01/15		3.14	%	$	—		$	13,310		$	13,310
Inland Center (50%)		04/01/16		3.43	%		—			25,000			25,000
Superstition Springs Center (66.7%)(i)		10/28/16		2.79	%		—			45,000			45,000
Ridgmar Mall (50%)(h)(j)		04/11/17		2.94	%		—			25,853			25,853
Kierland Commons (50%)(h)		01/02/18		2.27	%		—			67,500			67,500
Boulevard Shops (50%)(h)		12/16/18		2.07	%		—			10,174			10,174

Total Floating Rate Debt for Unconsolidated Assets				2.69	%	$	—		$	186,837		$	186,837

Total Debt for Unconsolidated Assets				4.40	%	$	1,639,372		$	186,837		$	1,826,209

Total Debt				4.22	%	$	5,466,933		$	799,662		$	6,266,595

Percentage to Total							87.24	%		12.76	%		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 67.5%.
(c): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.0%.
(d): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.1%.
(e): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.
(f): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 51.3%.
(g): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 60.0%.
(h): 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.
(i): On October 24, 2013, the Company acquired the remaining 33.3% ownership interest in the property and assumed the remaining 33.3% of the underlying debt.
(j): This property was sold and the loan was paid off in full on October 8, 2013.

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Development Pipeline Forecast

(Dollars in millions)

as of September 30, 2013

In-Process Developments and Redevelopments:

Property	Project Type				Total Project Cost at 100% (a)(c)				Total Project Cost Pro Rata (a)(c)		Pro Rata Capitalized Costs at 9/30/2013(a)(c)


Fashion Outlets of Niagara Falls USA Niagara Falls, NY	Expansion of existing Outlet Center	175,000	9	%	$	75.0	100	%	$	75.0	$	14.6	2014 - 2015
Tysons Corner Center McLean, VA	Redevelopment—Office, Residential & Hotel	1,386,000	8	%	$	523.1	50	%	$	261.6	$	99.4	2014

Total					$	598.1			$	336.6	$	114.0

Shadow Pipeline of Developments and Redevelopments(d):

Property	Project Type		Return(a)(b)	Total Project Cost at 100% (a)(c)			Total Project Cost Pro Rata (a)(c)	Pro Rata Capitalized Costs at 9/30/2013(a)(c)


Broadway Plaza Walnut Creek, CA	Expansion—New Retail Space	300,000	8%	$250 - $260	50.0	%	$125 - $130	$	5.5	2015 - 2017
Estrella Falls Mall Goodyear, AZ	Ground Up—Regional Shopping Center Development	850,000	TBD	$220 - $230	86.6	%	$191 - $199	$	31.5	2016 - 2017
Green Acres Mall Valley Stream, NY	Big Box addition and anchor expansion / repositioning	TBD	TBD	$100 - $150	100	%	$100 - $150	$	22.8	2015 - 2016
Kings Plaza Shopping Center Brooklyn, NY	Major Remerchandising and redemising	TBD	TBD	$100 - $120	100	%	$100 - $120	$	1.2	2014 - 2016
Los Cerritos Center Cerritos, CA	Redevelopment	200,000	TBD	$30 - $40	51	%	$15 - $20	$	0.1	2015 - 2016
500 North Michigan Avenue (contiguous to The Shops at North Bridge) Chicago, IL	Redevelopment/Street Retail	25,000	10% - 12%	$30 - $45	100	%	$30 - $45	$	0.7	2015 - 2016
Paradise Valley Mall Phoenix, AZ	Redevelopment—including a Theater	TBD	TBD	TBD	100	%	TBD	$	0.3	2015 - 2017
Santa Monica Place Santa Monica, CA	Theater addition	48,000	8%	$25 - $30	100	%	$25 - $30	$	0.1	2015
Scottsdale Fashion Square Scottsdale, AZ	Redevelopment—including a theatre	135,000	8% - 9%	$30 - $35	50	%	$15 - $18	$	0.3	2014 - 2015

Total			8% - 12%	$785 - $910			$601 - $712	$	62.5

(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 affect the information provided in this table.
(b): Estimated Return is calculated based on stabilized income after development divided by project direct costs excluding GAAP allocations of non-cash and indirect costs.
(c): This excludes GAAP allocations of non-cash and indirect costs.
(d): This section includes potential developments or redevelopments that the Company is considering. The scope of these projects may change. Average returns are expected to be 8% to 12%. There is no certainty that the Company will develop any or all of these potential projects.

The Macerich Company

Corporate Information

Stock Exchange Listing

New York Stock Exchange
Symbol: MAC

The following table shows high and low sales prices per share of common stock during each quarter in 2013, 2012 and 2011 and dividends per share of common stock declared and paid by quarter:



	Market Quotation per Share				Dividends
Quarter Ended:	High		Low		Declared and Paid
March 31, 2011	$	50.80	$	45.69	$	0.50
June 30, 2011	$	54.65	$	47.32	$	0.50
September 30, 2011	$	56.50	$	41.96	$	0.50
December 31, 2011	$	51.30	$	38.64	$	0.55
March 31, 2012	$	58.08	$	49.67	$	0.55
June 30, 2012	$	62.83	$	54.37	$	0.55
September 30, 2012	$	61.80	$	56.02	$	0.55
December 31, 2012	$	60.03		54.32	$	0.58
March 31, 2013	$	64.47	$	57.66	$	0.58
June 30, 2013	$	72.19	$	56.68	$	0.58
September 30, 2013	$	66.12	$	55.19	$	0.58

Dividend Reinvestment Plan

Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at 800-567-0169.



Corporate Headquarters The Macerich Company 401 Wilshire Boulevard, Suite 700 Santa Monica, California 90401 310-394-6000 www.macerich.com		Transfer Agent Computershare Trust Company, N.A. P.O. Box 43078 Providence, Rhode Island 02940-3078 800-567-0169 www.computershare.com

Macerich Website

For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit www.macerich.com.

Investor Relations


Jean Wood Vice President, Investor Relations Phone: 310-899-6366 jean.wood@macerich.com		John Perry Senior Vice President, Investor Relations Phone: 310-899-6345 john.perry@macerich.com

QuickLinks

Exhibit 99.2