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) May 3, 2016

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 May 3, 2016 announcing results of operations for the Company for the quarter ended March 31, 2016 and such press release is furnished as Exhibit 99.1 hereto.

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

ITEM 7.01 REGULATION FD DISCLOSURE.

On May 3, 2016, 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, 2016 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
May 3, 2016 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 May 3, 2016
	99.2		Supplemental Financial Information for the three months ended March 31, 2016

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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 AND SALE OF CAPITOLA MALL

SANTA MONICA, CA, May 3, 2016—The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended March 31, 2016, which included funds from operations ("FFO") diluted of $141.0 million or $.87 per share-diluted compared to $133.5 million or $.79 per share-diluted for the quarter ended March 31, 2015. Net income attributable to the Company was $421 million or $2.76 per share-diluted for the quarter ended March 31, 2016 compared to net income attributable to the Company for the quarter ended March 31, 2015 of $24.6 million or $.15 per share-diluted. Included in net income in the first quarter of 2016 results is a $434 million or $2.67 per share of gain, primarily from the sale of joint venture interests in four malls during the quarter. A description and reconciliation of FFO per share-diluted to EPS-diluted is included in the financial tables accompanying this press release.

Results and Capital Highlights:

•: Mall tenant annual sales per square foot for the portfolio were $625 for the year ended March 31, 2016 compared to $607 for the year ended March 31, 2015.
•: The releasing spreads for the year ended March 31, 2016 were up 15.4%.
•: Mall portfolio occupancy was 95.1% at March 31, 2016 compared to 95.4% at March 31, 2015.
•: On March 1, 2016 the Company, in a 50/50 joint venture, closed on the purchase of Country Club Plaza in Kansas City, MO. The total purchase price was $660 million and the Company's pro rata share of the purchase price was $330 million.
•: On April 13, 2016 the Company sold Capitola Mall for $93 million.
•: On April 19, 2016 the Company completed an accelerated stock repurchase program resulting in the retirement of 5.1 million shares of the Company at an average cost of $78.69.

"The first quarter reflected continued strong performance, as evidenced by the strength of our portfolio's key operating metrics," said Arthur Coppola, chairman and chief executive officer of Macerich. "Furthermore, we were able to return capital to stockholders and continue to reinvest in our best assets at what we firmly believe is a significant discount to underlying property value through stock repurchases. Looking ahead, the Company remains keenly focused on driving strong same-center net operating income growth, executing on its value-add redevelopment pipeline and achieving superior stockholder returns."

Joint Ventures, Special Dividends and Stock Repurchase:

In October, 2015 and January, 2016 the Company closed on previously announced joint ventures that included contributing eight properties, valued at $5.4 billion (at 100%), into separate joint ventures with GIC (40% interest in five assets) and Heitman (49% interest in three assets). Cash proceeds to Macerich from the transactions totaled $2.3 billion, which included $1.1 billion of excess financing proceeds. Part of the cash proceeds from the joint ventures was used in December, 2015 and January, 2016 to pay two special dividends of $2.00 each.

In addition, the Company has used a portion of the joint venture proceeds to complete a total of $800 million of share repurchases under the Company's recently authorized $1.2 billion share repurchase program. During a period from November 13, 2015 to January 19, 2016 the Company repurchased 5.11 million shares of Macerich common stock at an average share price of $78.26. From

the period of February 18, 2016 to April 19, 2016 the Company retired 5.08 million shares at an average price of $78.69.

Financing Activity:

Subsequent to the closing of the purchase of Country Club Plaza, a $320 million 10 year fixed rate loan with an interest rate of 3.85% was placed on the asset.

The Company has committed to a $375 million loan on The Shops at North Bridge. The loan is a 12 year fixed rate loan with an interest rate of 3.68% that is expected to close in May, 2016. It will pay off the existing loan of $189 million that has an interest rate of 7.50%.

2016 Earnings Guidance:

Management is reaffirming its previous estimate of diluted EPS and FFO per share guidance for 2016. A reconciliation of estimated EPS to FFO per share-diluted follows:

		2016 range

Diluted EPS			$3.73 - $3.83
Plus: real estate depreciation and amortization			3.07 - 3.07
Less: gain on sale of dispositions			2.75 - 2.75

Diluted FFO per share			$4.05 - $4.15

The only major assumption that changed in the guidance is that the sale of Capitola Mall in April and its dilutive impact on FFO has now been considered in the above guidance range.

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 50 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 (Investors Section). The call begins Wednesday May 4, 2016 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 (Investors 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 Investors 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, 2015, 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)



	For the Three Months Ended March 31,
	Unaudited
	2016			2015
Results of Operations:
Revenues:
Minimum rents	$	151,048		$	190,761
Percentage rents		3,014			3,248
Tenant recoveries		80,173			105,698
Other income		13,148			13,003
Management Companies' revenues		8,617			5,625

Total revenues		256,000			318,335

Expenses:
Shopping center and operating expenses		79,324			101,664
Management Companies' operating expenses		27,900			26,468
REIT general and administrative expenses		8,629			8,422
Costs related to unsolicited takeover offer		—			13,572
Depreciation and amortization		86,931			120,618
Interest expense		39,776			53,286
Loss (gain) on extinguishment of debt, net		3,575			(2,245	)

Total expenses		246,135			321,785

Equity in income of unconsolidated joint ventures		11,660			8,274
Co-venture expense(a)		(3,289	)		(2,130	)
Income tax (expense) benefit		(1,317	)		935
Gain on sale or write down of assets, net		434,456			935
Gain on remeasurement of assets		—			22,103

Net income		451,375			26,667
Less net income attributable to noncontrolling interests		30,460			2,056

Net income attributable to the Company	$	420,915		$	24,611



Average number of shares outstanding—basic		151,984			158,336
Average shares outstanding, assuming full conversion of OP Units(b)		162,805			168,852
Average shares outstanding—Funds From Operations ("FFO")—diluted(b)		162,924			169,060
Net income per share—basic	$	2.77		$	0.15
Net income per share—diluted	$	2.76		$	0.15
Dividend declared per share	$	0.68		$	0.65
FFO—basic(b)(c)	$	141,029		$	133,534
FFO—diluted(b)(c)	$	141,029		$	133,534
FFO—diluted, excluding extinguishment of debt and costs related to unsolicited takeover offer(b)(c)	$	144,604		$	144,861
FFO per share—basic(b)(c)	$	0.87		$	0.79
FFO per share—diluted(b)(c)	$	0.87		$	0.79
FFO per share—diluted, excluding extinguishment of debt and costs related to unsolicited takeover offer(b)(c)	$	0.89		$	0.86

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)

	For the Three Months Ended March 31,

	Unaudited
	2016			2015
Reconciliation of Net income attributable to the Company to FFO(c):
Net income attributable to the Company	$	420,915		$	24,611
Adjustments to reconcile net income attributable to the Company to FFO—basic and diluted:
Noncontrolling interests in OP		29,985			1,635
Gain on sale or write down of consolidated assets, net		(434,456	)		(935	)
Gain on remeasurement of consolidated assets		—			(22,103	)
plus gain on undepreciated asset sales—consolidated assets		2,412			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 joint ventures (pro rata), net		4			—
plus loss on undepreciated asset sales—unconsolidated joint ventures (pro rata)		(4	)		—
Depreciation and amortization on consolidated assets		86,931			120,618
Less depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures		(3,694	)		(3,791	)
Depreciation and amortization on unconsolidated joint ventures (pro rata)		41,876			15,611
Less: depreciation on personal property		(2,940	)		(3,168	)

Total FFO—basic and diluted		141,029			133,534
Loss (gain) on extinguishment of debt, net—consolidated assets		3,575			(2,245	)

Total FFO—diluted, excluding extinguishment of debt		144,604			131,289
Add: Costs related to unsolicited takeover offer		—			13,572

Total FFO—diluted, excluding extinguishment of debt and costs related to unsolicited takeover offer	$	144,604		$	144,861

	For the Three Months Ended March 31,

	Unaudited
	2016			2015
Reconciliation of EPS to FFO per diluted share(c):
Earnings per share—diluted	$	2.76		$	0.15
Per share impact of depreciation and amortization of real estate		0.76			0.76
Per share impact of gain on remeasurement, sale or write down of assets, net		(2.65	)		(0.12	)

FFO per share—diluted	$	0.87		$	0.79
Per share impact of loss (gain) on extinguishment of debt, net		0.02			(0.01	)
Per share impact of costs related to unsolicited takeover offer		0.00			0.08

FFO per share—diluted, excluding extinguishment of debt and costs related to unsolicited takeover offer	$	0.89		$	0.86

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)



	For the Three Months Ended March 31,
	Unaudited
	2016			2015
Reconciliation of Net income attributable to the Company to EBITDA:
Net income attributable to the Company	$	420,915		$	24,611
Interest expense—consolidated assets		39,776			53,286
Interest expense—unconsolidated joint ventures (pro rata)		22,494			8,579
Depreciation and amortization—consolidated assets		86,931			120,618
Depreciation and amortization—unconsolidated joint ventures (pro rata)		41,876			15,611
Noncontrolling interests in OP		29,985			1,635
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures		(6,043	)		(6,179	)
Loss (gain) on extinguishment of debt, net—consolidated assets		3,575			(2,245	)
Gain on sale or write down of assets—consolidated assets, net		(434,456	)		(935	)
Gain on remeasurement of assets—consolidated assets		—			(22,103	)
Loss on sale or write down of assets—unconsolidated joint ventures (pro rata), net		4			—
Add: Non-controlling interests share of gain on sale of consolidated assets, net		—			112
Income tax expense (benefit)		1,317			(935	)
Distributions on preferred units		143			138

EBITDA(d)	$	206,517		$	192,193



	For the Three Months Ended March 31,
	Unaudited
	2016			2015
Reconciliation of EBITDA to Net Operating Income ("NOI") and to NOI—Same Centers:
EBITDA(d)	$	206,517		$	192,193
Add: REIT general and administrative expenses		8,629			8,422
Costs related to unsolicited takeover offer		—			13,572
Management Companies' revenues		(8,617	)		(5,625	)
Management Companies' operating expenses		27,900			26,468
Straight-line and above/below market adjustments		(6,412	)		(5,973	)

NOI—All Centers		228,017			229,057
NOI of non-comparable centers		(20,896	)		(36,437	)

NOI—Same Centers(e)	$	207,121		$	192,620

(d): EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests, extraordinary items, loss (gain) on remeasurement, sale or write down of assets, loss (gain) on extinguishment of debt 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 and costs related to unsolicited takeover offer. 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)
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, 2016

Table of Contents

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
2016 Guidance Range		8
Supplemental FFO Information		9
Capital Expenditures		10
Operational Data		11-25
Sales Per Square Foot		11
Sales Per Square Foot by Property Ranking		12-15
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		29-30
Corporate Information		31

This Supplemental Financial Information should be read in connection with the Company's first quarter 2016 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date May 3, 2016) as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Financial Information.

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The Macerich Company
Supplemental Financial and Operating Information
Overview

The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/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, 2016, the Operating Partnership owned or had an ownership interest in 52 regional shopping centers and seven community/power shopping centers aggregating approximately 56 million square feet of gross leasable area ("GLA").

The Company sold one regional shopping center, Capitola Mall, on April 13, 2016. Consequently, Capitola Mall has been excluded from all Non-GAAP operating data for the period ended March 31, 2016, 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 working with the loan servicer for Flagstaff Mall, which is expected to result in a transition of the asset to the loan servicer or a receiver. Consequently, Flagstaff Mall has been excluded from all Non-GAAP operating data for the periods ended March 31, 2016 and December 31, 2015, including Sales per square foot, Occupancy, Average Base Rent per square foot and Cost of Occupancy as well as the Property Listing.

Excluding both Capitola Mall and Flagstaff Mall, the Company currently owns 50 regional shopping centers and 7 community/power centers aggregating approximately 55 million square feet. These 57 centers (which include any related office space) 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, 2015, 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.

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization

	Period Ended


	3/31/2016			12/31/2015			12/31/2014
	dollars in thousands, except per share data
Closing common stock price per share	$	79.24		$	80.69		$	83.41
52 week high	$	86.31		$	95.93		$	85.55
52 week low	$	71.98		$	71.98		$	55.21
Shares outstanding at end of period
Class A non-participating convertible preferred units		138,759			138,759			145,839
Common shares and partnership units		160,308,364			165,260,655			168,721,053

Total common and equivalent shares/units outstanding		160,447,123			165,399,414			168,866,892



Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	7,089,168		$	7,010,306		$	7,050,437
Equity market capitalization		12,713,830			13,346,079			14,085,187

Total market capitalization	$	19,802,998		$	20,356,385		$	21,135,624



Leverage ratio(a)		35.8	%		34.4	%		33.4	%

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

Portfolio Capitalization at March 31, 2016

Table of Contents

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, 2015		10,855,669			154,404,986			138,759		165,399,414



Conversion of partnership units to cash		(377	)		—			—		(377	)
Conversion of partnership units to common shares		(157,529	)		157,529			—		—
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans		154,686			86,202			—		240,888
Repurchase of common shares under the Accelerated Stock Purchase Plan		—			(5,192,802	)		—		(5,192,802	)

Balance as of March 31, 2016		10,852,449			149,455,915			138,759		160,447,123

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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, 2016.

Table of Contents

THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)

	For the Three Months Ended March 31, 2016

	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
Revenues:
Minimum rents	$	151,048		$	(8,315	)	$	142,733		$	71,192		$	213,925
Percentage rents		3,014			(76	)		2,938			1,310			4,248
Tenant recoveries		80,173			(4,740	)		75,433			28,873			104,306
Other income		13,148			(562	)		12,586			6,843			19,429
Management Companies' revenues		8,617			—			8,617			—			8,617

Total revenues		256,000			(13,693	)		242,307			108,218			350,525

Expenses:
Shopping center and operating expenses		79,324			(3,886	)		75,438			32,184			107,622
Management Companies' operating expenses		27,900			—			27,900			—			27,900
REIT general and administrative expenses		8,629			—			8,629			—			8,629
Depreciation and amortization		86,931			(3,694	)		83,237			41,876			125,113
Interest expense		39,776			(2,349	)		37,427			22,494			59,921
Loss on extinguishment of debt, net		3,575			—			3,575			—			3,575

Total expenses		246,135			(9,929	)		236,206			96,554			332,760
Equity in income of unconsolidated joint ventures		11,660			—			11,660			(11,660	)		—
Co-venture expense		(3,289	)		3,289			—			—			—
Income tax expense		(1,317	)		—			(1,317	)		—			(1,317	)
Gain (loss) on sale or write down of assets, net		434,456			—			434,456			(4	)		434,452

Net income		451,375			(475	)		450,900			—			450,900
Less net income attributable to noncontrolling interests		30,460			(475	)		29,985			—			29,985

Net income attributable to the Company	$	420,915		$	—		$	420,915		$	—		$	420,915



Reconciliation of net income attributable to the Company to FFO(3):
Net income attributable to the Company							$	420,915		$	—		$	420,915
Equity in income of unconsolidated joint ventures								(11,660	)		11,660			—
Adjustments to reconcile net income to FFO—basic and diluted:
Noncontrolling interests in the Operating Partnership								29,985			—			29,985
(Gain) loss on sale or write down of assets, net								(434,456	)		4			(434,452	)
Gain (loss) on sale of undepreciated assets, net								2,412			(4	)		2,408
Depreciation and amortization of all property								83,237			41,876			125,113
Depreciation on personal property								(2,451	)		(489	)		(2,940	)

Total FFO—Basic and diluted								87,982			53,047			141,029
Loss on extinguishment of debt, net								3,575			—			3,575

Total FFO—diluted, excluding extinguishment of debt							$	91,557		$	53,047		$	144,604

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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.

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THE MACERICH COMPANY

UNAUDITED PRO RATA BALANCE SHEET

(All Dollars in thousands)

	As of March 31, 2016

	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
ASSETS:
Property, net(3)	$	7,526,652		$	(315,946	)	$	7,210,706		$	4,390,350		$	11,601,056
Cash and cash equivalents		106,505			(6,082	)		100,423			92,277			192,700
Restricted cash		42,233			—			42,233			887			43,120
Tenant and other receivables, net		113,188			(19,034	)		94,154			44,768			138,922
Deferred charges and other assets, net		505,164			(5,775	)		499,389			197,463			696,852
Due from affiliates		73,087			385			73,472			2,123			75,595
Investments in unconsolidated joint ventures		1,844,516			—			1,844,516			(1,844,516	)		—

Total assets	$	10,211,345		$	(346,452	)	$	9,864,893		$	2,883,352		$	12,748,245



LIABILITIES AND EQUITY:
Mortgage notes payable	$	3,912,049		$	(231,000	)	$	3,681,049		$	2,605,309		$	6,286,358
Bank and other notes payable		746,919			(4,109	)		742,810			60,000			802,810
Accounts payable and accrued expenses		64,549			(2,755	)		61,794			36,078			97,872
Other accrued liabilities		375,023			(22,689	)		352,334			202,960			555,294
Distributions in excess of investment in unconsolidated joint ventures		20,995			—			20,995			(20,995	)		—
Co-venture obligation		61,940			(61,940	)		—			—			—

Total liabilities		5,181,475			(322,493	)		4,858,982			2,883,352			7,742,334

Commitments and contingencies
Equity:
Stockholders' equity:
Common stock		1,495			—			1,495			—			1,495
Additional paid-in capital		4,841,291			—			4,841,291			—			4,841,291
Accumulated deficit		(175,775	)		—			(175,775	)		—			(175,775	)

Total stockholders' equity		4,667,011			—			4,667,011			—			4,667,011
Noncontrolling interests		362,859			(23,959	)		338,900			—			338,900

Total equity		5,029,870			(23,959	)		5,005,911			—			5,005,911

Total liabilities and equity	$	10,211,345		$	(346,452	)	$	9,864,893		$	2,883,352		$	12,748,245

(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 $252,473 from the Company's consolidated share and $153,753 from its pro rata share of unconsolidated joint ventures.

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The Macerich Company

2016 Guidance Range (Unaudited)

Management is reaffirming its previous estimate of diluted EPS and FFO per share guidance for 2016. However, the guidance now incorporates the dilutive impact of the sale of Capitola Mall on April 13, 2016. A reconciliation of estimated EPS to FFO per share-diluted follows:

		Year 2016 Guidance

*Earnings Expectations:*
Earnings per share—diluted		$3.73 - $3.83
Plus: real estate depreciation and amortization		$3.07 - $3.07
Less: gain on sale of depreciated assets		($2.75) - ($2.75)

FFO per share—diluted		$4.05 - $4.15



*Underlying Assumptions to 2016 Guidance*
Cash Same Center Net Operating Income ("NOI") Growth(a)		4.50% - 5.00%
Assumed acquisitions(b)		$330 million
Assumed dispositions(c)		$1.15 billion

		Year 2016 FFO / Share Impact

Lease termination income	$15 million	$0.10
Capitalized interest	$16 million	$0.10
Bad debt expense	($5 million)	($0.03	)
Loss on early extinguishment of debt(d)	($3.5 million)	($0.02	)
Dilutive impact on 2016 of assets sold in 2015 and 2016(e)	($75 million)	($0.48	)
Share repurchase program(f)	$800 million	$0.17

(a): Excludes non cash items of straight-line and above/below market adjustments to minimum rents. Includes lease termination income.
(b): On March 1, 2016, the Company purchased Country Club Plaza located in Kansas City, Missouri in a 50/50 joint venture. The amount reflected on the above table represents the Company's share of the gross purchase price. The projected pro rata FFO from this Center is included in the 2016 Guidance Range above.
(c): The Company contributed an interest in four properties to joint ventures in January 2016. Subsequent to the contributions, the Company retained a 60.0% interest in Arrowhead Towne Center and a 51.0% interest in Deptford Mall, FlatIron Crossing and Twenty Ninth Street. On April 13, 2016, the Company sold Capitola Mall for $93 million. The amount listed above represents the gross sales proceeds before debt from these transactions.
(d): This represents the loss on early extinguishment of the debt encumbering Arrowhead Towne Center in January 2016.
(e): Includes approximately $0.08 dilutive impact of special dividends paid in December 2015 and January 2016 and includes approximately $0.10 dilutive impact of the difference in debt premium amortization between 2015 and 2016.
(f): This assumes an additional $800M buy-back program during the first half of 2016 at an average share price of $80.

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental FFO Information(a)

	As of March 31,

	2016		2015
	dollars in millions
Straight-line rent receivable	$	74.6	$	72.9

	For the Three Months Ended March 31,

	2016		2015
	dollars in millions
Lease termination income	$	3.5	$	2.6
Straight-line rental income	$	2.2	$	1.5
Gain on sales of undepreciated assets	$	2.4	$	0.9
Amortization of acquired above and below-market leases	$	4.2	$	4.4
Amortization of debt premiums	$	1.0	$	6.9
Interest capitalized	$	4.1	$	4.7

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

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures

	For the Three Months Ended

	For the Three Months Ended				Year Ended 12/31/15		Year Ended 12/31/14
	3/31/16		3/31/15		Year Ended 12/31/15		Year Ended 12/31/14
	dollars in millions
Consolidated Centers
Acquisitions of property and equipment	$	5.3	$	30.1	$	79.8	$	97.9
Development, redevelopment, expansions and renovations of Centers		28.7		36.1		218.7		197.9
Tenant allowances		3.3		3.7		30.4		30.5
Deferred leasing charges		6.2		8.8		26.8		26.6

Total	$	43.5	$	78.7	$	355.7	$	352.9



Unconsolidated Joint Venture Centers(a)
Acquisitions of property and equipment	$	330.8	$	0.7	$	160.0	$	158.8
Development, redevelopment, expansions and renovations of Centers		24.1		25.8		132.9		201.8
Tenant allowances		2.9		0.6		6.3		4.8
Deferred leasing charges		1.9		0.8		3.3		3.0

Total	$	359.7	$	27.9	$	302.5	$	368.4

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

Table of Contents

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

03/31/2016(b)(c)	$562	$723	$625
03/31/2015	$573	$772	$607
12/31/2015(c)	$579	$763	$635
12/31/2014(d)	$556	$724	$587
12/31/2013(e)	$488	$717	$562
12/31/2012	$463	$629	$517

(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): Capitola Mall, sold April 13, 2016, is excluded at March 31, 2016.
(c): Flagstaff Mall is excluded at March 31, 2016 and December 31, 2015 because the Center is being transitioned to the loan servicer.
(d): On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Great Northern Mall is excluded from Sales per square foot as of December 31, 2014.
(e): Rotterdam Square, sold January 15, 2014, is excluded at December 31, 2013.

Sales Per Square Foot

Table of Contents

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 3/31/2016 (c)
Properties	3/31/2016 (a)		12/31/2015 (a)		3/31/2015 (a)		3/31/2016 (b)			12/31/2015 (b)			3/31/2015 (b)
Group 1: Top 10
Corte Madera, Village at	$	1,542	$	1,475	$	980		88.8	%		97.9	%		96.5	%
Queens Center	$	1,147	$	1,134	$	1,136		98.2	%		98.2	%		94.8	%
Washington Square	$	1,046	$	1,125	$	1,074		98.0	%		98.4	%		95.2	%
North Bridge, The Shops at	$	885	$	856	$	881		99.8	%		99.8	%		99.8	%
Tysons Corner Center	$	863	$	851	$	841		98.7	%		98.9	%		98.2	%
Los Cerritos Center	$	857	$	843	$	745		95.8	%		97.2	%		98.0	%
Biltmore Fashion Park	$	831	$	835	$	875		98.0	%		99.0	%		97.4	%
Santa Monica Place	$	776	$	786	$	788		82.3	%		90.5	%		93.8	%
Tucson La Encantada	$	779	$	767	$	757		93.5	%		94.8	%		95.2	%
Broadway Plaza(e)		n/a		n/a		n/a		n/a			n/a			n/a

Total Top 10:	$	959	$	957	$	900		96.1	%		97.7	%		96.9	%		13.5	%	28.2	%

Group 2: Top 11-20
Scottsdale Fashion Square	$	720	$	745	$	746		96.9	%		97.8	%		96.6	%
Arrowhead Towne Center	$	747	$	741	$	691		95.7	%		95.4	%		95.4	%
Fashion Outlets of Chicago	$	749	$	734	$	691		97.1	%		97.9	%		93.8	%
Kings Plaza Shopping Center	$	723	$	720	$	688		92.4	%		92.3	%		92.3	%
Vintage Faire Mall	$	691	$	677	$	656		95.5	%		96.7	%		97.5	%
Kierland Commons	$	661	$	670	$	696		98.7	%		98.3	%		97.3	%
Chandler Fashion Center	$	654	$	649	$	625		96.6	%		96.9	%		96.2	%
Green Acres Mall	$	641	$	643	$	627		92.8	%		93.2	%		92.0	%
Fresno Fashion Fair	$	656	$	642	$	606		95.3	%		98.1	%		98.7	%
Country Club Plaza(f)		n/a		n/a		n/a		n/a			n/a			n/a

Total Top 11-20:	$	698	$	696	$	673		95.7	%		96.3	%		95.4	%		13.2	%	28.4	%

Table of Contents

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 03/31/2016 (c)
Properties	3/31/2016 (a)		12/31/2015 (a)		3/31/2015 (a)		3/31/2016 (b)			12/31/2015 (b)			3/31/2015 (b)
Group 3: Top 21-30
Danbury Fair Mall	$	647	$	633	$	649		97.1	%		97.4	%		98.1	%
Twenty Ninth Street	$	632	$	626	$	601		99.2	%		99.3	%		99.0	%
Freehold Raceway Mall	$	606	$	610	$	609		98.0	%		98.7	%		97.7	%
Deptford Mall	$	579	$	580	$	558		94.6	%		95.3	%		93.6	%
Oaks, The	$	586	$	580	$	527		96.7	%		97.6	%		97.9	%
FlatIron Crossing	$	560	$	551	$	542		94.3	%		93.7	%		93.4	%
Stonewood Center	$	561	$	544	$	549		93.8	%		98.5	%		98.1	%
SanTan Village Regional Center	$	523	$	525	$	513		97.2	%		96.5	%		98.3	%
Victor Valley, Mall of	$	530	$	520	$	507		96.8	%		97.9	%		97.8	%
Inland Center	$	514	$	510	$	443		97.5	%		99.0	%		95.8	%

Total Top 21-30:	$	581	$	575	$	559		96.6	%		97.2	%		97.0	%		13.5	%	19.7	%

Group 4: Top 31-40
West Acres	$	502	$	501	$	520		99.1	%		99.8	%		99.5	%
Lakewood Center	$	472	$	467	$	438		96.8	%		96.3	%		97.6	%
Valley River Center	$	469	$	465	$	474		96.2	%		97.4	%		96.7	%
Northgate Mall	$	455	$	454	$	421		95.3	%		95.3	%		95.6	%
South Plains Mall	$	441	$	452	$	465		91.6	%		93.5	%		92.8	%
Pacific View	$	460	$	448	$	418		95.4	%		95.0	%		95.4	%
La Cumbre Plaza	$	440	$	431	$	429		94.0	%		93.1	%		92.2	%
Superstition Springs Center	$	368	$	369	$	367		94.3	%		94.1	%		92.9	%
Eastland Mall	$	381	$	364	$	364		96.1	%		96.8	%		92.1	%
Fashion Outlets of Niagara Falls USA	$	354		n/a		n/a		92.3	%		n/a			n/a

Total Top 31-40:	$	430	$	443	$	436		95.2	%		95.9	%		95.3	%		13.4	%	14.4	%

Total Top 40:	$	653	$	664	$	638		95.9	%		96.8	%		96.2	%		13.4	%	90.7	%

Table of Contents

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 12/31/2015 (c)
Properties	3/31/2016 (a)		12/31/2015 (a)		3/31/2015 (a)		3/31/2016 (b)			12/31/2015 (b)			3/31/2015 (b)
Group 5: 41-49
Westside Pavilion(e)
Towne Mall
Cascade Mall
Desert Sky Mall
Valley Mall
NorthPark Mall
Wilton Mall
SouthPark Mall
Paradise Valley Mall(e)

Total 41-49:	$	314	$	325	$	310		88.5	%		90.0	%		90.6	%		13.6	%	6.9	%

Subtotal—Regional Shopping Centers(g)	$	625	$	639	$	613		95.1	%		96.1	%		95.7	%		13.4	%	97.6	%
Other Properties:
Fashion Outlets of Philadelphia(e)(h)				n/a							n/a
Community / Power Centers
Other Non-mall Assets
Subtotal—Other Properties																			2.4	%

TOTAL ALL PROPERTIES																	13.4	%	100.0	%

Table of Contents

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, 2015. Sales per square foot are excluded for Flagstaff Mall which is being transitioned to the loan servicer and Capitola Mall, which was sold on April 13, 2016.
(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 Flagstaff Mall, which is being transitioned to the loan servicer and Capitola Mall, which was sold on April 13, 2016.
(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 2016 Forecast Pro Rata Real Estate NOI is based on guidance provided on May 3, 2016, see page 8. Real Estate NOI excludes straight-line and above/below market adjustments to minimum rents. Real Estate NOI also does not reflect REIT expenses and Management Company revenues and expenses. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.
(e)		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.
(f)		On March 1, 2016, the Company purchased Country Club Plaza located in Kansas City, Missouri in a 50/50 joint venture. The pro rata NOI from this Center is included in the 2016 Guidance Range presented on page 8 and in the percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI in the table above.
(g)		Properties sold prior to March 31, 2016 are excluded in both current and prior periods above.
(h)		On July 30, 2014, the Company formed a joint venture to redevelop and rebrand The Gallery in Philadelphia, Pennsylvania as Fashion Outlets of Philadelphia.

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Occupancy(a)

Regional Shopping Centers: Period Ended

03/31/2016(b)(c)	94.1%	96.7%	95.1%
03/31/2015	94.8%	97.9%	95.4%
12/31/2015(c)	95.3%	97.8%	96.1%
12/31/2014(d)	95.3%	97.9%	95.8%

(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): Capitola Mall, sold April 13, 2016, is excluded at March 31, 2016.
(c): Flagstaff Mall is excluded at March 31, 2016 and December 31, 2015 because the Center is being transitioned to the loan servicer.
(d): On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Great Northern Mall is excluded from Occupancy as of December 31, 2014.

Table of Contents

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
03/31/2016(e)(f)	$	52.24	$	53.40	$	47.99
03/31/2015	$	51.81	$	50.65	$	43.09
12/31/2015(f)	$	52.64	$	53.99	$	49.02
12/31/2014(g)	$	49.68	$	49.55	$	41.20
Unconsolidated Joint Venture Centers
03/31/2016	$	59.08	$	75.24	$	60.30
03/31/2015	$	66.44	$	83.71	$	63.70
12/31/2015	$	60.74	$	80.18	$	60.85
12/31/2014	$	63.78	$	82.47	$	64.59
All Regional Shopping Centers
03/31/2016(e)(f)	$	54.16	$	57.44	$	49.76
03/31/2015	$	53.31	$	55.15	$	45.78
12/31/2015(f)	$	54.32	$	57.41	$	50.29
12/31/2014(g)	$	51.15	$	54.48	$	44.66

(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): Capitola Mall sold April 13, 2016 is excluded at March 31, 2016.
(f): Flagstaff Mall is excluded at March 31, 2016 and December 31, 2015 because the Center is being transitioned to the loan servicer.
(g): On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. Great Northern Mall is excluded as of December 31, 2014 in the table above.

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The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Cost of Occupancy



			For Years Ended December 31,
			2015(b)			2014(c)
Consolidated Centers
Minimum rents	9.1	%		9.0	%		8.7	%
Percentage rents	0.4	%		0.4	%		0.4	%
Expense recoveries(d)	4.5	%		4.5	%		4.3	%

Total	14.0	%		13.9	%		13.4	%



			For Years Ended December 31,
			2015			2014
Unconsolidated Joint Venture Centers
Minimum rents	8.2	%		8.1	%		8.7	%
Percentage rents	0.3	%		0.4	%		0.4	%
Expense recoveries(d)	4.1	%		4.0	%		4.5	%

Total	12.6	%		12.5	%		13.6	%



			For Years Ended December 31,
			2015(b)			2014(c)
All Centers
Minimum rents	8.7	%		8.7	%		8.7	%
Percentage rents	0.4	%		0.4	%		0.4	%
Expense recoveries(d)	4.3	%		4.3	%		4.3	%

Total	13.4	%		13.4	%		13.4	%

(a): Capitola Mall, sold April 13, 2016, is excluded for the trailing twelve months ended March 31, 2016.
(b): Flagstaff Mall is excluded for trailing twelve months ended March 31, 2016 and the year ended December 31, 2015 because the Center is being transitioned to the loan servicer.
(c): On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Great Northern Mall is excluded for the year ended December 31, 2014.
(d): Represents real estate tax and common area maintenance charges.

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The Macerich Company
Percentage of Net Operating Income by State

Flagstaff Mall is excluded from the table below because the Center is being transitioned to the loan servicer. Capitola Mall, sold April 13, 2016, is also excluded from the table below.



State	% of Portfolio 2016 Forecast Real Estate Pro Rata NOI(a)
California		27.6	%
New York		21.2	%
Arizona		16.7	%
Colorado, Illinois & Missouri(b)		9.6	%
Pennsylvania & Virginia		7.7	%
New Jersey & Connecticut		7.5	%
Oregon & Washington		4.6	%
Other(c)		5.1	%

Total		100.0	%

(a): The percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI is based on guidance provided on May 3, 2016, see page 8. Real Estate NOI excludes straight-line and above/below market adjustments to minimum rents. Real Estate NOI also does not reflect REIT expenses and Management Company revenues and expenses. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.
(b): On March 1, 2016, the Company purchased Country Club Plaza located in Kansas City, Missouri in a 50/50 joint venture. The pro rata NOI from this Center is included in the 2016 Guidance Range presented on page 8 and in the percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI in the table above.
(c): "Other" includes Indiana, Iowa, Kentucky, North Dakota and Texas.

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The Macerich Company

Property Listing

March 31, 2016

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company. Flagstaff Mall is excluded from the table below because the Center is being transitioned to the loan servicer. Capitola Mall, sold April 13, 2016, is also excluded from the table below.

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

	CONSOLIDATED CENTERS:
1	100%	Cascade Mall Burlington, Washington	1989/1999	1998	589,000
2	50.1%	Chandler Fashion Center Chandler, Arizona	2001/2002	—	1,319,000
3	100%	Danbury Fair Mall Danbury, Connecticut	1986/2005	2010	1,270,000
4	100%	Desert Sky Mall Phoenix, Arizona	1981/2002	2007	893,000
5	100%	Eastland Mall(d) Evansville, Indiana	1978/1998	1996	1,044,000
6	100%	Fashion Outlets of Chicago Rosemont, Illinois	2013/—	—	537,000
7	100%	Fashion Outlets of Niagara Falls USA Niagara Falls, New York	1982/2011	2014	686,000
8	50.1%	Freehold Raceway Mall Freehold, New Jersey	1990/2005	2007	1,670,000
9	100%	Fresno Fashion Fair Fresno, California	1970/1996	2006	963,000
10	100%	Green Acres Mall(d) Valley Stream, New York	1956/2013	2007	1,799,000
11	100%	Inland Center(d) San Bernardino, California	1966/2004	2004	867,000
12	100%	Kings Plaza Shopping Center(d) Brooklyn, New York	1971/2012	2002	1,191,000
13	100%	La Cumbre Plaza(d) Santa Barbara, California	1967/2004	1989	492,000
14	100%	Northgate Mall San Rafael, California	1964/1986	2010	750,000
15	100%	NorthPark Mall Davenport, Iowa	1973/1998	2001	1,051,000
16	100%	Oaks, The Thousand Oaks, California	1978/2002	2009	1,189,000
17	100%	Pacific View Ventura, California	1965/1996	2001	1,021,000
18	100%	Queens Center(d) Queens, New York	1973/1995	2004	965,000
19	100%	Santa Monica Place Santa Monica, California	1980/1999	2015	517,000
20	84.9%	SanTan Village Regional Center Gilbert, Arizona	2007/—	2009	1,036,000
21	100%	SouthPark Mall Moline, Illinois	1974/1998	2014	856,000
22	100%	Stonewood Center(d) Downey, California	1953/1997	1991	934,000
23	100%	Superstition Springs Center Mesa, Arizona	1990/2002	2002	1,040,000

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The Macerich Company

Property Listing

March 31, 2016

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

24	100%	Towne Mall Elizabethtown, Kentucky	1985/2005	1989	350,000
25	100%	Tucson La Encantada Tucson, Arizona	2002/2002	2005	243,000
26	100%	Valley Mall Harrisonburg, Virginia	1978/1998	1992	506,000
27	100%	Valley River Center Eugene, Oregon	1969/2006	2007	921,000
28	100%	Victor Valley, Mall of Victorville, California	1986/2004	2012	577,000
29	100%	Vintage Faire Mall Modesto, California	1977/1996	2008	1,141,000
30	100%	Wilton Mall Saratoga Springs, New York	1990/2005	1998	736,000

		Total Consolidated Centers			27,153,000

UNCONSOLIDATED JOINT VENTURE CENTERS:
31	60%	Arrowhead Towne Center(c) Glendale, Arizona	1993/2002	2004	1,197,000
32	50%	Biltmore Fashion Park Phoenix, Arizona	1963/2003	2006	516,000
33	50.1%	Corte Madera, Village at Corte Madera, California	1985/1998	2005	460,000
34	50%	Country Club Plaza Kansas City, Missouri	1922/2016	2015	983,000
35	51%	Deptford Mall(c) Deptford, New Jersey	1975/2006	1990	1,040,000
36	51%	FlatIron Crossing(c) Broomfield, Colorado	2000/2002	2009	1,432,000
37	50%	Kierland Commons Scottsdale, Arizona	1999/2005	2003	438,000
38	60%	Lakewood Center Lakewood, California	1953/1975	2008	2,075,000
39	60%	Los Cerritos Center(d) Cerritos, California	1971/1999	2015	1,296,000
40	50%	North Bridge, The Shops at(d) Chicago, Illinois	1998/2008	—	660,000
41	50%	Scottsdale Fashion Square Scottsdale, Arizona	1961/2002	2015	1,811,000
42	60%	South Plains Mall Lubbock, Texas	1972/1998	2016	1,127,000
43	51%	Twenty Ninth Street(c)(d) Boulder, Colorado	1963/1979	2007	852,000
44	50%	Tysons Corner Center Tysons Corner, Virginia	1968/2005	2005	1,968,000
45	60%	Washington Square Portland, Oregon	1974/1999	2005	1,442,000
46	19%	West Acres Fargo, North Dakota	1972/1986	2001	971,000

		Total Unconsolidated Joint Venture Centers			18,268,000

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The Macerich Company

Property Listing

March 31, 2016

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

REGIONAL SHOPPING CENTERS UNDER REDEVELOPMENT:
47	50%	Broadway Plaza(d)(e) Walnut Creek, California	1951/1985	1994	761,000
48	50%	Fashion Outlets of Philadelphia(d)(e) Philadelphia, Pennsylvania	1977/2014	1990	850,000
49	100%	Paradise Valley Mall(f) Phoenix, Arizona	1979/2002	2009	1,150,000
50	100%	Westside Pavilion(f) Los Angeles, California	1985/1998	2007	755,000

		Total Regional Shopping Centers			48,937,000

COMMUNITY / POWER CENTERS:
1	50%	Atlas Park, The Shops at(e) Queens, New York	2006/2011	2013	372,000
2	50%	Boulevard Shops(e) Chandler, Arizona	2001/2002	2004	185,000
3	40.1%	Estrella Falls, The Market at(e) Goodyear, Arizona	2009/—	2009	219,000
4	89.4%	Promenade at Casa Grande(f) Casa Grande, Arizona	2007/—	2009	761,000
5	100%	Southridge Center(f) Des Moines, Iowa	1975/1998	2013	823,000
6	100%	Superstition Springs Power Center(f) Mesa, Arizona	1990/2002	—	206,000
7	100%	The Marketplace at Flagstaff Mall(d)(f) Flagstaff, Arizona	2007/—	—	268,000

		Total Community / Power Centers			2,834,000

OTHER ASSETS:
	100%	Various(f)(g)			477,000
	100%	500 North Michigan Avenue(f) Chicago, Illinois			326,000
	50%	Valencia Place at Country Club Plaza(e) Kansas City, Missouri			263,000
	50%	Fashion Outlets of Philadelphia-Offices(d)(e) Philadelphia, Pennsylvania			526,000
	100%	Paradise Village Ground Leases(f) Phoenix, Arizona			53,000
	100%	Paradise Village Office Park II(f) Phoenix, Arizona			46,000
	50%	Scottsdale Fashion Square-Office(e) Scottsdale, Arizona			122,000
	50%	Tysons Corner Center-Office(e) Tysons Corner, Virginia			175,000
	50%	Hyatt Regency Tysons Corner Center(e) Tysons Corner, Virginia			290,000
	50%	VITA Tysons Corner Center(e) Tysons Corner, Virginia			510,000
	50%	Tysons Tower(e) Tysons Corner, Virginia			528,000

		Total Other Assets			3,316,000

		Grand Total at March 31, 2016			55,087,000

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The Macerich Company

Property Listing

March 31, 2016

(a): The Company's ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on page 24 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, 2016.
(c): The Company contributed an interest in these four properties to joint ventures in January 2016. Subsequent to the contribution, the Company retained a 60.0% interest in Arrowhead Towne Center and a 51.0% interest in Deptford Mall, FlatIron Crossing and Twenty Ninth Street.
(d): Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 44 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.
(e): Included in Unconsolidated Joint Venture Centers.
(f): Included in Consolidated Centers.
(g): The Company owns a portfolio of eight stores located at shopping centers not owned by the Company. Of these eight stores, two have been leased to Forever 21, one has been leased to Kohl's, one has been leased to Sports Authority and four have been leased for non-Anchor usage. With respect to five of the eight 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.

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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, 2016.

Properties			Joint Venture

Arrowhead Towne Center	60%	60%	New River Associates LLC	1,197,000
Atlas Park, The Shops at	50%	50%	WMAP, L.L.C.	372,000
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	761,000
Chandler Fashion Center(d)	50.1%	50.1%	Freehold Chandler Holdings LP	1,319,000
Corte Madera, Village at	50.1%	50.1%	Corte Madera Village, LLC	460,000
Country Club Plaza	50%	50%	Country Club Plaza KC Partners LLC	983,000
Deptford Mall	51%	51%	Macerich HHF Centers LLC	1,040,000
Estrella Falls, The Market at(e)	40.1%	40.1%	The Market at Estrella Falls LLC	219,000
FlatIron Crossing	51%	51%	Macerich HHF Centers LLC	1,432,000
Freehold Raceway Mall(d)	50.1%	50.1%	Freehold Chandler Holdings LP	1,670,000
Fashion Outlets of Philadelphia	50%	50%	Various Entities	850,000
Fashion Outlets of Philadelphia-Offices	50%	50%	Various Entities	526,000
Hyatt Regency Tysons Corner Center	50%	50%	Tysons Corner Hotel I LLC	290,000
Kierland Commons	50%	50%	Kierland Commons Investment LLC	438,000
Lakewood Center	60%	60%	Pacific Premier Retail LLC	2,075,000
Los Cerritos Center	60%	60%	Pacific Premier Retail LLC	1,296,000
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	761,000
SanTan Village Regional Center	84.9%	84.9%	Westcor SanTan Village LLC	1,036,000
Scottsdale Fashion Square	50%	50%	Scottsdale Fashion Square Partnership	1,811,000
Scottsdale Fashion Square-Office	50%	50%	Scottsdale Fashion Square Partnership	122,000
Sears Stores(g)	50%	50%	MS Portfolio LLC	1,550,000
South Plains Mall	60%	60%	Pacific Premier Retail LLC	1,127,000
Twenty Ninth Street	51%	51%	Macerich HHF Centers LLC	852,000
Tysons Corner Center	50%	50%	Tysons Corner LLC	1,968,000
Tysons Corner Center-Office	50%	50%	Tysons Corner Property LLC	175,000
Tysons Tower	50%	50%	Tysons Corner Property LLC	528,000
Valencia Place at Country Club Plaza	50%	50%	TM TRS Holding Company LLC	263,000
VITA Tysons Corner Center	50%	50%	Tysons Corner Property LLC	510,000
Washington Square	60%	60%	Pacific Premier Retail LLC	1,442,000
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, 2016.
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, 2016, 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,

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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, 2016.
(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 with the Company 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.
(g): On April 30, 2015 Sears Holdings Corporation ("Sears") and the Company announced that they had formed a joint venture, MS Portfolio LLC. Sears contributed nine stores (located at Arrowhead Towne Center, Chandler Fashion Center, Danbury Fair Mall, Deptford Mall, Freehold Raceway Mall, Los Cerritos Center, South Plains Mall, Vintage Faire Mall and Washington Square) to the joint venture and the Company contributed $150 million in cash to the joint venture. The lease arrangements between Sears and the joint venture provide the ability to create additional value through recapturing certain space leased to Sears in these properties and re-leasing that space to third-party tenants. For example, Primark has leased space in portions of the Sears stores at Danbury Fair Mall and Freehold Raceway Mall. On July 7, 2015, Sears assigned its ownership interest in MS Portfolio LLC to Seritage MS Holdings LLC.

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The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Debt Summary (at Company's pro rata share)



	As of March 31, 2016
	Fixed Rate			Floating Rate			Total
	dollars in thousands
Consolidated debt	$	3,355,019		$	1,068,840		$	4,423,859
Unconsolidated debt		2,496,296			169,013			2,665,309

Total debt	$	5,851,315		$	1,237,853		$	7,089,168
Weighted average interest rate		3.92	%		2.20	%		3.62	%
Weighted average maturity (years)								6.1

Table of Contents

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

	As of March 31, 2016

Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate(a)			Fixed		Floating		Total Debt Balance(a)
I. Consolidated Assets:
Flagstaff Mall(b)		11/01/15		8.97	%	$	37,000	$	—	$	37,000
Prasada(c)		05/30/16		5.25	%		4,109		—		4,109
Stonewood Center		11/01/17		1.80	%		104,023		—		104,023
Freehold Raceway Mall(d)		01/01/18		4.20	%		112,126		—		112,126
Santa Monica Place		01/03/18		2.99	%		223,509		—		223,509
SanTan Village Regional Center(e)		06/01/19		3.14	%		110,282		—		110,282
Chandler Fashion Center(d)		07/01/19		3.77	%		100,092		—		100,092
Kings Plaza Shopping Center		12/03/19		3.67	%		463,952		—		463,952
Danbury Fair Mall		10/01/20		5.53	%		220,614		—		220,614
Fashion Outlets of Niagara Falls USA		10/06/20		4.89	%		117,903		—		117,903
Green Acres Mall		02/03/21		3.61	%		302,428		—		302,428
Tucson La Encantada		03/01/22		4.23	%		69,628		—		69,628
Pacific View		04/01/22		4.08	%		129,419		—		129,419
Oaks, The		06/05/22		4.14	%		204,492		—		204,492
Westside Pavilion		10/01/22		4.49	%		145,942		—		145,942
Towne Mall		11/01/22		4.48	%		21,860		—		21,860
Victor Valley, Mall of		09/01/24		4.00	%		114,515		—		114,515
Queens Center		01/01/25		3.49	%		600,000		—		600,000
Vintage Faire		03/06/26		3.55	%		273,125		—		273,125

Total Fixed Rate Debt for Consolidated Assets				3.86	%	$	3,355,019	$	—	$	3,355,019

Superstition Springs Center		10/28/16		2.26	%	$	—	$	67,674	$	67,674
Northgate Mall		03/01/17		3.32	%		—		63,777		63,777
The Macerich Partnership, L.P.—Line of Credit		08/06/18		2.11	%		—		738,701		738,701
Fashion Outlets of Chicago		03/31/20		2.10	%		—		198,688		198,688

Total Floating Rate Debt for Consolidated Assets				2.19	%	$	—	$	1,068,840	$	1,068,840

Total Debt for Consolidated Assets				3.45	%	$	3,355,019	$	1,068,840	$	4,423,859

Table of Contents

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

	As of March 31, 2016

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):
North Bridge, The Shops at (50%)(f)		06/15/16		7.52	%	$	94,505		$	—		$	94,505
West Acres (19%)		10/01/16		6.41	%		10,516			—			10,516
Corte Madera, The Village at (50.1%)		11/01/16		7.27	%		37,034			—			37,034
FlatIron Crossing (51%)		01/05/21		2.81	%		135,004			—			135,004
Washington Square Mall (60%)		11/01/22		3.65	%		330,000			—			330,000
Deptford Mall (51%)		04/03/23		3.55	%		99,445			—			99,445
Scottsdale Fashion Square (50%)		04/03/23		3.02	%		245,885			—			245,885
Tysons Corner Center (50%)		01/01/24		4.13	%		404,749			—			404,749
South Plains Mall (60%)		11/06/25		4.22	%		120,000			—			120,000
Twenty Ninth Street (51%)		02/06/26		4.10	%		76,500			—			76,500
Country Club Plaza (50%)		04/01/26		3.88	%		159,525			—			159,525
Lakewood Center (60%)		06/01/26		4.15	%		228,133			—			228,133
Los Cerritos Center (60%)		11/01/27		4.00	%		315,000			—			315,000
Arrowhead Towne Center (60%)		02/01/28		4.05	%		240,000			—			240,000

Total Fixed Rate Debt for Unconsolidated Assets				4.01	%	$	2,496,296		$	—		$	2,496,296

Kierland Commons (50%)(g)		01/02/18		2.53	%	$	—		$	65,916		$	65,916
Boulevard Shops (50%)(g)		12/16/18		2.33	%		—			9,704			9,704
Estrella Falls, The Market at (40.1%)(g)		02/05/20		2.46	%		—			10,291			10,291
Atlas Park (50%)(g)		10/28/20		2.76	%		—			23,102			23,102
Pacific Premier Retail LLC (60%)		10/31/22		1.64	%		—			60,000			60,000

Total Floating Rate Debt for Unconsolidated Assets				2.23	%	$	—		$	169,013		$	169,013

Total Debt for Unconsolidated Assets				3.90	%	$	2,496,296		$	169,013		$	2,665,309

Total Debt				3.62	%	$	5,851,315		$	1,237,853		$	7,089,168



Percentage to Total							82.54	%		17.46	%		100.00	%

(a): The debt balances include the unamortized debt premiums/discounts and loan finance costs. Debt premiums/discounts represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions. Debt premiums/discounts and loan finance costs 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 table represents the effective interest rate, including the debt premiums/discounts and loan finance costs.
(b): This loan matured on November 1, 2015. 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 Company's joint venture entered into a commitment to refinance the existing loan on the property with a $375 million loan that will bear interest at a fixed rate of 3.68% for a twelve-year term.
(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.

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of March 31, 2016

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) 3/31/2016	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 : $265 * Phase 2 : $40	50	%	* Phase 1 : $133 * Phase 2 : $20	* Phase 1 : $101 * Phase 2 : $5	* 25% 4Q15 * 50% 2Q16 * 25% 2Q17/2Q18	8%

		Total: $305			Total: $153	Total: $106
Green Acres Commons Valley Stream, NY	335,000 sf two-story retail center anchored by Dicks Sporting Goods, and comprised of box retail stores and outparcels adjacent to Green Acres Mall	$110	100	%	$110	$63	4Q16	11%
Fashion Outlets of Philadelphia Philadelphia, PA	Redevelopment of The Gallery in downtown Philadelphia	$305 - $365(d)(e)	50	%	$153 - $183(d)(e)	$33	2018	8%(e)

Total In-Process		$720 - $780			$416 - $446	$202

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of March 31, 2016

Shadow Pipeline of Developments and Redevelopments(f):

Property	Project Type	Total Cost(a)(b) at 100%				Total Cost(a)(b) Pro Rata		Pro Rata Capitalized Costs(b) 3/31/2016			Stabilized Yield(a)(b)(c)

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	$	2	2018 - 2019	7% - 9%
Kings Plaza Shopping Center Brooklyn, NY	Major remerchandising and redemising of Sears	$	65 - $75	100	%	$	65 - $75	$	2	2017 - 2018	7% - 8%
Paradise Valley Mall Phoenix, AZ	Redevelopment (size TBD) including a theater		TBD	100	%		TBD	$	1	TBD	TBD
Scottsdale Fashion Square Scottsdale, AZ	Office / Residential / Retail Mixed-use development on 7.5 Acres (former Days Inn)	$	250	50	%	$	125	$	1	2018 - 2019	8%
Tysons Corner Center Tysons Corner, VA	Mixed-use Development, Residential Tower with retail ground floor.	$	165	50	%	$	83	$	1	2018 - 2019	7% - 8%
Westside Pavilion Los Angeles, CA	Redevelopment of an existing 755,000 sf Center		TBD	100	%		TBD	$	1	TBD	TBD

Total Shadow Pipeline		$	830 - $840			$	448 - $458	$	8

(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 reflects incremental project costs and income subsequent to the Company's $106.8 million investment in July 2014.
(e): Total Costs are net of $15 million of approved public financing grants that will be a reduction of costs, but do not include additional pending grants totaling $30 million, which if received will further reduce Total Costs to $275 Million to $335 Million.
(f): 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 9%. There is no certainty that the Company will develop or redevelop any or all of these potential projects.

Table of Contents

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 2016, 2015 and 2014 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, 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
June 30, 2015	$	86.31	$	74.51	$	0.65
September 30, 2015	$	81.52	$	71.98	$	0.65
December 31, 2015	$	86.29	$	74.55	$	2.68	(a)

March 31, 2016	$	82.88	$	72.99	$	2.68	(a)

(a): Includes a special dividend of $2.00 per common share paid on December 8, 2015. Separately, the Company also paid a special dividend of $2.00 per common share on January 6, 2016.

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