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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

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

Date of report (Date of earliest event reported) October 27, 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 October 27, 2016 announcing results of operations for the Company for the quarter ended September 30, 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 October 27, 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 and nine months ended September 30, 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.

2



SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, The Macerich Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

    THE MACERICH COMPANY

 

 

By: THOMAS E. O'HERN

October 27, 2016

Date

 

/s/ THOMAS E. O'HERN

Senior Executive Vice President,
Chief Financial Officer
and Treasurer

3



EXHIBIT INDEX

EXHIBIT
NUMBER
 
NAME
  99.1   Press Release dated October 27, 2016

 

99.2

 

Supplemental Financial Information for the three and nine months ended September 30, 2016

4




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SIGNATURES
EXHIBIT INDEX

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Exhibit 99.1

PRESS RELEASE        

For:

 

THE MACERICH COMPANY

 

 

MACERICH ANNOUNCES STRONG QUARTERLY RESULTS

        SANTA MONICA, CA, October 27, 2016—The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended September 30, 2016, which included net income attributable to the Company of $ 13.7 million or $.09 per share-diluted for the quarter ended September 30, 2016 compared to net income attributable to the Company for the quarter ended September 30, 2015 of $33.6 million or $.21per share-diluted. For the quarter, funds from operations ("FFO") diluted was $160.3 million or $1.04 per share-diluted compared to $170.5 million or $1.01 per share-diluted for the quarter ended September 30, 2015. A description and reconciliation of EPS per share-diluted to FFO-diluted is included in the financial tables accompanying this press release.

Results and Capital Highlights

        "During the third quarter, our portfolio continued to perform very well, even as the anticipated headwinds of increased retailer bankruptcies and tougher comps began to take shape," said Arthur Coppola, chairman and chief executive officer of Macerich. "The Company's significant portfolio repositioning over the past four years, during which time we refocused our capital on fortress retail assets in densely-populated hub and gateway cities, leaves us well positioned to weather the current cyclical challenges."

Financing Activity

        On October 6, 2016, the Company closed on a $325 million loan on previously unencumbered Fresno Fashion Fair. The CMBS loan is a 10 year fixed rate loan with an interest rate of 3.59% and the proceeds were used to pay down the company's line of credit.

        On August 5, 2016, the Company closed on a $225 million loan at The Village at Corte Madera. The term is 12 years and the fixed interest rate is 3.50%.

Development and Redevelopment Activity:

        In September Macerich officially opened the expanded Broadway Plaza in San Francisco's upscale East Bay. The major redevelopment of this iconic open-air center added 235,000 square feet of mall shop space as well as new parking structures and a new slate of shopper amenities. New tenants include Arhaus, H&M, Kiehl's, Kit & Ace, lululemon, Lush, Madewell, Michael Kors, Tesla, True Foods, Aritzia, Nespresso, Kendra Scott, Tommy Bahama and Zara. In keeping with Macerich's industry-leading sustainability efforts, the redevelopment of Broadway Plaza is targeting LEED Gold certification. Anchored by Nordstrom, Neiman Marcus and Macy's, Broadway Plaza is now more than 900,000 square feet and over 90% leased.


        In October Macerich opened the nearly fully leased, 330,000 square-foot Green Acres Commons, an open-air retail complement to the 1.8 million square-foot Green Acres Mall with retailers including Dick's Sporting Goods, HomeGoods, Burlington, Ulta, 24-Hour Fitness, and BJ's Brewhouse. Macerich has been actively elevating the merchandise mix and shopper experience at Green Acres, including a recently opened Century 21 Department Store.

2016 Earnings Guidance

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

 
  2016 range  

Diluted EPS

  $ 3.59 - $3.64  

Plus: real estate depreciation and amortization

    3.16 -  3.16  

Less: gain on sale of dispositions

    2.70 -  2.70  

Diluted FFO per share

  $ 4.05 - $4.10  

        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 56 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 October 28, 2016 at 11:00 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)

Results of Operations:

 
  For the Three Months
Ended September 30,
  For the Nine Months
Ended September 30,
 
 
  Unaudited   Unaudited  
 
  2016   2015   2016   2015  

Revenues:

                         

Minimum rents

  $ 154,018   $ 194,183   $ 457,514   $ 578,075  

Percentage rents

    3,871     5,992     9,279     11,816  

Tenant recoveries

    74,447     106,339     230,568     317,629  

Other income

    12,048     14,477     42,985     42,801  

Management Companies' revenues

    8,983     5,271     28,925     17,070  

Total revenues

    253,367     326,262     769,271     967,391  

Expenses:

                         

Shopping center and operating expenses

    76,310     94,950     229,544     290,491  

Management Companies' operating expenses

    23,285     21,012     75,484     67,719  

REIT general and administrative expenses

    6,930     6,688     23,240     22,660  

Costs related to unsolicited takeover offer

        209         25,204  

Depreciation and amortization

    86,976     117,486     259,097     357,437  

Interest expense

    39,983     54,956     120,954     163,138  

(Gain) loss on extinguishment of debt, net

    (5,284 )   27     (1,709 )   (609 )

Total expenses

    228,200     295,328     706,610     926,040  

Equity in income of unconsolidated joint ventures

    11,261     10,817     37,537     28,185  

Co-venture expense(a)

    (3,006 )   (2,954 )   (9,507 )   (7,897 )

Income tax (expense) benefit

    (905 )   859     (2,736 )   2,077  

(Loss) gain on sale or write down of assets, net

    (19,321 )   (3,342 )   426,050     (7,078 )

Gain on remeasurement of assets

                22,089  

Net income

    13,196     36,314     514,005     78,727  

Less net (loss) income attributable to noncontrolling interests

    (534 )   2,717     34,138     6,124  

Net income attributable to the Company

  $ 13,730   $ 33,597   $ 479,867   $ 72,603  

Weighted average number of shares outstanding—basic

    143,923     158,517     147,504     158,452  

Weighted average shares outstanding, assuming full conversion of OP Units(b)

    154,589     169,094     158,277     169,009  

Weighted average shares outstanding—Funds From Operations ("FFO")—diluted(b)

    154,702     169,211     158,403     169,160  

Net income per share—basic

  $ 0.09   $ 0.21   $ 3.25   $ 0.46  

Net income per share—diluted

  $ 0.09   $ 0.21   $ 3.25   $ 0.45  

Dividend declared per share

  $ 0.68   $ 0.65   $ 2.04   $ 1.95  

FFO—basic(b)(c)

  $ 160,294   $ 170,472   $ 461,671   $ 454,999  

FFO—diluted(b)(c)

  $ 160,294   $ 170,472   $ 461,671   $ 454,999  

FFO—diluted, excluding extinguishment of debt and costs
                                    related to unsolicited takeover offer(b)(c)

  $ 155,010   $ 170,708   $ 459,962   $ 479,594  

FFO per share—basic(b)(c)

  $ 1.04   $ 1.01   $ 2.92   $ 2.69  

FFO per share—diluted(b)(c)

  $ 1.04   $ 1.01   $ 2.91   $ 2.69  

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

  $ 1.00   $ 1.01   $ 2.90   $ 2.84  


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 September 30,
  For the Nine Months
Ended September 30,
 
 
  Unaudited   Unaudited  
 
  2016   2015   2016   2015  

Net income attributable to the Company

  $ 13,730   $ 33,597   $ 479,867   $ 72,603  

Adjustments to reconcile net income attributable to the Company to FFO—basic and diluted:

                         

Noncontrolling interests in OP

    1,272     2,244     35,067     4,840  

Loss (gain) on sale or write down of consolidated assets, net

    19,321     3,342     (426,050 )   7,078  

Gain on remeasurement of consolidated assets        

                (22,089 )

plus gain on undepreciated asset sales—consolidated assets

    295         2,932     944  

plus non-controlling interests share of (loss) gain on sale or write down of consolidated joint ventures, net

    (2,206 )       (2,206 )   112  

Loss (gain) on sale or write down of assets from unconsolidated joint ventures (pro rata), net

    171     (1,142 )   173     (1,281 )

plus gain (loss) on undepreciated asset sales—unconsolidated joint ventures (pro rata)

        1,144     (2 )   1,286  

Depreciation and amortization on consolidated assets

    86,976     117,486     259,097     357,437  

Less depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures

    (3,759 )   (3,699 )   (11,184 )   (11,235 )

Depreciation and amortization on unconsolidated joint ventures (pro rata)        

    47,803     21,043     133,319     55,312  

Less: depreciation on personal property

    (3,309 )   (3,543 )   (9,342 )   (10,008 )

Total FFO—basic and diluted

    160,294     170,472     461,671     454,999  

(Gain) loss on extinguishment of debt, net—consolidated assets

    (5,284 )   27     (1,709 )   (609 )

Total FFO—diluted, excluding extinguishment of debt

    155,010     170,499     459,962     454,390  

Add: Costs related to unsolicited takeover offer

        209         25,204  

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

  $ 155,010   $ 170,708   $ 459,962   $ 479,594  

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

 
  For the Three
Months Ended
September 30,
  For the Nine
Months Ended
September 30,
 
 
  Unaudited   Unaudited  
 
  2016   2015   2016   2015  

Earnings per share—diluted

  $ 0.09   $ 0.21   $ 3.25   $ 0.45  

Per share impact of depreciation and amortization of real estate

    0.83     0.78     2.35     2.32  

Per share impact of loss (gain) on remeasurement, sale or write down of assets, net

    0.12     0.02     (2.69 )   (0.08 )

FFO per share—diluted

  $ 1.04   $ 1.01   $ 2.91   $ 2.69  

Per share impact of gain on extinguishment of debt, net

    (0.04 )   0.00     (0.01 )    

Per share impact of costs related to unsolicited takeover offer

        0.00         0.15  

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

  $ 1.00   $ 1.01   $ 2.90   $ 2.84  


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

Reconciliation of Net income attributable to the Company to Adjusted EBITDA:

 
  For the Three Months
Ended September 30,
  For the Nine Months
Ended September 30,
 
 
  Unaudited   Unaudited  
 
  2016   2015   2016   2015  

Net income attributable to the Company

  $ 13,730   $ 33,597   $ 479,867   $ 72,603  

Interest expense—consolidated assets

    39,983     54,956     120,954     163,138  

Interest expense—unconsolidated joint ventures (pro rata)

    25,335     7,340     71,999     24,690  

Depreciation and amortization—consolidated assets

    86,976     117,486     259,097     357,437  

Depreciation and amortization—unconsolidated joint ventures (pro rata)

    47,803     21,043     133,319     55,312  

Noncontrolling interests in OP

    1,272     2,244     35,067     4,840  

Less: Interest expense and depreciation and
         amortization allocable to noncontrolling interests
         on consolidated joint ventures

    (6,087 )   (6,038 )   (18,187 )   (18,316 )

(Gain) loss on extinguishment of debt, net—consolidated assets

    (5,284 )   27     (1,709 )   (609 )

Loss (gain) on sale or write down of assets—consolidated assets, net

    19,321     3,342     (426,050 )   7,078  

Gain on remeasurement of assets—consolidated assets

                (22,089 )

Loss (gain) on sale or write down of assets—unconsolidated joint ventures (pro rata), net

    171     (1,142 )   173     (1,281 )

Add: Non-controlling interests share of (loss) gain on sale of consolidated assets, net

    (2,206 )       (2,206 )   112  

Income tax expense (benefit)

    905     (859 )   2,736     (2,077 )

Distributions on preferred units

    143     139     429     415  

Adjusted EBITDA(d)

  $ 222,062   $ 232,135   $ 655,489   $ 641,253  

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

 
  For the Three Months
Ended September 30,
  For the Nine Months
Ended September 30,
 
 
  Unaudited   Unaudited  
 
  2016   2015   2016   2015  

Adjusted EBITDA(d)

  $ 222,062   $ 232,135   $ 655,489   $ 641,253  

Add: REIT general and administrative expenses

    6,930     6,688     23,240     22,660  

        Costs related to unsolicited takeover offer

        209         25,204  

        Management Companies' revenues

    (8,983 )   (5,271 )   (28,925 )   (17,070 )

        Management Companies' operating expenses

    23,285     21,012     75,484     67,719  

        Straight-line and above/below market adjustments

    (11,911 )   (7,788 )   (27,025 )   (21,030 )

NOI—All Centers

    231,383     246,985     698,263     718,736  

                                    NOI of non-compara ble centers

    (19,228 )   (43,345 )   (66,164 )   (122,682 )

NOI—Same Centers(e)

  $ 212,155   $ 203,640   $ 632,099   $ 596,054  


(d)
Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in OP, 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 Adjusted 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 Adjusted 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 Adjusted 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 Adjusted EBITDA and subtracting out Adjusted 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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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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TABLE OF CONTENTS

Table of Contents

LOGO


Exhibit 99.2

Supplemental Financial Information
For the three and nine months ended September 30, 2016

GRAPHICS


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

  1-4

Overview

  1-2

Capital Information and Market Capitalization

  3

Changes in Total Common and Equivalent Shares/Units

  4

Financial Data

 

5-8

Consolidated Statements of Operations (Unaudited)

  5

Consolidated Balance Sheet (Unaudited)

  6

Non-GAAP Pro Rata Financial Information (Unaudited)

  7-8

2016 Guidance Range

  9

Supplemental FFO Information

  10

Capital Expenditures

  11

Operational Data

 

12-26

Sales Per Square Foot

  12

Sales Per Square Foot by Property Ranking

  13-16

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

 

30-31

Top Ten Tenants

  32

Corporate Information

 

33

        This Supplemental Financial Information should be read in connection with the Company's third quarter 2016 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date October 27, 2016) as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Financial Information.


Table of Contents

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 September 30, 2016, the Operating Partnership owned or had an ownership interest in 50 regional shopping centers and seven community/power shopping centers aggregating approximately 56 million square feet of gross leasable area ("GLA"). 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.

        The Company presents certain measures in this Exhibit on a pro rata basis which represents (i) the measure on a consolidated basis, minus the Company's partners' share of the measure from its consolidated joint ventures (calculated based upon the partners' percentage ownership interest); plus (ii) the Company's share of the measure from its unconsolidated joint ventures (calculated based upon the Company's percentage ownership interest). Management believes that these measures provide useful information to investors regarding its financial condition and/or results of operations because they include the Company's share of the applicable amount from unconsolidated joint ventures and exclude the Company's partners' share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and the Company believes that presenting various measures in this manner can help investors better understand the Company's financial condition and/or results of operations after taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property level performance and to make decisions about resource allocations. The Company's economic interest (as distinct from its legal ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and expenses, from these unconsolidated joint ventures does not represent the Company's legal claim to such items.

        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

1


Table of Contents

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.

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

                     
 
  Period Ended  
 
  9/30/2016   12/31/2015   12/31/2014  
 
  dollars in thousands, except per share data
 

Closing common stock price per share

  $ 80.87   $ 80.69   $ 83.41  

52 week high

  $ 94.51   $ 95.93   $ 85.55  

52 week low

  $ 71.82   $ 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

    154,441,509     165,260,655     168,721,053  

Total common and equivalent shares/units outstanding

    154,580,268     165,399,414     168,866,892  

Portfolio capitalization data

   
 
   
 
   
 
 

Total portfolio debt, including joint ventures at pro rata

  $ 7,482,118   $ 7,010,306   $ 7,050,437  

Equity market capitalization

    12,500,906     13,346,079     14,085,187  

Total market capitalization

  $ 19,983,024   $ 20,356,385   $ 21,135,624  

Leverage ratio(a)

    37.44 %   34.4 %   33.4 %

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

Portfolio Capitalization at September 30, 2016

GRAPHIC

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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  

Conversion of partnership units to common shares

    (20,614 )   20,614          

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

        27,601         27,601  

Repurchase of common shares under the Accelerated Stock Purchase Plan

        (4,826,047 )       (4,826,047 )

Balance as of June 30, 2016

    10,831,835     144,678,083     138,759     155,648,677  

Conversion of partnership units to common shares

    (243,963 )   243,963          

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

        35,753         35,753  

Repurchase of common shares under the Accelerated Stock Purchase Plan

        (1,104,162 )       (1,104,162 )

Balance as of September 30, 2016

    10,587,872     143,853,637     138,759     154,580,268  

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The Macerich Company

Consolidated Statements of Operations (Unaudited)

(Dollars in thousands)

 
  For the Three
Months Ended
September 30,
2016
  For the Nine
Months Ended
September 30,
2016
 

Revenues:

             

Minimum rents

  $ 154,018   $ 457,514  

Percentage rents

    3,871     9,279  

Tenant recoveries

    74,447     230,568  

Other income

    12,048     42,985  

Management Companies' revenues

    8,983     28,925  

Total revenues

    253,367     769,271  

Expenses:

   
 
   
 
 

Shopping center and operating expenses

    76,310     229,544  

Management Companies' operating expenses

    23,285     75,484  

REIT general and administrative expenses

    6,930     23,240  

Depreciation and amortization

    86,976     259,097  

Interest expense

    39,983     120,954  

Gain on extinguishment of debt, net

    (5,284 )   (1,709 )

Total expenses

    228,200     706,610  

Equity in income of unconsolidated joint ventures

   
11,261
   
37,537
 

Co-venture expense

    (3,006 )   (9,507 )

Income tax expense

    (905 )   (2,736 )

(Loss) gain on sale or write down of assets, net

    (19,321 )   426,050  

Net income

    13,196     514,005  

Less net (loss) income attributable to noncontrolling interests

    (534 )   34,138  

Net income attributable to the Company

  $ 13,730   $ 479,867  

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The Macerich Company

Consolidated Balance Sheet (Unaudited)

(Dollars in thousands)

 
  As of September 30, 2016  

ASSETS:

       

Property, net(1)

  $ 7,376,768  

Cash and cash equivalents

    84,181  

Restricted cash

    52,976  

Tenant and other receivables, net

    126,811  

Deferred charges and other assets, net

    478,024  

Due from affiliates

    69,481  

Investments in unconsolidated joint ventures

    1,753,524  

Total assets

  $ 9,941,765  

LIABILITIES AND EQUITY:

   
 
 

Mortgage notes payable

  $ 3,845,158  

Bank and other notes payable

    1,048,944  

Accounts payable and accrued expenses

    62,018  

Other accrued liabilities

    357,650  

Distributions in excess of investments in unconsolidated joint ventures

    77,878  

Co-venture obligation

    59,609  

Total liabilities

    5,451,257  

Commitments and contingencies

       

Equity:

       

Stockholders' equity:

       

Common stock

    1,439  

Additional paid-in capital

    4,581,540  

Accumulated deficit

    (419,777 )

Total stockholders' equity

    4,163,202  

Noncontrolling interests

    327,306  

Total equity

    4,490,508  

Total liabilities and equity

  $ 9,941,765  

(1)
Includes construction in progress of $282,223.

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The Macerich Company

Non-GAAP Pro Rata Financial Information (Unaudited)

(Dollars in thousands)

 
  For the Three Months
Ended September 30, 2016
  For the Nine Months
Ended September 30, 2016
 
 
  Noncontrolling
interests of
Consolidated
Joint Ventures(1)
  Company's Share
of Unconsolidated
Joint Ventures
  Noncontrolling
interests of
Consolidated
Joint Ventures(1)
  Company's Share
of Unconsolidated
Joint Ventures
 

Revenues:

                         

Minimum rents

  $ (8,310 ) $ 80,361   $ (24,920 ) $ 230,104  

Percentage rents

    (155 )   2,744     (256 )   5,531  

Tenant recoveries

    (4,655 )   31,458     (14,080 )   90,827  

Other income

    (509 )   6,437     (1,538 )   20,069  

Total revenues

    (13,629 )   121,000     (40,794 )   346,531  

Expenses:

                         

Shopping center and operating expenses

    (4,136 )   36,430     (11,823 )   103,503  

Depreciation and amortization

    (3,759 )   47,803     (11,184 )   133,319  

Interest expense

    (2,328 )   25,335     (7,003 )   71,999  

Total expenses

    (10,223 )   109,568     (30,010 )   308,821  

Equity in income of unconsolidated joint ventures

   
   
(11,261

)
 
   
(37,537

)

Co-venture expense

    3,006         9,507      

Loss on sale or write down of assets, net

    2,206     (171 )   2,206     (173 )

Net loss

    1,806         929      

Less net loss attributable to noncontrolling interests

    1,806         929      

Net loss attributable to the Company

  $   $   $   $  

(1)
Represents the Company's partners' share of consolidated joint ventures.

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The Macerich Company

Non-GAAP Pro Rata Financial Information (Unaudited)

(Dollars in thousands)

 
  As of September 30, 2016  
 
  Noncontrolling
interests of
Consolidated
Joint Ventures(1)
  Company's Share
of Unconsolidated
Joint Ventures
 

ASSETS:

             

Property, net(2)

  $ (308,179 ) $ 4,387,640  

Cash and cash equivalents

    (7,267 )   94,632  

Restricted cash

        3,236  

Tenant and other receivables, net

    (18,923 )   42,195  

Deferred charges and other assets, net

    (5,323 )   198,808  

Due from affiliates

    310     3,780  

Investments in unconsolidated joint ventures

        (1,753,524 )

Total assets

  $ (339,382 ) $ 2,976,767  

LIABILITIES AND EQUITY:

             

Mortgage notes payable

  $ (229,751 ) $ 2,760,677  

Bank and other notes payable

    (2,910 )   60,000  

Accounts payable and accrued expenses

    (2,815 )   39,480  

Other accrued liabilities

    (23,622 )   194,488  

Distributions in excess of investments in unconsolidated joint ventures

        (77,878 )

Co-venture obligation

    (59,609 )    

Total liabilities

    (318,707 )   2,976,767  

Equity:

             

Noncontrolling interests

    (20,675 )    

Total equity

    (20,675 )    

Total liabilities and equity

  $ (339,382 ) $ 2,976,767  

(1)
Represents the Company's partners' share of consolidated joint ventures.

(2)
This includes $12,159 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $110,284 of construction in progress relating to the Company's share from unconsolidated joint ventures.

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The Macerich Company

2016 Guidance Range (Unaudited)

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

 
  Year 2016
Guidance
   

Earnings Expectations:

       

Earnings per share—diluted

 

$3.59 - $3.64

 

 

Plus: real estate depreciation and amortization

  $3.16 - $3.16    

Less: gain on sale of depreciated assets

 

($2.70) - ($2.70)

   

FFO per share—diluted

  $4.05 - $4.10    

Underlying Assumptions to 2016 Guidance

 

 

 

 

Cash Same Center Net Operating Income ("NOI") Growth(a)

  4.50% - 4.75%    

Assumed acquisitions(b)

 

$330 million

 

 

Assumed dispositions(c)

  $1.15 billion    

 

 
   
  Year 2016
FFO / Share
Impact
 

Lease termination income

  $19 million   $0.12  

Capitalized interest

  $16 million   $0.10  

Bad debt expense

  ($5 million)   ($0.03 )

Gain on early extinguishment of debt(d)

  $1.7 million   $0.01  

Dilutive impact on 2016 of assets sold in 2015 and 2016(e)

  ($80 million)   ($0.51 )

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 gain on extinguishment of debt from the deed-in-lieu of foreclosure of Flagstaff Mall in July 2016, offset by 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.

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

 
  As of September 30,  
 
  2016   2015  
 
  dollars in millions
 

Straight-line rent receivable

  $ 80.2   $ 78.8  

 

 
  For the
Three Months Ended
September 30,
  For the
Nine Months Ended
September 30,
 
 
  2016   2015   2016   2015  
 
  dollars in millions
 

Lease termination income

  $ 7.8   $ 3.4   $ 17.2   $ 8.8  

Straight-line rental income

  $ 3.5   $ 3.8   $ 9.3   $ 7.8  

Gain on sales of undepreciated assets

  $ 0.3   $ 1.1   $ 2.9   $ 2.2  

Amortization of acquired above and below-market leases

  $ 8.4   $ 4.0   $ 17.7   $ 13.2  

Amortization of debt premiums

  $ 1.0   $ 5.5   $ 3.0   $ 17.9  

Interest capitalized

  $ 3.8   $ 5.6   $ 12.5   $ 15.5  

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

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

 
  For the Nine Months Ended    
   
 
 
  Year Ended
12/31/15
  Year Ended
12/31/14
 
 
  9/30/16   9/30/15  
 
  dollars in millions
 

Consolidated Centers

                 

Acquisitions of property and equipment

  $ 24.6   $ 61.0   $ 79.8   $ 97.9  

Development, redevelopment, expansions and renovations of Centers

  113.8   148.5   218.7   197.9  

Tenant allowances

    13.8     20.5     30.4     30.5  

Deferred leasing charges

  18.7   20.8   26.8   26.6  

Total

  $ 170.9   $ 250.8   $ 355.7   $ 352.9  

Unconsolidated Joint Venture Centers(a)

                 

Acquisitions of property and equipment

  $ 341.1   $ 153.3   $ 160.0   $ 158.8  

Development, redevelopment, expansions and renovations of Centers

  73.8   93.0   132.9   201.8  

Tenant allowances

    7.7     2.3     6.3     4.8  

Deferred leasing charges

  5.6   1.8   3.3   3.0  

Total

  $ 428.2   $ 250.4   $ 302.5   $ 368.4  

(a)
All joint venture amounts at pro rata.

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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

09/30/2016

  $566   $712   $626

09/30/2015

  $593   $805   $630

12/31/2015(b)

  $579   $763   $635

12/31/2014(c)

  $556   $724   $587

12/31/2013(d)

  $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)
On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from sales per square foot as of December 31, 2015.

(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 from Sales per square foot as of December 31, 2014.

(d)
Rotterdam Square, sold January 15, 2014, is excluded at December 31, 2013.

Sales Per Square Foot

GRAPHIC

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

 
   
   
   
   
   
   
   
  % of Portfolio
2016 Forecast
Pro Rata
Real Estate
NOI
(d)
 
 
  Sales Per Square Foot   Occupancy   Cost of Occupancy
for the Trailing
12 Months
Ended 9/30/2016
(c)
 
Properties   9/30/2016
(a)
  12/31/2015
(a)
  9/30/2015
(a)
  9/30/2016
(b)
  12/31/2015
(b)
  9/30/2015
(b)
 
Group 1: Top 10                                  

Corte Madera, Village at

  $ 1,484   $ 1,475   $ 1,439     91.8 %   97.9 %   95.8 %            

Queens Center

  $ 1,341   $ 1,134   $ 1,141   97.8 % 98.2 % 95.9 %    

Washington Square

  $ 1,005   $ 1,125   $ 1,133     99.4 %   98.4 %   97.0 %            

North Bridge, The Shops at

  $ 899   $ 856   $ 845   99.0 % 99.8 % 99.8 %    

Tysons Corner Center

  $ 872   $ 851   $ 857     98.8 %   98.9 %   98.1 %            

Los Cerritos Center

  $ 878   $ 843   $ 773   96.3 % 97.2 % 96.7 %    

Biltmore Fashion Park

  $ 827   $ 835   $ 848     98.4 %   99.0 %   98.2 %            

Santa Monica Place

  $ 809   $ 786   $ 817   85.0 % 90.5 % 88.3 %    

Tucson La Encantada

  $ 771   $ 767   $ 766     95.5 %   94.8 %   94.8 %            

Broadway Plaza(e)

  n/a   n/a   n/a   n/a   n/a   n/a      
Total Top 10:   $ 983   $ 957   $ 949     96.8 %   97.7 %   96.7 %   13.7 %   28.2 %
Group 2: Top 11-20                              

Scottsdale Fashion Square

  $ 731   $ 745   $ 751     96.0 %   97.8 %   97.2 %            

Arrowhead Towne Center

  $ 764   $ 741   $ 720   96.9 % 95.4 % 95.3 %    

Fashion Outlets of Chicago

  $ 746   $ 734   $ 732     96.9 %   97.9 %   96.1 %            

Kings Plaza Shopping Center

  $ 721   $ 720   $ 697   95.2 % 92.3 % 92.0 %    

Vintage Faire Mall

  $ 696   $ 677   $ 682     93.8 %   96.7 %   94.6 %            

Kierland Commons

  $ 667   $ 670   $ 676   98.3 % 98.3 % 98.8 %    

Chandler Fashion Center

  $ 666   $ 649   $ 632     94.2 %   96.9 %   96.9 %            

Green Acres Mall

  $ 641   $ 643   $ 633   94.5 % 93.2 % 91.6 %    

Fresno Fashion Fair

  $ 697   $ 642   $ 628     94.5 %   98.1 %   97.1 %            

Country Club Plaza(f)

  $ 609   n/a   n/a   89.6 % n/a   n/a      
Total Top 11-20:   $ 695   $ 696   $ 689     94.5 %   96.3 %   95.5 %   13.3 %   28.3 %

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Table of Contents

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

 
   
   
   
   
   
   
   
  % of Portfolio
2016 Forecast
Pro Rata
Real Estate
NOI
(d)
 
 
  Sales Per Square Foot   Occupancy   Cost of Occupancy
for the Trailing
12 Months
Ended 9/30/2016
(c)
 
Properties   9/30/2016
(a)
  12/31/2015
(a)
  9/30/2015
(a)
  9/30/2016
(b)
  12/31/2015
(b)
  9/30/2015
(b)
 
Group 3: Top 21-30                            

Danbury Fair Mall

  $ 643   $ 633   $ 643     96.1 %   97.4 %   97.9 %            

Twenty Ninth Street

  $ 621   $ 626   $ 626   99.4 % 99.3 % 99.0 %    

Freehold Raceway Mall

  $ 603   $ 610   $ 619     98.2 %   98.7 %   98.6 %            

Deptford Mall

  $ 569   $ 580   $ 591   96.3 % 95.3 % 96.4 %    

Oaks, The

  $ 517   $ 580   $ 580     95.4 %   97.6 %   95.7 %            

FlatIron Crossing

  $ 553   $ 551   $ 553   95.0 % 93.7 % 92.9 %    

Stonewood Center

  $ 571   $ 544   $ 546     94.0 %   98.5 %   97.0 %            

SanTan Village Regional Center

  $ 533   $ 525   $ 527   97.4 % 96.5 % 97.9 %    

Victor Valley, Mall of

  $ 538   $ 520   $ 543     98.4 %   97.9 %   98.5 %            

Inland Center

  $ 496   $ 510   $ 486   98.8 % 99.0 % 99.0 %    
Total Top 21-30:   $ 571   $ 575   $ 579     96.8 %   97.2 %   97.1 %   13.6 %   20.0 %
Group 4: Top 31-40                            

West Acres

  $ 501   $ 501   $ 505     98.9 %   99.8 %   99.0 %            

Lakewood Center

  $ 472   $ 467   $ 463   98.6 % 96.3 % 96.1 %    

Valley River Center

  $ 468   $ 465   $ 477     97.5 %   97.4 %   96.4 %            

Northgate Mall

  $ 421   $ 454   $ 454   94.9 % 95.3 % 94.9 %    

South Plains Mall

  $ 426   $ 452   $ 472     90.4 %   93.5 %   93.0 %            

Pacific View

  $ 448   $ 448   $ 446   94.5 % 95.0 % 95.4 %    

La Cumbre Plaza

  $ 456   $ 431   $ 428     85.2 %   93.1 %   92.9 %            

Superstition Springs Center

  $ 369   $ 369   $ 369   95.4 % 94.1 % 95.0 %    

Eastland Mall

  $ 375   $ 364   $ 366     97.8 %   96.8 %   96.4 %            

Fashion Outlets of Niagara Falls USA

  $ 339   n/a   n/a   92.5 % n/a   n/a      
Total Top 31-40:   $ 423   $ 443   $ 446     95.4 %   95.9 %   95.7 %   13.7 %   14.2 %
Total Top 40:   $ 654   $ 664   $ 661   95.8 % 96.8 % 96.3 % 13.5 % 90.7 %

14


Table of Contents


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

 
   
   
   
   
   
   
   
  % of Portfolio
2016 Forecast
Pro Rata
Real Estate
NOI
(d)
 
 
  Sales Per Square Foot   Occupancy   Cost of Occupancy
for the Trailing
12 Months
Ended 9/30/2016
(c)
 
Properties   9/30/2016
(a)
  12/31/2015
(a)
  9/30/2015
(a)
  9/30/2016
(b)
  12/31/2015
(b)
  9/30/2015
(b)
 
Group 5: 41-49                            

Cascade Mall

                                                 

Desert Sky Mall

                 

NorthPark Mall

                                                 

Paradise Valley Mall(e)

                 

SouthPark Mall

                                                 

Towne Mall

                 

Valley Mall

                                                 

Westside Pavilion(e)

                 

Wilton Mall

                                                 
Total 41-49:   $ 306   $ 325   $ 323   91.2 % 90.0 % 89.6 % 13.3 % 6.9 %
Subtotal—Regional Shopping Centers(g)   $ 626   $ 639   $ 636     95.3 %   96.1 %   95.6 %   13.5 %   97.6 %
Other Properties:                                  

Fashion Outlets of Philadelphia(e)(h)

    n/a     n/a     n/a     n/a     n/a     n/a              
Community / Power Centers                            
Other Non-mall Assets                                                  
Subtotal—Other Properties                 2.4 %
TOTAL ALL PROPERTIES                                         13.5 %   100.0 %

15


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.
(b)   Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Occupancy excludes Centers under development and redevelopment.
(c)   Cost of Occupancy represents "Tenant Occupancy Costs" divided by "Tenant Sales". Tenant Occupancy Costs in this calculation are the amounts paid to the Company, including minimum rents, percentage rents and recoverable expenditures, which consist primarily of property operating expenses, real estate taxes and repair and maintenance expenditures.
(d)   The percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI is based on guidance provided on October 27, 2016, see page 9. 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 pages 1 and 2 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 9 and in the percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI in the table above.
(g)   Properties sold prior to September 30, 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.

16


Table of Contents

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

Regional Shopping Centers:
Period Ended
  Consolidated
Centers
  Unconsolidated
Joint Venture
Centers
  Total
Centers
 

09/30/2016

 
94.6%


96.3%

95.3%  

09/30/2015

    94.8%     98.1%     95.4%  

12/31/2015(b)

 
95.3%


97.8%

96.1%  

12/31/2014(c)

    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)
On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from Occupancy as of December 31, 2015.

(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 from Occupancy as of December 31, 2014.

17


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

             

09/30/2016

  $ 52.65   $ 53.24   $ 45.79  

09/30/2015

  $ 52.30   $ 53.64   $ 47.78  

12/31/2015(e)

  $ 52.64   $ 53.99   $ 49.02  

12/31/2014(f)

  $ 49.68   $ 49.55   $ 41.20  

Unconsolidated Joint Venture Centers

   
 
   
 
   
 
 

09/30/2016

  $ 58.02   $ 67.00   $ 57.92  

09/30/2015

  $ 67.14   $ 91.11   $ 61.66  

12/31/2015

  $ 60.74   $ 80.18   $ 60.85  

12/31/2014

  $ 63.78   $ 82.47   $ 64.59  

All Regional Shopping Centers

 

 

 


 

 


 
 

09/30/2016

  $ 54.27   $ 56.52   $ 48.68  

09/30/2015

  $ 53.83   $ 56.93   $ 48.97  

12/31/2015(e)

  $ 54.32   $ 57.41   $ 50.29  

12/31/2014(f)

  $ 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)
On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from the table above as of December 31, 2015.

(f)
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 from the table above as of December 31, 2014.

18


Table of Contents

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

 
  For the trailing
twelve months
ended
September 30,
2016(a)
   
   
 
 
  For Years Ended December 31,  
 
  2015(a)   2014(b)  

Consolidated Centers

             

Minimum rents

    9.2 %   9.0 %   8.7 %

Percentage rents

  0.4 % 0.4 % 0.4 %

Expense recoveries(c)

    4.4 %   4.5 %   4.3 %
   

Total

  14.0 % 13.9 % 13.4 %

 

 
  For the trailing
twelve months
ended
September 30,
2016
   
   
 
 
  For Years Ended December 31,  
 
  2015   2014  

Unconsolidated Joint Venture Centers

             

Minimum rents

    8.6 %   8.1 %   8.7 %

Percentage rents

  0.4 % 0.4 % 0.4 %

Expense recoveries(c)

    3.9 %   4.0 %   4.5 %

Total

  12.9 % 12.5 % 13.6 %

 

 
  For the trailing
twelve months
ended
September 30,
2016(a)
   
   
 
 
  For Years Ended December 31,  
 
  2015(a)   2014(b)  

All Centers

             

Minimum rents

    8.9 %   8.7 %   8.7 %

Percentage rents

  0.4 % 0.4 % 0.4 %

Expense recoveries(c)

    4.2 %   4.3 %   4.3 %

Total

  13.5 % 13.4 % 13.4 %

(a)
On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from the table above as of December 31, 2015.

(b)
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 the table above for the year ended December 31, 2014.

(c)
Represents real estate tax and common area maintenance charges.

19


Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Percentage of Net Operating Income by State

        The Company sold Capitola Mall on April 13, 2016, and on July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Capitola Mall and Flagstaff Mall are excluded from the table below.

 
   
 
State
  % of Portfolio
2016 Forecast
Real Estate
Pro Rata NOI(a)
 

California

    27.4 %

New York

    21.1 %

Arizona

    16.6 %

Colorado, Illinois & Missouri(b)

    9.7 %

Pennsylvania & Virginia

    7.8 %

New Jersey & Connecticut

    7.9 %

Oregon & Washington

    4.5 %

Other(c)

    5.0 %

Total

    100.0 %

(a)
The percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI is based on guidance provided on October 27, 2016, see page 9. 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 pages 1 and 2 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 9 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.

20


Table of Contents


The Macerich Company

Property Listing

September 30, 2016

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

Count
 
Company's
Ownership(a)
  Name of
Center/Location
  Year of
Original
Construction/
Acquisition
  Year of Most
Recent
Expansion/
Renovation
  Total
GLA(b)
 
 

 

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     890,000  
 

5

 

100%

 

Eastland Mall(d)
Evansville, Indiana

    1978/1998   1996     1,044,000  
 

6

 

100%

 

Fashion Outlets of Chicago
Rosemont, Illinois

    2013/—       538,000  
 

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     1,674,000  
 

9

 

100%

 

Fresno Fashion Fair
Fresno, California

    1970/1996   2006     963,000  
 

10

 

100%

 

Green Acres Mall(d)
Valley Stream, New York

    1956/2013   2016     2,096,000  
 

11

 

100%

 

Inland Center(d)
San Bernardino, California

    1966/2004   2016     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     491,000  
 

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     1,190,000  
 

17

 

100%

 

Pacific View
Ventura, California

    1965/1996   2001     1,021,000  
 

18

 

100%

 

Queens Center(d)
Queens, New York

    1973/1995   2004     963,000  
 

19

 

100%

 

Santa Monica Place
Santa Monica, California

    1980/1999   2015     517,000  
 

20

 

84.9%

 

SanTan Village Regional Center
Gilbert, Arizona

    2007/—   2009     1,047,000  
 

21

 

100%

 

SouthPark Mall
Moline, Illinois

    1974/1998   2014     856,000  
 

22

 

100%

 

Stonewood Center(d)
Downey, California

    1953/1997   1991     932,000  
 

23

 

100%

 

Superstition Springs Center
Mesa, Arizona

    1990/2002   2002     1,040,000  
 

24

 

100%

 

Towne Mall
Elizabethtown, Kentucky

    1985/2005   1989     350,000  

21


Table of Contents


The Macerich Company

Property Listing

September 30, 2016

Count
 
Company's
Ownership(a)
  Name of
Center/Location
  Year of
Original
Construction/
Acquisition
  Year of Most
Recent
Expansion/
Renovation
  Total
GLA(b)
 
 

25

 

100%

 

Tucson La Encantada
Tucson, Arizona

    2002/2002   2005     243,000  
 

26

 

100%

 

Valley Mall
Harrisonburg, Virginia

    1978/1998   1992     505,000  
 

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     737,000  
 

 

 

 

Total Consolidated Centers

        27,459,000  
 

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     517,000  
 

33

 

50.1%

 

Corte Madera, Village at
Corte Madera, California

    1985/1998   2005     461,000  
 

34

 

50%

 

Country Club Plaza
Kansas City, Missouri

    1922/2016   2015     983,000  
 

35

 

51%

 

Deptford Mall(c)
Deptford, New Jersey

    1975/2006   1990     1,039,000  
 

36

 

51%

 

FlatIron Crossing(c)
Broomfield, Colorado

    2000/2002   2009     1,432,000  
 

37

 

50%

 

Kierland Commons
Scottsdale, Arizona

    1999/2005   2003     435,000  
 

38

 

60%

 

Lakewood Center
Lakewood, California

    1953/1975   2008     2,075,000  
 

39

 

60%

 

Los Cerritos Center(d)
Cerritos, California

    1971/1999   2016     1,296,000  
 

40

 

50%

 

North Bridge, The Shops at(d)
Chicago, Illinois

    1998/2008       671,000  
 

41

 

50%

 

Scottsdale Fashion Square
Scottsdale, Arizona

    1961/2002   2015     1,812,000  
 

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     851,000  
 

44

 

50%

 

Tysons Corner Center
Tysons Corner, Virginia

    1968/2005   2005     1,973,000  
 

45

 

60%

 

Washington Square
Portland, Oregon

    1974/1999   2005     1,441,000  
 

46

 

19%

 

West Acres
Fargo, North Dakota

    1972/1986   2001     971,000  
 

 

 

 

Total Unconsolidated Joint Venture Centers

    18,281,000  

22


Table of Contents


The Macerich Company

Property Listing

September 30, 2016

Count
 
Company's
Ownership(a)
  Name of
Center/Location
  Year of
Original
Construction/
Acquisition
  Year of Most
Recent
Expansion/
Renovation
  Total
GLA(b)
 
 

REGIONAL SHOPPING CENTERS UNDER REDEVELOPMENT:

       
 

47

 

50%

 

Broadway Plaza(d)(e)
Walnut Creek, California

    1951/1985   2016     921,000  
 

48

 

50%

 

Fashion Outlets of Philadelphia(d)(e)
Philadelphia, Pennsylvania

    1977/2014   ongoing     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

        49,416,000  
 

COMMUNITY / POWER CENTERS:

           
 

1

 

50%

 

Atlas Park, The Shops at(e)
Queens, New York

    2006/2011   2013     370,000  
 

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     276,000  
 

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

    2,889,000  
 

OTHER ASSETS:

                 
 

 

100%

 

Various(f)(g)

              401,000  
 

 

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

              174,000  
 

 

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

        3,239,000  
 

 

 

 

Grand Total at September 30, 2016

        55,544,000  

23


Table of Contents


The Macerich Company

Property Listing

September 30, 2016


(a)
The Company's ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on pages 25 and 26 regarding the legal versus economic ownership of joint venture entities.

(b)
Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores as of September 30, 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 seven stores located at shopping centers not owned by the Company. Of these seven stores, two are leased to Forever 21, one is leased to Kohl's, one is vacant, and three have been leased for non-Anchor uses. With respect to four of the seven 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.

24


Table of Contents

The Macerich Company

Joint Venture List

        The following table sets forth certain information regarding the Centers and other operating properties that are not wholly-owned by the Company. This list of properties includes unconsolidated joint ventures, consolidated joint ventures, and co-venture arrangements. The percentages shown are the effective legal ownership and economic ownership interests of the Company as of September 30, 2016.

Properties
  9/30/2016
Legal
Ownership(a)
  9/30/2016
Economic
Ownership(b)
  Joint Venture   9/30/2016
Total GLA(c)
 

Arrowhead Towne Center

    60%     60%   New River Associates LLC     1,197,000  

Atlas Park, The Shops at

    50%     50%   WMAP, L.L.C.     370,000  

Biltmore Fashion Park

    50%     50%   Biltmore Shopping Center Partners LLC     517,000  

Boulevard Shops

    50%     50%   Propcor II Associates, LLC     185,000  

Broadway Plaza

    50%     50%   Macerich Northwestern Associates     921,000  

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     461,000  

Country Club Plaza

    50%     50%   Country Club Plaza KC Partners LLC     983,000  

Deptford Mall

    51%     51%   Macerich HHF Centers LLC     1,039,000  

Estrella Falls, The Market at(e)

    40.1%     40.1%   The Market at Estrella Falls LLC     276,000  

FlatIron Crossing

    51%     51%   Macerich HHF Centers LLC     1,432,000  

Freehold Raceway Mall(d)

    50.1%     50.1%   Freehold Chandler Holdings LP     1,674,000  

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     435,000  

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     671,000  

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     1,047,000  

Scottsdale Fashion Square

    50%     50%   Scottsdale Fashion Square Partnership     1,812,000  

Scottsdale Fashion Square-Office

    50%     50%   Scottsdale Fashion Square Partnership     122,000  

Macerich Seritage Portfolio(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     851,000  

Tysons Corner Center

    50%     50%   Tysons Corner LLC     1,973,000  

Tysons Corner Center-Office

    50%     50%   Tysons Corner Property LLC     174,000  

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     1,441,000  

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 September 30, 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.

25


Table of Contents


The Macerich Company

Joint Venture List

(b)
Economic ownership represents the allocation of cash flow to the Company as of September 30, 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, including mortgage refinancings, partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.

(c)
Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores as of September 30, 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.

26


Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Debt Summary (at Company's pro rata share)(1)

 
   
 
 
  As of September 30, 2016  
 
  Fixed Rate   Floating Rate   Total  
 
  (Dollars in thousands)
 

Mortgage notes payable

  $ 3,515,209   $ 329,949   $ 3,845,158  

Bank and other notes payable

    5,821     1,043,123     1,048,944  

Total debt per Consolidated Balance Sheet

    3,521,030     1,373,072     4,894,102  

Adjustments:

                   

Less: Noncontrolling interests share of debt from consolidated joint ventures

    (232,661 )       (232,661 )

Adjusted Consolidated Debt

    3,288,369     1,373,072     4,661,441  

Add: Company's share of debt from unconsolidated joint ventures

    2,651,817     168,860     2,820,677  

Total Company's Pro Rata Share of Debt

  $ 5,940,186   $ 1,541,932   $ 7,482,118  

Weighted average interest rate

    3.80 %   2.23 %   3.48 %

Weighted average maturity (years)

                6.25  

(1)
The Company's pro rata share of debt represents (i) consolidated debt, minus the Company's partners' share of the amount from consolidated joint ventures (calculated based upon the partners' percentage ownership interest); plus (ii) the Company's share of debt from unconsolidated joint ventures (calculated based upon the Company's percentage ownership interest). Management believes that this measure provides useful information to investors regarding the Company's financial condition because it includes the Company's share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company's partners' share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its pro rata share of debt in this manner can help investors better understand the Company's financial condition after taking into account the Company's economic interest in these joint ventures. The Company's pro rata share of debt should not be considered as a substitute to the Company's total debt determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP.

27


Table of Contents

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

 
  As of September 30, 2016  
Center/Entity (dollars in thousands)
  Maturity Date   Effective
Interest
Rate(a)
  Fixed   Floating   Total Debt
Balance(a)
 

I. Consolidated Assets:

                               

Stonewood Center

    11/01/17     1.80 % $ 101,048   $   $ 101,048  

Freehold Raceway Mall(b)

    01/01/18     4.20 %   111,076         111,076  

Santa Monica Place

    01/03/18     2.99 %   220,901         220,901  

SanTan Village Regional Center(c)

    06/01/19     3.14 %   109,055         109,055  

Chandler Fashion Center(b)

    07/01/19     3.77 %   100,109         100,109  

Kings Plaza Shopping Center

    12/03/19     3.67 %   459,342         459,342  

Danbury Fair Mall

    10/01/20     5.53 %   217,465         217,465  

Fashion Outlets of Niagara Falls USA

    10/06/20     4.89 %   116,495         116,495  

Green Acres Mall

    02/03/21     3.61 %   299,375         299,375  

Prasada(d)

    05/30/21     5.25 %   2,911         2,911  

Tucson La Encantada

    03/01/22     4.23 %   68,888         68,888  

Pacific View

    04/01/22     4.08 %   128,021         128,021  

Oaks, The

    06/05/22     4.14 %   202,332         202,332  

Westside Pavilion

    10/01/22     4.49 %   144,581         144,581  

Towne Mall

    11/01/22     4.48 %   21,670         21,670  

Victor Valley, Mall of

    09/01/24     4.00 %   114,544         114,544  

Queens Center

    01/01/25     3.49 %   600,000         600,000  

Vintage Faire

    03/06/26     3.55 %   270,556         270,556  

Total Fixed Rate Debt for Consolidated Assets

          3.80 % $ 3,288,369   $   $ 3,288,369  

Superstition Springs Center(e)

    10/28/16     2.35 % $   $ 67,525   $ 67,525  

Northgate Mall

    03/01/17     3.40 %       63,549     63,549  

Fashion Outlets of Chicago

    03/31/20     2.18 %       198,875     198,875  

The Macerich Partnership, L.P.—Line of Credit(f)

    07/06/21     2.15 %       1,043,123     1,043,123  

Total Floating Rate Debt for Consolidated Assets

          2.22 % $   $ 1,373,072   $ 1,373,072  

Total Debt for Consolidated Assets

          3.33 % $ 3,288,369   $ 1,373,072   $ 4,661,441  

28


Table of Contents

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

 
  As of September 30, 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):

                               

West Acres (19%)

    12/01/16     6.41 % $ 10,315   $   $ 10,315  

FlatIron Crossing (51%)

    01/05/21     2.81 %   132,584         132,584  

Washington Square Mall (60%)

    11/01/22     3.65 %   330,000         330,000  

Deptford Mall (51%)

    04/03/23     3.55 %   98,335         98,335  

Scottsdale Fashion Square (50%)

    04/03/23     3.02 %   243,040         243,040  

Tysons Corner Center (50%)

    01/01/24     4.13 %   400,801         400,801  

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 %   159,549         159,549  

Lakewood Center (60%)

    06/01/26     4.15 %   226,506         226,506  

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  

North Bridge, The Shops at (50%)

    06/01/28     3.71 %   186,868         186,868  

Corte Madera, The Village at (50.1%)

    09/01/28     3.53 %   112,319         112,319  

Total Fixed Rate Debt for Unconsolidated Assets

          3.80 % $ 2,651,817   $   $ 2,651,817  

Kierland Commons (50%)(f)

    01/02/18     2.60 % $   $ 65,491   $ 65,491  

Boulevard Shops (50%)(f)

    12/16/18     2.41 %       9,619     9,619  

Estrella Falls, The Market at (40.1%)(f)

    02/05/20     2.56 %       10,314     10,314  

Atlas Park (50%)(f)

    10/28/20     2.84 %       23,436     23,436  

Pacific Premier Retail LLC (60%)

    10/31/22     1.72 %       60,000     60,000  

Total Floating Rate Debt for Unconsolidated Assets

          2.31 % $   $ 168,860   $ 168,860  

Total Debt for Unconsolidated Assets

          3.71 % $ 2,651,817   $ 168,860   $ 2,820,677  

Total Debt

          3.48 % $ 5,940,186   $ 1,541,932   $ 7,482,118  

Percentage to Total

                79.39 %   20.61 %   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 property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.1%.
(c)
This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.
(d)
This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.0%.
(e)
On October 14, 2016, the Company paid off in full the loan on the property.
(f)
The maturity date assumes that all available extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates.

29


Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of September 30, 2016

In-Process Developments and Redevelopments:

Property
  Project Type   Total Cost(a)(b)
at 100%
  Ownership
%
  Total Cost(a)(b)
Pro Rata
  Pro Rata
Capitalized Costs(b)
9/30/2016
  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 : $114
* Phase 2 : $8

 
* 25% 4Q15
* 50% 2Q16
* 25% 2Q17/2Q18


 
8%
             

      Total: $305       Total: $153   Total: $122        

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   $96   4Q16   11%

Fashion Outlets of Philadelphia
Philadelphia, PA


 
Redevelopment of The Gallery in downtown Philadelphia   $305 - $365(d)   50 % $153 - $183(d)   $40   2018   8%(d)

Kings Plaza Shopping Center
Brooklyn, NY

  250,000 sf redevelopment of existing Sears store, anchored by Primark   $95 - $100     100 % $95 - $100   $5   2018   4%(e)

Total In-Process

    $815 - $880     $511 - $546   $263    

30


Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of September 30, 2016

Shadow Pipeline of Developments and Redevelopments(f):

Property
  Project Type   Total Cost(a)(b)
at 100%
  Ownership
%
  Total Cost(a)(b)
Pro Rata
  Pro Rata
Capitalized Costs(b)
9/30/2016
  Expected
Delivery(a)
  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   $ 3   2018 - 2019   7% - 9%  

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

      $ 765         $ 383   $ 7            

(a)
Much of this information is estimated and may change from time to time. See the Company's forward-looking disclosure on pages 1 and 2 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. Total Costs are net of $25 million of approved public financing grants that will be a reduction of costs.

(e)
The Sears lease has been terminated. The 4% yield represents an incremental return over Sears former annual rent. The yield would increase to 8% without including any offsetting rent impact from Sears.

(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.

31



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Top Ten Tenants

        The following retailers (including their subsidiaries) represent the 10 largest rent payers in the Centers based upon total rents in place as of September 30, 2016.

Tenant
  Primary DBAs   Number of
Locations
in the
Portfolio
  % of Total
Rents
 
L Brands, Inc.   Victoria's Secret, Bath and Body Works, PINK   100   2.7 %
Forever 21, Inc.   Forever 21, XXI Forever, Love21     36     2.6 %
Foot Locker, Inc.   Champs Sports, Foot Locker, Kids Foot Locker, Lady Foot Locker, Foot Action, House of Hoops SIX:02 and others   95   1.9 %
Gap, Inc., The   Athleta, Banana Republic, Gap, Gap Kids, Old Navy and others     58     1.9 %
Signet Jewelers   Gordon's Jewelers, Jared Jewelry, Kay Jewelers, Piercing Pagoda, Rogers Jewelers, Shaw's Jewelers, Weisfield Jewelers, Zales   106   1.6 %
Dick's Sporting Goods, Inc.   Dick's Sporting Goods, Chelsea Collective     15     1.4 %
H & M Hennes & Mauritz AB   H & M   23   1.4 %
Golden Gate Capital   Payless ShoeSource, Eddie Bauer, California Pizza Kitchen, PacSun     79     1.2 %
Sears Holdings Corporation   Sears   20   1.2 %
American Eagle Outfitters, Inc.   American Eagle Outfitters, aerie     38     1.1 %

32


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)

June 30, 2016

  $ 85.39   $ 71.82   $ 0.68  

September 30, 2016

  $ 94.51   $ 78.76   $ 0.68  

(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

33