SEC Filing | Macerich

THE MACERICH COMPANY

By: Scott W. Kingsmore

November 5, 2020

Date

/s/ Scott W. Kingsmore

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): November 5, 2020

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange

on which registered

Common stock of The Macerich Company, $0.01 par value per share

MAC

The New York Stock Exchange

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 November 5, 2020 (the “Press Release”) announcing results of operations for the Company for the quarter ended September 30, 2020 and such Press Release is furnished as Exhibit 99.1 hereto.

On November 5, 2020, 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, 2020 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.

EXHIBIT INDEX


EXHIBIT NUMBER		NAME

99.1		Press Release dated November 5, 2020

99.2		Supplemental Financial Information for the three and nine months ended September 30, 2020

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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.

EX-99.1

Exhibit 99.1

PRESS RELEASE

MACERICH ANNOUNCES QUARTERLY RESULTS

SANTA MONICA, CA, November 5, 2020. The Macerich Company (NYSE: MAC, the “Company”) today announced results of operations for the quarter ended September 30, 2020, which included net loss attributable to the Company of $22.2 million or $0.15 per share-diluted for the quarter ended September 30, 2020 compared to net income of $46.4 million or $0.33 per share-diluted attributable to the Company for the quarter ended September 30, 2019. For the third quarter 2020, funds from operations (“FFO”)-diluted, excluding financing expense in connection with Chandler Freehold was $83.4 million or $0.52 per share-diluted compared to $133.2 million or $0.88 per share-diluted for the quarter ended September 30, 2019. A description and reconciliation of earnings per share (“EPS”)-diluted to FFO per share-diluted, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt is included within the financial tables accompanying this press release.

Results and Highlights:

•

All properties in the portfolio have resumed operations as of October 7, 2020.

•

Rent collections continued to improve, with collection rates increasing to approximately 81% in October of 2020 and 80% in the third quarter of 2020, up from approximately 61% in the second quarter of 2020.

•

Mall portfolio occupancy, including closed centers, was 90.8% at September 30, 2020, compared to 91.3% at June 30, 2020.

•

Mall tenant annual sales per square foot for the portfolio was $718 for the twelve months ended September 30, 2020, compared to $800 for the twelve months ended September 30, 2019. This sales metric excludes the period of COVID-19 closure for each tenant.

•

Average rent per square foot increased 1.8% to $62.29 at September 30, 2020, compared to $61.16 at September 30, 2019.

“We are a major employer and tax generator within all of our markets, and our properties are home to thousands of small businesses. After seven months of partial closures, we are pleased to finally have our entire portfolio open and operational. The reopening of our malls enabled us to deliver sequential improvement in rent collections and continued progress in our negotiations with retailers,” said the Company’s Chief Executive Officer, Tom O’Hern. “Looking ahead, we are confident that our high quality portfolio in strong gateway markets will continue to be coveted as the retail community reestablishes its foundation amidst the ongoing COVID-19 pandemic. We are partnering with our tenants to prepare for what will be a very unique holiday season and shopping environment. We will remain vigilant managing our properties to prioritize the health and safety of our shoppers, employees, tenants and service providers, and to adhere to CDC and to local and state jurisdictional mandates relating to COVID-19.”

Operational and Liquidity Update:

With the reopening of three indoor malls in Los Angeles County on October 7, all of the Company’s properties are now open and operational. During the third quarter, in addition to several development openings described later, the Company celebrated numerous new retail store openings, including among others:

•

Adidas and Tory Burch Outlet at Fashion Outlets of Niagara

•

Amazon Books and Tempur-Pedic at FlatIron Crossing

•

Madewell and West Elm at La Encantada

•

Amazon 4-Star, Capital One Café, Golden Goose, Indochino, Levi’s and Warby Parker at Scottsdale Fashion Square

•

Warby Parker at Twenty Ninth Street

•

Aerie at Vintage Faire Mall

Excluding the Company’s three indoor Los Angeles County assets, which only recently opened, approximately 93% of the square footage that was open prior to COVID-19 is now open and operating. Cash receipts continued to improve, increasing to approximately 80% in the third quarter of 2020 from approximately 61% in the second quarter of 2020. As of November 2, 2020, the Company has collected approximately 81% of rent for October. With continued improvement in operating cash flow, liquidity also continued to improve. Cash and cash equivalents increased from $573 million at June 30, 2020 to $630 million as of September 30, 2020.

Redevelopment:

While the Company has reduced its planned 2020 development expenditures by approximately $100 million, work continues to progress on selected projects. Notably:

•

One Westside in Los Angeles, a 584,000 square foot creative office redevelopment continues on schedule with a planned delivery to Google in early 2022

•

Restoration Hardware Gallery opened at The Village at Corte Madera in Corte Madera, CA

•

Comcast, Dick’s Sporting Goods (“Dick’s”) and Round One opened within the majority of the former Sears store at Deptford Mall in Deptford, NJ

•

Dick’s opened within a portion of the former Sears store at Vintage Faire Mall in Modesto, CA

•

Dick’s opened in a newly expanded footprint within a portion of the former Forever 21 store at Danbury Fair in Danbury, CT

•

Saratoga Hospital opened within the former Sears store at Wilton Mall in Saratoga Springs, NY.

Financing Activity:

The Company’s joint venture has secured a commitment for a $95 million loan on Tysons Vita, the residential tower at Tysons Corner. This 10-year loan will bear interest at a fixed interest rate of 3.30%, and is expected to close in November. This loan will provide incremental liquidity to the Company of approximately $47.0 million at the Company’s share.

The Company has secured an extension of the $191.0 million loan on Danbury Fair to April 1, 2021. The loan amount and interest rate are unchanged following that extension.

The Company has agreed to terms with the lender of the $103.9 million loan on Fashion Outlets of Niagara, and anticipates closing soon on a three-year extension to October 2023. The Company expects that the loan amount and interest rate will remain unchanged following that extension.

Dividend:

The Company’s Board declared a quarterly cash dividend of $0.15 per share of common stock. The dividend is payable on December 3, 2020 to stockholders of record at the close of business on November 9, 2020.

About Macerich:

Macerich 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 51 million square feet of real estate consisting primarily of interests in 47 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 West Coast, Arizona, Chicago and the Metro New York to Washington, DC corridor. A recognized leader in sustainability, Macerich has achieved the #1 GRESB ranking in the North American Retail Sector for five straight years (2015 – 2019). 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 on November 5, 2020 at 10:00 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, and acquisitions and dispositions; the adverse impact of the novel coronavirus (COVID-19) on the U.S., regional and global economies and the financial condition and results of operations of the Company and its tenants; 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, 2019 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 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						For the Nine Months
	Ended September 30,						Ended September 30,
	Unaudited						Unaudited
	2020			2019			2020			2019
Revenues:
Leasing revenue	$	175,506		$	214,260		$	554,981		$	636,290
Other income		4,334			6,889			16,595			20,054
Management Companies’ revenues		6,004			9,978			19,807			29,277

Total revenues		185,844			231,127			591,383			685,621

Expenses:
Shopping center and operating expenses		64,680			69,328			192,538			203,024
Management Companies’ operating expenses		13,031			15,514			45,697			50,220
Leasing expenses		5,544			7,162			19,622			22,344
REIT general and administrative expenses		7,589			5,285			22,652			16,835
Depreciation and amortization		78,605			82,787			241,112			246,640
Interest expense (a)		37,184			14,799			65,292			90,265
Loss on extinguishment of debt		—			—			—			351

Total expenses		206,633			194,875			586,913			629,679

Equity in (loss) income of unconsolidated joint ventures		(12,513	)		14,582			(16,988	)		34,082
Income tax (expense) benefit		(1,106	)		(678	)		684			(1,703	)
Gain (loss) on sale or write down of assets, net		11,786			(131	)		(28,784	)		(15,506	)

Net (loss) income		(22,622	)		50,025			(40,618	)		72,815
Less net (loss) income attributable to noncontrolling interests		(431	)		3,654			(833	)		2,886

Net (loss) income attributable to the Company	($	22,191	)	$	46,371		($	39,785	)	$	69,929

Weighted average number of shares outstanding—basic		149,626			141,368			145,071			141,325

Weighted average shares outstanding, assuming full conversion of OP Units (b)		160,509			151,784			155,694			151,740

Weighted average shares outstanding—Funds From Operations (“FFO”)—diluted (b)		160,509			151,784			155,694			151,740

Earnings per share (“EPS”)—basic	($	0.15	)	$	0.33		($	0.28	)	$	0.49

EPS—diluted	($	0.15	)	$	0.33		($	0.28	)	$	0.49

Dividend paid per share	$	0.15		$	0.75		$	1.40		$	2.25

FFO—basic and diluted (b) (c)	$	98,471		$	170,579		$	360,021		$	453,723

FFO—basic and diluted, excluding financing expense in connection with Chandler Freehold (b) (c)	$	83,367		$	133,242		$	266,584		$	388,817

FFO—basic and diluted, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt (b) (c)	$	83,367		$	133,242		$	266,584		$	389,168

FFO per share—basic and diluted (b) (c)	$	0.61		$	1.12		$	2.31		$	2.99

FFO per share—basic and diluted, excluding financing expense in connection with Chandler Freehold (b) (c)	$	0.52		$	0.88		$	1.71		$	2.56

FFO per share—basic and diluted, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt (b) (c)	$	0.52		$	0.88		$	1.71		$	2.56

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(a)

The Company accounts for its investment in the Chandler Fashion Center and Freehold Raceway Mall (“Chandler Freehold”) joint venture as a financing arrangement. As a result, the Company has included in interest expense (i) a credit of $15,502 and $96,793 to adjust for the change in the fair value of the financing arrangement obligation during the three and nine months ended September 30, 2020, respectively; and a credit of $39,455 and $70,977 to adjust for the change in the fair value of the financing arrangement obligation during the three and nine months ended September 30, 2019, respectively; (ii) distributions of ($398) and $885 to its partner representing the partner’s share of net (loss) income for the three and nine months ending September 30, 2020, respectively; and $1,278 and $5,157 to its partner representing the partner’s share of net income for the three and nine months ended September 30, 2019, respectively; and (iii) distributions of $398 and $3,356 to its partner in excess of the partner’s share of net income for the three and nine months ended September 30, 2020, respectively; and $2,118 and $6,071 to its partner in excess of the partner’s share of net income for the three and nine months ended September 30, 2019, respectively.

(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 sales of 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.

The Company accounts for its joint venture in Chandler Freehold as a financing arrangement. In connection with this treatment, the Company recognizes financing expense on (i) the changes in fair value of the financing arrangement, (ii) any payments to such joint venture partner equal to their pro rata share of net income and (iii) any payments to such joint venture partner less than or in excess of their pro rata share of net income. The Company excludes the noted expenses related to the changes in fair value and for the payments to such joint venture partner less than or in excess of their pro rata share of net income.

The Company also presents FFO excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt.

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”). In addition, the Company believes that FFO excluding financing expense in connection with Chandler Freehold and non-routine costs associated with extinguishment of debt provide useful supplemental information regarding the Company’s performance as they show a more meaningful and consistent comparison of the Company’s operating performance and allows investors to more easily compare the Company’s results. 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 (loss) income attributable to the Company to FFO attributable to common stockholders and unit holders—basic and diluted, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt (c):


	For the Three Months						For the Nine Months
	Ended September 30,						Ended September 30,
	Unaudited						Unaudited
	2020			2019			2020			2019
Net (loss) income attributable to the Company	($	22,191	)	$	46,371		($	39,785	)	$	69,929
Adjustments to reconcile net (loss) income attributable to the Company to FFO attributable to common stockholders and unit holders—basic and diluted:
Noncontrolling interests in the OP		(1,618	)		3,427			(2,912	)		5,151
(Gain) loss on sale or write down of consolidated assets, net		(11,786	)		131			28,784			15,506
Add: gain on undepreciated asset sales from consolidated assets		12,362			81			12,402			615
Loss on write down of consolidated non-real estate assets		(1,361	)		—			(4,154	)		—
Noncontrolling interests share of gain (loss) on sale or write-down of consolidated joint ventures, net		929			—			929			(3,369	)
Loss (gain) on sale or write down of assets from unconsolidated joint ventures (pro rata), net		71			(3	)		77			381
Depreciation and amortization on consolidated assets		78,605			82,787			241,112			246,640
Less depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures		(3,855	)		(3,746	)		(11,472	)		(11,067	)
Depreciation and amortization on unconsolidated joint ventures (pro rata)		50,775			45,465			146,702			141,670
Less: depreciation on personal property		(3,460	)		(3,934	)		(11,662	)		(11,733	)

FFO attributable to common stockholders and unit holders—basic and diluted		98,471			170,579			360,021			453,723
Financing expense in connection with Chandler Freehold		(15,104	)		(37,337	)		(93,437	)		(64,906	)

FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold—basic and diluted		83,367			133,242			266,584			388,817
Loss on extinguishment of debt		—			—			—			351

FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt—diluted	$	83,367		$	133,242		$	266,584		$	389,168

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


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	Unaudited						Unaudited
	2020			2019			2020			2019
EPS—diluted	($	0.15	)	$	0.33		($	0.28	)	$	0.49
Per share impact of depreciation and amortization of real estate		0.76			0.79			2.34			2.41
Per share impact of loss on sale or write down of assets, net		—			—			0.25			0.09

FFO per share—basic and diluted	$	0.61		$	1.12		$	2.31		$	2.99
Per share impact of financing expense in connection with Chandler Freehold.		(0.09	)		(0.24	)		(0.60	)		(0.43	)

FFO per share—basic and diluted, excluding financing expense in connection with Chandler Freehold	$	0.52		$	0.88		$	1.71		$	2.56
Per share impact of loss on extinguishment of debt		—			—			—			—

FFO per share—basic and diluted, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt	$	0.52		$	0.88		$	1.71		$	2.56

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of Net (loss) income attributable to the Company to Adjusted EBITDA:


	For the Three Months						For the Nine Months
	Ended September 30,						Ended September 30,
	Unaudited						Unaudited
	2020			2019			2020			2019
Net (loss) income attributable to the Company	($	22,191	)	$	46,371		($	39,785	)	$	69,929
Interest expense—consolidated assets		37,184			14,799			65,292			90,265
Interest expense—unconsolidated joint ventures (pro rata)		26,882			25,552			80,199			78,974
Depreciation and amortization—consolidated assets		78,605			82,787			241,112			246,640
Depreciation and amortization—unconsolidated joint ventures (pro rata)		50,775			45,465			146,702			141,670
Noncontrolling interests in the OP		(1,618	)		3,427			(2,912	)		5,151
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures		(7,216	)		(8,743	)		(23,670	)		(26,222	)
Loss on extinguishment of debt		—			—			—			351
(Gain) loss on sale or write down of assets, net—consolidated assets		(11,786	)		131			28,784			15,506
Loss (gain) on sale or write down of assets, net—unconsolidated joint ventures (pro rata)		71			(3	)		77			381
Add: Noncontrolling interests share of gain (loss) on sale or write-down of consolidated joint ventures, net		929			—			929			(3,369	)
Income tax expense (benefit)		1,106			678			(684	)		1,703
Distributions on preferred units		90			100			281			301

Adjusted EBITDA (d)	$	152,831		$	210,564		$	496,325		$	621,280

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


	For the Three Months						For the Nine Months
	Ended September 30,						Ended September 30,
	Unaudited						Unaudited
	2020			2019			2020			2019
Adjusted EBITDA (d)	$	152,831		$	210,564		$	496,325		$	621,280
REIT general and administrative expenses		7,589			5,285			22,652			16,835
Management Companies’ revenues		(6,004	)		(9,978	)		(19,807	)		(29,277	)
Management Companies’ operating expenses		13,031			15,514			45,697			50,220
Leasing expenses, including joint ventures at pro rata		6,043			8,147			21,432			25,170
Straight-line and above/below market adjustments		(9,887	)		(8,850	)		(22,691	)		(23,538	)

NOI—All Centers		163,603			220,682			543,608			660,690
NOI of non-Same Centers		(2,191	)		(3,697	)		(5,929	)		(20,368	)

NOI—Same Centers (e)		161,412			216,985			537,679			640,322
Lease termination income of Same Centers		(9,050	)		(1,404	)		(12,777	)		(5,309	)

NOI—Same Centers, excluding lease termination income (e)	$	152,362		$	215,581		$	524,902		$	635,013

NOI—Same Centers percentage change, excluding lease termination income (e)		-29.32	%					-17.34	%

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, leasing expenses (including joint ventures at pro rata), the Company’s REIT 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

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Supplemental Financial Information

For the three and nine months ended September 30, 2020

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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)		7-9
Supplemental FFO Information		10
Capital Expenditures		11
Operational Data		12-22
Sales Per Square Foot		12
Occupancy		13
Average Base Rent Per Square Foot		14
Cost of Occupancy		15
Percentage of Net Operating Income by State		16
Property Listing		17-20
Joint Venture List		21-22
Debt Tables		23-25
Debt Summary		23
Outstanding Debt by Maturity Date		24-25
Development Pipeline		26-27
Corporate Information		28

This Supplemental Financial Information should be read in connection with the Company’s third quarter 2020 earnings announcement (included as Exhibit 99.1 of the Company’s Current Report on 8-K, event date November 5, 2020, 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 shopping centers located in the United States in many of the country’s most attractive, densely populated markets with significant presence on the West Coast, Arizona, Chicago and the Metro New York to Washington, DC corridor. A recognized leader in sustainability, the Company has achieved the #1 GRESB ranking in the North American Retail Sector for five straight years 2015 – 2019.

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, 2020, the Operating Partnership owned or had an ownership interest in 51 million square feet of gross leasable area (“GLA”) consisting primarily of interests in 47 regional shopping centers and five community/power shopping centers. These 52 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 or the industry to differ materially from the Company’s future results, performance or achievements, or those of the industry, expressed or implied in such forward-looking statements. 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, and acquisitions and dispositions; the continuing adverse impact of the novel coronavirus (COVID-19) on the U.S., regional and global economies and the financial condition and results of operations of the Company and its tenants; 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. You are urged to carefully review the disclosures we make concerning risks and other factors that may affect our business and operating results, including those made in “Item 1A. Risk Factors” and of our Annual Report on Form 10-K for the year ended December 31, 2019, and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 filed on August 10, 2020 as well as our other reports filed with the Securities and Exchange Commission (“SEC”), which disclosures are incorporated herein by reference. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. 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
	9/30/2020			12/31/2019			12/31/2018
	dollars in thousands, except per share data
Closing common stock price per share	$	6.79		$	26.92		$	43.28
52 week high	$	29.74		$	47.05		$	69.73
52 week low	$	4.81		$	25.53		$	40.90
Shares outstanding at end of period
Class A non-participating convertible preferred units		103,235			90,619			90,619
Common shares and partnership units		160,519,645			151,892,138			151,655,147

Total common and equivalent shares/units outstanding		160,622,880			151,982,757			151,745,766

Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	8,710,843		$	8,074,867		$	7,850,669
Equity market capitalization		1,090,629			4,091,376			6,567,557

Total market capitalization	$	9,801,472		$	12,166,243		$	14,418,226

Debt as a percentage of total market capitalization		88.9	%		66.4	%		54.5	%

Portfolio Capitalization at September 30, 2020

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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, 2019		10,484,488			141,407,650		90,619		151,982,757
Conversion of partnership units to cash		(168	)		—		—		(168	)
Conversion of partnership units to common shares		(83,722	)		83,722		—		—
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans		3,408			80,917		—		84,325

Balance as of March 31, 2020		10,404,006			141,572,289		90,619		152,066,914

Conversion of partnership units to cash		(1,554	)		—		—		(1,554	)
Conversion of partnership units to common shares		(82,856	)		82,856		—		—
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans		570			186,789		—		187,309
Issuance of stock/partnership units from stock dividends		581,091			7,759,280		12,616		8,352,987

Balance as of June 30, 2020		10,901,257			149,601,164		103,235		160,605,656

Conversion of partnership units to cash		(1,143	)		—		—		(1,143	)
Conversion of partnership units to common shares		(20,213	)		20,213		—		—
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans		1,464			16,903		—		18,367

Balance as of September 30, 2020		10,881,365			149,638,280		103,235		160,622,880

THE MACERICH COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands)


	For the Three Months Ended September 30, 2020			For the Nine Months Ended September 30, 2020
Revenues:
Leasing revenue	$	175,506		$	554,981
Other income		4,334			16,595
Management Companies’ revenues		6,004			19,807

Total revenues		185,844			591,383

Expenses:
Shopping center and operating expenses		64,680			192,538
Management Companies’ operating expenses		13,031			45,697
Leasing expenses		5,544			19,622
REIT general and administrative expenses		7,589			22,652
Depreciation and amortization		78,605			241,112
Interest expense		37,184			65,292

Total expenses		206,633			586,913
Equity in loss of unconsolidated joint ventures		(12,513	)		(16,988	)
Income tax (expense) benefit		(1,106	)		684
Gain (loss) on sale or write down of assets, net		11,786			(28,784	)

Net loss		(22,622	)		(40,618	)
Less net loss attributable to noncontrolling interests		(431	)		(833	)

Net loss attributable to the Company	$	(22,191	)	$	(39,785	)

TH MACERICH COMPANY

CONSOLIDATED BALANCE SHEET (UNAUDITED)

AS OF SEPTEMBER 30, 2020

(Dollars in thousands)


ASSETS:
Property, net (a)	$	6,438,248
Cash and cash equivalents		528,431
Restricted cash		13,370
Tenant and other receivables, net		234,934
Right-of-use assets, net		134,663
Deferred charges and other assets, net		247,127
Due from affiliates		16,628
Investments in unconsolidated joint ventures		1,569,887

Total assets	$	9,183,288


LIABILITIES AND EQUITY:
Mortgage notes payable	$	4,373,710
Bank and other notes payable		1,477,549
Accounts payable and accrued expenses		71,939
Lease liabilities		106,803
Other accrued liabilities		220,651
Distributions in excess of investments in unconsolidated joint ventures		106,992
Financing arrangement obligation		177,107

Total liabilities		6,534,751

Commitments and contingencies
Equity:
Stockholders’ equity:
Common stock		1,496
Additional paid-in capital		4,600,470
Accumulated deficit		(2,126,749	)
Accumulated other comprehensive loss		(10,889	)

Total stockholders’ equity		2,464,328
Noncontrolling interests		184,209

Total equity		2,648,537

Total liabilities and equity	$	9,183,288

(a)	Includes construction in progress of $81,735.

THE MACERICH COMPANY

NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)

(DOLLARS IN THOUSANDS)


	For the Three Months Ended September 30, 2020						For the Nine Months Ended September 30, 2020
	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:
Leasing revenue	$	(10,563	)	$	99,227		$	(33,563	)	$	312,419
Other income		(530	)		2,683			(1,677	)		2,904

Total revenues		(11,093	)		101,910			(35,240	)		315,323

Expenses:
Shopping center and operating expenses		(3,512	)		36,089			(10,078	)		103,181
Leasing expenses		(107	)		606			(342	)		2,152
Depreciation and amortization		(3,855	)		50,775			(11,472	)		146,702
Interest expense		(3,361	)		26,882			(12,198	)		80,199

Total expenses		(10,835	)		114,352			(34,090	)		332,234
Equity in loss of unconsolidated joint ventures		—			12,513			—			16,988
Gain/loss on sale or write down of assets, net		(929	)		(71	)		(929	)		(77	)

Net income		(1,187	)		—			(2,079	)		—
Less net income attributable to noncontrolling interests		(1,187	)		—			(2,079	)		—

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 September 30, 2020
	Noncontrolling Interests of Consolidated Joint Ventures (a)			Company’s Share of Unconsolidated Joint Ventures
ASSETS:
Property, net (b)	$	(329,413	)	$	4,533,679
Cash and cash equivalents		(11,966	)		95,686
Restricted cash		(1,693	)		6,372
Tenant and other receivables, net		(11,437	)		121,101
Right-of-use assets, net		(723	)		60,250
Deferred charges and other assets, net		(3,122	)		118,092
Due from affiliates		222			(8,700	)
Investments in unconsolidated joint ventures, at equity		—			(1,569,887	)

Total assets	$	(358,132	)	$	3,356,593


LIABILITIES AND EQUITY:
Mortgage notes payable	$	(359,267	)	$	3,035,924
Bank and other notes payable		—			182,927
Accounts payable and accrued expenses		(6,139	)		72,941
Lease liabilities		(2,767	)		60,000
Other accrued liabilities		(3,601	)		111,793
Distributions in excess of investments in unconsolidated joint ventures		—			(106,992	)
Financing arrangement obligation		(177,108	)		—

Total liabilities		(548,882	)		3,356,593

Equity:
Stockholders’ equity		195,724			—
Noncontrolling interests		(4,974	)		—

Total equity		190,750			—

Total liabilities and equity	$	(358,132	)	$	3,356,593

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

(b)	This includes $1,517 of construction in progress relating to the Company’s partners’ share from consolidated joint ventures and $309,316 of construction in progress relating to the Company’s share from unconsolidated joint ventures.

THE MACERICH COMPANY

NON-GAAP PRO RATA SCHEDULE OF LEASING REVENUE (UNAUDITED)

(Dollars in thousands)


	For the Three Months Ended September 30, 2020
	Consolidated			Non- Controlling Interests (a)			Company’s Consolidated Share			Company’s Share of Unconsolidated Joint Ventures			Company’s Total Share
Revenues:
Minimum rents	$	122,859		$	(7,804	)	$	115,055		$	75,262		$	190,317
Percentage rents		2,793			(253	)		2,540			2,045			4,585
Tenant recoveries		55,926			(3,168	)		52,758			27,293			80,051
Other		4,485			(267	)		4,218			2,117			6,335
Less: Bad debt expense		(10,557	)		929			(9,628	)		(7,490	)		(17,118	)

Total leasing revenue	$	175,506		$	(10,563	)	$	164,943		$	99,227		$	264,170


	For the Nine Months Ended September 30, 2020
	Consolidated			Non- Controlling Interests (a)			Company’s Consolidated Share			Company’s Share of Unconsolidated Joint Ventures			Company’s Total Share
Revenues:
Minimum rents	$	398,206		$	(23,653	)	$	374,553		$	238,273		$	612,826
Percentage rents		6,517			(392	)		6,125			3,667			9,792
Tenant recoveries		175,527			(10,762	)		164,765			86,662			251,427
Other		13,979			(850	)		13,129			5,983			19,112
Less: Bad debt expense		(39,248	)		2,094			(37,154	)		(22,166	)		(59,320	)

Total leasing revenue	$	554,981		$	(33,563	)	$	521,418		$	312,419		$	833,837

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

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)


	As of September 30,
	2020		2019
	dollars in millions
Straight-line rent receivable	$	135.6	$	122.1


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	dollars in millions
Lease termination income	$	9.1		$	1.4		$	12.8		$	5.3
Straight-line rental income	$	7.2		$	4.5		$	8.5		$	10.5
Business development and parking income (b)	$	10.0		$	16.4		$	29.8		$	44.9
Gain (loss) on sales or write down of undepreciated assets	$	12.4		$	0.1		$	12.4		$	0.6
Amortization of acquired above and below-market leases (net revenue)	$	2.7		$	4.4		$	14.1		$	13.1
Amortization of debt premiums	$	0.2		$	0.2		$	0.7		$	0.7
Bad debt expense (c)	$	17.1		$	3.6		$	59.3		$	8.8
Leasing expenses	$	6.0		$	8.1		$	21.4		$	25.2
Interest capitalized	$	5.2		$	8.8		$	16.9		$	22.7

Chandler Freehold financing arrangement (d):
Distributions equal to partners’ share of net (loss) income	$	(0.4	)	$	1.3		$	0.9		$	5.2
Distributions in excess of partners’ share of net income (e)		0.4			2.1			3.4			6.1
Fair value adjustment (e)		(15.5	)		(39.5	)		(96.8	)		(71.0	)

Total Chandler Freehold financing arrangement (income) expense (d)	$	(15.5	)	$	(36.1	)	$	(92.5	)	$	(59.7	)

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

(b)	Included in leasing revenue and other income.

(c)	Included in leasing revenue for the three and nine months ended September 30, 2020 and 2019.

(d)	Included in interest expense.

(e)	The Company presents Funds from Operations (“FFO”) excluding the expenses related to changes in fair value of the financing arrangement and the payments to such joint venture partner less than or in excess of their pro rata share of net income.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures(a)


	For the Nine Months Ended				Year Ended 12/31/2019		Year Ended 12/31/2018
	9/30/2020		9/30/2019		Year Ended 12/31/2019		Year Ended 12/31/2018
	dollars in millions
Consolidated Centers
Acquisitions of property, building improvement and equipment	$	8.9	$	19.3	$	34.8	$	53.4
Development, redevelopment, expansions and renovations of Centers		28.1		83.1		112.3		173.3
Tenant allowances		8.2		14.8		18.9		12.6
Deferred leasing charges		2.2		2.0		3.2		17.3

Total	$	47.4	$	119.2	$	169.2	$	256.6

Unconsolidated Joint Venture Centers
Acquisitions of property, building improvement and equipment	$	5.9	$	7.8	$	12.3	$	15.7
Development, redevelopment, expansions and renovations of Centers		86.5		152.9		210.6		145.9
Tenant allowances		2.0		6.9		9.3		8.7
Deferred leasing charges		1.2		2.7		3.4		10.9

Total	$	95.6	$	170.3	$	235.6	$	181.2

(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
09/30/2020(b)	$	617	$	833	$	718
09/30/2019	$	639	$	1,009	$	800
12/31/2019	$	646	$	998	$	801
12/31/2018	$	612	$	882	$	726

(a)

Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants that 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)	This sales metric is computed to exclude the period of COVID-19 closure for each tenant.

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy(a)


Regional Shopping Centers: Period Ended	Consolidated Centers			Unconsolidated Joint Venture Centers			Total Centers
09/30/2020		90.4	%		91.2	%		90.8	%
09/30/2019		93.4	%		94.4	%		93.8	%
12/31/2019		93.7	%		94.4	%		94.0	%
12/31/2018		95.2	%		95.6	%		95.4	%

(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, and includes any Centers that were closed as of September 30, 2020 due to COVID-19.

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 during the trailing twelve months ended(d)
Consolidated Centers
09/30/2020	$	59.92	$	52.56	$	52.41
09/30/2019	$	58.94	$	55.97	$	52.34
12/31/2019	$	58.76	$	53.29	$	53.20
12/31/2018	$	56.82	$	54.00	$	49.07
Unconsolidated Joint Venture Centers
09/30/2020	$	66.99	$	63.95	$	55.26
09/30/2019	$	65.62	$	70.01	$	63.80
12/31/2019	$	65.67	$	73.05	$	65.22
12/31/2018	$	63.84	$	66.95	$	59.49
All Regional Shopping Centers
09/30/2020	$	62.29	$	55.83	$	53.22
09/30/2019	$	61.16	$	60.04	$	55.45
12/31/2019	$	61.06	$	59.15	$	56.50
12/31/2018	$	59.09	$	57.55	$	51.80

(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.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy


	For the trailing twelve months ended September 30, 2020(a)	For Years Ended December 31,
		2019	2018
Consolidated Centers
Minimum rents	9.1%	9.1%		9.3%
Percentage rents	0.4%	0.4%		0.3%
Expense recoveries(b)	3.7%	3.6%		3.9%

Total	13.2%	13.1%		13.5%


	For the trailing twelve months ended September 30, 2020(a)	For Years Ended December 31,
		2019	2018
Unconsolidated Joint Venture Centers
Minimum rents	8.2%	7.3%		7.8%
Percentage rents	0.3%	0.3%		0.3%
Expense recoveries(b)	3.7%	3.2%		3.4%

Total	12.2%	10.8%		11.5%


	For the trailing twelve months ended September 30, 2020(a)	For Years Ended December 31,
		2019	2018
All Centers
Minimum rents	8.6%	8.1%		8.5%
Percentage rents	0.3%	0.3%		0.3%
Expense recoveries(b)	3.7%	3.4%		3.6%

Total	12.6%	11.8%		12.4%

(a)	The cost of occupancy metric is computed to exclude the period of COVID-19 closure for

each tenant.

(b)	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


State	% of Portfolio 2019 Real Estate Pro Rata NOI(a)
California		26.7	%
New York		23.1	%
Arizona		16.2	%
Pennsylvania & Virginia		9.4	%
Colorado, Illinois & Missouri		9.1	%
New Jersey & Connecticut		7.3	%
Oregon		4.3	%
Other(b)		3.9	%

Total		100.0	%

(a)

The percentage of Portfolio 2019 Real Estate Pro Rata NOI excludes lease termination revenue, straight-line and above/below market adjustments to minimum rents. Portfolio 2019 Real Estate Pro Rata NOI excludes REIT general and administrative expenses, management company revenues, management company expenses and leasing expenses (including joint ventures at pro rata).

(b)	“Other” includes Indiana, Iowa, Kentucky, North Dakota and Texas.

The Macerich Company

Property Listing

September 30, 2020

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		ongoing		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		746,000
4	100%	Eastland Mall(c) Evansville, Indiana		1978/1998		1996		1,034,000
5	100%	Fashion Outlets of Chicago Rosemont, Illinois		2013/—		—		537,000
6	100%	Fashion Outlets of Niagara Falls USA Niagara Falls, New York		1982/2011		2014		689,000
7	50.1%	Freehold Raceway Mall Freehold, New Jersey		1990/2005		2007		1,673,000
8	100%	Fresno Fashion Fair Fresno, California		1970/1996		2006		995,000
9	100%	Green Acres Mall(c) Valley Stream, New York		1956/2013		2016		2,063,000
10	100%	Inland Center San Bernardino, California		1966/2004		2016		605,000
11	100%	Kings Plaza Shopping Center(c) Brooklyn, New York		1971/2012		2018		1,137,000
12	100%	La Cumbre Plaza(c) Santa Barbara, California		1967/2004		1989		492,000
13	100%	NorthPark Mall Davenport, Iowa		1973/1998		2001		934,000
14	100%	Oaks, The Thousand Oaks, California		1978/2002		2017		1,209,000
15	100%	Pacific View Ventura, California		1965/1996		2001		900,000
16	100%	Queens Center(c) Queens, New York		1973/1995		2004		965,000
17	100%	Santa Monica Place Santa Monica, California		1980/1999		2015		526,000
18	84.9%	SanTan Village Regional Center Gilbert, Arizona		2007/—		2018		1,124,000
19	100%	SouthPark Mall Moline, Illinois		1974/1998		2015		863,000
20	100%	Stonewood Center(c) Downey, California		1953/1997		1991		935,000
21	100%	Superstition Springs Center Mesa, Arizona		1990/2002		2002		922,000
22	100%	Towne Mall Elizabethtown, Kentucky		1985/2005		1989		350,000

The Macerich Company

Property Listing

September 30, 2020


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		246,000
24	100%	Valley Mall Harrisonburg, Virginia		1978/1998	1992		505,000
25	100%	Valley River Center Eugene, Oregon		1969/2006	2007		871,000
26	100%	Victor Valley, Mall of Victorville, California		1986/2004	2012		577,000
27	100%	Vintage Faire Mall Modesto, California		1977/1996	ongoing		984,000
28	100%	Wilton Mall Saratoga Springs, New York		1990/2005	1998		709,000

		Total Consolidated Centers					25,180,000

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	2020		597,000
31	50%	Broadway Plaza Walnut Creek, California		1951/1985	2016		927,000
32	50.1%	Corte Madera, The Village at Corte Madera, California		1985/1998	2020		501,000
33	50%	Country Club Plaza Kansas City, Missouri		1922/2016	2015		947,000
34	51%	Deptford Mall Deptford, New Jersey		1975/2006	ongoing		1,040,000
35	51%	FlatIron Crossing Broomfield, Colorado		2000/2002	2009		1,428,000
36	50%	Kierland Commons Scottsdale, Arizona		1999/2005	2003		437,000
37	60%	Lakewood Center Lakewood, California		1953/1975	2008		2,069,000
38	60%	Los Cerritos Center Cerritos, California		1971/1999	2016		1,023,000
39	50%	North Bridge, The Shops at(c) Chicago, Illinois		1998/2008	—		670,000
40	50%	Scottsdale Fashion Square Scottsdale, Arizona		1961/2002	2019		1,835,000
41	60%	South Plains Mall Lubbock, Texas		1972/1998	2017		1,136,000
42	51%	Twenty Ninth Street(c) Boulder, Colorado		1963/1979	2007		845,000
43	50%	Tysons Corner Center Tysons Corner, Virginia		1968/2005	2014		1,971,000
44	60%	Washington Square Portland, Oregon		1974/1999	2005		1,296,000
45	19%	West Acres Fargo, North Dakota		1972/1986	2001		691,000

		Total Unconsolidated Joint Venture Centers					18,610,000

The Macerich Company

Property Listing

September 30, 2020


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:
46	50%	Fashion District Philadelphia(c)(d)(e) Philadelphia, Pennsylvania		1977/2014		2019		899,000
47	100%	Paradise Valley Mall(f) Phoenix, Arizona		1979/2002		2009		1,202,000

		Total Regional Shopping Centers						45,891,000

COMMUNITY / POWER CENTERS:
1	50%	Atlas Park, The Shops at(d) Queens, New York		2006/2011		2013		369,000
2	50%	Boulevard Shops(d) Chandler, Arizona		2001/2002		2004		184,000
3	100%	Southridge Center(f) Des Moines, Iowa		1975/1998		2013		848,000
4	100%	Superstition Springs Power Center(f) Mesa, Arizona		1990/2002		—		206,000
5	100%	The Marketplace at Flagstaff(c)(f) Flagstaff, Arizona		2007/—		—		268,000

		Total Community / Power Centers						1,875,000

OTHER ASSETS:
	100%	Various(f)(g)		—		—		427,000
	83.2%	Estrella Falls(f) Goodyear, Arizona		2016		2016		79,000
	50%	Scottsdale Fashion Square-Office(d) Scottsdale, Arizona		1984/2002		2016		124,000
	50%	Tysons Corner Center-Office(d) Tysons Corner, Virginia		1999/2005		2012		174,000
	50%	Hyatt Regency Tysons Corner Center(d) Tysons Corner, Virginia		2015		2015		290,000
	50%	VITA Tysons Corner Center(d) Tysons Corner, Virginia		2015		2015		510,000
	50%	Tysons Tower(d) Tysons Corner, Virginia		2014		2014		529,000

OTHER ASSETS UNDER REDEVELOPMENT:
	25%	One Westside(d)(h) Los Angeles, California		1985/1998		ongoing		680,000

		Total Other Assets						2,813,000

		Grand Total						50,579,000

(a)	The Company’s ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on pages 21 and 22 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.

(c)

Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 42 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.

The Macerich Company

Property Listing

September 30, 2020

(e)	On September 19, 2019, the Company’s joint venture opened Fashion District Philadelphia in downtown Philadelphia.

(f)	Included in Consolidated Centers.

(g)

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

(h)

Construction is underway to convert former Regional Shopping Center Westside Pavilion, which closed in January 2019, into an approximately 584,000 square foot Class A creative office campus called One Westside leased solely to Google, while maintaining approximately 96,000 square feet of adjacent entertainment and retail space at 10850 Pico Boulevard.

The Macerich Company

Joint Venture List as of September 30, 2020

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 financing arrangements. The percentages shown are the effective legal ownership and economic ownership interests of the Company as of September 30, 2020.


Properties	Legal Ownership(a)			Economic Ownership(b)			Joint Venture	Total GLA(c)
Arrowhead Towne Center(d)		60	%		60	%	New River Associates LLC		1,197,000
Atlas Park, The Shops at		50	%		50	%	WMAP, L.L.C.		369,000
Biltmore Fashion Park		50	%		50	%	Biltmore Shopping Center Partners LLC		597,000
Boulevard Shops		50	%		50	%	Propcor II Associates, LLC		184,000
Broadway Plaza(e)		50	%		50	%	Macerich HHF Broadway Plaza LLC		927,000
Chandler Fashion Center(d)(f)		50.1	%		50.1	%	Freehold Chandler Holdings LP		1,318,000
Corte Madera, The Village at		50.1	%		50.1	%	Corte Madera Village, LLC		501,000
Country Club Plaza		50	%		50	%	Country Club Plaza KC Partners LLC		947,000
Deptford Mall(d)		51	%		51	%	Macerich HHF Centers LLC		1,040,000
Estrella Falls		83.2	%		83.2	%	Westcor Goodyear RSC LLC		79,000
Fashion District Philadelphia		50	%		50	%	Various Entities		899,000
FlatIron Crossing		51	%		51	%	Macerich HHF Centers LLC		1,428,000
Freehold Raceway Mall(d)(f)		50.1	%		50.1	%	Freehold Chandler Holdings LP		1,673,000
Hyatt Regency Tysons Corner Center		50	%		50	%	Tysons Corner Hotel I LLC		290,000
Kierland Commons		50	%		50	%	Kierland Commons Investment LLC		437,000
Lakewood Center		60	%		60	%	Pacific Premier Retail LLC		2,069,000
Los Angeles Premium Outlets		50	%		50	%	CAM-CARSON LLC		—
Los Cerritos Center(d)		60	%		60	%	Pacific Premier Retail LLC		1,023,000
North Bridge, The Shops at		50	%		50	%	North Bridge Chicago LLC		670,000
SanTan Village Regional Center		84.9	%		84.9	%	Westcor SanTan Village LLC		1,124,000
Scottsdale Fashion Square		50	%		50	%	Scottsdale Fashion Square Partnership		1,835,000
Scottsdale Fashion Square-Office		50	%		50	%	Scottsdale Fashion Square Partnership		124,000
Macerich Seritage Portfolio(g)		50	%		50	%	MS Portfolio LLC		1,060,000
South Plains Mall(d)		60	%		60	%	Pacific Premier Retail LLC		1,136,000
Twenty Ninth Street		51	%		51	%	Macerich HHF Centers LLC		845,000
Tysons Corner Center		50	%		50	%	Tysons Corner LLC		1,971,000
Tysons Corner Center-Office		50	%		50	%	Tysons Corner Property LLC		174,000
Tysons Tower		50	%		50	%	Tysons Corner Property LLC		529,000
VITA Tysons Corner Center		50	%		50	%	Tysons Corner Property LLC		510,000
Washington Square(d)		60	%		60	%	Pacific Premier Retail LLC		1,296,000
West Acres		19	%		19	%	West Acres Development, LLP		691,000
One Westside(h)		25	%		25	%	HPP-MAC WSP, LLC		680,000

(a)

This column reflects the Company’s legal ownership in the listed properties as of September 30, 2020. 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 as of September 30, 2020

(b)

Economic ownership represents the allocation of cash flow to the Company as of September 30, 2020, 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, 2020.

(d)

These centers have a former Sears store which is owned by MS Portfolio LLC, see footnote (g) below. The GLA of the former Sears store, or tenant replacing the former Sears store, at the seven centers indicated with footnote (d) in the table above is included in Total GLA at the center level. The GLA for the former Sears store at these seven centers plus the GLA of the former Sears store at two wholly owned centers, Danbury Fair Mall and Vintage Faire Mall, are also aggregated into the 1,060,000 square feet in the MS Portfolio LLC above.

(e)	In October 2018, the Company’s joint venture partner in Broadway Plaza sold its 50% interest to a third party investor. Thereafter, the joint venture restated its governing documents and changed its name to Macerich HHF Broadway Plaza LLC.

(f)

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.

(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. On July 7, 2015, Sears assigned its ownership interest in MS Portfolio LLC to Seritage MS Holdings LLC. The Company expects to create additional value through re-leasing the former Sears boxes. For example, Primark has leased space in portions of the Sears stores at Danbury Fair Mall and Freehold Raceway Mall. Refer to the Development Pipeline Forecast on page 27 for details of the Former Sears Redevelopments at these properties.

(h)

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

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


	As of September 30, 2020
	Fixed Rate			Floating Rate			Total
	(Dollars in thousands)
Mortgage notes payable	$	3,945,714		$	427,996		$	4,373,710
Bank and other notes payable		400,000			1,077,549			1,477,549

Total debt per Consolidated Balance Sheet		4,345,714			1,505,545			5,851,259
Adjustments:
Less: Noncontrolling interests or financing arrangement share of debt from consolidated joint ventures		(359,267	)		—			(359,267	)

Adjusted Consolidated Debt		3,986,447			1,505,545			5,491,992
Add: Company’s share of debt from unconsolidated joint ventures		3,005,669			213,182			3,218,851

Total Company’s Pro Rata Share of Debt	$	6,992,116		$	1,718,727		$	8,710,843

Weighted average interest rate		3.94	%		2.08	%		3.57	%
Weighted average maturity (years)								4.36

(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 September 30, 2020
Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate (a)			Fixed		Floating		Total Debt Balance (a)
I. Consolidated Assets:
Fashion Outlets of Niagara Falls USA (b)		10/06/20		4.89	%	$	103,887		—	$	103,887
Green Acres Mall		02/03/21		3.61	%		272,402		—		272,402
Danbury Fair Mall		04/01/21		5.56	%		191,028		—		191,028
The Macerich Partnership, L.P. - Line of Credit (c)		07/06/21		4.30	%		400,000		—		400,000
Tucson La Encantada		03/01/22		4.23	%		62,729		—		62,729
Pacific View		04/01/22		4.08	%		115,745		—		115,745
Oaks, The		06/05/22		4.14	%		186,005		—		186,005
Towne Mall		11/01/22		4.48	%		19,935		—		19,935
Chandler Fashion Center (d)		07/05/24		4.18	%		127,912		—		127,912
Victor Valley, Mall of		09/01/24		4.00	%		114,777		—		114,777
Queens Center		01/01/25		3.49	%		600,000		—		600,000
Vintage Faire		03/06/26		3.55	%		247,915		—		247,915
Fresno Fashion Fair		11/01/26		3.67	%		323,808		—		323,808
SanTan Village Regional Center (e)		07/01/29		4.34	%		186,196		—		186,196
Freehold Raceway Mall (d)		11/01/29		3.94	%		199,650		—		199,650
Kings Plaza Shopping Center		01/01/30		3.71	%		535,285		—		535,285
Fashion Outlets of Chicago		02/01/31		4.61	%		299,173		—		299,173

Total Fixed Rate Debt for Consolidated Assets				4.01	%	$	3,986,447	$	—	$	3,986,447

Green Acres Commons		03/29/21		2.87	%	$	—	$	129,617	$	129,617
The Macerich Partnership, L.P. - Line of Credit (c)		07/06/21		2.03	%		—		1,077,549		1,077,549
Santa Monica Place (f)		12/09/22		1.75	%		—		298,379		298,379

Total Floating Rate Debt for Consolidated Assets				2.05	%	$	—	$	1,505,545	$	1,505,545

Total Debt for Consolidated Assets				3.47	%	$	3,986,447	$	1,505,545	$	5,491,992

II. Unconsolidated Assets (At Company’s pro rata share):
FlatIron Crossing (51%)		01/05/21		2.81	%	$	111,914	$	—	$	111,914
One Westside - defeased (25%)		10/01/22		4.77	%		33,140		—		33,140
Washington Square Mall (60%)		11/01/22		3.65	%		326,111		—		326,111
Deptford Mall (51%)		04/03/23		3.55	%		88,594		—		88,594
Scottsdale Fashion Square (50%)		04/03/23		3.02	%		220,184		—		220,184
Tysons Corner Center (50%)		01/01/24		4.13	%		367,965		—		367,965
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	%		156,204		—		156,204
Lakewood Center (60%)		06/01/26		4.15	%		211,684		—		211,684
Kierland Commons (50%)		04/01/27		3.98	%		105,640		—		105,640
Los Cerritos Center (60%)		11/01/27		4.00	%		315,000		—		315,000

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date


	As of September 30, 2020
Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate (a)			Fixed			Floating			Total Debt Balance (a)
Arrowhead Towne Center (60%)		02/01/28		4.05	%		240,000			—			240,000
North Bridge, The Shops at (50%)		06/01/28		3.71	%		187,086			—			187,086
Corte Madera, The Village at (50.1%)		09/01/28		3.53	%		112,415			—			112,415
West Acres - Development (19%)		10/10/29		3.72	%		389			—			389
Tysons Tower (50%)		11/11/29		3.38	%		94,426			—			94,426
Broadway Plaza (50%)		04/01/30		4.19	%		224,501			—			224,501
West Acres (19%)		03/01/32		4.61	%		13,916			—			13,916

Total Fixed Rate Debt for Unconsolidated Assets				3.84	%	$	3,005,669		$	—		$	3,005,669

Atlas Park (50%)		10/28/21		3.11	%	$	—		$	36,183		$	36,183
Fashion District Philadelphia (50%)		01/22/23		2.16	%		—			149,788			149,788
Boulevard Shops (50%)		12/05/23		2.33	%		—			9,572			9,572
One Westside - Development (25%) (f)		12/18/24		2.19	%		—			17,639			17,639

Total Floating Rate Debt for Unconsolidated Assets				2.33	%	$	—		$	213,182		$	213,182

Total Debt for Unconsolidated Assets				3.74	%	$	3,005,669		$	213,182		$	3,218,851

Total Debt				3.57	%	$	6,992,116		$	1,718,727		$	8,710,843

Percentage to Total							80.27	%		19.73	%		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)	The Company has agreed to terms with the lender of the $103.9 million loan on Fashion Outlets Niagara, and anticipates closing on a three-year extension to October 2023. The Company expects that the loan amount and interest rate will remain unchanged following that extension.

(c)	The revolving line of credit includes an interest rate swap that effectively converts $400 million of the outstanding balance to fixed rate debt through September 30, 2021.

(d)	This property is owned by a consolidated joint venture. The above debt balance represents the Company’s pro rata share of 50.1%.

(e)	This property is owned by a consolidated joint venture. The above debt balance represents the Company’s pro rata share of 84.9%.

(f)	The maturity date assumes that all 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 September 30, 2020

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)
Incurred-to-date
9/30/2020

Expected
Delivery(a)

Stabilized
Yield(a)(b)(c)

One Westside fka Westside Pavilion
Los Angeles, CA

Redevelopment of an existing retail center into an approximately 584,000 sf Class A creative office campus leased solely to Google

$500 - $550(d)

25.0%

$125 - $138(d)

Q3 2022(e)

7.50% - 8.00%(d)

(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)	Includes $140 million ($35 million at the Company’s share), which is an allocable share of the total $190 million purchase price paid by the joint venture in August 2018 for the existing buildings and land.

(e)	Monthly base rent payments are anticipated to commence during the third quarter of 2022, with base rent abatements from the second through ninth month following rent commencement.

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Development Pipeline Forecast (Continued)

(Dollars in millions)

as of September 30, 2020

Pipeline of Former Sears Redevelopments:


	Project Type	Ownership		Total Cost (a)(b) Pro rata	Pro rata Capitalized Costs 9/30/20 Incurred-to-Date(b)		Stabilized Yield(a)(b)(c)
	Retail Redevelopment			$75 - $90	$	33	8.0% - 9.0%
	Mixed-Use Densification			55 - 70		4	9.0% - 10.5%
(d)	Future Phases			TBD		0	TBD

	Total		various	$130 - $160	$	37


	Property	Description	Delivered/ Expected Delivery(e)

	Retail Redevelopment:
(f)	Arrowhead Towne Center	Redevelop existing store with retail uses		TBD
(f)	Chandler Fashion Center	Redevelop existing store for a Harkins entertainment concept and additional retail uses		TBD
(f)	Deptford Mall	Redevelop existing store for: Dick’s Sporting Goods Round 1 additional retail uses		Q3-2020 Q4-2020 TBD
(f)	South Plains Mall	Demolish box; site densification with retail and restaurants uses		TBD
(f)	Vintage Faire Mall	Redevelop existing store for:
		Dick’s Sporting Goods		Q4-2020
		Dave & Busters and additional retail uses		TBD
	Wilton Mall	Redevelop existing store with a medical center/medical office use		Q1-2020

	Mixed-Use Densification:
(f)	Los Cerritos Center	Demolish box; site densification with residential, hotel and restaurant uses		TBD
(f)	Washington Square	Demolish box; site densification with hotel, entertainment and restaurant uses		TBD

(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. This estimated range of incremental redevelopment costs could increase if the Company and its joint ventures decide to expand the scope as the redevelopment plans get refined.

(b)	This excludes GAAP allocations of non cash and indirect costs.

(c)	Stabilized Yield represents estimated replacement net operating income at stabilization divided by direct redevelopment costs, excluding GAAP allocations of non cash and indirect costs.

(d)	Future demand-driven development phases are possible at Los Cerritos Center and Washington Square.

(e)	Given the uncertainties resulting from the COVID-19 pandemic, the expected delivery dates for many of these projects are not currently determinable.

(f)	These former Sears stores are owned by a 50/50 joint venture between the Company and Seritage Growth Properties.

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 2020, 2019 and 2018 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, 2018	$	69.73	$	54.35	$	0.74
June 30, 2018	$	60.00	$	53.55	$	0.74
September 30, 2018	$	60.95	$	54.36	$	0.74
December 31, 2018	$	55.54	$	40.90	$	0.75
March 31, 2019	$	47.05	$	41.63	$	0.75
June 30, 2019	$	44.73	$	32.04	$	0.75
September 30, 2019	$	34.15	$	27.54	$	0.75
December 31, 2019	$	31.77	$	25.53	$	0.75
March 31, 2020	$	26.98	$	5.49	$	0.75
June 30, 2020	$	13.18	$	4.81	$	0.50	^(a)
September 30, 2020	$	9.24	$	6.55	$	0.15

(a)	The dividend of $0.50 per share of the Company’s common stock declared on March 16, 2020, consisted of a combination of 80% shares of common stock and 20% in cash.

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 877-373-6374.


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 877-373-6374 www.computershare.com

Macerich Website

For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit macerich.com.

Investor Relations


Jean Wood Vice President, Investor Relations Phone: 424-229-3366 jean.wood@macerich.com