SEC Filing | Macerich

THE MACERICH COMPANY

By: THOMAS E. O’HERN

August 2, 2017

Date

/s/ THOMAS E. O’HERN

Senior Executive Vice President,

Chief Financial Officer

and Treasurer

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8-K

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) August 2, 2017

THE MACERICH COMPANY

(Exact Name of Registrant as Specified in Charter)

MARYLAND

1-12504

95-4448705

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(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):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02

RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

The Company issued a press release on August 2, 2017 (the “Press Release”) announcing results of operations for the Company for the quarter ended June 30, 2017 and such Press Release is furnished as Exhibit 99.1 hereto.

On August 2, 2017, 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 six months ended June 30, 2017 and such Supplemental Financial Information is furnished as Exhibit 99.2 hereto.

The Press Release and Supplemental Financial Information included as exhibits with this report are being furnished pursuant to Item 2.02 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.

The Press Release and Supplemental Financial Information included as exhibits with this report are being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC.

ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS.

Listed below are the financial statements, pro forma financial information and exhibits furnished as part of this report:

(a), (b) and (c) Not applicable.

(d) Exhibits.

Exhibit Index attached hereto and incorporated herein by reference.

SIGNATURES

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

EXHIBIT INDEX


EXHIBIT NUMBER		NAME

99.1		Press Release dated August 2, 2017

99.2		Supplemental Financial Information for the three and six months ended June 30, 2017

EX-99.1

Exhibit 99.1

PRESS RELEASE


For:		THE MACERICH COMPANY

MACERICH ANNOUNCES QUARTERLY RESULTS

SANTA MONICA, CA, August 2, 2017– The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended June 30, 2017, which included net income attributable to the Company of $26.6 million or $.19 per share-diluted for the quarter ended June 30, 2017 compared to net income attributable to the Company for the quarter ended June 30, 2016 of $45.2 million or $.31 per share-diluted. For the second quarter, 2017, funds from operations (“FFO”) diluted was $148.6 million or $.98 per share-diluted compared to $160.3 million or $1.02 per share-diluted for the quarter ended June 30, 2016. A description and reconciliation of EPS per share-diluted to FFO per share-diluted is included in the financial tables accompanying this press release.

Results and Capital Highlights

•

Mall tenant annual sales per square foot for the portfolio increased by 3.2% to $646 for the year ended June 30, 2017 compared to $626 for the year ended June 30, 2016.

•

The releasing spreads for the year ended June 30, 2017 were up 18.5%.

•

Mall portfolio occupancy was 94.4% at June 30, 2017 compared to 95.0% at June 30, 2016.

“While clearly the retail industry faces challenges, we continue to believe it is all part of an ongoing evolution of the shopper experience. Furthermore, we believe our high-quality portfolio remains well-positioned, as reflected in our strong releasing spreads and tenant sales,” said the Company’s chairman and chief executive officer, Arthur Coppola. “During the quarter, we continued to take advantage of price dislocation in the market to repurchase our shares at what we believe to be a significant discount to net asset value.”

Share Repurchase Activity:

During the second quarter, the Company repurchased and retired 687,494 shares of its common stock. The average repurchase price was $59.09.

2017 Earnings Guidance:

Management is reaffirming its previously provided diluted FFO per share guidance for 2017. A reconciliation of estimated EPS to FFO per share-diluted follows:


	2017 range

Diluted EPS	$	1.19 - $1.29
Plus: real estate depreciation and amortization		3.12 - 3.12
Less: gain on sale of dispositions		.41 - .41

Diluted FFO per share	$	3.90 - $4.00

More 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 54 million square feet of real estate consisting primarily of interests in 48 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 August 3, 2017 at 9:00 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, 2016, 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 June 30,						For the Six Months Ended June 30,
	Unaudited						Unaudited
	2017			2016			2017			2016
Revenues:
Minimum rents	$	152,893		$	152,448		$	298,448		$	303,496
Percentage rents		2,060			2,394			3,978			5,408
Tenant recoveries		68,948			75,948			141,360			156,121
Other income		13,519			17,789			28,783			30,937
Management Companies’ revenues		10,003			11,325			21,899			19,942

Total revenues		247,423			259,904			494,468			515,904

Expenses:
Shopping center and operating expenses		71,032			73,910			146,929			153,234
Management Companies’ operating expenses		26,216			24,299			54,733			52,199
REIT general and administrative expenses		7,458			7,681			15,921			16,310
Depreciation and amortization		83,243			85,190			166,316			172,121
Interest expense		42,321			41,195			83,622			80,971
Loss on extinguishment of debt, net		—			—			—			3,575

Total expenses		230,270			232,275			467,521			478,410

Equity in income of unconsolidated joint ventures		16,936			14,616			32,779			26,276
Co-venture expense (a)		(4,123	)		(3,212	)		(8,000	)		(6,501	)
Income tax (expense) benefit		(437	)		(514	)		3,047			(1,831	)
(Loss) gain on sale or write down of assets, net		(477	)		10,915			49,088			445,371

Net income		29,052			49,434			103,861			500,809
Less net income attributable to noncontrolling interests		2,414			4,212			7,980			34,672

Net income attributable to the Company	$	26,638		$	45,222		$	95,881		$	466,137

Weighted average number of shares outstanding—basic		141,695			146,644			142,640			149,314

Weighted average shares outstanding, assuming full conversion of OP Units (b)		152,221			157,477			153,199			160,141

Weighted average shares outstanding—Funds From Operations (“FFO”)—diluted (b)		152,254			157,602			153,246			160,286

Net income per share—basic	$	0.19		$	0.31		$	0.67		$	3.12

Net income per share—diluted	$	0.19		$	0.31		$	0.67		$	3.12

Dividend declared per share	$	0.71		$	0.68		$	1.42		$	1.36

FFO—basic (b) (c)	$	148,634		$	160,348		$	282,237		$	301,377

FFO—diluted (b) (c)	$	148,634		$	160,348		$	282,237		$	301,377

FFO—diluted, excluding extinguishment of debt, net	$	148,634		$	160,348		$	282,237		$	304,952

FFO per share—basic (b) (c)	$	0.98		$	1.02		$	1.84		$	1.88

FFO per share—diluted (b) (c)	$	0.98		$	1.02		$	1.84		$	1.88

FFO per share—diluted, excluding extinguishment of debt, net	$	0.98		$	1.02		$	1.84		$	1.90

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 attributable to common stockholders and unit holders—basic and diluted (c):


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	Unaudited						Unaudited
	2017			2016			2017			2016
Net income attributable to the Company	$	26,638		$	45,222		$	95,881		$	466,137
Adjustments to reconcile net income attributable to the Company to FFO attributable to common stockholders and unit holders—basic and diluted:
Noncontrolling interests in the OP		1,987			3,810			7,095			33,795
Loss (gain) on sale or write down of consolidated assets, net		477			(10,915	)		(49,088	)		(445,371	)
Add: Gain on undepreciated asset sales—consolidated assets		—			225			—			2,637
Loss on write-down of consolidated non-real estate assets		—			—			(10,138	)		—
(Gain) loss on sale or write down of assets from unconsolidated joint ventures (pro rata), net		—			(2	)		(2,269	)		2
Add: Gain (loss) on undepreciated asset sales—unconsolidated joint ventures (pro rata)		—			2			660			(2	)
Depreciation and amortization on consolidated assets		83,243			85,190			166,316			172,121
Less depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures		(3,715	)		(3,731	)		(7,608	)		(7,425	)
Depreciation and amortization on unconsolidated joint ventures (pro rata)		43,450			43,640			88,215			85,516
Less: depreciation on personal property		(3,446	)		(3,093	)		(6,827	)		(6,033	)

FFO attributable to common stockholders and unit holders—basic and diluted		148,634			160,348			282,237			301,377
Loss on extinguishment of debt, net—consolidated assets		—			—			—			3,575

FFO attributable to common stockholders and unit holders excluding extinguishment of debt, net—diluted	$	148,634		$	160,348		$	282,237		$	304,952

Reconciliation of Earnings per Share (“EPS”) to FFO per diluted share (c):


	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	Unaudited					Unaudited
	2017		2016			2017			2016
EPS—diluted	$	0.19	$	0.31		$	0.67		$	3.12
Per share impact of depreciation and amortization of real estate		0.79		0.78			1.57			1.52
Per share impact of gain on sale or write down of assets, net		0.00		(0.07	)		(0.40	)		(2.76	)

FFO per share—diluted	$	0.98	$	1.02		$	1.84		$	1.88
Per share impact of loss on extinguishment of debt, net		—		—			—			0.02

FFO per share—diluted, excluding extinguishment of debt, net	$	0.98	$	1.02		$	1.84		$	1.90

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 June 30,						For the Six Months Ended June 30,
	Unaudited						Unaudited
	2017			2016			2017			2016
Net income attributable to the Company	$	26,638		$	45,222		$	95,881		$	466,137
Interest expense—consolidated assets		42,321			41,195			83,622			80,971
Interest expense—unconsolidated joint ventures (pro rata)		25,452			24,170			50,758			46,664
Depreciation and amortization—consolidated assets		83,243			85,190			166,316			172,121
Depreciation and amortization—unconsolidated joint ventures (pro rata)		43,450			43,640			88,215			85,516
Noncontrolling interests in the OP		1,987			3,810			7,095			33,795
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures		(5,997	)		(6,057	)		(12,209	)		(12,100	)
Loss on extinguishment of debt, net—consolidated assets		—			—			—			3,575
Loss (gain) on sale or write down of assets, net—consolidated assets		477			(10,915	)		(49,088	)		(445,371	)
(Gain) loss on sale or write down of assets, net—unconsolidated joint ventures (pro rata)		—			(2	)		(2,269	)		2
Income tax expense (benefit)		437			514			(3,047	)		1,831
Distributions on preferred units		98			143			194			286

Adjusted EBITDA (d)	$	218,106		$	226,910		$	425,468		$	433,427

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


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	Unaudited						Unaudited
	2017			2016			2017			2016
Adjusted EBITDA (d)	$	218,106		$	226,910		$	425,468		$	433,427
REIT general and administrative expenses		7,458			7,681			15,921			16,310
Management Companies’ revenues		(10,003	)		(11,325	)		(21,899	)		(19,942	)
Management Companies’ operating expenses		26,216			24,299			54,733			52,199
Straight-line and above/below market adjustments		(8,756	)		(8,702	)		(16,175	)		(15,114	)

NOI—All Centers		233,021			238,863			458,048			466,880
NOI of non-Same Centers		(16,274	)		(29,125	)		(36,168	)		(56,391	)

NOI—Same Centers (e)	$	216,747		$	209,738		$	421,880		$	410,489

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(d)

Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the 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 eliminating the impact of the management companies’ revenues and operating expenses, the Company’s general and administrative expenses and the straight-line and above/below market adjustments to minimum rents and subtracting out NOI from non-Same Centers.

EX-99.2

Exhibit 99.2

LOGO

Supplemental Financial Information

For the three and six months ended June 30, 2017

LOGO

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		5-11
Consolidated Statements of Operations (Unaudited)		5
Consolidated Balance Sheet (Unaudited)		6
Non-GAAP Pro Rata Financial Information (Unaudited)		7-8
2017 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
Corporate Information		31

This Supplemental Financial Information should be read in connection with the Company’s second quarter 2017 earnings announcement (included as Exhibit 99.1 of the Company’s Current Report on 8-K, event date August 2, 2017) as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Financial Information.

The Macerich Company

Supplemental Financial and Operating Information

Overview

The Macerich Company (the “Company”) is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”).

As of June 30, 2017, the Operating Partnership owned or had an ownership interest in 48 regional shopping centers and seven community/power shopping centers aggregating approximately 54 million square feet of gross leasable area (“GLA”). These 55 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 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, 2016, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events unless required by law to do so.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization


	Period Ended
	6/30/2017			12/31/2016			12/31/2015
	dollars in thousands, except per share data
Closing common stock price per share	$	58.06		$	70.84		$	80.69
52 week high	$	94.51		$	94.51		$	95.93
52 week low	$	56.06		$	66.00		$	71.98
Shares outstanding at end of period
Class A non-participating convertible preferred units		90,619			90,619			138,759
Common shares and partnership units		151,920,092			154,567,331			165,260,655

Total common and equivalent shares/units outstanding		152,010,711			154,657,950			165,399,414

Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	7,613,311		$	7,548,481		$	7,010,306
Equity market capitalization		8,825,742			10,955,969			13,346,079

Total market capitalization	$	16,439,053		$	18,504,450		$	20,356,385

Debt as a percentage of total market capitalization		46.3	%		40.8	%		34.4	%

Portfolio Capitalization at June 30, 2017

LOGO

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, 2016		10,582,295			143,985,036			90,619		154,657,950
Conversion of partnership units to cash		(219	)		—			—		(219	)
Conversion of partnership units to common shares		(48,925	)		48,925			—		—
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans		134,742			76,395			—		211,137
Repurchase of common shares		—			(2,197,879	)		—		(2,197,879	)

Balance as of March 31, 2017		10,667,893			141,912,477			90,619		152,670,989

Conversion of partnership units to cash		(1,119	)		—			—		(1,119	)
Conversion of partnership units to common shares		(303,092	)		303,092			—		—
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans					28,335					28,335
Repurchase of common shares		—			(687,494	)		—		(687,494	)

Balance as of June 30, 2017		10,363,682			141,556,410			90,619		152,010,711

The Macerich Company

Consolidated Statements of Operations (Unaudited)

(Dollars in thousands)


	For the Three Months Ended June 30, 2017			For the Six Months Ended June 30, 2017
Revenues:
Minimum rents	$	152,893		$	298,448
Percentage rents		2,060			3,978
Tenant recoveries		68,948			141,360
Other income		13,519			28,783
Management Companies’ revenues		10,003			21,899

Total revenues		247,423			494,468

Expenses:
Shopping center and operating expenses		71,032			146,929
Management Companies’ operating expenses		26,216			54,733
REIT general and administrative expenses		7,458			15,921
Depreciation and amortization		83,243			166,316
Interest expense		42,321			83,622

Total expenses		230,270			467,521
Equity in income of unconsolidated joint ventures		16,936			32,779
Co-venture expense		(4,123	)		(8,000	)
Income tax (expense) benefit		(437	)		3,047
(Loss) gain on sale or write down of assets, net		(477	)		49,088

Net income		29,052			103,861
Less net income attributable to noncontrolling interests		2,414			7,980

Net income attributable to the Company	$	26,638		$	95,881

The Macerich Company

Consolidated Balance Sheet (Unaudited)

As of June 30, 2017

(Dollars in thousands)


ASSETS:
Property, net(a)	$	7,198,283
Cash and cash equivalents		87,133
Restricted cash		50,304
Tenant and other receivables, net		116,089
Deferred charges and other assets, net		452,280
Due from affiliates		81,545
Investments in unconsolidated joint ventures		1,696,572

Total assets	$	9,682,206


LIABILITIES AND EQUITY:
Mortgage notes payable	$	3,991,385
Bank and other notes payable		996,129
Accounts payable and accrued expenses		56,596
Other accrued liabilities		322,643
Distributions in excess of investments in unconsolidated joint ventures		95,131
Co-venture obligation		59,647

Total liabilities		5,521,531

Commitments and contingencies
Equity:
Stockholders’ equity:
Common stock		1,416
Additional paid-in capital		4,521,945
Accumulated deficit		(663,805	)

Total stockholders’ equity		3,859,556
Noncontrolling interests		301,119

Total equity		4,160,675

Total liabilities and equity	$	9,682,206

(a)	Includes construction in progress of $321,142.

The Macerich Company

Non-GAAP Pro Rata Financial Information (Unaudited)

(Dollars in thousands)


	For the Three Months Ended June 30, 2017						For the Six Months Ended June 30, 2017
	Noncontrolling Interests of Consolidated Joint Ventures(a)			Company’s Share of Unconsolidated Joint Ventures			Noncontrolling Interests of Consolidated Joint Ventures(a)			Company’s Share of Unconsolidated Joint Ventures
Revenues:
Minimum rents	$	(9,282	)	$	82,472		$	(17,653	)	$	164,166
Percentage rents		(81	)		1,164			(187	)		2,455
Tenant recoveries		(4,417	)		29,933			(9,118	)		60,785
Other income		(571	)		7,341			(1,962	)		13,661

Total revenues		(14,351	)		120,910			(28,920	)		241,067


Expenses:
Shopping center and operating expenses		(3,804	)		35,072			(7,826	)		71,584
Depreciation and amortization		(3,715	)		43,450			(7,608	)		88,215
Interest expense		(2,282	)		25,452			(4,601	)		50,758

Total expenses		(9,801	)		103,974			(20,035	)		210,557
Equity in income of unconsolidated joint ventures		—			(16,936	)		—			(32,779	)
Co-venture expense		4,123			—			8,000			—
Gain on sale or write down of assets, net		—			—			—			2,269

Net income		(427	)		—			(885	)		—
Less net income attributable to noncontrolling interests		(427	)		—			(885	)		—

Net income attributable to the Company	$	—		$	—		$	—		$	—

(a)	Represents the Company’s partners’ share of consolidated joint ventures.

The Macerich Company

Non-GAAP Pro Rata Financial Information (Unaudited)

(Dollars in thousands)


	As of June 30, 2017
	Noncontrolling Interests of Consolidated Joint Ventures(a)			Company’s Share of Unconsolidated Joint Ventures
ASSETS:
Property, net(b)	$	(310,535	)	$	4,351,653
Cash and cash equivalents		(9,679	)		101,212
Restricted cash		—			11,312
Tenant and other receivables, net		(19,053	)		51,179
Deferred charges and other assets, net		(4,868	)		172,105
Due from affiliates		469			(2,695	)
Investments in unconsolidated joint ventures, at equity		—			(1,696,572	)

Total assets	$	(343,666	)	$	2,988,194


LIABILITIES AND EQUITY:
Mortgage notes payable	$	(227,827	)	$	2,796,090
Bank and other notes payable		(2,466	)		60,000
Accounts payable and accrued expenses		(2,140	)		56,182
Other accrued liabilities		(32,954	)		171,053
Distributions in excess of investments in unconsolidated joint ventures		—			(95,131	)
Co-venture obligation		(59,647	)		—

Total liabilities		(325,034	)		2,988,194

Equity:
Stockholders’ equity		—			—
Noncontrolling interests		(18,632	)		—

Total equity		(18,632	)		—

Total liabilities and equity	$	(343,666	)	$	2,988,194

(a)	Represents the Company’s partners’ share of consolidated joint ventures.

(b)	This includes $18,569 of construction in progress relating to the Company’s partners’ share from consolidated joint ventures and $155,566 of construction in progress relating to the Company’s share from unconsolidated joint ventures.

The Macerich Company

2017 Guidance Range (Unaudited)

Management is revising its EPS guidance and is reaffirming its previous estimate of FFO per share guidance for 2017. A reconciliation of estimated EPS to FFO per share—diluted follows:


	Year 2017 Guidance
*Earnings Expectations:*
Earnings per share—diluted		$1.19 - $1.29
Plus: real estate depreciation and amortization		$3.12 - $3.12
Less: gain on sale of depreciated assets		($0.41 - $0.41)

FFO per share—diluted		$3.90 - $4.00

*Underlying Assumptions to 2017 Guidance*
Cash Same Center Net Operating Income (“NOI”) Growth(a)		3.0% - 4.0%
Dispositions(b)		$209 million



		Year 2017 FFO / Share Impact
Lease termination income	$17 million	$0.11
Capitalized interest	$20 million	$0.13
Bad debt expense	($6.5 million)	($0.04)
Dilutive impact on 2017 of assets sold in 2016 and 2017	($12 million)	($0.08)
Straight-line rent	$16 million	$0.10
Amortization of acquired above and below-market leases	$17 million	$0.11
Interest Expense	($259 - $263 million)	($1.67 - $1.70)

(a)	Excludes non-cash items of straight-line and above/below market adjustments to minimum rents. Includes lease termination income.

(b)	The Company sold Cascade Mall and Northgate Mall in January 2017 for $170.0 million. The Company’s joint venture sold an office tower, Valencia Place at Country Club Plaza, in March 2017. The Company’s pro rata share of the proceeds was $39.0 million.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)


	As of June 30,
	2017		2016
	dollars in millions
Straight-line rent receivable	$	90.8	$	76.2


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2017		2016		2017		2016
	dollars in millions
Lease termination income	$	9.1	$	5.9	$	11.8	$	9.4
Straight-line rental income	$	4.8	$	3.7	$	8.4	$	5.9
Gain on sales of undepreciated assets	$	0.0	$	0.2	$	0.7	$	2.6
Amortization of acquired above and below-market leases	$	4.0	$	5.1	$	7.8	$	9.3
Amortization of debt premiums	$	0.9	$	1.0	$	1.8	$	2.0
Interest capitalized	$	5.0	$	4.6	$	8.9	$	8.7

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

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures


	For the Six Months Ended				Year Ended 12/31/16		Year Ended 12/31/15
	6/30/17		6/30/16		Year Ended 12/31/16		Year Ended 12/31/15
	dollars in millions
Consolidated Centers
Acquisitions of property and equipment	$	15.6	$	14.3	$	56.8	$	79.8
Development, redevelopment, expansions and renovations of Centers		54.9		72.8		183.2		218.7
Tenant allowances		5.2		7.8		19.2		30.4
Deferred leasing charges		12.4		12.8		24.8		26.8

Total	$	88.1	$	107.7	$	284.0	$	355.7

Unconsolidated Joint Venture Centers(a)
Acquisitions of property and equipment	$	3.7	$	332.0	$	349.8	$	160.0
Development, redevelopment, expansions and renovations of Centers		61.5		52.3		101.1		132.9
Tenant allowances		2.0		4.7		11.3		6.3
Deferred leasing charges		3.7		3.9		7.1		3.3

Total	$	70.9	$	392.9	$	469.3	$	302.5

(a)	All joint venture amounts at pro rata.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Regional Shopping Center Portfolio

Sales Per Square Foot(a)


	Consolidated Centers		Unconsolidated Joint Venture Centers		Total Centers
06/30/2017	$	581	$	739	$	646
06/30/2016(b)	$	567	$	711	$	626
12/31/2016(c)	$	573	$	710	$	630
12/31/2015(b)	$	579	$	763	$	635
12/31/2014(d)	$	556	$	724	$	587
12/31/2013(e)	$	488	$	717	$	562

(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. Flagstaff Mall is excluded from sales per square foot as of June 30, 2016 and December 31, 2015.

(c)	Cascade Mall and Northgate Mall were under contract to be sold in December 2016 and sold in January 2017. These two Centers are excluded from sales per square foot as of December 31, 2016.

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

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

LOGO

The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)


	Sales per square foot						Occupancy									Cost of Occupancy for the trailing 12 months Ended 6/30/2017 *(c)*			% of Portfolio 2017 Forecast Pro Rata Real Estate NOI *(d)*
Properties	6/30/2017 *(a)*		12/31/2016 *(a)*		6/30/2016 *(a)*		6/30/2017 *(b)*			12/31/2016 *(b)*			6/30/2016 *(b)*
Group 1: Top 10
Corte Madera, Village at	$	1,510	$	1,456	$	1,498		97.4	%		90.1	%		89.1	%
Queens Center	$	1,413	$	1,364	$	1,334		97.2	%		98.5	%		97.5	%
Washington Square	$	1,151	$	972	$	1,004		97.1	%		99.5	%		99.2	%
Los Cerritos Center	$	951	$	896	$	872		96.5	%		94.9	%		95.6	%
North Bridge, The Shops at	$	899	$	884	$	910		98.7	%		99.3	%		99.5	%
Tysons Corner Center	$	982	$	876	$	863		96.9	%		98.4	%		98.8	%
Biltmore Fashion Park	$	900	$	829	$	824		95.6	%		98.4	%		97.8	%
Santa Monica Place	$	817	$	808	$	782		84.6	%		86.5	%		84.7	%
Fashion Outlets of Chicago	$	783	$	772	$	750		95.8	%		97.7	%		96.4	%
Broadway Plaza (e)		n/a		n/a		n/a		n/a			n/a			n/a

Total Top 10:	$	1,034	$	959	$	951		96.0	%		96.8	%		96.5	%		13.6	%		31.8	%

Group 2: Top 11-20
Arrowhead Towne Center	$	774	$	751	$	755		95.5	%		94.7	%		95.3	%
Tucson La Encantada	$	765	$	747	$	777		93.1	%		94.6	%		94.9	%
Scottsdale Fashion Square	$	739	$	727	$	722		91.9	%		96.4	%		96.3	%
Fresno Fashion Fair	$	728	$	710	$	675		95.1	%		95.6	%		94.5	%
Vintage Faire Mall	$	691	$	704	$	696		98.3	%		95.4	%		94.5	%
Kings Plaza Shopping Center	$	693	$	697	$	720		97.1	%		95.2	%		94.5	%
Kierland Commons	$	679	$	670	$	662		93.8	%		97.6	%		98.7	%
Chandler Fashion Center	$	667	$	657	$	656		93.8	%		95.2	%		96.4	%
Danbury Fair Mall	$	634	$	648	$	645		92.5	%		95.9	%		97.0	%
Twenty Ninth Street	$	643	$	638	$	626		97.0	%		98.1	%		98.7	%

Total Top 11-20:	$	700	$	695	$	690		94.6	%		96.0	%		96.3	%		13.2	%		25.1	%

The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)


	Sales per square foot						Occupancy									Cost of Occupancy for the trailing 12 months Ended 6/30/2017 *(c)*			% of Portfolio 2017 Forecast Pro Rata Real Estate NOI *(d)*
Properties	6/30/2017 *(a)*		12/31/2016 *(a)*		6/30/2016 *(a)*		6/30/2017 *(b)*			12/31/2016 *(b)*			6/30/2016 *(b)*
Group 3: Top 21-30
Country Club Plaza		n/a		n/a		n/a		n/a			n/a			n/a
Green Acres Mall	$	626	$	625	$	636		96.0	%		93.5	%		93.5	%
Freehold Raceway Mall	$	635	$	613	$	603		97.1	%		97.8	%		97.2	%
Stonewood Center	$	610	$	576	$	565		91.7	%		94.0	%		93.6	%
Deptford Mall	$	546	$	558	$	575		96.5	%		95.3	%		97.4	%
FlatIron Crossing	$	545	$	550	$	556		95.6	%		95.1	%		94.5	%
Victor Valley, Mall of	$	536	$	539	$	545		96.2	%		97.8	%		96.8	%
SanTan Village Regional Center	$	534	$	522	$	536		97.1	%		97.5	%		97.5	%
Oaks, The	$	543	$	514	$	545		93.8	%		95.6	%		96.0	%
Inland Center	$	550	$	489	$	507		97.1	%		98.1	%		95.4	%

Total Top 21-30:	$	576	$	565	$	572		94.5	%		95.2	%		95.0	%		13.7	%		22.6	%

Group 4: Top 31-40
Lakewood Center	$	484	$	482	$	473		98.2	%		98.3	%		97.1	%
West Acres	$	489	$	479	$	504		93.6	%		98.9	%		98.9	%
La Cumbre Plaza	$	493	$	469	$	450		84.4	%		85.2	%		86.7	%
Valley River Center	$	471	$	467	$	470		98.7	%		99.0	%		97.2	%
Pacific View	$	437	$	448	$	456		95.2	%		94.5	%		91.5	%
South Plains Mall	$	420	$	425	$	432		90.1	%		90.1	%		90.1	%
Superstition Springs Center	$	378	$	377	$	368		92.6	%		92.9	%		94.7	%
Eastland Mall	$	365	$	367	$	377		95.4	%		96.3	%		95.9	%
Fashion Outlets of Niagara Falls USA	$	346	$	339	$	341		90.7	%		92.9	%		92.2	%
Desert Sky Mall	$	329	$	336	$	336		98.7	%		97.5	%		96.2	%

Total Top 31-40:	$	419	$	417	$	421		94.4	%		95.3	%		94.6	%		13.7	%		13.6	%

Total Top 40:	$	670	$	652	$	652		94.8	%		95.8	%		95.5	%		13.5	%		93.1	%

The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)

Sales per square foot

Occupancy

Cost of Occupancy
for the trailing
12 months

Ended 6/30/2017
(c)

% of Portfolio
2017 Forecast
Pro Rata
Real Estate NOI
(d)

Properties

6/30/2017
(a)

12/31/2016
(a)

6/30/2016
(a)

6/30/2017
(b)

12/31/2016
(b)

6/30/2016
(b)

Group 5: 41-45

NorthPark Mall

SouthPark Mall

Towne Mall

Valley Mall

Wilton Mall

Total 41-45:

285

293

299

88.5

90.7

90.6

11.0

Centers under Redevelopment

Fashion Outlets of Philadelphia (e) (f)

Paradise Valley Mall (e)

Westside Pavilion (e)

48 REGIONAL SHOPPING CENTERS (g)

646

630

94.4

95.4

95.2

13.4

98.3

Community / Power Centers and various retail assets

1.7

TOTAL ALL PROPERTIES

13.4

100.0

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, 2016.

(b)	Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Occupancy excludes Centers under development and redevelopment.

(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 2017 Forecast Pro Rata Real Estate NOI is based on the guidance range provided on August 2, 2017, 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 July 30, 2014, the Company formed a joint venture to redevelop and rebrand The Gallery in Philadelphia, Pennsylvania.

(g)	Properties sold prior to June 30, 2017 are excluded in both current and prior periods above.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy(a)


Regional Shopping Centers: Period Ended	Consolidated Centers			Unconsolidated Joint Venture Centers			Total Centers
06/30/2017		94.0	%		94.9	%		94.4	%
06/30/2016(b)		94.1	%		96.2	%		95.0	%
12/31/2016(c)		94.8	%		96.2	%		95.4	%
12/31/2015(b)		95.3	%		97.8	%		96.1	%

(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. Flagstaff Mall is excluded from Occupancy as of June 30, 2016 and December 31, 2015.

(c)	Cascade Mall and Northgate Mall were under contract to be sold in December 2016 and sold in January 2017. These two Centers are excluded from occupancy as of December 31, 2016.

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
06/30/2017	$	55.26	$	56.48	$	46.54
06/30/2016(e)	$	52.36	$	52.43	$	47.07
12/31/2016(f)	$	53.51	$	53.48	$	44.77
12/31/2015(e)	$	52.64	$	53.99	$	49.02
Unconsolidated Joint Venture Centers
06/30/2017	$	59.55	$	61.83	$	55.19
06/30/2016	$	57.83	$	74.88	$	59.28
12/31/2016	$	57.90	$	64.78	$	57.29
12/31/2015	$	60.74	$	80.18	$	60.85
All Regional Shopping Centers
06/30/2017	$	56.60	$	58.08	$	49.01
06/30/2016(e)	$	54.00	$	57.31	$	49.38
12/31/2016(f)	$	54.87	$	56.57	$	48.08
12/31/2015(e)	$	54.32	$	57.41	$	50.29

(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. Flagstaff Mall is excluded from the table above as of June 30, 2016 and December 31, 2015.

(f)	Cascade Mall and Northgate Mall were under contract to be sold in December 2016 and sold in January 2017. These two Centers are excluded from the table above as of December 31, 2016.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy


	For the trailing twelve months ended June 30, 2017			For Years Ended December 31,
				2016(a)			2015(b)
Consolidated Centers
Minimum rents		9.4	%		9.4	%		9.0	%
Percentage rents		0.4	%		0.4	%		0.4	%
Expense recoveries(c)		4.3	%		4.3	%		4.5	%

Total		14.1	%		14.1	%		13.9	%


	For the trailing twelve months ended June 30, 2017			For Years Ended December 31,
	For the trailing twelve months ended June 30, 2017			2016			2015
Unconsolidated Joint Venture Centers
Minimum rents		8.4	%		8.6	%		8.1	%
Percentage rents		0.3	%		0.3	%		0.4	%
Expense recoveries(c)		3.9	%		3.9	%		4.0	%

Total		12.6	%		12.8	%		12.5	%


	For the trailing twelve months ended June 30, 2017			For Years Ended December 31,
	For the trailing twelve months ended June 30, 2017			2016(a)			2015(b)
All Centers
Minimum rents		9.0	%		9.0	%		8.7	%
Percentage rents		0.3	%		0.3	%		0.4	%
Expense recoveries(c)		4.1	%		4.1	%		4.3	%

Total		13.4	%		13.4	%		13.4	%

(a)	Cascade Mall and Northgate Mall were under contract to be sold in December 2016 and sold in January 2017. These two Centers are excluded from cost of occupancy as of December 31, 2016.

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

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

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Percentage of Net Operating Income by State

Cascade Mall and Northgate Mall were under contract to be sold in December 2016 and sold in January 2017. These two Centers are excluded from the table below.


State	% of Portfolio 2017 Forecast Real Estate Pro Rata NOI(a)
California		27.2	%
New York		21.2	%
Arizona		16.4	%
Colorado, Illinois & Missouri		9.9	%
Pennsylvania & Virginia		8.7	%
New Jersey & Connecticut		7.6	%
Oregon		4.3	%
Other(b)		4.7	%

Total		100.0	%

(a)

The percentage of Portfolio 2017 Forecast Pro Rata Real Estate NOI is based on guidance provided on August 2, 2017, 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)	“Other” includes Indiana, Iowa, Kentucky, North Dakota and Texas.

The Macerich Company

Property Listing

June 30, 2017

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	50.1%	Chandler Fashion Center Chandler, Arizona		2001/2002		—		1,318,000
2	100%	Danbury Fair Mall Danbury, Connecticut		1986/2005		2016		1,271,000
3	100%	Desert Sky Mall Phoenix, Arizona		1981/2002		2007		894,000
4	100%	Eastland Mall(c) Evansville, Indiana		1978/1998		1996		1,026,000
5	100%	Fashion Outlets of Chicago Rosemont, Illinois		2013/—		—		538,000
6	100%	Fashion Outlets of Niagara Falls USA Niagara Falls, New York		1982/2011		2014		686,000
7	50.1%	Freehold Raceway Mall Freehold, New Jersey		1990/2005		2007		1,671,000
8	100%	Fresno Fashion Fair Fresno, California		1970/1996		2006		964,000
9	100%	Green Acres Mall(c) Valley Stream, New York		1956/2013		2016		2,069,000
10	100%	Inland Center(c) San Bernardino, California		1966/2004		2016		868,000
11	100%	Kings Plaza Shopping Center(c) Brooklyn, New York		1971/2012		2002		1,174,000
12	100%	La Cumbre Plaza(c) Santa Barbara, California		1967/2004		1989		491,000
13	100%	NorthPark Mall Davenport, Iowa		1973/1998		2001		1,035,000
14	100%	Oaks, The Thousand Oaks, California		1978/2002		2009		1,191,000
15	100%	Pacific View Ventura, California		1965/1996		2001		1,061,000
16	100%	Queens Center(c) Queens, New York		1973/1995		2004		963,000
17	100%	Santa Monica Place Santa Monica, California		1980/1999		2015		518,000
18	84.9%	SanTan Village Regional Center Gilbert, Arizona		2007/—		2009		1,057,000
19	100%	SouthPark Mall Moline, Illinois		1974/1998		2015		862,000
20	100%	Stonewood Center(c) Downey, California		1953/1997		1991		933,000
21	100%	Superstition Springs Center Mesa, Arizona		1990/2002		2002		1,041,000
22	100%	Towne Mall Elizabethtown, Kentucky		1985/2005		1989		350,000

The Macerich Company

Property Listing

June 30, 2017


Count	Company’s Ownership(a)	Name of Center/Location	Year of Original Construction/ Acquisition		Year of Most Recent Expansion/ Renovation	Total GLA(b)
23	100%	Tucson La Encantada Tucson, Arizona		2002/2002	2005		244,000
24	100%	Valley Mall Harrisonburg, Virginia		1978/1998	1992		505,000
25	100%	Valley River Center Eugene, Oregon		1969/2006	2007		920,000
26	100%	Victor Valley, Mall of Victorville, California		1986/2004	2012		577,000
27	100%	Vintage Faire Mall Modesto, California		1977/1996	2008		1,138,000
28	100%	Wilton Mall Saratoga Springs, New York		1990/2005	1998		734,000

		Total Consolidated Centers					26,099,000

UNCONSOLIDATED JOINT VENTURE CENTERS:
29	60%	Arrowhead Towne Center Glendale, Arizona		1993/2002	2015		1,197,000
30	50%	Biltmore Fashion Park Phoenix, Arizona		1963/2003	2006		517,000
31	50.1%	Corte Madera, The Village at Corte Madera, California		1985/1998	2005		461,000
32	50%	Country Club Plaza Kansas City, Missouri		1922/2016	2015		1,006,000
33	51%	Deptford Mall Deptford, New Jersey		1975/2006	1990		1,039,000
34	51%	FlatIron Crossing Broomfield, Colorado		2000/2002	2009		1,432,000
35	50%	Kierland Commons Scottsdale, Arizona		1999/2005	2003		435,000
36	60%	Lakewood Center Lakewood, California		1953/1975	2008		2,070,000
37	60%	Los Cerritos Center(c) Cerritos, California		1971/1999	2016		1,301,000
38	50%	North Bridge, The Shops at(c) Chicago, Illinois		1998/2008	—		670,000
39	50%	Scottsdale Fashion Square Scottsdale, Arizona		1961/2002	2015		1,816,000
40	60%	South Plains Mall Lubbock, Texas		1972/1998	2017		1,127,000
41	51%	Twenty Ninth Street(c) Boulder, Colorado		1963/1979	2007		847,000
42	50%	Tysons Corner Center Tysons Corner, Virginia		1968/2005	2014		1,970,000
43	60%	Washington Square Portland, Oregon		1974/1999	2005		1,440,000
44	19%	West Acres Fargo, North Dakota		1972/1986	2001		971,000

		Total Unconsolidated Joint Venture Centers					18,299,000

The Macerich Company

Property Listing

June 30, 2017


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:
45	50%	Broadway Plaza(c)(d) Walnut Creek, California		1951/1985		2016		914,000
46	50%	Fashion Outlets of Philadelphia(d) Philadelphia, Pennsylvania		1977/2014		ongoing		850,000
47	100%	Paradise Valley Mall(e) Phoenix, Arizona		1979/2002		2009		1,204,000
48	100%	Westside Pavilion(e) Los Angeles, California		1985/1998		2007		755,000

		Total Regional Shopping Centers						48,121,000

COMMUNITY / POWER CENTERS:
1	50%	Atlas Park, The Shops at(d) Queens, New York		2006/2011		2013		371,000
2	50%	Boulevard Shops(d) Chandler, Arizona		2001/2002		2004		185,000
3	various	Estrella Falls, The Market at(d) Goodyear, Arizona		2009/—		2016		360,000
4	89.4%	Promenade at Casa Grande(e) Casa Grande, Arizona		2007/—		2009		761,000
5	100%	Southridge Center(e) Des Moines, Iowa		1975/1998		2013		824,000
6	100%	Superstition Springs Power Center(e) Mesa, Arizona		1990/2002		—		206,000
7	100%	The Marketplace at Flagstaff Mall(c)(e) Flagstaff, Arizona		2007/—		—		268,000

		Total Community / Power Centers						2,975,000

OTHER ASSETS:
	100%	Various(e)(f)						447,000
	100%	500 North Michigan Avenue(e) Chicago, Illinois						326,000
	50%	Fashion Outlets of Philadelphia-Office(d) Philadelphia, Pennsylvania						526,000
	50%	Scottsdale Fashion Square-Office(d) Scottsdale, Arizona						123,000
	50%	Tysons Corner Center-Office(d) Tysons Corner, Virginia						174,000
	50%	Hyatt Regency Tysons Corner Center(d) Tysons Corner, Virginia						290,000
	50%	VITA Tysons Corner Center(d) Tysons Corner, Virginia						510,000
	50%	Tysons Tower(d) Tysons Corner, Virginia						528,000

		Total Other Assets						2,924,000

		Grand Total at June 30, 2017						54,020,000

The Macerich Company

Property Listing

June 30, 2017

(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 June 30, 2017.

(c)

Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 43 Centers, the underlying land controlled by the Company is owned in fee entirely by the Company, or, in the case of jointly-owned Centers, by the joint venture property partnership or limited liability company.

(d)	Included in Unconsolidated Joint Venture Centers.

(e)	Included in Consolidated Centers.

(f)

The Company owns an office building and seven stores located at shopping centers not owned by the Company. Of the seven stores, one is leased to Forever 21, one is leased to Kohl’s, two are vacant, and three have been leased for non-Anchor uses. With respect to the office building and 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.

The Macerich Company

Joint Venture List as of June 30, 2017

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 June 30, 2017.


Properties	Legal Ownership(a)			Economic Ownership(b)			Joint Venture	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.		371,000
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		914,000
Chandler Fashion Center(d)		50.1	%		50.1	%	Freehold Chandler Holdings LP		1,318,000
Corte Madera, The Village at		50.1	%		50.1	%	Corte Madera Village, LLC		461,000
Country Club Plaza		50	%		50	%	Country Club Plaza KC Partners LLC		1,006,000
Deptford Mall		51	%		51	%	Macerich HHF Centers LLC		1,039,000
Estrella Falls		86.6	%		86.6	%	Westcor Goodyear RSC LLC		79,000
Estrella Falls, The Market at(e)		40.1	%		40.1	%	The Market at Estrella Falls LLC		281,000
Fashion Outlets of Philadelphia		50	%		50	%	Various Entities		850,000
Fashion Outlets of Philadelphia-Office		50	%		50	%	Various Entities		526,000
FlatIron Crossing		51	%		51	%	Macerich HHF Centers LLC		1,432,000
Freehold Raceway Mall(d)		50.1	%		50.1	%	Freehold Chandler Holdings LP		1,671,000
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		2,070,000
Los Cerritos Center		60	%		60	%	Pacific Premier Retail LLC		1,301,000
North Bridge, The Shops at		50	%		50	%	North Bridge Chicago LLC		670,000
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		1,057,000
Scottsdale Fashion Square		50	%		50	%	Scottsdale Fashion Square Partnership		1,816,000
Scottsdale Fashion Square-Office		50	%		50	%	Scottsdale Fashion Square Partnership		123,000
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		847,000
Tysons Corner Center		50	%		50	%	Tysons Corner LLC		1,970,000
Tysons Corner Center-Office		50	%		50	%	Tysons Corner Property LLC		174,000
Tysons Tower		50	%		50	%	Tysons Corner Property LLC		528,000
VITA Tysons Corner Center		50	%		50	%	Tysons Corner Property LLC		510,000
Washington Square		60	%		60	%	Pacific Premier Retail LLC		1,440,000
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 June 30, 2017. 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.

The Macerich Company

Joint Venture List

(b)

Economic ownership represents the allocation of cash flow to the Company as of June 30, 2017, 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 June 30, 2017.

(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.

(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.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company’s pro rata share)(a)


	As of June 30, 2017
	Fixed Rate			Floating Rate			Total
	(Dollars in thousands)
Mortgage notes payable	$	3,792,248		$	199,137		$	3,991,385
Bank and other notes payable		4,933			991,196			996,129

Total debt per Consolidated Balance Sheet		3,797,181			1,190,333			4,987,514
Adjustments:
Less: Noncontrolling interests share of debt from consolidated joint ventures		(230,293	)		—			(230,293	)

Adjusted Consolidated Debt		3,566,888			1,190,333			4,757,221
Add: Company’s share of debt from unconsolidated joint ventures		2,750,180			105,910			2,856,090

Total Company’s Pro Rata Share of Debt	$	6,317,068		$	1,296,243		$	7,613,311

Weighted average interest rate		3.80	%		2.64	%		3.60	%
Weighted average maturity (years)								5.92

(a)

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.

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date


	As of June 30, 2017
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	%	$	96,528	$	—	$	96,528
Freehold Raceway Mall (b)		01/01/18		4.20	%		109,458		—		109,458
Santa Monica Place		01/03/18		2.99	%		216,858		—		216,858
SanTan Village Regional Center (c)		06/01/19		3.14	%		107,148		—		107,148
Chandler Fashion Center (b)		07/01/19		3.77	%		100,134		—		100,134
Kings Plaza Shopping Center		12/03/19		3.67	%		452,121		—		452,121
Danbury Fair Mall		10/01/20		5.53	%		212,573		—		212,573
Fashion Outlets of Niagara Falls USA		10/06/20		4.89	%		114,272		—		114,272
Green Acres Mall		02/03/21		3.61	%		294,598		—		294,598
Prasada (d)		05/30/21		5.25	%		2,467		—		2,467
Tucson La Encantada		03/01/22		4.23	%		67,750		—		67,750
Pacific View		04/01/22		4.08	%		125,868		—		125,868
Oaks, The		06/05/22		4.14	%		199,007		—		199,007
Westside Pavilion		10/01/22		4.49	%		142,458		—		142,458
Towne Mall		11/01/22		4.48	%		21,367		—		21,367
Victor Valley, Mall of		09/01/24		4.00	%		114,588		—		114,588
Queens Center		01/01/25		3.49	%		600,000		—		600,000
Vintage Faire		03/06/26		3.55	%		266,534		—		266,534
Fresno Fashion Fair		11/01/26		3.67	%		323,159		—		323,159

Total Fixed Rate Debt for Consolidated Assets				3.79	%	$	3,566,888	$	—	$	3,566,888

Fashion Outlets of Chicago		03/31/20		2.44	%	$	—	$	199,137	$	199,137
The Macerich Partnership, L.P. - Line of Credit (e)		07/06/21		2.68	%		—		991,196		991,196

Total Floating Rate Debt for Consolidated Assets				2.64	%	$	—	$	1,190,333	$	1,190,333

Total Debt for Consolidated Assets				3.50	%	$	3,566,888	$	1,190,333	$	4,757,221

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date


	As of June 30, 2017
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):

FlatIron Crossing (51%)		01/05/21		2.81	%	$	128,889		$	—		$	128,889
Washington Square Mall (60%)		11/01/22		3.65	%		330,000			—			330,000
Deptford Mall (51%)		04/03/23		3.55	%		96,602			—			96,602
Scottsdale Fashion Square (50%)		04/03/23		3.02	%		238,628			—			238,628
Tysons Corner Center (50%)		01/01/24		4.13	%		394,721			—			394,721
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	%		159,585			—			159,585
Lakewood Center (60%)		06/01/26		4.15	%		223,920			—			223,920
Kierland Commons (50%)		04/01/27		3.98	%		111,966			—			111,966
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	%		186,908			—			186,908
Corte Madera, The Village at (50.1%)		09/01/28		3.53	%		112,343			—			112,343
West Acres (19%)		03/01/32		4.61	%		15,118			—			15,118

Total Fixed Rate Debt for Unconsolidated Assets				3.81	%	$	2,750,180		$	—		$	2,750,180


Boulevard Shops (50%) (e)		12/16/18		2.93	%	$	—		$	9,461		$	9,461
Estrella Falls, The Market at (40.1%) (e)		02/05/20		3.06	%		—			10,310			10,310
Atlas Park (50%) (e)		10/28/20		3.12	%		—			26,139			26,139
Pacific Premier Retail LLC (60%)		10/31/22		2.25	%		—			60,000			60,000

Total Floating Rate Debt for Unconsolidated Assets				2.60	%	$	—		$	105,910		$	105,910

Total Debt for Unconsolidated Assets				3.76	%	$	2,750,180		$	105,910		$	2,856,090

Total Debt				3.60	%	$	6,317,068		$	1,296,243		$	7,613,311

Percentage to Total							82.97	%		17.03	%		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)	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.

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Development Pipeline Forecast

(Dollars in millions)

as of June 30, 2017

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)

06/30/2017

Expected
Delivery(a)

Stabilized
Yield(a)(b)(c)

Fashion Outlets of Philadelphia
Philadelphia, PA

Redevelopment of The Gallery in downtown Philadelphia

$305 - $365(d)

50%

$153 - $183(d)

$89

2018

8%(d)

Kings Plaza Shopping Center
Brooklyn, NY

250,000 sf redevelopment of former Sears store, to be anchored by Primark and JCPenney

$95 - $100

100%

$95 - $100

$29

2018

4%(e)

Total In-Process

$400 - $465

$248 - $283

$118

Shadow Pipeline of Developments and Redevelopments(f):

Property

Project Type

Total Cost(a)(b)

at 100%

Ownership
%

Total Cost(a)(b)

Pro Rata

Capitalized Costs(b)

06/30/2017

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

2020 - 2021

7% - 9%

Paradise Valley Mall
Phoenix, AZ

Redevelopment (size TBD) including a theater

TBD

100%

TBD

Westside Pavilion
Los Angeles, CA

Redevelopment of an existing 755,000 sf Center

TBD

100%

TBD

Total Shadow Pipeline

$350

$175

(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. There is no certainty that the Company will develop or redevelop any or all of these potential projects.

The Macerich Company

Corporate Information

Stock Exchange Listing

New York Stock Exchange

Symbol: MAC

The following table shows high and low sales prices per share of common stock during each quarter in 2017, 2016 and 2015 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, 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	(b)
June 30, 2016	$	85.39	$	71.82	$	0.68
September 30, 2016	$	94.51	$	78.76	$	0.68
December 31, 2016	$	80.54	$	66.00	$	0.71
March 31, 2017	$	73.34	$	62.14	$	0.71
June 30, 2017	$	67.18	$	56.06	$	0.71

(a)	Includes a special dividend of $2.00 per common share paid on December 8, 2015.

(b)	Includes a special dividend of $2.00 per common share paid 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