SEC Filing | Macerich

THE MACERICH COMPANY

By: Scott W. Kingsmore

February 11, 2021

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): February 11, 2021

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.

On February 11, 2021, The Macerich Company (the “Company) released its financial results for the quarter ended December 31, 2020 by posting to its website its Executive Summary (attached as Exhibit 99.1).

On February 11, 2021, 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 twelve months ended December 31, 2020 and such Supplemental Financial Information is furnished as Exhibit 99.2 hereto.

The Executive Summary 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 Executive Summary 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		Executive Summary

99.2		Supplemental Financial Information for the three and twelve months ended December 31, 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

LOGO

Item 2.02.

Results of Operations and Financial Condition.

Executive Summary

We own 50 million square feet of real estate consisting primarily of interests in 47 regional shopping centers. We specialize 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. We are a recognized leader in sustainability and have achieved the #1 GRESB ranking in the North American Retail Sector for six straight years (2015 – 2020).

COVID-19 Update: After closures of all of our centers in the second quarter and in some regions a double closure in the third quarter, we had all assets open and operating by early October. Many of our 2020 operating metrics were negatively impacted by Covid closures and restrictions. Our rent collections were initially negatively impacted in the second and third quarters but have significantly improved as the year progressed with collection rates of 89% in the third quarter and 92% in the fourth quarter of 2020. We also saw significant improvement during the fourth quarter in tenant openings and leasing activity. At year-end 2020 our occupancy was 89.7%.

Financial Results for the Quarter:

•

Net loss attributable to the Company was $190.4 million or $1.27 per share-diluted for the quarter ended December 31, 2020, compared to net income attributable to the Company of $26.9 million or $0.19 per share-diluted attributable to the Company for the quarter ended December 31, 2019. Included within net loss attributable to the Company for the 4th quarter of 2020 is a non-cash loss on remeasurement of assets pertaining to Fashion District Philadelphia of $163.3 million.

•

Funds from operations-diluted (“FFO”), excluding financing expense in connection with Chandler Freehold, was $72.9 million or $0.45 per share-diluted, compared to $148.1 million or $0.98 per share-diluted for the quarter ended December 31, 2019. The majority of the items contributing to this quarterly FFO decline, excluding financing expense in connection with Chandler Freehold, was COVID related and included:

•

$38 million revenue decline from COVID-19 related rent abatements across permanent and temporary leasing revenue lines.

•

$21 million COVID-19 related decline in common area and ancillary revenues, including specialty leasing/temporary tenant revenue, percentage rent revenue, business development revenue and parking revenue.

•

General top-line revenue decreases totaling approximately $12 million driven primarily by COVID-19 related occupancy decreases.

•

$6 million of bad debt expense, including revenue reversals from tenants on a cash basis per GAAP.

•

$8 million quarterly decrease from (loss)/gain on undepreciated asset sales or write-down from consolidated assets, including a $5 million impairment charge in the fourth quarter of 2020 for undeveloped land that is currently under contract for sale.

•

Same center net operating income, excluding lease termination income, decreased 22% in 2020 as compared to 2019 as a result of widespread mall closures and regional stay-at-home orders during 2020 caused by the COVID-19 pandemic.

Operations:

•

Our mall portfolio occupancy was 89.7% at December 31, 2020 compared to 94.0% at December 31, 2019.

•

Average rent per square foot was $61.87 at December 31, 2020. This represents a 1.3% increase compared to $61.06 as of December 31, 2019, and 0.7% decrease compared to $62.29 at September 30, 2020.

•

During the 4th quarter, we signed 217 leases for 900,000 square feet (excluding COVID workout deals), which is only 10% less square footage than was signed during the 4th quarter of 2019.

•

We continue to make significant progress in its negotiations with national and local tenants to secure rental payments, despite a significant portion of our tenants requesting rental assistance, whether in the form of deferral or rent reduction. For example, of the nearly 200 national tenants in our portfolio, we have agreed to repayment terms with and/or received payments from approximately 93% based on total rent.

•

2021 lease expirations continue to be an important focal point. To date, we now have commitments on 60% of the remaining 2021 expiring square footage with another 40% in the Letter of Intent stage, disregarding leases for stores which have closed or for stores which tenants have indicated they intend to close.

•

11 of our properties achieved SafeGuard certification from Bureau Veritas, an internationally recognized testing and certification board. This program is considered to be the gold standard audit for disinfection, cleaning and COVID-19 safety protocols. We have adopted best practices relating to COVID-19 cleaning and operational protocols at all our properties, and we are proceeding with the same certification portfolio-wide in 2021.

•

To help our communities during the pandemic, we have opened 18 COVID-19 testing and/or vaccination facilities at our properties, and we expect to have up to another 15 opened in early 2021.

Redevelopment:

While we reduced our 2020 development expenditures by approximately $100 million to conserve capital, work progressed 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 in former Sears store at Deptford Mall in Deptford, NJ.

•

Dick’s opened in the former Sears store at Vintage Faire Mall in Modesto, CA.

•

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

•

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

Balance Sheet:

On December 10, 2020, we made a loan (the Partnership Loan) to the 50/50 joint venture that owns Fashion District Philadelphia to fund the entirety of a $100 million repayment to reduce the mortgage loan on the property from $301 million to $201 million. This loan now matures on January 22, 2024, assuming exercise of a one-year extension option, and bears interest at LIBOR plus 3.50%, with a LIBOR floor of 0.50%. Pursuant to the joint venture partnership agreement, the Partnership Loan plus 15% accrued interest must first be repaid to Macerich prior to the resumption of 50/50 cash distributions to Macerich and its joint venture partner.

On December 29, 2020, our joint venture closed a one-year extension of the $102.6 million loan on FlatIron Crossing, which now matures on January 5, 2022.

On January 22, 2021, we closed a three-year extension of the $270.6 million loan on Green Acres Mall, which now matures on February 3, 2023. In addition, we have reached agreement with the lender on Green Acres Commons to extend the loan two years to March 2023.

On November 17, 2020, our joint venture closed a $95 million loan on Tysons Vita, the residential tower at Tysons Corner. This 10-year loan bears interest at a fixed rate of 3.30% and matures on January 1, 2030. This property was previously unencumbered.

We had cash and cash equivalents of $555 million at December 31, 2020. At December 31, 2020, our total debt including our pro-rata share of joint ventures was $8.675 billion, and bears interest at an average annual rate of 3.65%.

2021 Earnings Guidance:

We are providing 2021 guidance for estimated EPS-diluted and Funds from Operations (“FFO”) per share-diluted. A reconciliation of estimated EPS-diluted to FFO per share-diluted follows:


		Year 2021 Guidance
EPS-diluted		($0.90 - $0.70)
Plus: real estate depreciation and amortization		2.95 - 2.95

FFO per share-diluted		$2.05 - $2.25

This guidance range assumes no further government mandated shutdowns of our retail properties.

More details of the guidance assumptions are included in our Form 8-K Supplemental Financial Information Exhibit 99.2.

Dividend:

On January 27, 2021, we declared a quarterly cash dividend of $0.15 per share of common stock. The dividend is payable on March 3, 2021 to stockholders of record at the close of business on February 19, 2021.

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.

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 February 11, 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 September 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 Ended December 31,					For the Twelve Months Ended December 31,
	Unaudited					Unaudited
	2020			2019		2020			2019
Revenues:
Leasing revenue	$	185,342		$	222,584	$	740,323		$	858,874
Other income		5,647			7,825		22,242			27,879
Management Companies’ revenues		3,654			11,432		23,461			40,709

Total revenues		194,643			241,841		786,026			927,462


Expenses:
Shopping center and operating expenses		64,674			68,523		257,212			271,547
Management Companies’ operating expenses		19,879			16,575		65,576			66,795
Leasing expenses		5,569			7,267		25,191			29,611
REIT general and administrative expenses		7,687			5,799		30,339			22,634
Depreciation and amortization		78,507			84,086		319,619			330,726
Interest expense (a)		10,258			47,989		75,550			138,254
Loss on extinguishment of debt		—			—		—			351

Total expenses		186,574			230,239		773,487			859,918


Equity in (loss) income of unconsolidated joint ventures		(10,050	)		14,426		(27,038	)		48,508
Income tax (expense) benefit		(237	)		114		447			(1,589	)
Loss on remeasurement of assets		(163,298	)		—		(163,298	)		—
(Loss) gain on sale or write down of assets, net		(39,328	)		3,597		(68,112	)		(11,909	)

Net (loss) income		(204,844	)		29,739		(245,462	)		102,554
Less net (loss) income attributable to noncontrolling interests		(14,426	)		2,848		(15,259	)		5,734

Net (loss) income attributable to the Company	($	190,418	)	$	26,891	($	230,203	)	$	96,820


Weighted average number of shares outstanding - basic		149,687			141,384		146,232			141,340

Weighted average shares outstanding, assuming full conversion of OP Units (b)		160,570			151,800		156,920			151,755

Weighted average shares outstanding - Funds From Operations (“FFO”) - diluted (b)		160,570			151,800		156,920			151,755


Earnings per share (“EPS”) - basic	($	1.27	)	$	0.19	($	1.58	)	$	0.68

EPS - diluted	($	1.27	)	$	0.19	($	1.58	)	$	0.68


Dividend paid per share	$	0.15		$	0.75	$	1.55		$	3.00

FFO - basic and diluted (b) (c)	$	115,909		$	152,939	$	475,930		$	606,662

FFO - basic and diluted, excluding financing expense in connection with Chandler Freehold (b) (c)	$	72,921		$	148,144	$	339,505		$	536,961

FFO - basic and diluted, excluding financing expense in connection with
Chandler Freehold and loss on extinguishment of debt (b) (c)	$	72,921		$	148,144	$	339,505		$	537,312


FFO per share - basic and diluted (b) (c)	$	0.72		$	1.01	$	3.03		$	4.00

FFO per share - basic and diluted, excluding financing expense in connection with Chandler Freehold (b) (c)	$	0.45		$	0.98	$	2.16		$	3.54

FFO per share - basic and diluted, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt (b) (c)	$	0.45		$	0.98	$	2.16		$	3.54

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 $42,729 and $139,522 to adjust for the change in the fair value of the financing arrangement obligation during the three and twelve months ended December 31, 2020, respectively; and a credit of $5,662 and $76,640 to adjust for the change in the fair value of the financing arrangement obligation during the three and twelve months ended December 31, 2019, respectively; (ii) distributions of $259 and $1,144 to its partner representing the partner’s share of net (loss) income for the three and twelve months ending December 31, 2020, respectively; and $2,027 and $7,184 to its partner representing the partner’s share of net income for the three and twelve months ended December 31, 2019, respectively; and (iii) distributions of ($259) and $3,097 to its partner in excess of the partner’s share of net income for the three and twelve months ended December 31, 2020, respectively; and $867 and $6,939 to its partner in excess of the partner’s share of net income for the three and twelve months ended December 31, 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 Ended December 31,						For the Twelve Months Ended December 31,
	Unaudited						Unaudited
	2020			2019			2020			2019
Net (loss) income attributable to the Company	($	190,418	)	$	26,891		($	230,203	)	$	96,820
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		(13,910	)		1,980			(16,822	)		7,131
Loss on remeasurement of assets		163,298			—			163,298			—
Loss (gain) on sale or write down of consolidated assets, net		39,328			(3,597	)		68,112			11,909
Add: (loss) gain on undepreciated asset sales or write-down from consolidated assets		(4,625	)		3,214			7,777			3,829
Loss on write down of consolidated non-real estate assets		—			—			(4,154	)		—
Noncontrolling interests share of (loss) gain on sale or write-down of consolidated joint ventures, net		(1,049	)		547			(120	)		(2,822	)
Loss (gain) on sale or write down of assets from unconsolidated joint ventures (pro rata), net		(83	)		81			(6	)		462
Depreciation and amortization on consolidated assets		78,507			84,086			319,619			330,726
Less depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures		(4,045	)		(4,057	)		(15,517	)		(15,124	)
Depreciation and amortization on unconsolidated joint ventures (pro rata)		52,978			48,058			199,680			189,728
Less: depreciation on personal property		(4,072	)		(4,264	)		(15,734	)		(15,997	)

FFO attributable to common stockholders and unit holders - basic and diluted		115,909			152,939			475,930			606,662
Financing expense in connection with Chandler Freehold		(42,988	)		(4,795	)		(136,425	)		(69,701	)

FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold - basic and diluted		72,921			148,144			339,505			536,961
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	$	72,921		$	148,144		$	339,505		$	537,312

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


	For the Three Months Ended December 31,						For the Twelve Months Ended December 31,
	Unaudited						Unaudited
	2020			2019			2020			2019
EPS - diluted	($	1.27	)	$	0.19		($	1.58	)	$	0.68
Per share impact of depreciation and amortization of real estate		0.77			0.82			3.11			3.23
Per share impact of loss on remeasurement of assets		1.02			—			1.04			—
Per share impact of loss on sale or write down of assets, net		0.20			—			0.46			0.09

FFO per share - basic and diluted	$	0.72		$	1.01		$	3.03		$	4.00
Per share impact of financing expense in connection with Chandler Freehold.		(0.27	)		(0.03	)		(0.87	)		(0.46	)

FFO per share - basic and diluted, excluding financing expense in connection with Chandler Freehold	$	0.45		$	0.98		$	2.16		$	3.54
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	$	0.45		$	0.98		$	2.16		$	3.54

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 Ended December 31,						For the Twelve Months Ended December 31,
	Unaudited						Unaudited
	2020			2019			2020			2019
Net (loss) income attributable to the Company	($	190,418	)	$	26,891		($	230,203	)	$	96,820
Interest expense - consolidated assets		10,258			47,989			75,550			138,254
Interest expense - unconsolidated joint ventures (pro rata)		28,128			27,560			108,327			106,534
Depreciation and amortization - consolidated assets		78,507			84,086			319,619			330,726
Depreciation and amortization - unconsolidated joint ventures (pro rata)		52,978			48,058			199,680			189,728
Noncontrolling interests in the OP		(13,910	)		1,980			(16,822	)		7,131
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures		(8,086	)		(9,755	)		(31,756	)		(35,977	)
Loss on extinguishment of debt		—			—			—			351
Loss on remeasurement of assets		163,298			—			163,298			—
Loss (gain) on sale or write down of assets, net - consolidated assets		39,328			(3,597	)		68,112			11,909
Loss (gain) on sale or write down of assets, net - unconsolidated joint ventures (pro rata)		(83	)		81			(6	)		462
Add: Noncontrolling interests share of (loss) gain on sale or write-down of consolidated joint ventures, net		(1,049	)		547			(120	)		(2,822	)
Income tax expense (benefit)		237			(114	)		(447	)		1,589
Distributions on preferred units		90			100			371			401

Adjusted EBITDA (d)	$	159,278		$	223,826		$	655,603		$	845,106

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


	For the Three Months Ended December 31,						For the Twelve Months Ended December 31,
	Unaudited						Unaudited
	2020			2019			2020			2019
Adjusted EBITDA (d)	$	159,278		$	223,826		$	655,603		$	845,106
REIT general and administrative expenses		7,687			5,799			30,339			22,634
Management Companies’ revenues		(3,654	)		(11,432	)		(23,461	)		(40,709	)
Management Companies’ operating expenses		19,879			16,575			65,576			66,795
Leasing expenses, including joint ventures at pro rata		6,199			8,150			27,631			33,320
Straight-line and above/below market adjustments		(27,201	)		(7,099	)		(49,892	)		(30,637	)

NOI - All Centers		162,188			235,819			705,796			896,509
NOI of non-Same Centers		(6,613	)		(5,158	)		(12,542	)		(25,525	)

NOI - Same Centers (e)		155,575			230,661			693,254			870,984
Lease termination income of Same Centers		(2,094	)		(432	)		(14,871	)		(5,741	)

NOI - Same Centers, excluding lease termination income (e)	$	153,481		$	230,229		$	678,383		$	865,243

NOI - Same Centers percentage change, excluding lease termination income (e)		-33.34	%					-21.60	%

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

LOGO

Supplemental Financial Information

For the three and twelve months ended December 31, 2020

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		5-12
Consolidated Statements of Operations (Unaudited)		5
Consolidated Balance Sheet (Unaudited)		6
Non-GAAP Pro Rata Financial Information (Unaudited)		7-9
2021 Earnings Guidance		10
Supplemental FFO Information		11
Capital Expenditures		12
Operational Data		13-21
Occupancy		13
Average Base Rent Per Square Foot		14
Percentage of Net Operating Income by State		15
Property Listing		16-19
Joint Venture List		20-21
Debt Tables		22-24
Debt Summary		22
Outstanding Debt by Maturity Date		23-24
Development Pipeline		25-26
Corporate Information		27

This Supplemental Financial Information should be read in connection with the Company’s fourth quarter 2020 earnings announcement (included as Exhibit 99.1 of the Company’s Current Report on 8-K, event date February 11, 2021, 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, Macerich has earned CDP A List status for five years and achieved the GRESB Green Star rating in the North American Retail Sector for six consecutive years, 2015-2020.

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 December 31, 2020, the Operating Partnership owned or had an ownership interest in 50 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 September 30, 2020 filed on November 5, 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
	12/31/2020			12/31/2019			12/31/2018
	dollars in thousands, except per share data
Closing common stock price per share	$	10.67		$	26.92		$	43.28
52 week high	$	26.98		$	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		160,751,189			151,892,138			151,655,147

Total common and equivalent shares/units outstanding		160,854,424			151,982,757			151,745,766

Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	8,675,076		$	8,074,867		$	7,850,669
Equity market capitalization		1,716,317			4,091,376			6,567,557

Total market capitalization	$	10,391,393		$	12,166,243		$	14,418,226

Debt as a percentage of total market capitalization		83.5	%		66.4	%		54.5	%

Portfolio Capitalization at December 31, 2020

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, 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			186,739		—		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

Conversion of partnership units to cash		(94	)		—		—		(94	)
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans		99,343			132,295		—		231,638

Balance as of December 31, 2020		10,980,614			149,770,575		103,235		160,854,424

THE MACERICH COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands)


	For the Three Months Ended December 31, 2020			For the Twelve Months Ended December 31, 2020
Revenues:
Leasing revenue	$	185,342		$	740,323
Other income		5,647			22,242
Management Companies’ revenues		3,654			23,461

Total revenues		194,643			786,026

Expenses:
Shopping center and operating expenses		64,674			257,212
Management Companies’ operating expenses		19,879			65,576
Leasing expenses		5,569			25,191
REIT general and administrative expenses		7,687			30,339
Depreciation and amortization		78,507			319,619
Interest expense		10,258			75,550

Total expenses		186,574			773,487
Equity in loss of unconsolidated joint ventures		(10,050	)		(27,038	)
Income tax (expense) benefit		(237	)		447
Loss on remeasurement of assets		(163,298	)		(163,298	)
Loss on sale or write down of assets, net		(39,328	)		(68,112	)

Net loss		(204,844	)		(245,462	)
Less net loss attributable to noncontrolling interests		(14,426	)		(15,259	)

Net loss attributable to the Company	$	(190,418	)	$	(230,203	)

TH MACERICH COMPANY

CONSOLIDATED BALANCE SHEET (UNAUDITED)

AS OF DECEMBER 31, 2020

(Dollars in thousands)


ASSETS:
Property, net (a)	$	6,694,579
Cash and cash equivalents		465,297
Restricted cash		17,362
Tenant and other receivables, net		239,194
Right-of-use assets, net		118,355
Deferred charges and other assets, net		306,959
Due from affiliates		1,612
Investments in unconsolidated joint ventures		1,340,647

Total assets	$	9,184,005


LIABILITIES AND EQUITY:
Mortgage notes payable	$	4,560,810
Bank and other notes payable		1,477,540
Accounts payable and accrued expenses		68,825
Lease liabilities		90,216
Other accrued liabilities		298,594
Distributions in excess of investments in unconsolidated joint ventures		108,381
Financing arrangement obligation		134,379

Total liabilities		6,738,745

Commitments and contingencies
Equity:
Stockholders’ equity:
Common stock		1,498
Additional paid-in capital		4,603,378
Accumulated deficit		(2,339,619	)
Accumulated other comprehensive loss		(8,208	)

Total stockholders’ equity		2,257,049
Noncontrolling interests		188,211

Total equity		2,445,260

Total liabilities and equity	$	9,184,005

(a)	Includes construction in progress of $153,253.

THE MACERICH COMPANY

NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)

(DOLLARS IN THOUSANDS)


	For the Three Months Ended December 31, 2020					For the Twelve Months Ended December 31, 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	$	(11,477	)	$	105,772	$	(45,042	)	$	418,192
Other income		(871	)		3,129		(2,546	)		6,033

Total revenues		(12,348	)		108,901		(47,588	)		424,225


Expenses:
Shopping center and operating expenses		(3,587	)		37,156		(13,665	)		140,338
Leasing expenses		(142	)		772		(484	)		2,924
Depreciation and amortization		(4,045	)		52,978		(15,517	)		199,680
Interest expense		(4,041	)		28,128		(16,239	)		108,327

Total expenses		(11,815	)		119,034		(45,905	)		451,269

Equity in loss of unconsolidated joint ventures		—			10,050		—			27,038
Loss on sale or write down of assets, net		1,049			83		120			6

Net income		516			—		(1,563	)		—
Less net income attributable to noncontrolling interests		516			—		(1,563	)		—


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 December 31, 2020
	Noncontrolling Interests of Consolidated Joint Ventures (a)			Company’s Share of Unconsolidated Joint Ventures
ASSETS:
Property, net (b)	$	(490,704	)	$	4,163,480
Cash and cash equivalents		(15,938	)		78,591
Restricted cash		(2,210	)		12,401
Tenant and other receivables, net		(15,307	)		111,644
Right-of-use assets, net		(704	)		59,770
Deferred charges and other assets, net		(30,721	)		103,814
Due from affiliates		6			(1,168	)
Investments in unconsolidated joint ventures, at equity		—			(1,340,647	)

Total assets	$	(555,578	)	$	3,187,885


LIABILITIES AND EQUITY:
Mortgage notes payable	$	(459,817	)	$	3,063,616
Bank and other notes payable		—			32,927
Accounts payable and accrued expenses		(7,091	)		42,216
Lease liabilities		(2,745	)		60,163
Other accrued liabilities		(31,076	)		97,344
Distributions in excess of investments in unconsolidated joint ventures		—			(108,381	)
Financing arrangement obligation		(134,379	)		—

Total liabilities		(635,108	)		3,187,885

Equity:
Stockholders’ equity		102,284			—
Noncontrolling interests		(22,754	)		—

Total equity		79,530			—

Total liabilities and equity	$	(555,578	)	$	3,187,885

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

(b)	This includes $6,660 of construction in progress relating to the Company’s partners’ share from consolidated joint ventures and $319,088 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 December 31, 2020
	Consolidated			Non- Controlling Interests (a)			Company’s Consolidated Share			Company’s Share of Unconsolidated Joint Ventures		Company’s Total Share
Revenues:
Minimum rents	$	119,634		$	(6,710	)	$	112,924		$	67,381	$	180,305
Percentage rents		9,006			(573	)		8,433			4,486		12,919
Tenant recoveries		56,585			(3,908	)		52,677			29,299		81,976
Other		5,119			(341	)		4,778			2,417		7,195
Less: Bad debt expense		(5,002	)		55			(4,947	)		2,189		(2,758	)

Total leasing revenue	$	185,342		$	(11,477	)	$	173,865		$	105,772	$	279,637


	For the Twelve Months Ended December 31, 2020
	Consolidated			Non- Controlling Interests (a)			Company’s Consolidated Share			Company’s Share of Unconsolidated Joint Ventures			Company’s Total Share
Revenues:
Minimum rents	$	517,841		$	(30,366	)	$	487,475		$	305,654		$	793,129
Percentage rents		15,523			(965	)		14,558			8,153			22,711
Tenant recoveries		232,112			(14,670	)		217,442			115,961			333,403
Other		19,097			(1,191	)		17,906			8,400			26,306
Less: Bad debt expense		(44,250	)		2,150			(42,100	)		(19,976	)		(62,076	)

Total leasing revenue	$	740,323		$	(45,042	)	$	695,281		$	418,192		$	1,113,473

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

The Macerich Company

2021 Earnings Guidance (Unaudited)

The Company is providing its 2021 guidance for estimated EPS-diluted and Funds from Operations (“FFO”) per share-diluted. A reconciliation of estimated EPS-diluted to FFO per share-diluted follows:


		Year 2021 Guidance
Earnings per share-diluted		($0.90 - $0.70)
Plus: real estate depreciation and amortization		$2.95 - $2.95

FFO per share-diluted		$2.05 - $2.25

FFO guidance does not assume any dispositions or issuance of common equity.

This guidance range assumes no further government mandated shutdowns of our retail properties.



*Underlying Assumptions to 2021 Guidance:*



	Year 2021 ($ millions)(a)		Year 2021 FFO / Share Impact
Lease termination income		$15	$0.09
Bad debt expense		($10)	($0.06)
Amortization of acquired above and below-market leases (net-revenue)		$4	$0.02
Interest expense(b)		$302	$1.88
Capitalized interest		$23	$0.14

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

(b)	This amount represents the Company’s pro rata share of interest expense, excluding any financing expense in connection with Chandler Freehold, and is reduced by capitalized interest.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)


	As of December 31,
	2020		2019
	dollars in millions
Straight-line rent receivable	$	160.2	$	127.5


	For the Three Months Ended December 31,						For the Twelve Months Ended December 31,
	2020			2019			2020			2019
	dollars in millions
Lease termination income	$	2.1		$	0.4		$	14.9		$	5.7
Straight-line rental income	$	25.1		$	5.5		$	33.7		$	16.0
Business development and parking income (b)	$	11.8		$	21.2		$	41.7		$	66.0
(Loss) gain on sales or write down of undepreciated assets	$	(4.6	)	$	3.2		$	7.8		$	3.8
Amortization of acquired above and below-market leases (net revenue)	$	2.1		$	1.6		$	16.2		$	14.7
Amortization of debt premiums	$	0.1		$	0.2		$	0.8		$	0.9
Bad debt expense (c)	$	2.7		$	1.7		$	62.1		$	10.5
Leasing expenses	$	6.2		$	8.1		$	27.6		$	33.3
Interest capitalized	$	4.2		$	6.1		$	21.1		$	28.8

Chandler Freehold financing arrangement (d):
Distributions equal to partners’ share of net income	$	0.3		$	2.0		$	1.1			7.2
Distributions in excess of partners’ share of net (loss) income (e)		(0.3	)		0.9			3.1			6.9
Fair value adjustment (e)		(42.7	)		(5.7	)		(139.5	)		(76.6	)

Total Chandler Freehold financing arrangement (income) expense (d)	$	(42.7	)	$	(2.8	)	$	(135.3	)	$	(62.5	)

(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 twelve months ended December 31, 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)


	Year Ended 12/31/2020		Year Ended 12/31/2019		Year Ended 12/31/2018
	Year Ended 12/31/2020		Year Ended 12/31/2019		Year Ended 12/31/2018
	dollars in millions
Consolidated Centers
Acquisitions of property, building improvement and equipment	$	9.6	$	34.8	$	53.4
Development, redevelopment, expansions and renovations of Centers		38.4		112.3		173.3
Tenant allowances		12.4		18.9		12.6
Deferred leasing charges		3.0		3.2		17.3

Total	$	63.4	$	169.2	$	256.6

Unconsolidated Joint Venture Centers
Acquisitions of property, building improvement and equipment	$	6.5	$	12.3	$	15.7
Development, redevelopment, expansions and renovations of Centers		109.9		210.6		145.9
Tenant allowances		4.8		9.3		8.7
Deferred leasing charges		2.1		3.4		10.9

Total	$	123.3	$	235.6	$	181.2

(a)	All joint venture amounts at pro rata.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy(a)


Regional Shopping Centers: Period Ended	Consolidated Centers			Unconsolidated Joint Venture Centers			Total Centers
12/31/2020		89.6	%		89.8	%		89.7	%
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.

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
12/31/2020	$	59.63	$	48.06	$	52.60
12/31/2019	$	58.76	$	53.29	$	53.20
12/31/2018	$	56.82	$	54.00	$	49.07
Unconsolidated Joint Venture Centers
12/31/2020	$	66.34	$	57.23	$	52.62
12/31/2019	$	65.67	$	73.05	$	65.22
12/31/2018	$	63.84	$	66.95	$	59.49
All Regional Shopping Centers
12/31/2020	$	61.87	$	50.69	$	52.60
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)

Percentage of Net Operating Income by State


State	% of Portfolio 2020 Real Estate Pro Rata NOI(a)
California		25.8	%
New York		23.1	%
Arizona		17.6	%
Pennsylvania & Virginia		9.1	%
Colorado, Illinois & Missouri		8.8	%
New Jersey & Connecticut		6.7	%
Oregon		4.6	%
Other(b)		4.3	%

Total		100.0	%

(a)

The percentage of Portfolio 2020 Real Estate Pro Rata NOI excludes lease termination revenue, straight-line and above/below market adjustments to minimum rents. Portfolio 2020 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

December 31, 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		1,226,000
3	100%	Desert Sky Mall Phoenix, Arizona		1981/2002		2007		720,000
4	100%	Eastland Mall(c) Evansville, Indiana		1978/1998		1996		1,025,000
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		689,000
7	50.1%	Freehold Raceway Mall Freehold, New Jersey		1990/2005		2007		1,552,000
8	100%	Fresno Fashion Fair Fresno, California		1970/1996		2006		990,000
9	100%	Green Acres Mall(c) Valley Stream, New York		1956/2013		2016		2,069,000
10	100%	Inland Center San Bernardino, California		1966/2004		2016		627,000
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		929,000
14	100%	Oaks, The Thousand Oaks, California		1978/2002		2017		1,205,000
15	100%	Pacific View Ventura, California		1965/1996		2001		886,000
16	100%	Queens Center(c) Queens, New York		1973/1995		2004		965,000
17	100%	Santa Monica Place Santa Monica, California		1980/1999		2015		527,000
18	84.9%	SanTan Village Regional Center Gilbert, Arizona		2007/—		2018		1,151,000
19	100%	SouthPark Mall Moline, Illinois		1974/1998		2015		860,000
20	100%	Stonewood Center(c) Downey, California		1953/1997		1991		932,000
21	100%	Superstition Springs Center Mesa, Arizona		1990/2002		2002		917,000
22	100%	Towne Mall Elizabethtown, Kentucky		1985/2005		1989		350,000

The Macerich Company

Property Listing

December 31, 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		808,000
26	100%	Victor Valley, Mall of Victorville, California		1986/2004	2012		580,000
27	100%	Vintage Faire Mall Modesto, California		1977/1996	ongoing		914,000
28	100%	Wilton Mall Saratoga Springs, New York		1990/2005	1998		709,000

		Total Consolidated Centers					24,867,000

UNCONSOLIDATED JOINT VENTURE CENTERS:
29	60%	Arrowhead Towne Center Glendale, Arizona		1993/2002	2015		1,076,000
30	50%	Biltmore Fashion Park Phoenix, Arizona		1963/2003	2020		597,000
31	50%	Broadway Plaza Walnut Creek, California		1951/1985	2016		920,000
32	50.1%	Corte Madera, The Village at Corte Madera, California		1985/1998	2020		500,000
33	50%	Country Club Plaza Kansas City, Missouri		1922/2016	2015		947,000
34	51%	Deptford Mall Deptford, New Jersey		1975/2006	2020		950,000
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		2,071,000
38	60%	Los Cerritos Center Cerritos, California		1971/1999	2016		1,022,000
39	50%	North Bridge, The Shops at(c) Chicago, Illinois		1998/2008	—		669,000
40	50%	Scottsdale Fashion Square Scottsdale, Arizona		1961/2002	2020		1,843,000
41	60%	South Plains Mall Lubbock, Texas		1972/1998	2017		1,145,000
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		693,000

		Total Unconsolidated Joint Venture Centers					18,410,000

The Macerich Company

Property Listing

December 31, 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		850,000
47	100%	Paradise Valley Mall(d) Phoenix, Arizona		1979/2002		2009		1,198,000

		Total Regional Shopping Centers						45,325,000

COMMUNITY / POWER CENTERS:
1	50%	Atlas Park, The Shops at(f) Queens, New York		2006/2011		2013		374,000
2	50%	Boulevard Shops(f) Chandler, Arizona		2001/2002		2004		184,000
3	100%	Southridge Center(d) Des Moines, Iowa		1975/1998		2013		803,000
4	100%	Superstition Springs Power Center(d) Mesa, Arizona		1990/2002		—		206,000
5	100%	The Marketplace at Flagstaff(c)(d) Flagstaff, Arizona		2007/—		—		268,000

		Total Community / Power Centers						1,835,000

OTHER ASSETS:
	100%	Various(d)(g)		—		—		427,000
	83.2%	Estrella Falls(d) Goodyear, Arizona		2016		2016		79,000
	50%	Scottsdale Fashion Square-Office(f) Scottsdale, Arizona		1984/2002		2016		123,000
	50%	Tysons Corner Center-Office(f) Tysons Corner, Virginia		1999/2005		2012		174,000
	50%	Hyatt Regency Tysons Corner Center(f) Tysons Corner, Virginia		2015		2015		290,000
	50%	VITA Tysons Corner Center(f) Tysons Corner, Virginia		2015		2015		510,000
	50%	Tysons Tower(f) Tysons Corner, Virginia		2014		2014		529,000

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

		Total Other Assets						2,812,000

		Grand Total						49,972,000

(a)	The Company’s ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on pages 20 and 21 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 Consolidated Centers.

The Macerich Company

Property Listing

December 31, 2020

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

(f)	Included in Unconsolidated Joint Venture 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 December 31, 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 December 31, 2020.


Properties	Legal Ownership(a)			Economic Ownership(b)			Joint Venture	Total GLA(c)
Arrowhead Towne Center		60	%		60	%	New River Associates LLC		1,076,000
Atlas Park, The Shops at		50	%		50	%	WMAP, L.L.C.		374,000
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		920,000
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		500,000
Country Club Plaza		50	%		50	%	Country Club Plaza KC Partners LLC		947,000
Deptford Mall(d)		51	%		51	%	Macerich HHF Centers LLC		950,000
Estrella Falls		83.2	%		83.2	%	Westcor Goodyear RSC LLC		79,000
Fashion District Philadelphia		50	%		(g	)	Various Entities		850,000
FlatIron Crossing		51	%		51	%	Macerich HHF Centers LLC		1,428,000
Freehold Raceway Mall(d)(f)		50.1	%		50.1	%	Freehold Chandler Holdings LP		1,552,000
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		2,071,000
Los Angeles Premium Outlets		50	%		50	%	CAM-CARSON LLC		—
Los Cerritos Center(d)		60	%		60	%	Pacific Premier Retail LLC		1,022,000
North Bridge, The Shops at		50	%		50	%	North Bridge Chicago LLC		669,000
SanTan Village Regional Center		84.9	%		84.9	%	Westcor SanTan Village LLC		1,151,000
Scottsdale Fashion Square		50	%		50	%	Scottsdale Fashion Square Partnership		1,843,000
Scottsdale Fashion Square-Office		50	%		50	%	Scottsdale Fashion Square Partnership		123,000
Macerich Seritage Portfolio(h)		50	%		50	%	MS Portfolio LLC		795,000
South Plains Mall		60	%		60	%	Pacific Premier Retail LLC		1,145,000
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		693,000
One Westside(i)		25	%		25	%	HPP-MAC WSP, LLC		680,000

(a)

This column reflects the Company’s legal ownership in the listed properties as of December 31, 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 December 31, 2020

(b)

Economic ownership represents the allocation of cash flow to the Company as of December 31, 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 December 31, 2020.

(d)

These centers have a former Sears store which is owned by MS Portfolio LLC, see footnote (h) below. The GLA of the former Sears store, or tenant replacing the former Sears store, at the five 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 five 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 795,000 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 December 10, 2020, the Company made a loan (the Partnership Loan) to the 50/50 joint venture that owns Fashion District Philadelphia to fund the entirety of a $100 million repayment to reduce the mortgage loan on Fashion District Philadelphia from $301 million to $201 million. Pursuant to the joint venture partnership agreement, the Partnership Loan plus 15% accrued interest must first be repaid prior to the resumption of 50/50 cash distributions to the Company and its joint venture partner.

(h)

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. On December 31, 2020, the Company traded its 50% interest in the former Sears parcel at Arrowhead Towne Center for its partner’s 50% interest in the former Sears parcel at South Plains Mall, such that the Company now owns 100% of the former Sears parcel at South Plains Mall. 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 26 for details of the Former Sears Redevelopments at these properties.

(i)

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

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


	As of December 31, 2020
	Fixed Rate			Floating Rate			Total
	(Dollars in thousands)
Mortgage notes payable	$	3,931,397		$	629,413		$	4,560,810
Bank and other notes payable		400,000			1,077,540			1,477,540

Total debt per Consolidated Balance Sheet		4,331,397			1,706,953			6,038,350
Adjustments:
Less: Noncontrolling interests or financing arrangement share of debt from consolidated joint ventures		(359,317	)		(100,500	)		(459,817	)

Adjusted Consolidated Debt		3,972,080			1,606,453			5,578,533
Add: Company’s share of debt from unconsolidated joint ventures		3,027,286			69,257			3,096,543

Total Company’s Pro Rata Share of Debt	$	6,999,366		$	1,675,710		$	8,675,076

Weighted average interest rate		3.98	%		2.27	%		3.65	%
Weighted average maturity (years)								4.21

(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 December 31, 2020
Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate (a)			Fixed		Floating		Total Debt Balance (a)
I. Consolidated Assets:
Green Acres Mall (b)		02/03/21		3.61	%	$	270,570		—	$	270,570
Danbury Fair Mall		04/01/21		5.56	%		186,741		—		186,741
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	%		62,018		—		62,018
Pacific View		04/01/22		4.08	%		114,909		—		114,909
Oaks, The		06/05/22		4.14	%		183,108		—		183,108
Towne Mall		11/01/22		4.48	%		19,815		—		19,815
Fashion Outlets of Niagara Falls USA		10/06/23		6.45	%		101,463		—		101,463
Chandler Fashion Center (d)		07/05/24		4.18	%		127,936		—		127,936
Victor Valley, Mall of		09/01/24		4.00	%		114,791		—		114,791
Queens Center		01/01/25		3.49	%		600,000		—		600,000
Vintage Faire Mall		03/06/26		3.55	%		246,380		—		246,380
Fresno Fashion Fair		11/01/26		3.67	%		323,857		—		323,857
SanTan Village Regional Center (e)		07/01/29		4.34	%		186,215		—		186,215
Freehold Raceway Mall (d)		11/01/29		3.94	%		199,671		—		199,671
Kings Plaza Shopping Center		01/01/30		3.71	%		535,413		—		535,413
Fashion Outlets of Chicago		02/01/31		4.61	%		299,193		—		299,193

Total Fixed Rate Debt for Consolidated Assets				4.05	%	$	3,972,080	$	—	$	3,972,080

Green Acres Commons		03/29/21		2.87	%	$	—	$	129,847	$	129,847
The Macerich Partnership, L.P. - Line of Credit (c)		07/06/21		2.14	%		—		1,077,540		1,077,540
Santa Monica Place (f)		12/09/22		1.88	%		—		298,566		298,566
Fashion District Philadelphia (f) (g)		01/22/24		4.00	%		—		100,500		100,500

Total Floating Rate Debt for Consolidated Assets				2.26	%	$	—	$	1,606,453	$	1,606,453

Total Debt for Consolidated Assets				3.53	%	$	3,972,080	$	1,606,453	$	5,578,533

II. Unconsolidated Assets (At Company’s pro rata share):
FlatIron Crossing (51%)		01/05/22		4.38	%	$	102,598	$	—	$	102,598
One Westside - defeased (25%)		10/01/22		4.77	%		32,927		—		32,927
Washington Square Mall (60%)		11/01/22		3.65	%		323,302		—		323,302
Deptford Mall (51%)		04/03/23		3.55	%		87,936		—		87,936
Scottsdale Fashion Square (50%)		04/03/23		3.02	%		217,444		—		217,444
Tysons Corner Center (50%)		01/01/24		4.13	%		364,167		—		364,167
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	%		154,868		—		154,868
Lakewood Center (60%)		06/01/26		4.15	%		210,653		—		210,653
Kierland Commons (50%)		04/01/27		3.98	%		104,749		—		104,749
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 December 31, 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	%		187,099			—			187,099
Corte Madera, The Village at (50.1%)		09/01/28		3.53	%		112,425			—			112,425
West Acres - Development (19%)		10/10/29		3.72	%		431			—			431
Tysons Tower (50%)		11/11/29		3.38	%		94,442			—			94,442
Tysons VITA (50%)		01/01/30		3.43	%		44,409			—			44,409
Broadway Plaza (50%)		04/01/30		4.19	%		224,515			—			224,515
West Acres (19%)		03/01/32		4.61	%		13,821			—			13,821

Total Fixed Rate Debt for Unconsolidated Assets				3.89	%	$	3,027,286		$	—		$	3,027,286

Atlas Park (50%)		10/28/21		2.43	%	$	—		$	34,157		$	34,157
Boulevard Shops (50%)		12/05/23		2.33	%		—			9,633			9,633
One Westside - Development (25%) (f)		12/18/24		2.18	%		—			25,467			25,467

Total Floating Rate Debt for Unconsolidated Assets				2.32	%	$	—		$	69,257		$	69,257

Total Debt for Unconsolidated Assets				3.85	%	$	3,027,286		$	69,257		$	3,096,543

Total Debt				3.65	%	$	6,999,366		$	1,675,710		$	8,675,076

Percentage to Total							80.68	%		19.32	%		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)	On January 22, 2021, the Company closed on a one-year extension of the loan to February 3, 2022, which also includes a one-year extension option to February 3, 2023. The interest rate remained unchanged, and the Company repaid $9 million of the outstanding loan balance at closing.

(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)	The property is owned by a consolidated joint venture. The loan amount represents the Company’s pro rata share of 50.1%.

(e)	The property is owned by a consolidated joint venture. The loan amount 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.

(g)	The property is owned by a consolidated joint venture. The loan amount represents the Company’s pro rata share of 50.0%.

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Development Pipeline Forecast

(Dollars in millions)

as of December 31, 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
12/31/2020

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 December 31, 2020

Pipeline of Former Sears Redevelopments:


	Project Type	Ownership		Total Cost (a)(b) Pro rata	Pro rata Capitalized Costs 12/31/20 Incurred-to-Date(b)		Stabilized Yield(a)(b)(c)
	Retail Redevelopment			$75 - $90	$	34	8.0% - 9.0%
	Mixed-Use Densification			55 - 70		4	9.0% - 10.5%
(d)	Future Phases			TBD		0	TBD

	Total		various	$130 - $160	$	38


	Property	Description	Delivered/ Expected Delivery(e)

	Retail Redevelopment:
(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
	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
December 31, 2020	$	12.47	$	6.42	$	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