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) April 29, 2014

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 April 29, 2014 announcing results of operations for the Company for the quarter ended March 31, 2014 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 April 29, 2014, the Company made available on its website a financial supplement containing financial and operating information of the Company ("Supplemental Financial Information") for the three months ended March 31, 2014 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
April 29, 2014 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 April 29, 2014
	99.2		Supplemental Financial Information for the three months ended March 31, 2014

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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

ITEM 7.01 REGULATION FD DISCLOSURE.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

SIGNATURES
EXHIBIT INDEX

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Exhibit 99.1

PRESS RELEASE


For:		THE MACERICH COMPANY
		MACERICH ANNOUNCES QUARTERLY RESULTS

Santa Monica, CA (4/29/14)—The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended March 31, 2014 which included funds from operations ("FFO") diluted of $121.6 million or $.81 per share-diluted compared to $127.0 million or $.86 per share-diluted for the quarter ended March 31, 2013. Net income attributable to the Company was $17.8 million or $.13 per share-diluted for the quarter ended March 31, 2014 compared to net income attributable to the Company for the quarter ended March 31, 2013 of $18.1 million or $.13 per share-diluted. Results for the quarter ended March 31, 2014 include $2.6 million, or $.02 per share-diluted, of higher than expected costs (snow removal and utilities) as a result of the harsh winter weather conditions experienced throughout the east and mid-west during the period. A description and reconciliation of FFO 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 5.6% for the year ended March 31, 2014 to $565 compared to $535 for the year ended March 31, 2013.
•: The releasing spreads for the year ended March 31, 2014 were up 14.8%.
•: Mall portfolio occupancy was 95.1% at March 31, 2014 compared to 93.4% at March 31, 2013.
•: FFO per share-diluted was $.81 compared to $.86 for the quarter ended March 31, 2013.

Commenting on the quarter, Arthur Coppola chairman and chief executive officer of Macerich stated, "It was another good quarter for us. Our operating fundamentals remained strong, with continued occupancy gains and positive double digit releasing spreads. In addition, consistent with our strategy of disposing of non-core assets and redeploying the capital into our redevelopment pipeline, we sold an additional three non-core malls during the first quarter."

Developments:

At Tysons Corner Center, the Company's 2.1 million square foot super regional mall, construction continues on a mixed-use densification project which will add 1.4 million square feet to one of the country's premier retail centers. The Tyson's expansion includes a 500,000 square foot office tower including major tenants Intelsat and Deloitte; a 30-story, 430-unit luxury residential tower; and a 300-room Hyatt Regency hotel. The office building is currently over 70% leased and scheduled to open in fall 2014. The hotel and the residential tower are expected to open in early 2015.

At Fashion Outlets of Niagara Falls, a 175,000 square foot expansion is in progress. The expansion is currently 76% leased and the project is expected to open in late 2014.

At Santa Monica Place, the Company has obtained final city approvals to proceed with the addition of a 48,000 square foot ArcLight Cinema which is expected to be completed in fall, 2015.

At Broadway Plaza, in Walnut Creek, California, a major redevelopment, including a 235,000 square foot expansion is underway. This 776,000 square foot mall (pre-expansion) is anchored by Macy's, Nordstrom and Neiman Marcus and for 2013 had over $725 per square foot in annual tenant sales. The expansion will open in phases starting in fall 2015.

Disposition Activity:

During the quarter, the Company sold Lake Square Mall in Leesburg, Florida, Rotterdam Square in Schenectady, New York and Somersville Towne Center in Antioch, California. The total sales proceeds were $34.1 million. The average tenant sales-per-square foot of these centers was $244.

2014 Earnings Guidance:

Management is reaffirming its previously provided fully diluted EPS and FFO per share guidance for 2014.

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

	2014 range

Fully diluted EPS	$	.98		-	$	1.08
Plus: real estate depreciation and amortization		2.62		-		2.62
Less: gain on sale of dispositions		(.10	)	-		(.10	)


Fully diluted FFO per share	$	3.50		-	$	3.60

Macerich, an S&P 500 company, currently celebrating 20 years of trading on the NYSE, 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 55 million square feet of real estate consisting primarily of interests in 52 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). The call begins Wednesday, April 30, 2014 at 10:30 AM Pacific Time. To listen to the call, please go to this website 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, 2013, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.

(See attached tables)

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

	Results before Discontinued Operations(a)						Impact of Discontinued Operations(a)					Results after Discontinued Operations(a)

	For the Three Months Ended March 31,						For the Three Months Ended March 31,					For the Three Months Ended March 31,
	Unaudited						Unaudited					Unaudited
	2014			2013			2014		2013			2014			2013
Minimum rents	$	151,633		$	149,157		$	0	($	12,130	)	$	151,633		$	137,027
Percentage rents		2,853			4,377			—		(395	)		2,853			3,982
Tenant recoveries		91,475			85,324			—		(6,363	)		91,475			78,961
Management Companies' revenues		8,121			10,148			—		—			8,121			10,148
Other income		10,430			13,776			—		(590	)		10,430			13,186


Total revenues		264,512			262,782			0		(19,478	)		264,512			243,304


Shopping center and operating expenses		90,376			85,374			—		(6,770	)		90,376			78,604
Management Companies' operating expenses		22,772			23,149			—		—			22,772			23,149
REIT general and administrative expenses		6,877			6,024			—		—			6,877			6,024
Depreciation and amortization		88,657			93,160			—		(6,142	)		88,657			87,018
Interest expense		46,338			53,696			—		(4,016	)		46,338			49,680
Loss on extinguishment of debt, net		358			—			—		—			358			—


Total expenses		255,378			261,403			—		(16,928	)		255,378			244,475
Equity in income of unconsolidated joint ventures		13,769			18,115			—		—			13,769			18,115
Co-venture expense(b)		(1,820	)		(2,041	)		—		—			(1,820	)		(2,041	)
Income tax benefit		172			243			—		—			172			243
(Loss) gain on remeasurement, sale or write down of assets, net		(1,611	)		4,834			—		(6	)		(1,611	)		4,828


Income from continuing operations		19,644			22,530			0		(2,556	)		19,644			19,974


Discontinued operations:
Gain on sale, disposition or write down of assets, net		—			—			—		6			—			6
Income from discontinued operations		—			—			—		2,550			—			2,550


Total income from discontinued operations		—			—			—		2,556			—			2,556


Net income		19,644			22,530			—		—			19,644			22,530
Less net income attributable to noncontrolling interests		1,825			4,438			—		—			1,825			4,438


Net income attributable to the Company	$	17,819		$	18,092		$	0	$	0		$	17,819		$	18,092




Average number of shares outstanding—basic		140,767			137,538								140,767			137,538


Average shares outstanding, assuming full conversion of OP Units(c)		150,758			147,745								150,758			147,745


Average shares outstanding—Funds From Operations ("FFO")—diluted(c)		150,808			147,823								150,808			147,823


Per share income—diluted before discontinued operations												$	0.13		$	0.11


Net income per share-basic	$	0.13		$	0.13							$	0.13		$	0.13


Net income per share—diluted	$	0.13		$	0.13							$	0.13		$	0.13


Dividend declared per share	$	0.62		$	0.58							$	0.62		$	0.58


FFO—basic(c)(d)	$	121,560		$	126,975							$	121,560		$	126,975


FFO—diluted(c)(d)	$	121,560		$	126,975							$	121,560		$	126,975


FFO per share—basic(c)(d)	$	0.81		$	0.86							$	0.81		$	0.86


FFO per share—diluted(c)(d)	$	0.81		$	0.86							$	0.81		$	0.86

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(a): In April 2014, the Financial Accounting Standards Board issued guidance that amends the definition of discontinued operations by limiting discontinued operations reporting to disposals that represent strategic shifts that have, or will have, a major effect on an entity's operations and financial results. Previously, the Company had reported all disposed properties as discontinued operations. The Company early adopted this accounting pronouncement in the first quarter of 2014. As a result, the Company's results of operations for all 2014 property disposals are presented within income from continuing operations in the consolidated statements of operations.
(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.

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 such a presentation also provides investors with a more meaningful measure of its operating results in comparison to the operating results of other real estate investment trusts ("REITs"). FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities. The Company believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO as presented, may not be comparable to similarly titled measures reported by other REITs.

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

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

	For the Three Months Ended March 31,

	Unaudited
	2014			2013
Net income attributable to the Company	$	17,819		$	18,092
Adjustments to reconcile net income attributable to the Company to FFO—basic and diluted:
Noncontrolling interests in OP		1,265			1,343
Loss (gain) on remeasurement, sale or write down of consolidated assets, net		1,611			(4,834	)
plus gain on undepreciated asset sales—consolidated assets		—			2,248
plus non-controlling interests share of gain on remeasurement, sale or write down of consolidated joint ventures, net		—			3,172
Loss on remeasurement, sale or write down of assets from unconsolidated entities (pro rata), net		62			19
plus loss on undepreciated asset sales—unconsolidated entities (pro rata)		(2	)		(2	)
Depreciation and amortization on consolidated assets		88,657			93,160
Less depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures		(5,460	)		(4,534	)
Depreciation and amortization on joint ventures (pro rata)		20,375			21,331
Less: depreciation on personal property		(2,767	)		(3,020	)


Total FFO—basic and diluted	$	121,560		$	126,975

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

	For the Three Months Ended March 31,

	Unaudited
	2014		2013
Earnings per share—diluted	$	0.13	$	0.13
Per share impact of depreciation and amortization of real estate		0.67		0.72
Per share impact of gain on remeasurement, sale or write down of assets		0.01		0.01


FFO per share—diluted	$	0.81	$	0.86

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 March 31,

	Unaudited
	2014			2013
Net income attributable to the Company	$	17,819		$	18,092
Interest expense—consolidated assets		46,338			53,696
Interest expense—unconsolidated entities (pro rata)		17,114			18,872
Depreciation and amortization—consolidated assets		88,657			93,160
Depreciation and amortization—unconsolidated entities (pro rata)		20,375			21,331
Noncontrolling interests in OP		1,265			1,343
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures		(8,191	)		(7,294	)
Loss on extinguishment of debt—consolidated entities		358			—
Loss (gain) on remeasurement, sale or write down of assets—consolidated assets, net		1,611			(4,834	)
Loss on remeasurement, sale or write down of assets—unconsolidated entities (pro rata), net		62			19
Add: Non-controlling interests share of gain on sale of consolidated assets, net		—			3,172
Income tax benefit		(172	)		(243	)
Distributions on preferred units		184			184


EBITDA(e)	$	185,420		$	197,498

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

	For the Three Months Ended March 31,

	Unaudited
	2014			2013
EBITDA(e)	$	185,420		$	197,498
Add: REIT general and administrative expenses		6,877			6,024
Management Companies' revenues		(8,121	)		(10,148	)
Management Companies' operating expenses		22,772			23,149
Straight-line and above/below market adjustments to minimum rents of comparable centers		(674	)		(2,111	)
EBITDA of non-comparable centers		(26,965	)		(41,110	)


Same Centers—NOI(f)	$	179,309		$	173,302

(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. The Company believes that 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. The Company also cautions 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 straight-line and above/below market adjustments to minimum rents.

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Exhibit 99.1

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

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Exhibit 99.2

Supplemental Financial Information
For the three months ended March 31, 2014

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		4-9
Unaudited Pro Rata Statement of Operations		5
Notes to Unaudited Pro Rata Statement of Operations		6
Unaudited Pro Rata Balance Sheet		7
Supplemental FFO Information		8
Capital Expenditures		9
Operational Data		10-25
Sales Per Square Foot		10
Sales Per Square Foot by Property Ranking		11-15
Occupancy		16
Average Base Rent Per Square Foot		17
Cost of Occupancy		18
Percentage of Net Operating Income by State		19
Property Listing		20-23
Joint Venture List		24-25
Debt Tables		26-28
Debt Summary		26
Outstanding Debt by Maturity Date		27-28
Development Pipeline Forecast		29-30
Top Ten Tenants		31
Corporate Information		32

This Supplemental Financial Information should be read in connection with the Company's first quarter 2014 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date April 29, 2014) 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/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the "Operating Partnership").

As of March 31, 2014, the Operating Partnership owned or had an ownership interest in 52 regional shopping centers and nine community/power shopping centers aggregating approximately 55 million square feet of gross leasable area ("GLA"). These 61 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 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, 2013, 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


	3/31/2014			12/31/2013			12/31/2012
	dollars in thousands, except per share data
Closing common stock price per share	$	62.33		$	58.89		$	58.30
52 week high	$	72.19		$	72.19		$	62.83
52 week low	$	55.13		$	55.13		$	49.67
Shares outstanding at end of period
Class A non-participating convertible preferred units		184,304			184,304			184,304
Common shares and partnership units		150,998,837			150,673,110			147,601,848


Total common and equivalent shares/units outstanding		151,183,141			150,857,414			147,786,152




Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	6,055,261		$	6,037,219		$	6,620,507
Equity market capitalization		9,423,245			8,883,993			8,615,933


Total market capitalization	$	15,478,506		$	14,921,212		$	15,236,440




Leverage ratio(a)		39.1	%		40.5	%		43.5	%

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

Portfolio Capitalization at March 31, 2014

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, 2013		9,939,427			140,733,683		184,304		150,857,414




Conversion of partnership units to cash		(3,445	)		—		—		(3,445	)
Conversion of partnership units to common shares		(63,000	)		63,000		—		—
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans		246,471			82,701		—		329,172


Balance as of March 31, 2014		10,119,453			140,879,384		184,304		151,183,141

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 months ended March 31, 2014.

THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)



	For the Three Months Ended March 31, 2014
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
Revenues:
Minimum rents	$	151,633		$	(9,915	)	$	141,718		$	48,467		$	190,185
Percentage rents		2,853			(195	)		2,658			990			3,648
Tenant recoveries		91,475			(6,205	)		85,270			24,205			109,475
Management Companies' revenues		8,121			—			8,121			—			8,121
Other income		10,430			(612	)		9,818			4,718			14,536


Total revenues		264,512			(16,927	)		247,585			78,380			325,965


Expenses:
Shopping center and operating expenses		90,376			(6,356	)		84,020			27,060			111,080
Management Companies' operating expenses		22,772			—			22,772			—			22,772
REIT general and administrative expenses		6,877			—			6,877			—			6,877
Depreciation and amortization		88,657			(5,460	)		83,197			20,375			103,572
Interest expense		46,338			(2,731	)		43,607			17,114			60,721
Loss on extinguishment of debt, net		358			—			358			—			358


Total expenses		255,378			(14,547	)		240,831			64,549			305,380
Equity in income of unconsolidated joint ventures		13,769			—			13,769			(13,769	)		—
Co-venture expense		(1,820	)		1,820			—			—			—
Income tax benefit		172			—			172			—			172
Loss on remeasurement, sale or write down of assets, net		(1,611	)		—			(1,611	)		(62	)		(1,673	)


Net income		19,644			(560	)		19,084			—			19,084
Less net income attributable to noncontrolling interests		1,825			(560	)		1,265			—			1,265


Net income attributable to the Company	$	17,819		$	—		$	17,819		$	—		$	17,819




Reconciliation of net income attributable to the Company to FFO(3):
Net income attributable to the Company							$	17,819		$	—		$	17,819
Equity in income of unconsolidated joint ventures								(13,769	)		13,769			—
Adjustments to reconcile net income to FFO—basic and diluted:
Noncontrolling interests in the Operating Partnership								1,265			—			1,265
Loss on remeasurement, sale or write down of assets, net								1,611			62			1,673
Loss on sale of undepreciated assets, net								—			(2	)		(2	)
Depreciation and amortization of all property								83,197			20,375			103,572
Depreciation on personal property								(2,556	)		(211	)		(2,767	)


Total FFO—Basic and diluted							$	87,567		$	33,993		$	121,560

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.

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 such a presentation also provides investors with a more meaningful measure of its operating results in comparison to the operating results of other REITs. FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities. The Company believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO, as presented, may not be comparable to similarly titled measures reported by other REITs.

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

(Dollars in thousands)



	As of March 31, 2014
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
ASSETS:
Property, net(3)	$	7,553,979		$	(481,282	)	$	7,072,697		$	2,174,444		$	9,247,141
Cash and cash equivalents		64,926			(13,639	)		51,287			42,233			93,520
Restricted cash		15,808			(497	)		15,311			7,099			22,410
Tenant and other receivables, net		100,838			(27,333	)		73,505			28,938			102,443
Deferred charges and other assets, net		516,277			(13,950	)		502,327			60,071			562,398
Loans to unconsolidated joint ventures		3,374			—			3,374			—			3,374
Due from affiliates		28,559			319			28,878			(1,576	)		27,302
Investments in unconsolidated joint ventures		724,630			—			724,630			(724,630	)		—


Total assets	$	9,008,391		$	(536,382	)	$	8,472,009		$	1,586,579		$	10,058,588




LIABILITIES AND EQUITY:
Mortgage notes payable	$	4,384,000		$	(294,242	)	$	4,089,758		$	1,744,437		$	5,834,195
Bank and other notes payable		227,132			(6,066	)		221,066			—			221,066
Accounts payable and accrued expenses		89,146			(6,386	)		82,760			30,755			113,515
Other accrued liabilities		312,188			(29,433	)		282,755			65,968			348,723
Distributions in excess of investment in unconsolidated joint ventures		254,581			—			254,581			(254,581	)		—
Co-venture obligation		78,224			(78,224	)		—			—			—


Total liabilities		5,345,271			(414,351	)		4,930,920			1,586,579			6,517,499


Commitments and contingencies
Equity:
Stockholders' equity:
Common stock		1,409			—			1,409			—			1,409
Additional paid-in capital		3,920,704			—			3,920,704			—			3,920,704
Accumulated deficit		(618,277	)		—			(618,277	)		—			(618,277	)


Total stockholders' equity		3,303,836			—			3,303,836			—			3,303,836
Noncontrolling interests		359,284			(122,031	)		237,253			—			237,253


Total equity		3,663,120			(122,031	)		3,541,089			—			3,541,089


Total liabilities and equity	$	9,008,391		$	(536,382	)	$	8,472,009		$	1,586,579		$	10,058,588

(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 $234,401 from the Company's consolidated share and $227,602 from its pro rata share of unconsolidated joint ventures.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)



	As of March 31,
	2014	2013
	dollars in millions
Straight line rent receivable	$70.5	$68.2



	For the Three Months Ended March 31,
	2014		2013
	dollars in millions
Lease termination fees	$	2.4	$	1.4
Straight line rental income	$	1.1	$	1.2
Gain on sales of undepreciated assets	$	—	$	2.2
Amortization of acquired above- and below-market leases	$	1.8	$	2.4
Amortization of debt premiums	$	1.3	$	2.5
Interest capitalized	$	4.9	$	4.8

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

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures



	For the Three Months Ended 3/31/14		For the Three Months Ended 3/31/13		Year Ended 12/31/13		Year Ended 12/31/12
	dollars in millions
Consolidated Centers
Acquisitions of property and equipment	$	4.8	$	504.7	$	591.6	$	1,313.1
Development, redevelopment, expansions and renovations of Centers		21.9		40.9		164.4		158.5
Tenant allowances		4.7		3.5		20.9		18.1
Deferred leasing charges		6.0		8.9		23.9		23.5


Total	$	37.4	$	558.0	$	800.8	$	1,513.2




Unconsolidated Joint Venture Centers(a)
Acquisitions of property and equipment	$	0.3	$	1.4	$	8.2	$	5.1
Development, redevelopment, expansions and renovations of Centers		38.1		16.8		118.8		79.6
Tenant allowances		0.7		1.8		8.1		6.4
Deferred leasing charges		0.8		0.9		3.3		4.2


Total	$	39.9	$	20.9	$	138.4	$	95.3

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

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Regional Shopping Center Portfolio

Sales Per Square Foot(a)



	Consolidated Centers	Unconsolidated Joint Venture Centers	Total Centers
03/31/2014	$492	$709	$565
03/31/2013	$481	$643	$535
12/31/2013	$488	$717	$562
12/31/2012	$463	$629	$517
12/31/2011	$417	$597	$489
12/31/2010	$392	$468	$433

(a): Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants which have occupied such stores for a minimum of 12 months. Sales per square foot are based on tenants 10,000 square feet and under for regional shopping centers. Sales per square foot exclude Centers under development and redevelopment.

Sales Per Square Foot

The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)



				Sales Per Square Foot						Occupancy									Cost of Occupancy for the Trailing 12 Months Ended 3/31/2014 (c)
				Sales Per Square Foot						Occupancy												% of Portfolio 2014 Forecast Pro Rata NOI (d)
Count		Properties		3/31/2014 (a)		12/31/2013 (a)		3/31/2013 (a)		3/31/2014 (b)			12/31/2013 (b)			3/31/2013 (b)						% of Portfolio 2014 Forecast Pro Rata NOI (d)

		Group 1: Top 10
	1		Washington Square	$	1,050	$	1,090	$	962		91.9	%		92.2	%		90.2	%							118,301
	2		Queens Center	$	1,054	$	1,038	$	1,016		96.5	%		98.8	%		95.5	%							306,000
	3		Biltmore Fashion Park	$	940	$	927	$	909		89.5	%		90.0	%		88.1	%							28,899
	4		North Bridge, The Shops at	$	905	$	906	$	907		98.1	%		97.3	%		89.7	%							97,311
	5		Corte Madera, Village at	$	907	$	902	$	877		97.9	%		97.8	%		98.3	%							38,160
	6		Tysons Corner Center	$	822	$	824	$	815		96.2	%		98.2	%		96.4	%							421,360
	7		Santa Monica Place	$	743	$	734	$	741		90.5	%		90.5	%		90.9	%							234,160
	8		Broadway Plaza(f)		n/a	$	726	$	678		n/a			87.1	%		94.6	%							69,180
	9		Tucson La Encantada	$	702	$	694	$	697		92.8	%		92.2	%		88.5	%							72,533
	10		Scottsdale Fashion Square	$	692	$	694	$	626		95.4	%		94.5	%		95.6	%							257,571


		Total Top 10:		$	858	$	855	$	815		94.9	%		95.0	%		93.6	%		13.7	%		22.8	%	1,643,475


		Group 2: Top 11-20
	11		Fashion Outlets of Chicago(g)		n/a		n/a		n/a		95.4	%		95.4	%		n/a								63,220
	12		Kings Plaza Shopping Center	$	653	$	675	$	700		93.4	%		95.9	%		91.8	%							488,075
	13		Los Cerritos Center	$	666	$	674	$	684		96.1	%		97.3	%		95.5	%							97,564
	14		Arrowhead Towne Center	$	650	$	649	$	661		94.2	%		96.8	%		95.2	%							234,214
	15		Kierland Commons	$	637	$	637	$	641		97.2	%		97.2	%		95.6	%							67,500
	16		Danbury Fair Mall	$	626	$	636	$	633		98.6	%		96.6	%		96.0	%							232,842
	17		Freehold Raceway Mall	$	598	$	619	$	632		98.8	%		98.5	%		95.0	%							116,355
	18		Twenty Ninth Street	$	613	$	613	$	602		98.4	%		95.7	%		96.0	%							—
	19		Fresno Fashion Fair	$	604	$	609	$	637		95.8	%		96.8	%		96.3	%							158,150
	20		Vintage Faire Mall	$	587	$	594	$	588		99.9	%		99.3	%		99.9	%							98,729


		Total Top 11-20:		$	624	$	632	$	640		97.0	%		97.0	%		95.6	%		13.1	%		27.7	%	1,556,649

The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)



				Sales Per Square Foot						Occupancy									Cost of Occupancy for the Trailing 12 Months Ended 3/31/2014 (c)
				Sales Per Square Foot						Occupancy												% of Portfolio 2014 Forecast Pro Rata NOI (d)
Count		Properties		3/31/2014 (a)		12/31/2013 (a)		3/31/2013 (a)		3/31/2014 (b)			12/31/2013 (b)			3/31/2013 (b)						% of Portfolio 2014 Forecast Pro Rata NOI (d)
		Group 3: Top 21-30
	21		Chandler Fashion Center	$	581	$	567	$	586		92.2	%		97.5	%		96.3	%							100,200
	22		Green Acres Mall	$	556	$	541	$	542		93.8	%		93.4	%		91.8	%							318,249
	23		Fashion Outlets of Niagara Falls USA(f)		n/a	$	532	$	576		n/a			94.6	%		94.1	%							123,352
	24		West Acres	$	515	$	527	$	537		99.8	%		99.8	%		98.6	%							11,254
	25		FlatIron Crossing	$	524	$	525	$	531		95.2	%		93.7	%		95.2	%							266,397
	26		Stonewood Center	$	535	$	522	$	504		96.9	%		96.1	%		97.2	%							53,791
	27		Victor Valley, Mall of	$	504	$	509	$	479		96.7	%		97.0	%		93.8	%							90,000
	28		Deptford Mall	$	510	$	505	$	502		96.1	%		96.7	%		97.9	%							215,140
	29		Oaks, The	$	500	$	502	$	512		98.3	%		97.2	%		95.1	%							213,244
	30		SanTan Village Regional Center	$	493	$	495	$	486		96.3	%		96.7	%		96.5	%							115,380


		Total Top 21-30:		$	525	$	524	$	531		95.8	%		95.9	%		95.2	%		13.4	%		22.6	%	1,507,007


		Group 4: Top 31-40
	31		Valley River Center	$	467	$	478	$	503		96.3	%		98.2	%		96.4	%							120,000
	32		South Plains Mall	$	460	$	468	$	479		89.2	%		88.3	%		89.5	%							72,449
	33		Lakewood Center	$	431	$	430	$	417		96.2	%		97.5	%		93.9	%							127,500
	34		Inland Center	$	420	$	417	$	405		98.2	%		97.9	%		94.4	%							25,000
	35		Pacific View	$	398	$	405	$	422		96.5	%		98.7	%		97.8	%							135,186
	36		Northgate Mall	$	394	$	396	$	391		97.9	%		97.9	%		95.9	%							64,000
	37		La Cumbre Plaza	$	391	$	396	$	403		88.3	%		86.4	%		80.8	%							—
	38		Eastland Mall	$	383	$	395	$	411		97.7	%		98.8	%		97.6	%							168,000
	39		South Towne Center	$	350	$	352	$	372		96.4	%		88.9	%		88.7	%							—
	40		Westside Pavilion	$	343	$	348	$	365		95.6	%		94.7	%		95.9	%							151,524


		Total Top 31-40:		$	406	$	410	$	418		95.5	%		95.1	%		93.6	%		14.7	%		15.9	%	863,659


		Total Top 40:		$	604	$	607	$	603		95.9	%		95.8	%		94.6	%		13.6	%		89.0	%	5,570,790

The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)



				Sales Per Square Foot						Occupancy									Cost of Occupancy for the Trailing 12 Months Ended 3/31/2014 (c)
				Sales Per Square Foot						Occupancy												% of Portfolio 2014 Forecast Pro Rata NOI (d)
Count		Properties		3/31/2014 (a)		12/31/2013 (a)		3/31/2013 (a)		3/31/2014 (b)			12/31/2013 (b)			3/31/2013 (b)						% of Portfolio 2014 Forecast Pro Rata NOI (d)

		Group 5: 41-52
	41		Superstition Springs Center	$	344	$	345	$	335		93.7	%		96.9	%		91.5	%							68,316
	42		Towne Mall	$	323	$	331	$	342		87.4	%		86.4	%		87.2	%							22,897
	43		Capitola Mall	$	322	$	326	$	331		83.0	%		85.3	%		78.9	%							—
	44		NorthPark Mall	$	312	$	313	$	309		92.7	%		91.6	%		93.5	%							—
	45		Flagstaff Mall	$	312	$	310	$	302		74.4	%		78.8	%		84.9	%							37,000
	46		Cascade Mall	$	302	$	298	$	306		91.6	%		91.5	%		90.8	%							—
	47		Wilton Mall	$	293	$	296	$	311		90.5	%		90.7	%		93.9	%							—
	48		Valley Mall	$	279	$	286	$	282		93.3	%		95.4	%		94.0	%							41,955
	49		Desert Sky Mall	$	271	$	270	$	262		93.4	%		89.2	%		95.0	%							—
	50		Great Northern Mall	$	242	$	247	$	256		93.5	%		95.5	%		94.2	%							35,235
	51		SouthPark Mall(f)		n/a	$	228	$	248		n/a			79.4	%		84.2	%							—
	52		Paradise Valley Mall(f)		n/a		n/a		n/a		n/a			n/a			n/a								—


		Total 41-52:		$	301	$	295	$	298		90.9	%		90.1	%		90.8	%		12.9	%		7.8	%	205,403


		Total Regional Shopping Centers		$	565	$	565	$	560		95.1	%		94.9	%		94.0	%		13.5	%		96.8	%	5,776,193


		Total Community / Power Centers																					2.8	%	56,365


		Other Non-mall Assets																					0.4	%	1,637


		TOTAL																		13.4	%		100.0	%	5,834,195

The Macerich Company
Sales Per Square Foot by Property Ranking (unaudited)

	Properties		Sales Per Square Foot 12/31/2012 (a)


	2013 Disposition Centers
1		Chesterfield Towne Center	$	361	91.9	%
2		Fiesta Mall	$	235	86.1	%
3		Green Tree Mall	$	400	91.2	%
4		Kitsap Mall	$	383	92.4	%
5		Northridge Mall	$	342	97.2	%
6		Redmond Town Center	$	361	89.2	%
7		Redmond Town Center-Office		n/a	99.1	%
8		Ridgmar Mall	$	332	84.6	%
9		Rimrock Mall	$	424	92.0	%
10		Salisbury, Centre at	$	311	96.3	%


10	Total 2013 Disposition Centers:		$	348	92.1	%


	2014 Disposition Centers
1		Lake Square Mall	$	232	86.4	%
2		Rotterdam Square	$	232	86.1	%
3		Somersville Towne Center	$	287	84.7	%


3	Total 2014 Disposition Centers:		$	244	85.9	%


13	TOTAL DISPOSITION CENTERS		$	333	91.2	%	9.8	%

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, 2013.
(b)		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.
(c)		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.
(d)		The percentage of Portfolio 2014 Forecast Pro Rata Net Operating Income ("NOI") is based on guidance reconfirmed on April 29, 2014. 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. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.
(e)		Please see further disclosures for Outstanding Debt at pro rata on pages 26-28.
(f)		These assets are under redevelopment including demolition and reconfiguration of the Centers and tenant spaces, accordingly the Sales per square foot and Occupancy during the periods of redevelopment are not included.
(g)		Fashion Outlets of Chicago opened August 1, 2013 and is included in "Group 2: Top 11 - 20" above based on the Company's expectations for Sales per square foot at this property. See the Company's forward-looking statements disclosure on page 1 for factors that may affect this information.
(h)		The percentage of Portfolio 2012 Pro Rata 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
03/31/2014		94.8%		96.0%		95.1%
03/31/2013		93.3%		93.7%		93.4%
12/31/2013(b)		93.9%		96.2%		94.6%
12/31/2012		93.4%		94.5%		93.8%

(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): Rotterdam Square, sold January 15, 2014, is excluded at December 31, 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
03/31/2014	$	45.65	$	44.64	$	40.56
03/31/2013	$	42.34	$	44.70	$	38.95
12/31/2013	$	44.51	$	45.06	$	40.00
12/31/2012	$	40.98	$	44.01	$	38.00
Unconsolidated Joint Venture Centers
03/31/2014	$	62.99	$	67.71	$	52.13
03/31/2013	$	56.91	$	57.44	$	49.85
12/31/2013	$	62.47	$	63.44	$	48.43
12/31/2012	$	55.64	$	55.72	$	48.74
All Regional Shopping Centers
03/31/2014	$	49.21	$	49.39	$	43.02
03/31/2013	$	45.66	$	47.60	$	41.43
12/31/2013	$	48.16	$	49.09	$	41.88
12/31/2012	$	44.29	$	46.78	$	40.54

(a): Average base rent per square foot is based on spaces 10,000 square feet and under. All joint venture amounts are included at pro rata. 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. Rotterdam Square, sold January 15, 2014, is excluded at December 31, 2013.
(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.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy



				For Years Ended December 31,
	For the trailing twelve months ended March 31, 2014			For Years Ended December 31,
	For the trailing twelve months ended March 31, 2014			2013(a)			2012
Consolidated Centers
Minimum rents		8.5	%		8.4	%		8.1	%
Percentage rents		0.4	%		0.4	%		0.4	%
Expense recoveries(b)		4.5	%		4.5	%		4.2	%


Total		13.4	%		13.3	%		12.7	%



				For Years Ended December 31,
	For the trailing twelve months ended March 31, 2014			For Years Ended December 31,
	For the trailing twelve months ended March 31, 2014			2013(a)			2012
Unconsolidated Joint Venture Centers
Minimum rents		8.8	%		8.8	%		8.9	%
Percentage rents		0.4	%		0.4	%		0.4	%
Expense recoveries(b)		4.1	%		4.0	%		3.9	%


Total		13.3	%		13.2	%		13.2	%



				For Years Ended December 31,
	For the trailing twelve months ended March 31, 2014			For Years Ended December 31,
	For the trailing twelve months ended March 31, 2014			2013(a)			2012
All Centers
Minimum rents		8.7	%		8.6	%		8.4	%
Percentage rents		0.4	%		0.4	%		0.4	%
Expense recoveries(b)		4.3	%		4.3	%		4.0	%


Total		13.4	%		13.3	%		12.8	%

(a): Rotterdam Square, sold January 15, 2014, is excluded for the year ended December 31, 2013.
(b): Represents real estate tax and common area maintenance charges.

The Macerich Company

Percentage of Net Operating Income by State



State	% of Portfolio 2014 Forecast Pro Rata NOI(a)
California		28.0	%
Arizona		18.8	%
New York		15.8	%
New Jersey & Connecticut		9.2	%
Illinois, Indiana & Iowa		8.1	%
Virginia		5.7	%
Colorado		5.5	%
Oregon		3.7	%
Other(b)		5.2	%


Total		100.0	%

(a): The percentage of Portfolio 2014 Forecast Pro Rata NOI is based on guidance reconfirmed on April 29, 2014. 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 and net Management Company expenses. 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 Kentucky, North Dakota, Texas, Utah and Washington.

The Macerich Company

Property Listing

March 31, 2014

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:
1	100%	Arrowhead Towne Center Glendale, Arizona	1993/2002	2004	1,198,000
2	100%	Capitola Mall(c) Capitola, California	1977/1995	1988	586,000
3	50.1%	Chandler Fashion Center Chandler, Arizona	2001/2002	—	1,323,000
4	100%	Danbury Fair Mall Danbury, Connecticut	1986/2005	2010	1,272,000
5	100%	Deptford Mall Deptford, New Jersey	1975/2006	1990	1,039,000
6	100%	Desert Sky Mall Phoenix, Arizona	1981/2002	2007	891,000
7	100%	Eastland Mall(c) Evansville, Indiana	1978/1998	1996	1,044,000
8	60%	Fashion Outlets of Chicago Rosemont, Illinois	2013/—	—	529,000
9	100%	Flagstaff Mall Flagstaff, Arizona	1979/2002	2007	347,000
10	100%	FlatIron Crossing Broomfield, Colorado	2000/2002	2009	1,435,000
11	50.1%	Freehold Raceway Mall Freehold, New Jersey	1990/2005	2007	1,674,000
12	100%	Fresno Fashion Fair Fresno, California	1970/1996	2006	967,000
13	100%	Great Northern Mall Clay, New York	1988/2005	—	895,000
14	100%	Green Acres Mall(c) Valley Stream, New York	1956/2013	2007	1,790,000
15	100%	Kings Plaza Shopping Center(c) Brooklyn, New York	1971/2012	2002	1,195,000
16	100%	La Cumbre Plaza(c) Santa Barbara, California	1967/2004	1989	494,000
17	100%	Northgate Mall San Rafael, California	1964/1986	2010	720,000
18	100%	NorthPark Mall Davenport, Iowa	1973/1998	2001	1,050,000
19	100%	Oaks, The Thousand Oaks, California	1978/2002	2009	1,140,000
20	100%	Pacific View Ventura, California	1965/1996	2001	1,021,000
21	100%	Santa Monica Place Santa Monica, California	1980/1999	2010	475,000
22	84.9%	SanTan Village Regional Center Gilbert, Arizona	2007/—	2009	1,006,000
23	100%	South Plains Mall Lubbock, Texas	1972/1998	1995	1,129,000
24	100%	South Towne Center Sandy, Utah	1987/1997	1997	1,278,000

The Macerich Company

Property Listing

March 31, 2014

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

25	100%	Superstition Springs Center Mesa, Arizona	1990/2002	2002	1,082,000
26	100%	Towne Mall Elizabethtown, Kentucky	1985/2005	1989	350,000
27	100%	Tucson La Encantada Tucson, Arizona	2002/2002	2005	243,000
28	100%	Twenty Ninth Street(c) Boulder, Colorado	1963/1979	2007	852,000
29	100%	Valley Mall Harrisonburg, Virginia	1978/1998	1992	504,000
30	100%	Valley River Center Eugene, Oregon	1969/2006	2007	925,000
31	100%	Victor Valley, Mall of Victorville, California	1986/2004	2012	580,000
32	100%	Vintage Faire Mall Modesto, California	1977/1996	2008	1,126,000
33	100%	Westside Pavilion Los Angeles, California	1985/1998	2007	755,000
34	100%	Wilton Mall Saratoga Springs, New York	1990/2005	1998	735,000


		Total Consolidated Centers			31,650,000


UNCONSOLIDATED JOINT VENTURE CENTERS:
35	50%	Biltmore Fashion Park Phoenix, Arizona	1963/2003	2006	525,000
36	51%	Cascade Mall Burlington, Washington	1989/1999	1998	592,000
37	50.1%	Corte Madera, Village at Corte Madera, California	1985/1998	2005	441,000
38	50%	Inland Center(c) San Bernardino, California	1966/2004	2004	933,000
39	50%	Kierland Commons Scottsdale, Arizona	1999/2005	2003	434,000
40	51%	Lakewood Center Lakewood, California	1953/1975	2008	2,066,000
41	51%	Los Cerritos Center Cerritos, California	1971/1999	2010	1,260,000
42	50%	North Bridge, The Shops at(c) Chicago, Illinois	1998/2008	—	671,000
43	51%	Queens Center(c) Queens, New York	1973/1995	2004	971,000
44	50%	Scottsdale Fashion Square Scottsdale, Arizona	1961/2002	2009	1,723,000
45	51%	Stonewood Center(c) Downey, California	1953/1997	1991	932,000
46	50%	Tysons Corner Center(c) McLean, Virginia	1968/2005	2005	1,956,000
47	51%	Washington Square Portland, Oregon	1974/1999	2005	1,440,000
48	19%	West Acres Fargo, North Dakota	1972/1986	2001	972,000


		Total Unconsolidated Joint Venture Centers			14,916,000

The Macerich Company

Property Listing

March 31, 2014

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

REGIONAL SHOPPING CENTERS UNDER REDEVELOPMENT:
49	50%	Broadway Plaza(c)(d) Walnut Creek, California	1951/1985	1994	776,000
50	100%	Fashion Outlets of Niagara Falls USA(e) Niagara Falls, New York	1982/2011	2009	526,000
51	100%	Paradise Valley Mall(e) Phoenix, Arizona	1979/2002	2009	1,145,000
52	100%	SouthPark Mall(e) Moline, Illinois	1974/1998	1990	811,000


		Total Regional Shopping Centers			49,824,000


COMMUNITY / POWER CENTERS:
1	50%	Atlas Park, The Shops at(d) Queens, New York	2006/2011	2013	327,000
2	50%	Boulevard Shops(d) Chandler, Arizona	2001/2002	2004	185,000
3	67.5%	Camelback Colonnade(e) Phoenix, Arizona	1961/2002	1994	619,000
4	39.7%	Estrella Falls, The Market at(d) Goodyear, Arizona	2009/—	2009	242,000
5	100%	Panorama Mall(e) Panorama, California	1955/1979	2005	312,000
6	89.4%	Promenade at Casa Grande(e) Casa Grande, Arizona	2007/—	2009	909,000
7	100%	Southridge Center(e) Des Moines, Iowa	1975/1998	2013	809,000
8	100%	Superstition Springs Power Center(e) Mesa, Arizona	1990/2002	—	206,000
9	100%	The Marketplace at Flagstaff Mall(c)(e) Flagstaff, Arizona	2007/—	—	268,000


		Total Community / Power Centers			3,877,000


OTHER ASSETS:
	100%	Various(e)(f)			897,000
	100%	500 North Michigan Avenue(e) Chicago, Illinois			323,000
	50%	Atlas Park, The Shops at-Office(d) Queens, New York			49,000
	100%	Paradise Village Ground Leases(e) Phoenix, Arizona			58,000
	100%	Paradise Village Office Park II(e) Phoenix, Arizona			46,000
	50%	Scottsdale Fashion Square-Office(d) Scottsdale, Arizona			124,000
	50%	Tysons Corner Center-Office(c)(d) McLean, Virginia			173,000
	30%	Wilshire Boulevard(d) Santa Monica, California			40,000


		Total Other Assets			1,710,000


		Grand Total at March 31, 2014			55,411,000

The Macerich Company

Property Listing

March 31, 2014

(a): The Company's ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on pages 24-25 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 March 31, 2014.
(c): Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 48 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): Included in Unconsolidated Joint Venture Centers.
(e): Included in Consolidated Centers.
(f): The Company owns a portfolio of 14 stores located at shopping centers not owned by the Company. Of these 14 stores, four have been leased to Forever 21, one has been leased to Kohl's, one has been leased to Burlington Coat Factory, and eight have been leased for non-Anchor usage. With respect to nine of the 14 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 March 31, 2014.



Properties	3/31/2014 Legal Ownership(a)			3/31/2014 Economic Ownership(b)			Joint Venture	3/31/2014 Total GLA(c)
Atlas Park, The Shops at		50	%		50	%	WMAP, L.L.C.		327,000
Atlas Park, The Shops at-Office		50	%		50	%	WMAP, L.L.C.		49,000
Biltmore Fashion Park		50	%		50	%	Biltmore Shopping Center Partners LLC		525,000
Boulevard Shops		50	%		50	%	Propcor II Associates, LLC		185,000
Broadway Plaza		50	%		50	%	Macerich Northwestern Associates		776,000
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		1,323,000
Corte Madera, Village at		50.1	%		50.1	%	Corte Madera Village, LLC		441,000
Estrella Falls, The Market at(f)		39.7	%		39.7	%	The Market at Estrella Falls LLC		242,000
Fashion Outlets of Chicago(g)		60	%		60	%	Fashion Outlets of Chicago LLC		529,000
Freehold Raceway Mall(e)		50.1	%		50.1	%	Freehold Chandler Holdings LP		1,674,000
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		1,260,000
North Bridge, The Shops at		50	%		50	%	North Bridge Chicago LLC		671,000
Promenade at Casa Grande(h)		89.4	%		89.4	%	WP Casa Grande Retail LLC		909,000
Queens Center		51	%		51	%	Queens JV LP		971,000
SanTan Village Regional Center		84.9	%		84.9	%	Westcor SanTan Village LLC		1,006,000
Scottsdale Fashion Square		50	%		50	%	Scottsdale Fashion Square Partnership		1,723,000
Scottsdale Fashion Square-Office		50	%		50	%	Scottsdale Fashion Square Partnership		124,000
Stonewood Center		51	%		51	%	Pacific Premier Retail LP		932,000
Tysons Corner Center		50	%		50	%	Tysons Corner LLC		1,956,000
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		972,000
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 March 31, 2014.
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 March 31, 2014, 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 March 31, 2014.
(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): Columns 1 and 2 reflect the Company's total direct and 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.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)



	As of March 31, 2014
	Fixed Rate			Floating Rate			Total
	dollars in thousands
Consolidated debt	$	3,810,288		$	500,536		$	4,310,824
Unconsolidated debt		1,628,528			115,909			1,744,437


Total debt	$	5,438,816		$	616,445		$	6,055,261
Weighted average interest rate		4.36	%		2.49	%		4.17	%
Weighted average maturity (years)								5.6

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date



	As of March 31, 2014
Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate(a)			Fixed		Floating		Total Debt Balance(a)
I. Consolidated Assets:
Great Northern Mall		01/01/15		6.54	%	$	35,235	$	—	$	35,235
South Plains Mall		04/11/15		4.78	%		72,449		—		72,449
Fresno Fashion Fair		08/01/15		6.76	%		158,150		—		158,150
Camelback Colonnade(b)		10/12/15		2.16	%		32,956		—		32,956
Flagstaff Mall		11/01/15		5.03	%		37,000		—		37,000
Vintage Faire Mall		11/05/15		5.81	%		98,729		—		98,729
Valley River Center		02/01/16		5.59	%		120,000		—		120,000
Prasada(c)		03/29/16		5.25	%		6,066		—		6,066
Eastland Mall		06/01/16		5.79	%		168,000		—		168,000
Valley Mall		06/01/16		5.85	%		41,955		—		41,955
Deptford Mall		06/01/16		6.46	%		14,482		—		14,482
Freehold Raceway Mall(d)		01/01/18		4.20	%		116,355		—		116,355
Santa Monica Place		01/03/18		2.99	%		234,160		—		234,160
Arrowhead Towne Center		10/05/18		2.76	%		234,214		—		234,214
SanTan Village Regional Center(e)		06/01/19		3.14	%		115,380		—		115,380
Chandler Fashion Center(d)		07/01/19		3.77	%		100,200		—		100,200
Kings Plaza Shopping Center		12/03/19		3.67	%		488,075		—		488,075
Danbury Fair Mall		10/01/20		5.53	%		232,842		—		232,842
Fashion Outlets of Niagara Falls USA		10/06/20		4.89	%		123,352		—		123,352
FlatIron Crossing		01/05/21		3.90	%		266,397		—		266,397
Green Acres Mall		02/03/21		3.61	%		318,249		—		318,249
Tucson La Encantada		03/01/22		4.23	%		72,533		—		72,533
Pacific View		04/01/22		4.08	%		135,186		—		135,186
Oaks, The		06/05/22		4.14	%		213,244		—		213,244
Westside Pavilion		10/01/22		4.49	%		151,524		—		151,524
Towne Mall		11/01/22		4.48	%		22,897		—		22,897
Deptford Mall		04/03/23		3.76	%		200,658		—		200,658


Total Fixed Rate Debt for Consolidated Assets				4.26	%	$	3,810,288	$	—	$	3,810,288


Victor Valley, Mall of		11/06/14		2.72	%	$	—	$	90,000	$	90,000
Superstition Springs Center		10/28/16		1.98	%		—		68,316		68,316
Northgate Mall		03/01/17		3.03	%		—		64,000		64,000
Fashion Outlets of Chicago(f)(g)		03/05/17		2.95	%		—		63,220		63,220
The Macerich Partnership, L.P.—Line of Credit		08/06/18		1.83	%		—		90,000		90,000
The Macerich Partnership, L.P.—Term Loan		12/08/18		2.50	%		—		125,000		125,000


Total Floating Rate Debt for Consolidated Assets				2.47	%	$	—	$	500,536	$	500,536


Total Debt for Consolidated Assets				4.05	%	$	3,810,288	$	500,536	$	4,310,824

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date



	As of March 31, 2014
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	%	$	28,899		$	—		$	28,899
Lakewood Center (51%)		06/01/15		5.43	%		127,500			—			127,500
Broadway Plaza (50%)		08/15/15		6.12	%		69,180			—			69,180
Washington Square (51%)		01/01/16		6.04	%		118,301			—			118,301
North Bridge, The Shops at (50%)		06/15/16		7.52	%		97,311			—			97,311
West Acres (19%)		10/01/16		6.41	%		11,254			—			11,254
Corte Madera, The Village at (50.1%)		11/01/16		7.27	%		38,160			—			38,160
Stonewood Center (51%)		11/01/17		4.67	%		53,791			—			53,791
Los Cerritos Center (51%)		07/01/18		4.50	%		97,564			—			97,564
Scottsdale Fashion Square (50%)		04/03/23		3.02	%		257,571			—			257,571
Tysons Corner Center (50%)		01/01/24		4.13	%		421,360			—			421,360
Queens Center (51%)		01/01/25		3.65	%		306,000			—			306,000
Wilshire Boulevard (30%)		01/01/33		6.35	%		1,637			—			1,637


Total Fixed Rate Debt for Unconsolidated Assets				4.60	%	$	1,628,528		$	—		$	1,628,528


Estrella Falls, The Market at (39.71%)		06/01/15		3.11	%	$	—		$	13,319		$	13,319
Inland Center (50%)		04/01/16		3.40	%		—			25,000			25,000
Kierland Commons (50%)(g)		01/02/18		2.25	%		—			67,500			67,500
Boulevard Shops (50%)(g)		12/16/18		2.04	%		—			10,090			10,090


Total Floating Rate Debt for Unconsolidated Assets				2.58	%	$	—		$	115,909		$	115,909


Total Debt for Unconsolidated Assets				4.46	%	$	1,628,528		$	115,909		$	1,744,437


Total Debt				4.17	%	$	5,438,816		$	616,445		$	6,055,261




Percentage to Total							89.82	%		10.18	%		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 60.0%.
(g): The maturity date assumes that all such extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates.

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of March 31, 2014

In-Process Developments and Redevelopments:

Property	Project Type	Total Cost(a)(b) at 100%			Total Cost(a)(b) Pro Rata	Pro Rata Capitalized Costs(b) 3/31/2014	Expected Delivery(a)	Stabilized Yield(a)(b)(c)


Fashion Outlets of Niagara Falls USA Niagara Falls, NY	Expansion of existing outlet center—Adding 175,000 square feet of new space to existing 526,000 square foot center	$77	100	%	$77	$26	4Q14 - 1Q15	10%
Tysons Corner Center McLean, VA	Mixed-use expansion/densification—Constructing office (500,000 square feet), multifamily (430 units) and hotel (300-room Hyatt Regency) components immediately adjacent to Tysons Corner Center, all of which will be served by the expanded METRO line (opening Summer-14) and tied together by a 1.5-acre plaza	* Office: $228 * Hotel: $136 * Multifamily: $160	50	%	* Office: $114 * Hotel: $68 * Multifamily: $80	* Office: $71 * Hotel: $33 * Multifamily: $47	* Office: 3Q14 * Hotel: 1Q15 * Multifamily: 1Q15	8%


		Total: $524			Total: $262	Total: $151
Broadway Plaza Walnut Creek, CA	Expansion of existing open air center adding 235,000 sf (net) of new shop space to existing 776,000 sf center which is currently anchored by Nordstrom, Neiman Marcus and Macy's. New space created by construction of a more efficient parking structure and the consolidation of stand-alone Macy's Men's Store into a single larger Macy's box. Phase I encompasses demolition of 80,000 sf of existing retail space and construction of 240,000 sf of new retail space for a net increase of 160,000 sf. Phase 2 involves demolition of the existing Macy's Men's building and construction of 75,000 sf of new retail space for a total increase of 235,000 sf of small stores.	* Phase 1 : $240 * Phase 2 : $30	50	%	* Phase 1 : $120 * Phase 2 : $15	* Phase 1 : $14 * Phase 2 : $0	* 25% 4Q15 * 50% 2Q16 * 25% 2Q17	9%

		Total: $270			Total: $135	Total: $14
Santa Monica Place Santa Monica, CA	Movie theater addition—Adding a 48,000 square foot state-of-art, 12-screen ArcLight Cinemas to the third level/Dining Deck	$27	100	%	$27	$2	3Q15	8%


Total In-Process		$898			$501	$193

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of March 31, 2014

Shadow Pipeline of Developments and Redevelopments(d):

Property	Project Type	Total Cost(a)(b) at 100%			Total Cost(a)(b) Pro Rata	Pro Rata Capitalized Costs(b) 3/31/2014			Stabilized Yield(a)(b)(c)


Estrella Falls Mall Goodyear, AZ	Ground up—850,000 square foot regional shopping center development	$200 - $230	86.6	%	$173 - $199	$	33	2017 - 2019	TBD
Green Acres Mall Valley Stream, NY	Big box addition of 340,000 square feet	$115 - $120	100	%	$115 - $120	$	23	Fall 2016	10%
Kings Plaza Shopping Center Brooklyn, NY	Major remerchandising and redemising	$90 - $100	100	%	$90 - $100	$	4	2016	8% - 9%
Los Cerritos Center Cerritos, CA	200,000 square foot redevelopment, including a Dick's Sporting Goods and a theater	$50 - $60	51	%	$25 - $30	$	0	November 2015	8%
500 N. Michigan Ave (contiguous to The Shops at North Bridge) Chicago, IL	25,000 square foot redevelopment/street retail	$15 - $20	100	%	$15 - $20	$	2	2015 - 2016	10% - 12%
Paradise Valley Mall Phoenix, AZ	Redevelopment (size TBD), including a theater	TBD	100	%	TBD	$	0	2015 - 2017	TBD
Scottsdale Fashion Square Scottsdale, AZ	135,000 square foot redevelopment, including a Dick's Sporting Goods and a theater	$30 - $35	50	%	$15 - $18	$	0	April 2015	10%


Total Shadow		$500 - $565			$433 - $487	$	62

(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): This excludes GAAP allocations of non-cash and indirect costs.
(c): Stabilized Yield is calculated based on stabilized income after development divided by project direct costs excluding 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. Stabilized Yields 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

Supplemental Financial and Operating Information (unaudited)

Top Ten Tenants

The following retailers (including their subsidiaries) represent the 10 largest rent payers in the Centers based upon total rents in place as of December 31, 2013. Rotterdam Square, sold January 15, 2014, is excluded from the table below:



Parent Entity	Primary DBA's	Number of Locations in the Portfolio		% of Total Rents(1)
L Brands	Victoria's Secret, Bath and Body Works, PINK		100		2.6	%
Forever 21, Inc.	Forever 21, XXI Forever, For Love 21		39		2.4	%
Gap, Inc., The	Athleta, Banana Republic, The Gap, Gap Kids, Old Navy and others		64		2.3	%
Foot Locker, Inc.	Champs Sports, Foot Locker, Kids Foot Locker, Lady Foot Locker, Nike Yardline, Foot Action USA, House of Hoops		100		1.8	%
Dick's Sporting Goods, Inc.	Dick's Sporting Goods		12		1.3	%
Sears Holdings Corporation	Sears		30		1.3	%
Abercrombie & Fitch Co.	Abercrombie & Fitch, Hollister and others		48		1.2	%
Luxottica Group S.P.A.	Ilori, LensCrafters, Oakley, Optical Shop of Aspen, Sunglass Hut and others		105		1.2	%
Best Buy Co., Inc.	Best Buy, Best Buy Mobile		26		1.1	%
Nordstrom, Inc.	Nordstrom, Last Chance, Nordstrom Rack, Nordstrom Spa, Nordstrom Espresso Bar		16		1.1	%

(1): Total rents include minimum rents and percentage rents

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 2014, 2013 and 2012 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, 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
December 31, 2013	$	60.76	$	55.13	$	0.62
March 31, 2014	$	62.41	$	55.21	$	0.62

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 P.O. Box 30170 College Station, TX 77842-3170 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