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, 2015

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, 2015 announcing results of operations for the Company for the quarter ended March 31, 2015 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, 2015, 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, 2015 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, 2015 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, 2015
	99.2		Supplemental Financial Information for the three months ended March 31, 2015

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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 *Increases 2015 FFO per share Guidance Range*

SANTA MONICA, Calif., April 29, 2015—The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended March 31, 2015, which included funds from operations ("FFO") diluted of $133.5 million or $.79 per share-diluted compared to $121.6 million or $.81 per share-diluted for the quarter ended March 31, 2014. Included in the 2015 first quarter results is a gain on early extinguishment of debt of $2.2 million or $.01 per share-diluted and $13.6 million or $.08 per share-diluted of expenses related to an unsolicited takeover attempt. Net income attributable to the Company was $24.6 million or $.15 per share-diluted for the quarter ended March 31, 2015 compared to net income attributable to the Company for the quarter ended March 31, 2014 of $17.8 million or $.13 per share-diluted. 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 for the portfolio increased 7.4% for the year ended March 31, 2015 to $607 compared to $565 for the year ended March 31, 2014. On a same center basis, annual sales per square foot increased to $604 for the year ended March 31, 2015, up from $579 for the year ended March 31, 2014.
•: The releasing spreads for the year ended March 31, 2015 were up 21%.
•: Mall portfolio occupancy was 95.4% at March 31, 2015 compared to 95.1% at March 31, 2014.

Arthur Coppola chairman and chief executive officer of Macerich stated, "Over the past several years, Macerich has executed an extensive and successful portfolio transformation by selling lower quality malls and recycling the capital into value-enhancing redevelopment opportunities. Today, Macerich has a unique and irreplaceable portfolio of high quality properties and we are beginning to realize the significant benefits of our portfolio transformation strategy. During the recently completed quarter, additional occupancy gains and continued strong releasing spreads drove solid same center net operating income growth of 5.0%. In addition, we continued to execute on our deep pipeline of value-add redevelopment and expansion projects, while further strengthening our balance sheet through additional long term financings at highly attractive rates."

Developments:

At Tysons Corner Center, the Company's 2.1 million square foot super regional mall, construction continues on the multifamily component of this mixed use project which has also added an office tower and luxury hotel to one of the country's premier retail centers. The 527,000 square foot office tower with major tenants Intelsat and Deloitte opened in August 2014 and is currently more than 85% leased. A 300-room Hyatt Regency hotel opened on April 14, 2015. Additionally, a 30-story, 430-unit luxury residential tower is planned to open in June 2015.

At Broadway Plaza, in Walnut Creek, California, a major redevelopment, including a 235,000 square foot expansion, is underway. This 774,000 square foot mall (pre-expansion) is anchored by Macy's, Nordstrom and Neiman Marcus. The expansion will open in phases starting in fall 2015.

At both Los Cerritos Center and Scottsdale Fashion Square, expansions are underway to add a Dick's Sporting Goods store and a Harkins Theatre. Both projects are planned for completion in the second half of 2015.

At Santa Monica Place a new ArcLight Cinema is being built on the third level above Bloomingdales. Completion of the project is scheduled for fall 2015.

Financing:

The Company has committed to a $410 million, 11-year fixed rate 3.43% loan on Lakewood Center. The mall is currently unencumbered and the loan proceeds are expected to be used to pay down the line of credit.

2015 Earnings Guidance:

Management is increasing its previously provided FFO per share guidance range to $3.83 to $3.93 up from $3.80 to $3.90. The guidance does not include the impact of gains or losses on early extinguishment of debt or expenses related to an unsolicited takeover attempt.

Details of the guidance assumptions are included in the Company's Form 8-K supplemental financial information.

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 55 million square feet of real estate consisting primarily of interests in 51 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona, Chicago, and the New York Metro area to Washington DC corridor. 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 Thursday, April 30, 2015 at 10:30 AM Pacific Time. To listen to the call, please go to the 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, 2014, 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:

	For the Three Months Ended March 31,

	Unaudited
	2015			2014
Minimum rents	$	190,761		$	151,633
Percentage rents		3,248			2,853
Tenant recoveries		105,698			91,475
Management Companies' revenues		5,625			8,121
Other income		13,003			10,430

Total revenues		318,335			264,512

Shopping center and operating expenses		101,664			90,376
Management Companies' operating expenses		26,468			22,772
REIT general and administrative expenses		8,422			6,877
Costs related to unsolicited takeover offer		13,572			—
Depreciation and amortization		120,618			88,657
Interest expense		53,286			46,338
(Gain) loss on early extinguishment of debt, net		(2,245	)		358

Total expenses		321,785			255,378

Equity in income of unconsolidated joint ventures		8,274			13,769
Co-venture expense(a)		(2,130	)		(1,820	)
Income tax benefit		935			172
Gain (loss) on sale or write down of assets, net		935			(1,611	)
Gain on remeasurement of assets		22,103			—

Net income		26,667			19,644
Less net income attributable to noncontrolling interests		2,056			1,825

Net income attributable to the Company	$	24,611		$	17,819



Average number of shares outstanding—basic		158,336			140,767

Average shares outstanding, assuming full conversion of OP Units(b)		168,852			150,758

Average shares outstanding—Funds From Operations ("FFO")—diluted(b)		169,060			150,808

Net income per share—basic	$	0.15		$	0.13

Net income per share—diluted	$	0.15		$	0.13

Dividend declared per share	$	0.65		$	0.62

FFO—basic(b)(c)	$	133,534		$	121,560

FFO—diluted(b)(c)	$	133,534		$	121,560

FFO—diluted, excluding early extinguishment of debt and costs related to unsolicited takeover offer(b)(c)	$	144,861		$	121,918

FFO per share—basic(b)(c)	$	0.79		$	0.81

FFO per share—diluted(b)(c)	$	0.79		$	0.81

FFO per share—diluted, excluding early extinguishment of debt and costs related to unsolicited takeover offer(b)(c)	$	0.86		$	0.81

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(a): This represents the outside partners' allocation of net income in the Chandler Fashion Center/Freehold Raceway Mall joint venture.
(b): 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.
(c): 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"). The Company believes that FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities. The Company further 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(c):

	For the Three Months Ended March 31,

	Unaudited
	2015			2014
Net income attributable to the Company	$	24,611		$	17,819
Adjustments to reconcile net income attributable to the Company to FFO—basic and diluted:
Noncontrolling interests in OP		1,635			1,265
(Gain) loss on sale or write down of consolidated assets, net		(935	)		1,611
Gain on remeasurement of consolidated assets		(22,103	)		—
plus gain on undepreciated asset sales—consolidated assets		944			—
plus non-controlling interests share of gain on sale or write down of consolidated joint ventures, net		112			—
Loss on sale or write down of assets from unconsolidated entities (pro rata), net		—			62
plus loss on undepreciated asset sales—unconsolidated entities (pro rata)		—			(2	)
Depreciation and amortization on consolidated assets		120,618			88,657
Less depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures		(3,791	)		(5,460	)
Depreciation and amortization on joint ventures (pro rata)		15,611			20,375
Less: depreciation on personal property		(3,168	)		(2,767	)

Total FFO—basic and diluted	$	133,534		$	121,560
(Gain) loss on early extinguishment of debt, net—consolidated assets		(2,245	)		358

Total FFO—diluted, excluding early extinguishment of debt	$	131,289		$	121,918
Add: Costs related to unsolicited takeover offer		13,572			—

Total FFO—diluted, excluding early extinguishment of debt and costs related to unsolicited takeover offer	$	144,861		$	121,918

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

	For the Three Months Ended March 31,

	Unaudited
	2015			2014
Earnings per share—diluted	$	0.15		$	0.13
Per share impact of depreciation and amortization of real estate		0.76			0.67
Per share impact of (gain) loss on remeasurement, sale or write down of assets, net		(0.12	)		0.01

FFO per share—diluted	$	0.79		$	0.81
Per share impact of (gain) loss on early extinguishment of debt, net		(0.01	)		0.00
Per share impact of costs related to unsolicited takeover offer		0.08			0.00

FFO per share—diluted, excluding early extinguishment of debt and costs related to unsolicited takeover offer	$	0.86		$	0.81

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
	2015			2014
Net income attributable to the Company	$	24,611		$	17,819
Interest expense—consolidated assets		53,286			46,338
Interest expense—unconsolidated entities (pro rata)		8,579			17,114
Depreciation and amortization—consolidated assets		120,618			88,657
Depreciation and amortization—unconsolidated entities (pro rata)		15,611			20,375
Noncontrolling interests in OP		1,635			1,265
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures		(6,179	)		(8,191	)
(Gain) loss on early extinguishment of debt—consolidated entities		(2,245	)		358
(Gain) loss on sale or write down of assets—consolidated assets, net		(935	)		1,611
Gain on remeasurement of assets—consolidated assets		(22,103	)		—
Loss on sale or write down of assets—unconsolidated entities (pro rata), net		—			62
Add: Non-controlling interests share of gain on sale of consolidated assets, net		112			—
Income tax benefit		(935	)		(172	)
Distributions on preferred units		138			184

EBITDA(d)	$	192,193		$	185,420

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

	For the Three Months Ended March 31,

	Unaudited
	2015			2014
EBITDA(d)	$	192,193		$	185,420
Add: REIT general and administrative expenses		8,422			6,877
Costs related to unsolicited takeover offer		13,572			—
Management Companies' revenues		(5,625	)		(8,121	)
Management Companies' operating expenses		26,468			22,772
Straight-line and above/below market adjustments to minimum rents of comparable centers		(5,237	)		(2,618	)
EBITDA of non-comparable centers		(15,498	)		(247	)

Same Centers—NOI(e)	$	214,295		$	204,083

(d): 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 that EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies.

(e): 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. In both periods, same center NOI includes 100% of former joint venture properties acquired in 2014.

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Exhibit 99.1

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

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Exhibit 99.2

Supplemental Financial Information
For the three months ended March 31, 2015

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		4-8
Unaudited Pro Rata Statement of Operations		5
Notes to Unaudited Pro Rata Statement of Operations		6
Unaudited Pro Rata Balance Sheet		7
2015 Guidance Range		8
Supplemental FFO Information		9
Capital Expenditures		10
Operational Data		11-26
Sales Per Square Foot		11
Sales Per Square Foot by Property Ranking		12-16
Occupancy		17
Average Base Rent Per Square Foot		18
Cost of Occupancy		19
Percentage of Net Operating Income by State		20
Property Listing		21-24
Joint Venture List		25-26
Debt Tables		27-29
Debt Summary		27
Outstanding Debt by Maturity Date		28-29
Development Pipeline		30-32
Top Ten Tenants		33
Corporate Information		34

This Supplemental Financial Information should be read in connection with the Company's first quarter 2015 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date April 29, 2015) 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, 2015, the Operating Partnership owned or had an ownership interest in 51 regional shopping centers and eight community/power shopping centers aggregating approximately 55 million square feet of gross leasable area ("GLA"). These 59 centers are referred to hereinafter as the "Centers", unless the context requires otherwise.

The Company is working with the loan servicer for Great Northern Mall, which is expected to result in a transition of the asset to the loan servicer or a receiver. Consequently, Great Northern Mall has been excluded from all Non-GAAP Operating Data for the periods ended March 31, 2015 and December 31, 2014, including Sales per square foot, Occupancy, Average Base Rent per square foot and Cost of Occupancy as well as the Property Listing.

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, 2014, 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


	3/31/2015			12/31/2014			12/31/2013
	dollars in thousands, except per share data
Closing common stock price per share	$	84.33		$	83.41		$	58.89
52 week high	$	95.93		$	85.55		$	72.19
52 week low	$	61.41		$	55.21		$	55.13
Shares outstanding at end of period
Class A non-participating convertible preferred units		138,759			145,839			184,304
Common shares and partnership units		169,072,481			168,721,053			150,673,110

Total common and equivalent shares/units outstanding		169,211,240			168,866,892			150,857,414



Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	7,201,047		$	7,050,437		$	6,037,219
Equity market capitalization		14,269,584			14,085,187			8,883,993

Total market capitalization	$	21,470,631		$	21,135,624		$	14,921,212



Leverage ratio(a)		33.5	%		33.4	%		40.5	%

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

Portfolio Capitalization at March 31, 2015

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, 2014		10,519,057			158,201,996		145,839			168,866,892



Conversion of partnership units to common shares		(72,176	)		79,256		(7,080	)		—
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans		132,605			211,743		—			344,348

Balance as of March 31, 2015		10,579,486			158,492,995		138,759			169,211,240

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, 2015.

THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)



	For the Three Months Ended March 31, 2015
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
Revenues:
Minimum rents	$	190,761		$	(7,729	)	$	183,032		$	32,736		$	215,768
Percentage rents		3,248			(116	)		3,132			768			3,900
Tenant recoveries		105,698			(4,752	)		100,946			15,824			116,770
Management Companies' revenues		5,625			—			5,625			—			5,625
Other income		13,003			(499	)		12,504			3,745			16,249

Total revenues		318,335			(13,096	)		305,239			53,073			358,312

Expenses:
Shopping center and operating expenses		101,664			(4,478	)		97,186			20,609			117,795
Management Companies' operating expenses		26,468			—			26,468			—			26,468
REIT general and administrative expenses		8,422			—			8,422			—			8,422
Costs related to unsolicited takeover offer		13,572			—			13,572			—			13,572
Depreciation and amortization		120,618			(3,791	)		116,827			15,611			132,438
Interest expense		53,286			(2,388	)		50,898			8,579			59,477
Gain on early extinguishment of debt, net		(2,245	)		—			(2,245	)		—			(2,245	)

Total expenses		321,785			(10,657	)		311,128			44,799			355,927
Equity in income of unconsolidated joint ventures		8,274			—			8,274			(8,274	)		—
Co-venture expense		(2,130	)		2,130			—			—			—
Income tax benefit		935			—			935			—			935
Gain on sale or write down of assets, net		935			(112	)		823			—			823
Gain on remeasurement of assets		22,103			—			22,103			—			22,103

Net income		26,667			(421	)		26,246			—			26,246
Less net income attributable to noncontrolling interests		2,056			(421	)		1,635			—			1,635

Net income attributable to the Company	$	24,611		$	—		$	24,611		$	—		$	24,611



Reconciliation of net income attributable to the Company to FFO(3):
Net income attributable to the Company							$	24,611		$	—		$	24,611
Equity in income of unconsolidated joint ventures								(8,274	)		8,274			—
Adjustments to reconcile net income to FFO—basic and diluted:
Noncontrolling interests in the Operating Partnership								1,635			—			1,635
Gain on sale or write down of assets, net								(823	)		—			(823	)
Gain on remeasurement of assets								(22,103	)		—			(22,103	)
Gain on sale of undepreciated assets, net								944			—			944
Depreciation and amortization of all property								116,827			15,611			132,438
Depreciation on personal property								(2,910	)		(258	)		(3,168	)

Total FFO—Basic and diluted								109,907			23,627			133,534
Gain on early extinguishment of debt, net								(2,245	)		—			(2,245	)
Costs related to unsolicited takeover offer								13,572			—			13,572

Total FFO—diluted, excluding early extinguishment of debt and costs related to unsolicited takeover offer							$	121,234		$	23,627		$	144,861

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. The Company believes that FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities. The Company further 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

(All Dollars in thousands)



	As of March 31, 2015
	Consolidated		Non- Controlling Interests(1)			Company's Consolidated Share		Company's Share of Joint Ventures(2)			Company's Total Share
ASSETS:
Property, net(3)	$	11,110,841	$	(328,541	)	$	10,782,300	$	1,931,225		$	12,713,525
Cash and cash equivalents		118,161		(9,766	)		108,395		29,574			137,969
Restricted cash		15,224		—			15,224		424			15,648
Tenant and other receivables, net		113,505		(19,847	)		93,658		25,741			119,399
Deferred charges and other assets, net		752,702		(6,770	)		745,932		48,362			794,294
Due from affiliates		79,582		227			79,809		(1,586	)		78,223
Investments in unconsolidated joint ventures		1,006,652		—			1,006,652		(1,006,652	)		—

Total assets	$	13,196,667	$	(364,697	)	$	12,831,970	$	1,027,088		$	13,859,058



LIABILITIES AND EQUITY:
Mortgage notes payable	$	5,486,902	$	(233,789	)	$	5,253,113	$	965,708		$	6,218,821
Bank and other notes payable		987,452		(5,226	)		982,226		—			982,226
Accounts payable and accrued expenses		114,991		(2,754	)		112,237		34,604			146,841
Other accrued liabilities		532,170		(25,440	)		506,730		55,499			562,229
Distributions in excess of investment in unconsolidated joint ventures		28,723		—			28,723		(28,723	)		—
Co-venture obligation		72,864		(72,864	)		—		—			—

Total liabilities		7,223,102		(340,073	)		6,883,029		1,027,088			7,910,117

Commitments and contingencies
Equity:
Stockholders' equity:
Common stock		1,585		—			1,585		—			1,585
Additional paid-in capital		5,064,446		—			5,064,446		—			5,064,446
Retained earnings		510,506		—			510,506		—			510,506

Total stockholders' equity		5,576,537		—			5,576,537		—			5,576,537
Noncontrolling interests		397,028		(24,624	)		372,404		—			372,404

Total equity		5,973,565		(24,624	)		5,948,941		—			5,948,941

Total liabilities and equity	$	13,196,667	$	(364,697	)	$	12,831,970	$	1,027,088		$	13,859,058

(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 $315,100 from the Company's consolidated share and $231,178 from its pro rata share of unconsolidated joint ventures.

The Macerich Company

2015 Guidance Range (Unaudited)



		Year 2015 Guidance
*Earnings Expectations:*
Earnings per share—diluted(a)		$1.31 - $1.41
Plus: real estate depreciation and amortization		$2.52
Less: gain on sale of dispositions		$0.00

FFO per share—diluted(a)		$3.83 - $3.93



*Underlying Assumptions to 2015 Guidance*
Cash Same Center NOI Growth(b)		4.50% to 5.0%
Assumed acquisitions		$0
Assumed dispositions		$0



		Year 2015 FFO / Share Impact
Lease termination income	$10 million	$0.06
Capitalized interest	$14 million	$0.084
Bad debt expense	($4 million)	$(0.024)
Dilutive impact on 2015 of assets sold in 2014	($17 million)	$(0.10)

(a): Management is increasing its previously provided FFO per share guidance range to $3.83 - $3.93 up from $3.80 - $3.90. The guidance does not include the impact of gains or losses on early extinguishment of debt or expenses related to an unsolicited takeover attempt.
(b): Excludes non cash items of straight-line and above/below market adjustments to minimum rents. Includes lease termination income.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)

	As of March 31,

	2015	2014
	dollars in millions
Straight-line rent receivable	$76.1	$70.5

	For the Three Months Ended March 31,

	2015		2014
	dollars in millions
Lease termination income	$	2.6	$	2.4
Straight-line rental income	$	1.6	$	1.1
Gain on sales of undepreciated assets	$	0.9	$	—
Amortization of acquired above and below-market leases	$	4.9	$	1.8
Amortization of debt premiums	$	6.9	$	1.3
Interest capitalized	$	4.7	$	4.9

(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 3/31/15		For the Three Months Ended 3/31/14		Year Ended 12/31/14		Year Ended 12/31/13

	dollars in millions
Consolidated Centers
Acquisitions of property and equipment	$	30.1	$	4.8	$	97.9	$	591.6
Development, redevelopment, expansions and renovations of Centers		36.1		21.9		197.9		164.4
Tenant allowances		3.7		4.7		30.5		20.9
Deferred leasing charges		8.8		6.0		26.6		23.9

Total	$	78.7	$	37.4	$	352.9	$	800.8



Unconsolidated Joint Venture Centers(a)
Acquisitions of property and equipment	$	0.7	$	0.3	$	158.8	$	8.2
Development, redevelopment, expansions and renovations of Centers		25.8		38.1		201.8		118.8
Tenant allowances		0.6		0.7		4.8		8.1
Deferred leasing charges		0.8		0.8		3.0		3.3

Total	$	27.9	$	39.9	$	368.4	$	138.4

(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

03/31/2015(b)	$573	$772	$607
03/31/2014	$492	$709	$565
12/31/2014(b)	$556	$724	$587
12/31/2013(c)	$488	$717	$562
12/31/2012	$463	$629	$517
12/31/2011	$417	$597	$489

(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): Great Northern Mall is excluded for March 31, 2015 and December 31, 2014 because the Center is being transitioned to the loan servicer.
(c): Rotterdam Square, sold January 15, 2014, is excluded at December 31, 2013.

Sales Per Square Foot

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

				Sales Per Square Foot						Occupancy

				Sales Per Square Foot						Occupancy						Same Center NOI Growth(c)						% of Portfolio 2015 Forecast Pro Rata NOI (e)
				3/31/2015 (a)		12/31/2014 (a)		3/31/2014 (a)		3/31/2015 (b)			3/31/2014 (b)			Same Center NOI Growth(c)
Count		Properties		3/31/2015 (a)		12/31/2014 (a)		3/31/2014 (a)		3/31/2015 (b)			3/31/2014 (b)			Q1 2015	2014	2013	2012
		Group 1: Top 10
	1		Queens Center	$	1,136	$	1,088	$	1,054		94.8	%		96.5	%
	2		Washington Square	$	1,074	$	1,012	$	1,050		95.2	%		91.9	%
	3		Corte Madera, Village at	$	980	$	957	$	907		96.5	%		97.9	%
	4		North Bridge, The Shops at	$	881	$	870	$	905		99.8	%		98.1	%
	5		Biltmore Fashion Park	$	875	$	865	$	940		97.4	%		89.5	%
	6		Tysons Corner Center	$	841	$	821	$	822		98.2	%		96.2	%
	7		Santa Monica Place	$	788	$	754	$	743		93.8	%		90.5	%
	8		Tucson La Encantada	$	757	$	733	$	702		95.2	%		92.8	%
	9		Scottsdale Fashion Square	$	746	$	732	$	692		96.6	%		95.4	%
	10		Broadway Plaza(f)		n/a		n/a		n/a		n/a			n/a

		Total Top 10:		$	890	$	864	$	858		96.7	%		94.9	%					13.7	%		26.7	%

		Group 2: Top 11-20
	11		Los Cerritos Center	$	745	$	720	$	666		98.0	%		96.1	%
	12		Kings Plaza Shopping Center	$	688	$	673	$	653		92.3	%		93.4	%
	13		Arrowhead Towne Center	$	691	$	673	$	650		95.4	%		94.2	%
	14		Kierland Commons	$	696	$	671	$	637		97.3	%		97.2	%
	15		Fashion Outlets of Chicago(g)	$	691	$	651		n/a		93.8	%		95.4	%
	16		Danbury Fair Mall	$	649	$	643	$	626		98.1	%		98.6	%
	17		Vintage Faire Mall	$	656	$	633	$	587		97.5	%		99.9	%
	18		Chandler Fashion Center	$	625	$	606	$	581		96.2	%		92.2	%
	19		Twenty Ninth Street	$	601	$	605	$	613		99.0	%		98.4	%
	20		Fresno Fashion Fair	$	606	$	601	$	604		98.7	%		95.8	%

		Total Top 11-20:		$	665	$	647	$	622		96.7	%		96.1	%					12.5	%		26.8	%

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

				Sales Per Square Foot						Occupancy

				Sales Per Square Foot						Occupancy						Same Center NOI Growth(c)														% of Portfolio 2015 Forecast Pro Rata NOI (e)
				3/31/2015 (a)		12/31/2014 (a)		3/31/2014 (a)		3/31/2015 (b)			3/31/2014 (b)			Same Center NOI Growth(c)
Count		Properties		3/31/2015 (a)		12/31/2014 (a)		3/31/2014 (a)		3/31/2015 (b)			3/31/2014 (b)			Q1 2015			2014			2013			2012
		Group 3: Top 21-30
	21		Freehold Raceway Mall	$	609	$	590	$	598		97.7	%		98.8	%
	22		Green Acres Mall	$	627	$	577	$	556		92.0	%		93.8	%
	23		Stonewood Center	$	549	$	544	$	535		98.1	%		96.9	%
	24		Fashion Outlets of Niagara Falls USA(f)		n/a		n/a		n/a		n/a			n/a
	25		FlatIron Crossing	$	542	$	532	$	524		93.4	%		95.2	%
	26		Deptford Mall	$	558	$	526	$	510		93.6	%		96.1	%
	27		Oaks, The	$	527	$	512	$	500		97.9	%		98.3	%
	28		West Acres	$	520	$	512	$	515		99.5	%		99.8	%
	29		SanTan Village Regional Center	$	513	$	497	$	493		98.3	%		96.3	%
	30		Victor Valley, Mall of	$	507	$	492	$	504		97.8	%		96.7	%

		Total Top 21-30:		$	552	$	535	$	529		96.3	%		96.8	%													13.2	%		21.4	%

		Group 4: Top 31-40
	31		Valley River Center	$	474	$	461	$	467		96.7	%		96.3	%
	32		South Plains Mall	$	465	$	455	$	460		92.8	%		89.2	%
	33		Lakewood Center	$	438	$	431	$	431		97.6	%		96.2	%
	34		La Cumbre Plaza	$	429	$	417	$	391		92.2	%		88.3	%
	35		Inland Center	$	443	$	409	$	420		95.8	%		98.2	%
	36		Pacific View	$	418	$	405	$	398		95.4	%		96.5	%
	37		Northgate Mall	$	421	$	392	$	394		95.6	%		97.9	%
	38		Eastland Mall	$	364	$	371	$	383		92.1	%		97.7	%
	39		Westside Pavilion(f)		n/a		n/a	$	343		n/a			95.6	%
	40		Superstition Springs Center	$	367	$	350	$	344		92.9	%		93.7	%

		Total Top 31-40:		$	425	$	412	$	407		94.9	%		95.2	%													14.7	%		15.3	%

		Total Top 40:		$	638	$	618	$	606		96.2	%		95.8	%		5.1	%		4.7	%		4.6	%		3.7	%	13.4	%		90.2	%

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

				Sales Per Square Foot						Occupancy

				Sales Per Square Foot						Occupancy						Same Center NOI Growth(c)														% of Portfolio 2015 Forecast Pro Rata NOI (e)
				3/31/2015 (a)		12/31/2014 (a)		3/31/2014 (a)		3/31/2015 (b)			3/31/2014 (b)			Same Center NOI Growth(c)
Count		Properties		3/31/2015 (a)		12/31/2014 (a)		3/31/2014 (a)		3/31/2015 (b)			3/31/2014 (b)			Q1 2015			2014			2013			2012
		Group 5: 41-50
	41		Flagstaff Mall	$	349	$	340	$	312		73.7	%		74.4	%
	42		Capitola Mall	$	343	$	334	$	322		82.5	%		83.0	%
	43		Towne Mall	$	331	$	323	$	323		85.1	%		87.4	%
	44		Cascade Mall	$	340	$	317	$	302		88.4	%		91.6	%
	45		NorthPark Mall	$	315	$	307	$	312		87.3	%		92.7	%
	46		Desert Sky Mall	$	317	$	302	$	271		94.3	%		93.4	%
	47		Wilton Mall	$	284	$	276	$	293		96.1	%		90.5	%
	48		Valley Mall	$	286	$	271	$	279		86.7	%		93.3	%
	49		SouthPark Mall(f)		n/a		n/a		n/a		n/a			n/a
	50		Paradise Valley Mall(f)		n/a		n/a		n/a		n/a			n/a

		Total 41-50:		$	318	$	307	$	302		88.8	%		89.7	%		(0.7	)%		(3.0	)%		2.5	%		1.0	%	12.3	%		6.1	%

		Subtotal—Regional Shopping Centers(h)		$	607	$	587	$	575		95.4	%		95.2	%		5.0	%		4.2	%		4.4	%		3.3	%	13.3	%		96.3	%
		Other Properties:
	51		Fashion Outlets of Philadelphia at Market East(f)(i)		n/a		n/a		n/a		n/a			n/a
		Community / Power Centers
		Other Non-mall Assets
		Subtotal—Other Properties																													3.7	%

		TOTAL ALL PROPERTIES																										13.3	%		100.0	%

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

									Same Center NOI Growth(c)

				Sales Per Square Foot 12/31/2012 (a)											% of Portfolio 2012 Pro Rata NOI (j)
						Occupancy 12/31/2012 (b)
Count		Properties				Occupancy 12/31/2012 (b)			2012			2011
		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		Camelback Colonnade	$	351		97.7	%
	2		Lake Square Mall	$	232		86.4	%
	3		Rotterdam Square	$	232		86.1	%
	4		Somersville Towne Center	$	287		84.7	%
	5		South Towne Center	$	374		88.7	%

	5	Total 2014 Disposition Centers:		$	314		90.3	%

	15	TOTAL DISPOSITION CENTERS		$	339		91.6	%		0.1	%		(5.5	)%		12.2	%

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, 2014. Sales per square foot are excluded for Great Northern Mall which is being transitioned to the loan servicer.
(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. Occupancy excludes Great Northern Mall which is being transitioned to the loan servicer.
(c)		The Company presents Same Center Net Operating Income ("NOI") Growth 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.
		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 that EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies.
(d)		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.
(e)		The percentage of Portfolio 2015 Forecast Pro Rata NOI is based on guidance provided on April 29, 2015, see page 8. NOI excludes straight-line and above/below market adjustments to minimum rents. 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.
(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.
(h)		Properties sold prior to December 31, 2014 are excluded in prior years above.
(i)		On July 30, 2014, the Company formed a joint venture to redevelop and rebrand The Gallery in Philadelphia, Pennsylvania as Fashion Outlets of Philadelphia at Market East.
(j)		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

03/31/2015(b)	94.8%	97.9%	95.4%
03/31/2014	94.8%	96.0%	95.1%
12/31/2014(b)	95.3%	97.9%	95.8%
12/31/2013(c)	93.9%	96.2%	94.6%

(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): Great Northern Mall is excluded for March 31, 2015 and December 31, 2014 because the Center is being transitioned to the loan servicer.
(c): 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
03/31/2015(e)	$	51.81	$	50.65	$	43.09
03/31/2014	$	45.65	$	44.64	$	40.56
12/31/2014(e)	$	49.68	$	49.55	$	41.20
12/31/2013(f)	$	44.51	$	45.06	$	40.00
Unconsolidated Joint Venture Centers
03/31/2015	$	66.44	$	83.71	$	63.70
03/31/2014	$	62.99	$	67.71	$	52.13
12/31/2014	$	63.78	$	82.47	$	64.59
12/31/2013	$	62.47	$	63.44	$	48.43
All Regional Shopping Centers
03/31/2015(e)	$	53.31	$	55.15	$	45.78
03/31/2014	$	49.21	$	49.39	$	43.02
12/31/2014(e)	$	51.15	$	54.48	$	44.66
12/31/2013(f)	$	48.16	$	49.09	$	41.88

(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.
(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): Great Northern Mall is excluded for March 31, 2015 and December 31, 2014 because the Center is being transitioned to the loan servicer.
(f): Rotterdam Square, sold January 15, 2014, is excluded at December 31, 2013.

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, 2015(a)			For Years Ended December 31,
	For the trailing twelve months ended March 31, 2015(a)			2014(a)			2013(b)
Consolidated Centers
Minimum rents		8.6	%		8.7	%		8.4	%
Percentage rents		0.4	%		0.4	%		0.4	%
Expense recoveries(c)		4.3	%		4.3	%		4.5	%

Total		13.3	%		13.4	%		13.3	%

				For Years Ended December 31,

	For the trailing twelve months ended March 31, 2015(a)			For Years Ended December 31,
	For the trailing twelve months ended March 31, 2015(a)			2014(a)			2013(b)
Unconsolidated Joint Venture Centers
Minimum rents		8.6	%		8.7	%		8.8	%
Percentage rents		0.4	%		0.4	%		0.4	%
Expense recoveries(c)		4.4	%		4.5	%		4.0	%

Total		13.4	%		13.6	%		13.2	%

				For Years Ended December 31,

	For the trailing twelve months ended March 31, 2015(a)			For Years Ended December 31,
	For the trailing twelve months ended March 31, 2015(a)			2014(a)			2013(b)
All Centers
Minimum rents		8.6	%		8.7	%		8.6	%
Percentage rents		0.4	%		0.4	%		0.4	%
Expense recoveries(c)		4.3	%		4.3	%		4.3	%

Total		13.3	%		13.4	%		13.3	%

(a): Great Northern Mall is excluded for the periods ended March 31, 2015 and December 31, 2014 because the Center is being transitioned to the loan servicer.
(b): Rotterdam Square, sold January 15, 2014, is excluded for the year ended December 31, 2013.
(c): Represents real estate tax and common area maintenance charges.

The Macerich Company

Percentage of Net Operating Income by State

Great Northern Mall is excluded from the table below because the Center is being transitioned to the loan servicer.



State	% of Portfolio 2015 Forecast Pro Rata NOI(a)
California		29.0	%
New York		18.3	%
Arizona		17.0	%
New Jersey & Connecticut		8.1	%
Illinois, Indiana & Iowa		7.6	%
Pennsylvania & Virginia		6.6	%
Oregon & Washington		5.8	%
Colorado		4.9	%
Other(b)		2.7	%

Total		100.0	%

(a): The percentage of Portfolio 2015 Forecast Pro Rata NOI is based on guidance provided on April 29, 2015, see page 8. NOI excludes straight-line and above/below market adjustments to minimum rents. 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 and Texas.

The Macerich Company

Property Listing

March 31, 2015

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company. Great Northern Mall is excluded from the table below because the Center is being transitioned to the loan servicer.

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

	CONSOLIDATED CENTERS:
1	100%	Arrowhead Towne Center Glendale, Arizona	1993/2002	2004	1,199,000
2	100%	Capitola Mall(c) Capitola, California	1977/1995	1988	586,000
3	100%	Cascade Mall Burlington, Washington	1989/1999	1998	589,000
4	50.1%	Chandler Fashion Center Chandler, Arizona	2001/2002	—	1,320,000
5	100%	Danbury Fair Mall Danbury, Connecticut	1986/2005	2010	1,271,000
6	100%	Deptford Mall Deptford, New Jersey	1975/2006	1990	1,040,000
7	100%	Desert Sky Mall Phoenix, Arizona	1981/2002	2007	892,000
8	100%	Eastland Mall(c) Evansville, Indiana	1978/1998	1996	1,044,000
9	100%	Fashion Outlets of Chicago Rosemont, Illinois	2013/—	—	528,000
10	100%	Flagstaff Mall Flagstaff, Arizona	1979/2002	2007	347,000
11	100%	FlatIron Crossing Broomfield, Colorado	2000/2002	2009	1,429,000
12	50.1%	Freehold Raceway Mall Freehold, New Jersey	1990/2005	2007	1,668,000
13	100%	Fresno Fashion Fair Fresno, California	1970/1996	2006	963,000
14	100%	Green Acres Mall(c) Valley Stream, New York	1956/2013	2007	1,795,000
15	100%	Inland Center(c) San Bernardino, California	1966/2004	2004	933,000
16	100%	Kings Plaza Shopping Center(c) Brooklyn, New York	1971/2012	2002	1,193,000
17	100%	La Cumbre Plaza(c) Santa Barbara, California	1967/2004	1989	490,000
18	100%	Lakewood Center Lakewood, California	1953/1975	2008	2,066,000
19	100%	Los Cerritos Center Cerritos, California	1971/1999	2010	1,284,000
20	100%	Northgate Mall San Rafael, California	1964/1986	2010	749,000
21	100%	NorthPark Mall Davenport, Iowa	1973/1998	2001	1,050,000
22	100%	Oaks, The Thousand Oaks, California	1978/2002	2009	1,136,000
23	100%	Pacific View Ventura, California	1965/1996	2001	1,021,000
24	100%	Queens Center(c) Queens, New York	1973/1995	2004	962,000

The Macerich Company

Property Listing

March 31, 2015

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

25	100%	Santa Monica Place Santa Monica, California	1980/1999	2010	514,000
26	84.9%	SanTan Village Regional Center Gilbert, Arizona	2007/—	2009	1,028,000
27	100%	South Plains Mall Lubbock, Texas	1972/1998	1995	1,127,000
28	100%	Stonewood Center(c) Downey, California	1953/1997	1991	932,000
29	100%	Superstition Springs Center Mesa, Arizona	1990/2002	2002	1,040,000
30	100%	Towne Mall Elizabethtown, Kentucky	1985/2005	1989	350,000
31	100%	Tucson La Encantada Tucson, Arizona	2002/2002	2005	242,000
32	100%	Twenty Ninth Street(c) Boulder, Colorado	1963/1979	2007	847,000
33	100%	Valley Mall Harrisonburg, Virginia	1978/1998	1992	507,000
34	100%	Valley River Center Eugene, Oregon	1969/2006	2007	920,000
35	100%	Victor Valley, Mall of Victorville, California	1986/2004	2012	576,000
36	100%	Vintage Faire Mall Modesto, California	1977/1996	2008	1,141,000
37	100%	Washington Square Portland, Oregon	1974/1999	2005	1,444,000
38	100%	Wilton Mall Saratoga Springs, New York	1990/2005	1998	737,000

		Total Consolidated Centers			36,960,000

UNCONSOLIDATED JOINT VENTURE CENTERS:
39	50%	Biltmore Fashion Park Phoenix, Arizona	1963/2003	2006	516,000
40	50.1%	Corte Madera, Village at Corte Madera, California	1985/1998	2005	460,000
41	50%	Kierland Commons Scottsdale, Arizona	1999/2005	2003	434,000
42	50%	North Bridge, The Shops at(c) Chicago, Illinois	1998/2008	—	660,000
43	50%	Scottsdale Fashion Square Scottsdale, Arizona	1961/2002	2009	1,724,000
44	50%	Tysons Corner Center Tysons Corner, Virginia	1968/2005	2005	1,967,000
45	19%	West Acres Fargo, North Dakota	1972/1986	2001	971,000

		Total Unconsolidated Joint Venture Centers			6,732,000

The Macerich Company

Property Listing

March 31, 2015

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

REGIONAL SHOPPING CENTERS UNDER REDEVELOPMENT:
46	50%	Broadway Plaza(c)(d) Walnut Creek, California	1951/1985	1994	774,000
47	100%	Fashion Outlets of Niagara Falls USA(e) Niagara Falls, New York	1982/2011	2014	691,000
48	50%	Fashion Outlets of Philadelphia at Market East(c)(d) Philadelphia, Pennsylvania	1977/2014	1990	850,000
49	100%	Paradise Valley Mall(e) Phoenix, Arizona	1979/2002	2009	1,151,000
50	100%	SouthPark Mall(e) Moline, Illinois	1974/1998	1990	855,000
51	100%	Westside Pavilion(e) Los Angeles, California	1985/1998	2007	755,000

		Total Regional Shopping Centers			48,768,000

COMMUNITY / POWER CENTERS:
1	50%	Atlas Park, The Shops at(d) Queens, New York	2006/2011	2013	376,000
2	50%	Boulevard Shops(d) Chandler, Arizona	2001/2002	2004	185,000
3	40.1%	Estrella Falls, The Market at(d) Goodyear, Arizona	2009/—	2009	242,000
4	100%	Panorama Mall(e) Panorama, California	1955/1979	2005	312,000
5	89.4%	Promenade at Casa Grande(e) Casa Grande, Arizona	2007/—	2009	909,000
6	100%	Southridge Center(e) Des Moines, Iowa	1975/1998	2013	823,000
7	100%	Superstition Springs Power Center(e) Mesa, Arizona	1990/2002	—	206,000
8	100%	The Marketplace at Flagstaff Mall(c)(e) Flagstaff, Arizona	2007/—	—	268,000

		Total Community / Power Centers			3,321,000

OTHER ASSETS:
	100%	Various(e)(f)			572,000
	100%	500 North Michigan Avenue(e) Chicago, Illinois			326,000
	50%	Fashion Outlets of Philadelphia at Market East-Offices(c)(d) Philadelphia, Pennsylvania			526,000
	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			123,000

The Macerich Company

Property Listing

March 31, 2015

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

50%	Tysons Corner Center-Office(d) Tysons Corner, Virginia	175,000
50%	Hyatt Regency Tysons Corner Center(d) Tysons Corner, Virginia	290,000
50%	VITA Tysons Corner Center(d) Tysons Corner, Virginia	510,000
50%	Tysons Tower(d) Tysons Corner, Virginia	527,000

	Total Other Assets	3,153,000

	Grand Total at March 31, 2015	55,242,000

(a): The Company's ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on page 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, 2015.
(c): Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 46 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 nine stores located at shopping centers not owned by the Company. Of these nine stores, two have been leased to Forever 21, one has been leased to Kohl's, and six have been leased for non-Anchor usage. With respect to six of the nine stores, the underlying land is owned in fee entirely by the Company. With respect to the remaining three 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, 2015.



Properties	3/31/2015 Legal Ownership(a)		3/31/2015 Economic Ownership(b)		Joint Venture	3/31/2015 Total GLA(c)
Atlas Park, The Shops at		50%		50%	WMAP, L.L.C.		376,000
Biltmore Fashion Park		50%		50%	Biltmore Shopping Center Partners LLC		516,000
Boulevard Shops		50%		50%	Propcor II Associates, LLC		185,000
Broadway Plaza		50%		50%	Macerich Northwestern Associates		774,000
Chandler Fashion Center(d)		50.1%		50.1%	Freehold Chandler Holdings LP		1,320,000
Corte Madera, Village at		50.1%		50.1%	Corte Madera Village, LLC		460,000
Estrella Falls, The Market at(e)		40.1%		40.1%	The Market at Estrella Falls LLC		242,000
Freehold Raceway Mall(d)		50.1%		50.1%	Freehold Chandler Holdings LP		1,668,000
Fashion Outlets of Philadelphia at Market East		50%		50%	Various Entities		850,000
Fashion Outlets of Philadelphia at Market East-Office		50%		50%	Various Entities		526,000
Kierland Commons		50%		50%	Kierland Commons Investment LLC		434,000
North Bridge, The Shops at		50%		50%	North Bridge Chicago LLC		660,000
Promenade at Casa Grande(f)		89.4%		89.4%	WP Casa Grande Retail LLC		909,000
SanTan Village Regional Center		84.9%		84.9%	Westcor SanTan Village LLC		1,028,000
Scottsdale Fashion Square		50%		50%	Scottsdale Fashion Square Partnership		1,724,000
Scottsdale Fashion Square-Office		50%		50%	Scottsdale Fashion Square Partnership		123,000
Tysons Corner Center		50%		50%	Tysons Corner LLC		1,967,000
Tysons Corner Center-Office		50%		50%	Tysons Corner Property LLC		175,000
Hyatt Regency Tysons Corner Center		50%		50%	Tysons Corner Property LLC		290,000
VITA Tysons Corner Center		50%		50%	Tysons Corner Property LLC		510,000
Tysons Tower		50%		50%	Tysons Corner Property LLC		527,000
West Acres		19%		19%	West Acres Development, LLP		971,000

(a): This column reflects the Company's legal ownership in the listed properties as of March 31, 2015.
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, 2015, 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, 2015.
(d): 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 and of its aggregate unreturned capital contributions; to the Company until it receives a 13% internal rate of return on and of

its aggregate unreturned capital contributions; and, thereafter, pro rata 35% to the third-party partner and 65% to the Company.

(e): 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.
(f): 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, 2015
	Fixed Rate			Floating Rate			Total
	dollars in thousands
Consolidated debt	$	4,926,339		$	1,309,000		$	6,235,339
Unconsolidated debt		878,300			87,408			965,708

Total debt	$	5,804,639		$	1,396,408		$	7,201,047
Weighted average interest rate		3.84	%		1.99	%		3.49	%
Weighted average maturity (years)								5.38

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date



	As of March 31, 2015
Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate(a)			Fixed		Floating		Total Debt Balance(a)
I. Consolidated Assets:
Great Northern Mall(b)		01/01/15		6.54	%	$	34,232	$	—	$	34,232
Flagstaff Mall		11/01/15		5.03	%		37,000		—		37,000
Washington Square		01/01/16		1.65	%		235,206		—		235,206
Valley River Center		02/01/16		5.59	%		120,000		—		120,000
Prasada(c)		03/29/16		5.25	%		5,226		—		5,226
Eastland Mall		06/01/16		5.79	%		168,000		—		168,000
Valley Mall		06/01/16		5.85	%		41,155		—		41,155
Deptford Mall		06/01/16		6.46	%		14,212		—		14,212
Stonewood Center		11/01/17		1.80	%		109,869		—		109,869
Freehold Raceway Mall(d)		01/01/18		4.20	%		114,339		—		114,339
Santa Monica Place		01/03/18		2.99	%		229,022		—		229,022
Los Cerritos Center		07/01/18		1.65	%		204,351		—		204,351
Arrowhead Towne Center		10/05/18		2.76	%		226,844		—		226,844
SanTan Village Regional Center(e)		06/01/19		3.14	%		112,967		—		112,967
Chandler Fashion Center(d)		07/01/19		3.77	%		100,200		—		100,200
Kings Plaza Shopping Center		12/03/19		3.67	%		478,204		—		478,204
Danbury Fair Mall		10/01/20		5.53	%		227,052		—		227,052
Fashion Outlets of Niagara Falls USA		10/06/20		4.89	%		120,672		—		120,672
FlatIron Crossing		01/05/21		3.90	%		259,828		—		259,828
Green Acres Mall		02/03/21		3.61	%		311,859		—		311,859
Tucson La Encantada		03/01/22		4.23	%		71,148		—		71,148
Pacific View		04/01/22		4.08	%		132,525		—		132,525
Oaks, The		06/05/22		4.14	%		209,161		—		209,161
Westside Pavilion		10/01/22		4.49	%		148,948		—		148,948
Towne Mall		11/01/22		4.48	%		22,504		—		22,504
Deptford Mall		04/03/23		3.76	%		196,815		—		196,815
Victor Valley, Mall of		09/01/24		4.00	%		115,000		—		115,000
Queens Center		01/01/25		3.49	%		600,000		—		600,000
Vintage Faire		03/06/26		3.55	%		280,000		—		280,000

Total Fixed Rate Debt for Consolidated Assets				3.73	%	$	4,926,339	$	—	$	4,926,339

Superstition Springs Center		10/28/16		2.00	%	$	—	$	68,000	$	68,000
Northgate Mall		03/01/17		3.06	%		—		64,000		64,000
The Macerich Partnership, L.P.—Line of Credit		08/06/18		1.85	%		—		852,000		852,000
The Macerich Partnership, L.P.—Term Loan		12/08/18		2.53	%		—		125,000		125,000
Fashion Outlets of Chicago		03/31/20		1.83	%		—		200,000		200,000

Total Floating Rate Debt for Consolidated Assets				1.98	%	$	—	$	1,309,000	$	1,309,000

Total Debt for Consolidated Assets				3.36	%	$	4,926,339	$	1,309,000	$	6,235,339

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date



	As of March 31, 2015
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):
Broadway Plaza (50%)		08/15/15		6.12	%	$	67,912		$	—		$	67,912
North Bridge, The Shops at (50%)		06/15/16		7.52	%		95,963			—			95,963
West Acres (19%)		10/01/16		6.41	%		10,897			—			10,897
Corte Madera, The Village at (50.1%)		11/01/16		7.27	%		37,625			—			37,625
Scottsdale Fashion Square (50%)		04/03/23		3.02	%		252,050			—			252,050
Tysons Corner Center (50%)		01/01/24		4.13	%		413,853			—			413,853

Total Fixed Rate Debt for Unconsolidated Assets				4.50	%	$	878,300		$	—		$	878,300

Kierland Commons (50%)(f)		01/02/18		2.26	%	$	—		$	66,868			66,868
Boulevard Shops (50%)(f)		12/16/18		2.06	%		—			9,913			9,913
Estrella Falls, The Market at (40.1%)(f)		02/05/20		2.19	%		—			10,627		$	10,627

Total Floating Rate Debt for Unconsolidated Assets				2.23	%	$	—		$	87,408		$	87,408

Total Debt for Unconsolidated Assets				4.29	%	$	878,300		$	87,408		$	965,708

Total Debt				3.49	%	$	5,804,639		$	1,396,408		$	7,201,047



Percentage to Total							80.61	%		19.39	%		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 non-recourse loan is in maturity default. The Company is negotiating with the loan servicer, which will likely result in a transition of the asset to the loan servicer or a receiver.
(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): 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, 2015

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) 3/31/2015	Expected Delivery(a)	Stabilized Yield(a)(b)(c)

Broadway Plaza Walnut Creek, CA	Expansion of existing open air center adding 235,000 sf (net) of new shop space to existing 774,000 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 : $51 * Phase 2 : $0	* 25% 4Q15 * 50% 2Q16 * 25% 2Q17	9%

		Total: $270			Total: $135	Total: $51
Green Acres Commons Valley Stream, NY	335,000 sf, Big Box development	$105 - $110	100	%	$105 - $110	$25	4Q16	10%
Los Cerritos Center Cerritos, CA	200,000 sf redevelopment, including a Dick's Sporting Goods and a Harkins Theatres	$45	100	%	$45	$11	4Q15	8%
Santa Monica Place Santa Monica, CA	Movie theater addition—Adding a 48,000 sf state-of-art, 12-screen Arclight Cinemas to the third level/Dining Deck	$33	100	%	$33	$17	4Q15	8%

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of March 31, 2015

In-Process Developments and Redevelopments: (continued)

Property	Project Type	Total Cost(a)(b) at 100%			Total Cost(a)(b) Pro Rata	Pro Rata Capitalized Costs(b) 3/31/2015	Expected Delivery(a)	Stabilized Yield(a)(b)(c)

Scottsdale Fashion Square Scottsdale, AZ	135,000 sf addition to an existing 1.8 million sf Center, including a Dick's Sporting Goods and a Harkins Theatres	$30	50	%	$15	$8	3Q15	10%
Tysons Corner Center Tysons Corner, VA	Mixed-use expansion/densification—Constructing office—Tysons Tower (527,000 sf), 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 (opened July 2014) and tied together by a 1.5-acre plaza	* Office: $228 * Hotel: $136 * Multifamily: $160	50	%	* Office: $114 * Hotel: $68 * Multifamily: $80	* Office: $106 * Hotel: $63 * Multifamily: $75	* Office: 3Q14 * Hotel: 2Q15 * Multifamily: 2Q15	8%

		Total: $524			Total: $262	Total: $244

Total In-Process		$1,007 - $1,012			$595 - $600	$356

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of March 31, 2015

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) 3/31/2015			Stabilized Yield(a)(b)(c)

500 N. Michigan Ave (contiguous to The Shops at North Bridge) Chicago, IL	25,000 sf redevelopment/street retail	$20 - $25		100	%	$20 -$25		$	5	2016 - 2017	10% - 12%
Fashion Outlets of Philadelphia at Market East Philadelphia, PA	Redevelopment of The Gallery in downtown Philadelphia	$200 - $250	(e)	50	%	$100 - $125	(e)	$	5	2017 - 2018	8% - 10%(e)
Fashion Outlets of San Francisco San Francisco, CA	A 500,000 sf outlet center on the historic site of Candlestick Park	$350		50.1	%	$175		$	1	2018 - 2019	7% - 9%
Kings Plaza Shopping Center Brooklyn, NY	Major remerchandising and redemising of Sears	$65 - $75		100	%	$65 - $75		$	0	2017 - 2018	7% - 8%
Paradise Valley Mall Phoenix, AZ	Redevelopment (size TBD) including a theater	TBD		100	%	TBD		$	0	TBD	TBD
Scottsdale Fashion Square Scottsdale, AZ	Office / Residential / Retail Mixed-use development on 7.5 Acres (former Days Inn)	$250		50	%	$125		$	0	2017 - 2018	8%
Tysons Corner Center Tysons Corner, VA	Mixed-use Development, Residential Tower with retail ground floor.	$165		50	%	$83		$	0	2018 - 2019	7% - 8%
Westside Pavilion Los Angeles, CA	Redevelopment of an existing 755,000 sf Center	TBD		100	%	TBD		$	0	TBD	TBD

Total Shadow Pipeline		$1,050 - $1,115				$568 - $608		$	11

(a): Much of this information is estimated and may change from time to time. See the Company's forward-looking 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. Average returns are expected to be 7% to 12%. There is no certainty that the Company will develop or redevelop any or all of these potential projects.
(e): This reflects incremental project costs and income subsequent to the Company's $106.8 million investment in July 2014.

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, excluding Great Northern Mall, based upon total rents in place as of March 31, 2015:

Tenant	Primary DBAs

L Brands, Inc.	Victoria's Secret, Bath and Body Works, PINK	96	2.8	%
Forever 21, Inc.	Forever 21, XXI Forever, Love21	37	2.5	%
Gap, Inc., The	Athleta, Banana Republic, Gap, Gap Kids, Old Navy and others	64	2.5	%
Foot Locker, Inc.	Champs Sports, Foot Locker, Kids Foot Locker, Lady Foot Locker, Foot Action, House of Hoops and others	98	2.1	%
Sterling Jewelers	Gordon's Jewelers, Jared Jewelry, Kay Jewelers Outlet, Piercing Pagoda, Rogers Jewelers, Shaw's Jewelers, Weisfield Jewelers, Zales	106	1.8	%
Abercrombie & Fitch Co.	Abercrombie & Fitch, Hollister and others	47	1.3	%
Dick's Sporting Goods, Inc.	Dick's Sporting Goods	11	1.3	%
Sears Holdings Corporation	Sears	27	1.3	%
Golden Gate Capital	Payless ShoeSource, Eddie Bauer, J. Jill, California Pizza Kitchen	75	1.2	%
American Eagle Outfitters, Inc.	American Eagle Outfitters, aerie	37	1.2	%

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 2015, 2014 and 2013 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, 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
June 30, 2014	$	68.28	$	61.66	$	0.62
September 30, 2014	$	68.81	$	62.62	$	0.62
December 31, 2014	$	85.55	$	63.25	$	0.65

March 31, 2015	$	95.93	$	81.61	$	0.65

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: 424-229-3366 jean.wood@macerich.com		John Perry Senior Vice President, Investor Relations Phone: 424-229-3345 john.perry@macerich.com

QuickLinks

Exhibit 99.2