SEC Filing | Macerich

THE MACERICH COMPANY

By: Scott W. Kingsmore

November 3, 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): November 3, 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 November 3, 2021, The Macerich Company (the “Company) released its financial results for the three and nine months ended September 30, 2021 by posting to its website a financial supplement containing financial and operating information of the Company (“Earnings Results & Supplemental Information”) and such Earnings Results & Supplemental Information is furnished as Exhibit 99.1 hereto.

The Earnings Results & Supplemental Information included as an exhibit with this report is 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 Earnings Results & Supplemental Information included as an exhibit with this report is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC.

ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS.

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

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

(d) Exhibit.

Exhibit Index attached hereto and incorporated herein by reference.

EXHIBIT INDEX


EXHIBIT NUMBER		NAME

99.1		Earnings Results & Supplemental Information for the Three and Nine Months Ended September 30, 2021

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

Earnings Results & Supplemental Information

For the Three and Nine Months Ended September 30, 2021

LOGO

The Macerich Company

Earnings Results & Supplemental Information

For the Three and Nine Months Ended September 30, 2021

Table of Contents

All information included in this supplemental financial package is unaudited, unless otherwise indicated.


	Page No.
Executive Summary & Financial Highlights		1-10
Executive Summary		1-5
Financial Highlights		6-10
Capital Information		11-12
Capital Information and Market Capitalization		11
Changes in Total Common and Equivalent Shares/Units		12
Financial Data		13-20
Consolidated Statements of Operations (Unaudited)		13
Consolidated Balance Sheet (Unaudited)		14
Non-GAAP Pro Rata Financial Information (Unaudited)		15-17
2021 Earnings Guidance		18
Supplemental FFO Information		19
Capital Expenditures		20
Operational Data		21-29
Portfolio Occupancy		21
Average Base Rent Per Square Foot		22
Percentage of Net Operating Income by State		23
Property Listing		24-27
Joint Venture List		28-29
Debt Tables		30-32
Debt Summary		30
Outstanding Debt by Maturity Date		31-32
Development Pipeline		33-34
Corporate Information		35

The Macerich Company

Executive Summary

September 30, 2021

LOGO

We own 49 million square feet of real estate consisting primarily of interests in 45 regional town centers. We specialize in successful retail properties in many of the country’s most attractive, densely populated markets with a significant presence on the West Coast, and in Arizona 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 seven straight years (2015 – 2021).

General Updates:

Tenant sales and property traffic momentum that propelled our properties through the spring has carried through the summer. Despite the COVID-19 case rate surges from the Delta variant, customer traffic returned to pre-COVID levels in mid-summer and tenant sales continued to trend significantly upward in aggregate. Following a robust second quarter of 2021 in which portfolio comparable tenant sales from spaces less than 10,000 square feet were 14% higher than the pre-COVID second quarter of 2019, third quarter sales on the same reporting basis then similarly eclipsed the pre-COVID third quarter of 2019 by 14%.

Portfolio occupancy as of September 30, 2021 showed continued improvement at 90.3%, a 90 basis point increase relative to the 89.4% occupancy rate on June 30, 2021. Over the past six months, portfolio occupancy has now increased 180 basis points relative to the 88.5% portfolio occupancy rate at March 31, 2021. We continue to experience strong demand and breadth of uses within the leasing environment, which we believe will be a prominent internal growth catalyst over the coming years. For the nine months ended September 30, 2021, we have signed 707 leases for approximately 3.0 million square feet, which represents an impressive 26% increase over the same pre-COVID nine month period ended September 30, 2019.

Financial Results for the Quarter:

•

Net income attributable to The Macerich Company (the “Company”) was $106.7 million or $0.50 per share-diluted for the quarter ended September 30, 2021, compared to net loss attributable to the Company of $22.2 million or $0.15 per share-diluted attributable to the Company for the quarter ended September 30, 2020.

•

Funds from Operations (“FFO”), excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt, was $101.4 million or $0.45 per share-diluted during the third quarter of 2021, compared to $83.4 million or $0.52 per share-diluted for the quarter ended September 30, 2020.

•

Same center net operating income (“NOI”), including lease termination income, increased 21.4% in the third quarter of 2021 compared to the third quarter of 2020. Same center NOI, excluding lease termination income, increased 20.6% in the third quarter of 2021 compared to the third quarter of 2020.

The Macerich Company

Executive Summary

September 30, 2021

Operations:

•

Portfolio comparable tenant sales from spaces less than 10,000 square feet in the third quarter of 2021 were 14% higher than the pre-COVID third quarter of 2019.

•

At Chandler Fashion Center, we recently announced that we are adding Scheel’s All Sports in the former Nordstrom location, and we also executed leases with Target at Kings Plaza, a soon-to-be announced fitness anchor at Scottsdale Fashion Square and Pinstripes at Broadway Plaza. We believe that each of these deals will greatly enhance the productivity and diversity of the tenant mix, as well as significantly increase customer traffic.

•

Portfolio occupancy was 90.3% on September 30, 2021, a sequential 90 basis point improvement compared to 89.4% on June 30, 2021.

•

Average rent per square foot was $62.58 at September 30, 2021, which is a 0.5% increase relative to $62.29 as of September 30, 2020.

•

During the third quarter of 2021, we signed 219 leases for approximately 1.1 million square feet (excluding COVID workout deals), which represents a 15% increase compared to the pre-COVID third quarter of 2019.

Redevelopment:

We anticipate development expenditures of approximately $100 million during each of 2021 and 2022, excluding the One Westside project, which is fully funded through a construction loan. Some recent redevelopment highlights include:

•

One Westside in Los Angeles, a 584,000 square foot creative office redevelopment, continues on budget with space delivery expected to Google during the fourth quarter of 2021, a few months ahead of schedule.

•

We have numerous near-term openings with many exciting and prominent larger-format users, including among others: Scheel’s All Sports at Chandler Fashion Center, Target at Kings Plaza, Lifetime Fitness at Broadway Plaza, Pinstripes at Broadway Plaza, Primark at Green Acres Mall and Tysons Corner Center, Whole Foods at Paradise Valley Mall to anchor that mixed-use redevelopment, Crunch Fitness at Deptford Mall in a portion of the former Sears store, Dave & Buster’s at Vintage Faire in a portion of the former Sears store, Bob’s Discount Furniture at Vintage Faire Mall and X-Lanes at Fresno Fashion Fair. During the third quarter of 2021, Primark opened at Fashion District of Philadelphia, Dior premiered at Scottsdale Fashion Square, Kids Empire debuted at SanTan Village, Ross opened at Pacific View and Shopper’s World opened in the former Century 21 location at Green Acres Mall.

•

In addition to other projects noted above, we continue to secure entitlements and/or plan transformative projects to redevelop: i) the former Bloomingdale’s and Arclight Theater spaces at Santa Monica Place with entertainment and office uses, ii) the former Lord & Taylor parcel at Tysons Corner Center with office and possibly flagship retail uses, iii) the former Sears parcels at both Washington Square and Los Cerritos Center with mixed-use densification expansions, and iv) FlatIron Crossing in Broomfield, Colorado with a multi-phased, mixed-use densification expansion for which we recently secured entitlements in October 2021.

The Macerich Company

Executive Summary

September 30, 2021

Balance Sheet:

As of the date of this filing, we have $100 million outstanding on our revolving line of credit. Total liquidity as of the date of this filing is approximately $610 million, including cash on hand and available capacity on our revolving line of credit.

As of September 30, 2021, total debt including our pro-rata share of joint ventures was $7.2 billion, at a weighted average annual effective interest rate of 3.99%. We continue to make progress de-leveraging with $1.5 billion of debt repaid year-to-date in 2021.

On September 17, 2021, we sold La Encantada in Tucson, AZ for $165.3 million, generating approximately $100 million of net cash proceeds, which were used to repay debt.

2021 Earnings Guidance:

At this time, we are increasing our 2021 guidance for both estimated EPS-diluted and FFO per share-diluted. A reconciliation of estimated EPS-diluted to FFO per share-diluted follows:


		Fiscal Year 2021 Guidance
EPS-diluted		$0.09 - $0.17
Plus: real estate depreciation and amortization		2.19 - 2.19
Less: gain on sale of depreciable assets		0.36 - 0.36

FFO per share-diluted		1.92 - 2.00
Plus: impact of financing expense in connection with Chandler Freehold		0.00 - 0.00
Plus: loss on extinguishment of debt		0.00 - 0.00

FFO per share – diluted, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt		$1.92 - $2.00

This guidance assumes no further government mandated shutdowns of our properties, and includes the previously reported sale of common equity totaling $848 million with no further sale of common equity assumed during 2021.

More details of the guidance assumptions are included on page 18.

The Macerich Company

Executive Summary

September 30, 2021

Dividend:

On October 28, 2021, we declared a quarterly cash dividend of $0.15 per share of common stock. The dividend is payable on December 3, 2021 to stockholders of record at the close of business on November 9, 2021.

Investor Conference Call:

We will provide an online Web simulcast and rebroadcast of our 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 3, 2021 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.

About Macerich and this Document:

The Company is a fully integrated, self-managed and self-administered real estate investment trust (“REIT”), which focuses on the acquisition, leasing, management, development and redevelopment of regional town centers throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the “Operating Partnership” or the “OP”) and conducts all of its operations through the Operating Partnership and the Company’s management companies (collectively, the “Management Companies”).

As of September 30, 2021, the Operating Partnership owned or had an ownership interest in 49 million square feet of gross leasable area (“GLA”) consisting primarily of interests in 45 regional town centers and five community/power shopping centers. These 50 centers (which include any related office space) are referred to hereinafter as the “Centers” unless the context requires otherwise.

All references to the Company in this document 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 document 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.

The Macerich Company

Executive Summary

September 30, 2021

Note: This document contains statements that constitute forward-looking statements which can be identified by the use of words, such as “will,” “expects,” “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “projects,” “scheduled” and similar expressions that do not relate to historical matters, and includes expectations regarding the Company’s future operational results as well as development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, 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. 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, 2020 for a discussion of such risks and uncertainties, which discussion is 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.

(See attached tables)

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	Unaudited						Unaudited
	2021			2020			2021			2020
Revenues:
Leasing revenue	$	197,135		$	175,506		$	573,657		$	554,981
Other income		8,215			4,334			25,391			16,595
Management Companies’ revenues		6,787			6,004			18,986			19,807

Total revenues		212,137			185,844			618,034			591,383

Expenses:
Shopping center and operating expenses		70,696			64,680			214,506			192,538
Management Companies’ operating expenses		14,601			13,031			44,465			45,697
Leasing expenses		6,200			5,544			18,003			19,622
REIT general and administrative expenses		7,599			7,589			22,365			22,652
Depreciation and amortization		75,465			78,605			231,491			241,112
Interest expense (a)		40,336			37,184			149,146			65,292
Loss on extinguishment of debt		1,007			—			1,007			—

Total expenses		215,904			206,633			680,983			586,913

Equity in (loss) income of unconsolidated joint ventures		(1,733	)		(12,513	)		20,212			(16,988	)
Income tax (expense) benefit		(107	)		(1,106	)		(9,452	)		684
Gain (loss) on sale or write down of assets, net		118,566			11,786			93,356			(28,784	)

Net income (loss)		112,959			(22,622	)		41,167			(40,618	)
Less net income (loss) attributable to noncontrolling interests		6,257			(431	)		9,834			(833	)

Net income (loss) attributable to the Company	$	106,702		($	22,191	)	$	31,333		($	39,785	)

Weighted average number of shares outstanding—basic		213,214			149,626			192,717			145,071

Weighted average shares outstanding, assuming full conversion of OP Units (b)		223,033			160,509			202,877			155,694

Weighted average shares outstanding—Funds From Operations (“FFO”)—diluted (b)		223,033			160,509			202,877			155,694

Earnings per share (“EPS”)—basic	$	0.50		($	0.15	)	$	0.16		($	0.28	)

EPS—diluted	$	0.50		($	0.15	)	$	0.16		($	0.28	)

Dividend paid per share	$	0.15		$	0.15		$	0.45		$	1.40

FFO—basic and diluted (b) (c)	$	107,098		$	98,471		$	303,548		$	360,021

FFO—basic and diluted, excluding financing expense in connection with Chandler Freehold (b) (c)	$	100,375		$	83,367		$	303,523		$	266,584

FFO—basic and diluted, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt (b) (c)	$	101,382		$	83,367		$	304,530		$	266,584

FFO per share—basic and diluted (b) (c)	$	0.48		$	0.61		$	1.50		$	2.31

FFO per share—basic and diluted, excluding financing expense in connection with Chandler Freehold (b) (c)	$	0.45		$	0.52		$	1.50		$	1.71

FFO per share—basic and diluted, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt (b) (c)	$	0.45		$	0.52		$	1.50		$	1.71

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 $10,306 and $12,608 to adjust for the change in the fair value of the financing arrangement obligation during the three and nine months ended September 30, 2021, respectively; and 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; (ii) distributions of $(985) and $(3,410) to its partner representing the partner’s share of net loss for the three and nine months ending September 30, 2021, respectively; and ($398) and $885 to its partner representing the partner’s share of net (loss) income for the three and nine months ended September 30, 2020, respectively; and (iii) distributions of $3,583 and $12,583 to its partner in excess of the partner’s share of net income for the three and nine months ended September 30, 2021, respectively; and $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.

(b)

The Operating Partnership 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 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 convertible securities.

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

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.

Reconciliation of net income (loss) 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 September 30,						For the Nine Months Ended September 30,
	Unaudited						Unaudited
	2021			2020			2021			2020
Net income (loss) attributable to the Company	$	106,702		($	22,191	)	$	31,333		($	39,785	)
Adjustments to reconcile net income (loss) attributable to the Company to FFO attributable to common stockholders and unit holders—basic and diluted:
Noncontrolling interests in the OP		5,922			(1,618	)		1,653			(2,912	)
(Gain) loss on sale or write down of consolidated assets, net		(118,566	)		(11,786	)		(93,356	)		28,784
Add: gain on undepreciated asset sales or write-down from consolidated assets		91			12,362			13,824			12,402
Loss on write down of consolidated non-real estate assets		—			(1,361	)		(2,200	)		(4,154	)
Noncontrolling interests share of (loss) gain on sale or write-down of consolidated joint ventures, net		(2	)		929			5,853			929
(Gain) loss on sale or write down of assets from unconsolidated joint ventures (pro rata), net		(38	)		71			41			77
Add: gain on undepreciated asset sales from unconsolidated joint ventures		38			—			38			—
Depreciation and amortization on consolidated assets		75,465			78,605			231,491			241,112
Less depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures		(4,173	)		(3,855	)		(13,333	)		(11,472	)
Depreciation and amortization on unconsolidated joint ventures (pro rata)		44,905			50,775			138,137			146,702
Less: depreciation on personal property		(3,246	)		(3,460	)		(9,933	)		(11,662	)

FFO attributable to common stockholders and unit holders—basic and diluted		107,098			98,471			303,548			360,021
Financing expense in connection with Chandler Freehold		(6,723	)		(15,104	)		(25	)		(93,437	)

FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold—basic and diluted		100,375			83,367			303,523			266,584
Loss on extinguishment of debt		1,007			—			1,007			—

FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt—basic and diluted	$	101,382		$	83,367		$	304,530		$	266,584

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

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
	2021			2020			2021			2020
EPS—diluted	$	0.50		($	0.15	)	$	0.16		($	0.28	)
Per share impact of depreciation and amortization of real estate		0.52			0.76			1.71			2.34
Per share impact of (gain) loss on sale or write down of assets, net		(0.54	)		—			(0.37	)		0.25

FFO per share—basic and diluted		0.48			0.61			1.50			2.31
Per share impact of financing expense in connection with Chandler Freehold.		(0.03	)		(0.09	)		—			(0.60	)

FFO per share—basic and diluted, excluding financing expense in connection with Chandler Freehold		0.45			0.52			1.50			1.71
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		$	0.52		$	1.50		$	1.71

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


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	Unaudited						Unaudited
	2021			2020			2021			2020
Net income (loss) attributable to the Company	$	106,702		($	22,191	)	$	31,333		($	39,785	)
Interest expense—consolidated assets		40,336			37,184			149,146			65,292
Interest expense—unconsolidated joint ventures (pro rata)		25,870			26,882			79,540			80,199
Depreciation and amortization—consolidated assets		75,465			78,605			231,491			241,112
Depreciation and amortization—unconsolidated joint ventures (pro rata)		44,905			50,775			138,137			146,702
Noncontrolling interests in the OP		5,922			(1,618	)		1,653			(2,912	)
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures		(7,111	)		(7,216	)		(21,760	)		(23,670	)
Loss on extinguishment of debt		1,007			—			1,007			—
(Gain) loss on sale or write down of assets, net—consolidated assets		(118,566	)		(11,786	)		(93,356	)		28,784
(Gain) loss on sale or write down of assets, net—unconsolidated joint ventures (pro rata)		(38	)		71			41			77
Add: Noncontrolling interests share of (loss) gain on sale or write-down of consolidated joint ventures, net		(2	)		929			5,853			929
Income tax expense (benefit)		107			1,106			9,452			(684	)
Distributions on preferred units		91			90			271			281

Adjusted EBITDA (d)	$	174,688		$	152,831		$	532,808		$	496,325

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

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


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	Unaudited						Unaudited
	2021			2020			2021			2020
Adjusted EBITDA (d)	$	174,688		$	152,831		$	532,808		$	496,325
REIT general and administrative expenses		7,599			7,589			22,365			22,652
Management Companies’ revenues		(6,787	)		(6,004	)		(18,986	)		(19,807	)
Management Companies’ operating expenses		14,601			13,031			44,465			45,697
Leasing expenses, including joint ventures at pro rata		6,776			6,043			19,861			21,432
Straight-line and above/below market adjustments		1,495			(9,887	)		(20,342	)		(22,691	)

NOI—All Centers		198,372			163,603			580,171			543,608
NOI of non-Same Centers		(5,223	)		(4,467	)		(50,089	)		(8,276	)

NOI—Same Centers (e)		193,149			159,136			530,082			535,332
Lease termination income of Same Centers		(12,185	)		(9,054	)		(21,133	)		(12,781	)

NOI—Same Centers, excluding lease termination income (e)	$	180,964		$	150,082		$	508,949		$	522,551

NOI—Same Centers percentage change, including lease termination income (e)		21.37	%					-0.98	%
NOI—Same Centers percentage change, excluding lease termination income (e)		20.58	%					-2.60	%

(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. The Company also presents Same Center NOI, excluding lease termination income, as the Company believes that it is useful for investors to evaluate operating performance without the impact of lease termination income.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization


	Period Ended
	9/30/2021			12/31/2020			12/31/2019
	(dollars in thousandes, except per share data)
Closing common stock price per share	$	16.71		$	10.67		$	26.92
52 week high	$	25.99		$	26.98		$	47.05
52 week low	$	6.42		$	4.81		$	25.53
Shares outstanding at end of period
Class A non participating convertible preferred units		99,565			103,235			90,619
Common shares and partnership units		223,127,854			160,751,189			151,892,138

Total common and equivalent shares/units outstanding		223,227,419			160,854,424			151,982,757

Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata		7,188,491			8,675,076			8,074,867
Equity market capitalization		3,730,130			1,716,317			4,091,376

Total market capitalization		10,918,621			10,391,393			12,166,243

Debt as a percentage of total market capitalization		65.8	%		83.5	%		66.4	%

Portfolio Capitalization at September 30, 2021

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, 2020		10,980,614			149,770,575		103,235			160,854,424
Conversion of partnership units to cash		(55	)		—		—			(55	)
Conversion of partnership units to common shares		(1,178,530	)		1,178,530		—			—
Issuance of shares from at-the-market (“ATM”) programs		—			45,992,318		—			45,992,318
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans		16,466			94,753		—			111,219

Balance as of March 31, 2021		9,818,495			197,036,176		103,235			206,957,906
Issuance of shares from at-the-market (“ATM”) programs		—			13,915,443		—			13,915,443
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans		—			218,035		—			218,035

Balance as of June 30, 2021		9,818,495			211,169,654		103,235			221,091,384
Conversion of partnership units to cash		(95	)		—		(3,670	)		(3,765	)
Issuance of shares from at-the-market (“ATM”) programs		—			2,122,016		—			2,122,016
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans		1,464			16,320		—			17,784

Balance as of September 30, 2021		9,819,864			213,307,990		99,565			223,227,419

THE MACERICH COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands)


	For the Three Months Ended September 30, 2021			For the Nine Months Ended September 30, 2021
Revenues:
Leasing revenue	$	197,135		$	573,657
Other income		8,215			25,391
Management Companies’ revenues		6,787			18,986

Total revenues		212,137			618,034

Expenses:
Shopping center and operating expenses		70,696			214,506
Management Companies’ operating expenses		14,601			44,465
Leasing expenses		6,200			18,003
REIT general and administrative expenses		7,599			22,365
Depreciation and amortization		75,465			231,491
Interest expense		40,336			149,146
Loss on extinguishment of debt		1,007			1,007

Total expenses		215,904			680,983
Equity in (loss) income of unconsolidated joint ventures		(1,733	)		20,212
Income tax expense		(107	)		(9,452	)
Gain on sale or write down of assets, net		118,566			93,356

Net income		112,959			41,167
Less net income attributable to noncontrolling interests		6,257			9,834

Net income attributable to the Company	$	106,702		$	31,333

TH MACERICH COMPANY

CONSOLIDATED BALANCE SHEET (UNAUDITED)

AS OF SEPTEMBER 30, 2021

(Dollars in thousands)


ASSETS:
Property, net (a)	$	6,330,391
Cash and cash equivalents		117,596
Restricted cash		55,514
Tenant and other receivables, net		175,290
Right-of-use assets, net		113,068
Deferred charges and other assets, net		252,021
Due from affiliates		2,977
Investments in unconsolidated joint ventures		1,365,369

Total assets	$	8,412,226


LIABILITIES AND EQUITY:
Mortgage notes payable	$	4,432,587
Bank and other notes payable		114,252
Accounts payable and accrued expenses		58,461
Lease liabilities		83,456
Other accrued liabilities		237,392
Distributions in excess of investments in unconsolidated joint ventures		129,517
Financing arrangement obligation		121,770

Total liabilities		5,177,435

Commitments and contingencies
Equity:
Stockholders’ equity:
Common stock		2,133
Additional paid-in capital		5,467,235
Accumulated deficit		(2,394,634	)

Total stockholders’ equity		3,074,734
Noncontrolling interests		160,057

Total equity		3,234,791

Total liabilities and equity	$	8,412,226

(a)	Includes construction in progress of $226,246.

THE MACERICH COMPANY

NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)

(DOLLARS IN THOUSANDS)


	For the Three Months Ended September 30, 2021					For the Nine Months Ended September 30, 2021
	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	$	(10,901	)	$	106,715	$	(34,031	)	$	303,086
Other income		(1,151	)		2,341		(3,638	)		44,926

Total revenues		(12,052	)		109,056		(37,669	)		348,012

Expenses:
Shopping center and operating expenses		(4,490	)		39,362		(13,030	)		107,673
Leasing expenses		(114	)		690		(551	)		2,409
Depreciation and amortization		(4,173	)		44,905		(13,333	)		138,137
Interest expense		(2,938	)		25,870		(8,427	)		79,540

Total expenses		(11,715	)		110,827		(35,341	)		327,759
Equity in income of unconsolidated joint ventures		—			1,733		—			(20,212	)
Gain/loss on sale or write down of assets, net		2			38		(5,853	)		(41	)

Net income		(335	)		—		(8,181	)		—
Less net income attributable to noncontrolling interests		(335	)		—		(8,181	)		—

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, 2021
	Noncontrolling Interests of Consolidated Joint Ventures (a)			Company’s Share of Unconsolidated Joint Ventures
ASSETS:
Property, net (b)	$	(484,327	)	$	4,140,561
Cash and cash equivalents		(12,648	)		106,081
Restricted cash		(1,490	)		15,261
Tenant and other receivables, net		(9,920	)		93,151
Right-of-use assets, net		(643	)		59,148
Deferred charges and other assets, net		(28,434	)		123,275
Due from affiliates		548			(1,893	)
Investments in unconsolidated joint ventures, at equity		—			(1,365,369	)

Total assets	$	(536,914	)	$	3,170,215


LIABILITIES AND EQUITY:
Mortgage notes payable	$	(456,761	)	$	3,066,137
Bank and other notes payable		—			32,276
Accounts payable and accrued expenses		(3,813	)		49,940
Lease liabilities		(2,411	)		58,884
Other accrued liabilities		(24,526	)		92,495
Distributions in excess of investments in unconsolidated joint ventures		—			(129,517	)
Financing arrangement obligation		(121,770	)		—

Total liabilities		(609,281	)		3,170,215

Equity:
Stockholders’ equity		90,910			—
Noncontrolling interests		(18,543	)		—

Total equity		72,367			—

Total liabilities and equity	$	(536,914	)	$	3,170,215

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

(b)	This includes $4,072 of construction in progress relating to the Company’s partners’ share from consolidated joint ventures and $350,145 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, 2021
	Consolidated			Non- Controlling Interests (a)			Company’s Consolidated Share			Company’s Share of Unconsolidated Joint Ventures			Company’s Total Share
Revenues:
Minimum rents	$	125,371		$	(6,161	)	$	119,210		$	70,236		$	189,446
Percentage rents		13,732			(1,228	)		12,504			6,707			19,211
Tenant recoveries		53,123			(3,212	)		49,911			28,474			78,385
Other		6,547			(382	)		6,165			2,046			8,211
Less: Bad debt expense		(1,638	)		82			(1,556	)		(748	)		(2,304	)

Total leasing revenue	$	197,135		$	(10,901	)	$	186,234		$	106,715		$	292,949


	For the Nine Months Ended September 30, 2021
	Consolidated		Non- Controlling Interests (a)			Company’s Consolidated Share		Company’s Share of Unconsolidated Joint Ventures		Company’s Total Share
Revenues:
Minimum rents	$	362,866	$	(20,263	)	$	342,603	$	203,198	$	545,801
Percentage rents		30,971		(2,775	)		28,196		15,013		43,209
Tenant recoveries		159,045		(9,742	)		149,303		77,964		227,267
Other		16,506		(955	)		15,551		5,881		21,432
Less: Bad debt expense		4,269		(296	)		3,973		1,030		5,003

Total leasing revenue	$	573,657	$	(34,031	)	$	539,626	$	303,086	$	842,712

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

The Macerich Company

2021 Earnings Guidance (unaudited)

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


		Fiscal Year 2021 Guidance
EPS-diluted		$0.09 - $0.17
Plus: real estate depreciation and amortization		2.19 - 2.19
Less: gain on sale of depreciable assets		0.36 - 0.36

FFO per share-diluted		1.92 - 2.00
Plus: impact of financing expense in connection with Chandler Freehold		0.00 - 0.00
Plus: loss on extinguishment of debt		0.00 - 0.00

FFO per share – diluted, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt		$1.92 - $2.00

This guidance assumes no further government mandated shutdowns of our properties and includes the previously reported sale of common equity totaling $848 million at an average price of $13.67, with no further sale of common equity assumed during 2021.



*Underlying Assumptions to 2021 Guidance:*



	Year 2021 ($ millions)(a)			Year 2021 FFO / Share Impact
Lease termination income		$28		$0.13
Bad debt expense reversal		$3		$0.01
Dilutive impact of assets sold in 2021(b)		($3	)	($0.02)
Straight-line rental income		$22		$0.10
Amortization of acquired above and below-market leases (net-revenue)		$5		$0.02
Interest expense(c)		$288		$1.39
Capitalized interest		$23		$0.11

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

(b)	Assumes net proceeds generated from asset sales (excluding land dispositions) totaling approximately $200 million.

(c)	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 September 30,
	2021		2020
	dollars in millions
Straight-line rent receivable	$	173.5	$	135.6


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2021			2020			2021			2020
	dollars in millions
Lease termination income	$	12.3		$	9.1		$	21.4		$	12.8
Straight-line rental income	$	(2.6	)	$	7.2		$	16.5		$	8.5
Business development and parking income (b)	$	14.9		$	10.0		$	37.7		$	29.8
Gain on sales or write down of undepreciated assets	$	0.1		$	12.4		$	13.9		$	12.4
Amortization of acquired above and below-market leases (net revenue)	$	1.1		$	2.7		$	3.8		$	14.1
Amortization of debt (discounts) premiums	$	(0.3	)	$	0.2		$	(0.9	)	$	0.7
Bad debt expense (income) (c)	$	2.3		$	17.1		$	(5.0	)	$	59.3
Leasing expenses	$	6.8		$	6.0		$	19.9		$	21.4
Interest capitalized	$	6.9		$	5.2		$	16.6		$	16.9

Chander Freehold financing arrangement (d):
Distributions equal to partners’ share of net (loss) income	$	(1.0	)	$	(0.4	)	$	(3.4	)	$	0.9
Distributions in excess of partners’ share of net income (e)		3.6			0.4			12.6			3.4
Fair value adjustment (e)		(10.3	)		(15.5	)		(12.6	)		(96.8	)

Total Chandler Freehold financing arrangement expense (income) (d)	$	(7.7	)	$	(15.5	)	$	(3.4	)	$	(92.5	)

(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 nine months ended September 30, 2021 and 2020.

(d)	Included in interest expense.

(e)	The Company presents 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 12/31/2020		Year Ended 12/31/2019
	9/30/2021		9/30/2020		Year Ended 12/31/2020		Year Ended 12/31/2019
	dollars in millions
Consolidated Centers
Acquisitions of property, building improvement and equipment	$	13.1	$	8.9	$	9.6	$	34.8
Development, redevelopment, expansions and renovations of Centers		34.7		28.1		38.4		112.3
Tenant allowances		13.4		8.2		12.4		18.9
Deferred leasing charges		2.0		2.2		3.0		3.2

Total	$	63.2	$	47.4	$	63.4	$	169.2

Unconsolidated Joint Venture Centers
Acquisitions of property, building improvement and equipment	$	7.4	$	5.9	$	6.5	$	12.3
Development, redevelopment, expansions and renovations of Centers		41.8		86.5		109.9		210.6
Tenant allowances		6.9		2.0		4.8		9.3
Deferred leasing charges		2.1		1.2		2.1		3.4

Total	$	58.2	$	95.6	$	123.3	$	235.6

(a)	All joint venture amounts at pro rata.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Portfolio Occupancy(a)


Period Ended	Consolidated Centers			Unconsolidated Joint Venture Centers			Total Centers
09/30/2021		89.3	%		91.4	%		90.3	%
09/30/2020		90.4	%		91.2	%		90.8	%
12/31/2020		89.6	%		89.8	%		89.7	%
12/31/2019		93.7	%		94.4	%		94.0	%

(a)	Portfolio Occupancy is the percentage of mall and freestanding Gross Leaseable Area (“GLA”) leased as of the last day of the reporting period. Portfolio 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 Twelve Months Ended(c)		Average Base Rent PSF on Leases Expiring During the Twelve Months Ended(d)
Consolidated Centers
09/30/2021	$	60.43	$	50.19	$	55.59
09/30/2020	$	59.92	$	52.56	$	52.41
12/31/2020	$	59.63	$	48.06	$	52.60
12/31/2019	$	58.76	$	53.29	$	53.20
Unconsolidated Joint Venture Centers
09/30/2021	$	66.69	$	65.78	$	59.28
09/30/2020	$	66.99	$	63.95	$	55.26
12/31/2020	$	66.34	$	57.23	$	52.62
12/31/2019	$	65.67	$	73.05	$	65.22
All Regional Town Centers
09/30/2021	$	62.58	$	55.23	$	56.65
09/30/2020	$	62.29	$	55.83	$	53.22
12/31/2020	$	61.87	$	50.69	$	52.60
12/31/2019	$	61.06	$	59.15	$	56.50

(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

September 30, 2021

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		1,020,000
5	50%	Fashion District Philadelphia Philadelphia, Pennsylvania		1977/2014		2019		818,000
6	100%	Fashion Outlets of Chicago Rosemont, Illinois		2013/—		—		538,000
7	100%	Fashion Outlets of Niagara Falls USA Niagara Falls, New York		1982/2011		2014		689,000
8	50.1%	Freehold Raceway Mall Freehold, New Jersey		1990/2005		2007		1,552,000
9	100%	Fresno Fashion Fair Fresno, California		1970/1996		2006		979,000
10	100%	Green Acres Mall(c) Valley Stream, New York		1956/2013		2016		2,104,000
11	100%	Inland Center San Bernardino, California		1966/2004		2016		627,000
12	100%	Kings Plaza Shopping Center(c) Brooklyn, New York		1971/2012		2018		1,137,000
13	100%	La Cumbre Plaza(c) Santa Barbara, California		1967/2004		1989		492,000
14	100%	NorthPark Mall Davenport, Iowa		1973/1998		2001		929,000
15	100%	Oaks, The Thousand Oaks, California		1978/2002		2017		1,205,000
16	100%	Pacific View Ventura, California		1965/1996		2001		886,000
17	100%	Queens Center(c) Queens, New York		1973/1995		2004		965,000
18	100%	Santa Monica Place Santa Monica, California		1980/1999		2015		479,000
19	84.9%	SanTan Village Regional Center Gilbert, Arizona		2007/—		2018		1,151,000
20	100%	SouthPark Mall Moline, Illinois		1974/1998		2015		860,000
21	100%	Stonewood Center(c) Downey, California		1953/1997		1991		932,000
22	100%	Superstition Springs Center Mesa, Arizona		1990/2002		2002		917,000
23	100%	Towne Mall Elizabethtown, Kentucky		1985/2005		1989		350,000

The Macerich Company

Property Listing

September 30, 2021


Count	Company’s Ownership(a)	Name of Center/Location	Year of Original Construction/ Acquisition		Year of Most Recent Expansion/ Renovation	Total GLA(b)
24	100%	Valley Mall Harrisonburg, Virginia		1978/1998	1992		502,000
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	2020		711,000

		Total Consolidated Centers					25,409,000

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		915,000
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		999,000
35	51%	FlatIron Crossing Broomfield, Colorado		2000/2002	2009		1,412,000
36	50%	Kierland Commons Scottsdale, Arizona		1999/2005	2003		437,000
37	60%	Lakewood Center Lakewood, California		1953/1975	2008		1,981,000
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		1,152,000
42	51%	Twenty Ninth Street(c) Boulder, Colorado		1963/1979	2007		845,000
43	50%	Tysons Corner Center Tysons Corner, Virginia		1968/2005	2014		1,975,000
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					18,359,000

		Total Regional Town Centers					43,768,000

The Macerich Company

Property Listing

September 30, 2021


Count	Company’s Ownership(a)	Name of Center/Location	Year of Original Construction/ Acquisition		Year of Most Recent Expansion/ Renovation		Total GLA(b)
COMMUNITY / POWER CENTERS:
1	50%	Atlas Park, The Shops at(d) Queens, New York		2006/2011		2013		374,000
2	50%	Boulevard Shops(d) Chandler, Arizona		2001/2002		2004		184,000
3	100%	Southridge Center(e) Des Moines, Iowa		1975/1998		2013		803,000
4	100%	Superstition Springs Power Center(e) Mesa, Arizona		1990/2002		—		206,000
5	100%	The Marketplace at Flagstaff(c)(e) Flagstaff, Arizona		2007/—		—		268,000

		Total Community / Power Centers						1,835,000

OTHER ASSETS:
	100%	Various(e)(f)		—		—		348,000
	50%	Scottsdale Fashion Square-Office(d) Scottsdale, Arizona		1984/2002		2016		123,000
	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)(g) Los Angeles, California		1985/1998		ongoing		680,000
	5%	Paradise Valley Mall (d)(h) Phoenix, Arizona		1979/2002		ongoing		304,000

		Total Other Assets						2,958,000

		Grand Total						48,561,000

The Company owned or had an ownership interest in 45 regional town centers, five community/power shopping centers and office, hotel and residential space adjacent to these shopping centers. With the exception of the nine Centers indicated with footnote (c) in the table above, 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.

(a)	The Company’s ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on pages 28 and 29 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.

The Macerich Company

Property Listing

September 30, 2021

(d)	Included in Unconsolidated Joint Venture Centers.

(e)	Included in Consolidated Centers.

(f)

The Company owns an office building and four stores located at shopping centers not owned by the Company. Of the four stores, one is leased to Kohl’s, and three have been leased for non-Anchor uses. With respect to the office building and two of the four stores, the underlying land is owned in fee entirely by the Company. With respect to the remaining two stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases.

(g)

(h)

On March 29, 2021, the Company sold the former Paradise Valley Mall for $100 million to a newly formed joint venture and retained a 5% joint venture interest. Construction started in Summer 2021 on the first phase of a multi-phase, multi-year project to convert this former regional town center Paradise Valley Mall into a mixed-use development with high-end grocery, restaurants, multi-family residences, offices, retail shops and other elements on the 92-acre site. The existing Costco and JC Penney stores currently remain open, while all of the other stores at the property have closed.

The Macerich Company

Joint Venture List as of September 30, 2021

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, 2021.


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		50	%		50	%	Macerich HHF Broadway Plaza LLC		915,000
Chandler Fashion Center(d)(e)		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		999,000
Fashion District Philadelphia		50	%		(f	)	Various Entities		818,000
FlatIron Crossing		51	%		51	%	Macerich HHF Centers LLC		1,412,000
Freehold Raceway Mall(d)(e)		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		1,981,000
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
One Westside(g)		25	%		25	%	HPP-MAC WSP, LLC		680,000
Paradise Valley Mall(h)		5	%		5	%	PV Land SPE, LLC		304,000
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(i)		50	%		50	%	MS Portfolio LLC		795,000
South Plains Mall		60	%		60	%	Pacific Premier Retail LLC		1,152,000
Twenty Ninth Street		51	%		51	%	Macerich HHF Centers LLC		845,000
Tysons Corner Center		50	%		50	%	Tysons Corner LLC		1,975,000
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

(a)

This column reflects the Company’s legal ownership in the listed properties as of September 30, 2021. 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, 2021

(b)

Economic ownership represents the allocation of cash flow to the Company as of September 30, 2021, 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, 2021.

(d)

These centers have a former Sears store which is owned by MS Portfolio LLC, see footnote (i) 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)

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.

(f)

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. The principal balance of the Partnership Loan at September 30, 2021 was $110.0 million.

(g)

Construction is underway to convert former regional town 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 Company contributed the existing buildings and land valued at $190.0 million to the joint venture on August 31, 2018. Refer to the Development Pipeline Forecast on page 33 for more details.

(h)

(i)

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 34 for details of the Former Sears Redevelopments at these properties.

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

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


	As of September 30, 2021
	Fixed Rate			Floating Rate			Total
	(Dollars in thousands)
Mortgage notes payable	$	4,208,205		$	224,382		$	4,432,587
Bank and other notes payable		—			114,252			114,252

Total debt per Consolidated Balance Sheet		4,208,205			338,634			4,546,839
Adjustments:
Less: Noncontrolling interests or financing arrangement share of debt from consolidated joint ventures		(359,460	)		(97,301	)		(456,761	)

Adjusted Consolidated Debt		3,848,745			241,333			4,090,078
Add: Company’s share of debt from unconsolidated joint ventures		2,999,512			98,901			3,098,413

Total Company’s Pro Rata Share of Debt	$	6,848,257		$	340,234		$	7,188,491

Weighted average interest rate		4.02	%		3.30	%		3.99	%
Weighted average maturity (years)								4.40

(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, 2021
Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate (a)			Fixed		Floating		Total Debt Balance (a)
I. Consolidated Assets:
Pacific View		04/01/22		4.08	%	$	112,351	$	—	$	112,351
Oaks, The		06/05/22		4.14	%		178,071		—		178,071
Danbury Fair Mall		07/01/22		5.71	%		170,171		—		170,171
Towne Mall		11/01/22		4.48	%		19,447		—		19,447
Santa Monica Place - Swapped (b),(c)		12/09/22		4.58	%		299,127		—		299,127
Green Acres Mall (c)		02/03/23		3.94	%		247,537		—		247,537
Green Acres Commons - Swapped (d)		03/29/23		5.60	%		95,000		—		95,000
Fashion Outlets of Niagara Falls USA		10/06/23		6.45	%		97,420		—		97,420
Chandler Fashion Center (e)		07/05/24		4.18	%		128,006		—		128,006
Victor Valley, Mall of		09/01/24		4.00	%		114,835		—		114,835
Queens Center		01/01/25		3.49	%		600,000		—		600,000
Vintage Faire Mall		03/06/26		3.55	%		241,715		—		241,715
Fresno Fashion Fair		11/01/26		3.67	%		324,006		—		324,006
SanTan Village Regional Center (f)		07/01/29		4.34	%		186,273		—		186,273
Freehold Raceway Mall (e)		11/01/29		3.94	%		199,734		—		199,734
Kings Plaza Shopping Center		01/01/30		3.71	%		535,799		—		535,799
Fashion Outlets of Chicago		02/01/31		4.61	%		299,253		—		299,253

Total Fixed Rate Debt for Consolidated Assets				4.12	%	$	3,848,745	$	—	$	3,848,745

Green Acres Commons		03/29/23		3.10	%	$	—	$	29,780	$	29,780
Fashion District Philadelphia (c),(g)		01/22/24		4.00	%		—		97,301		97,301
The Macerich Partnership, L.P. - Line of Credit (c)		04/14/24		3.69	%		—		114,252		114,252

Total Floating Rate Debt for Consolidated Assets				3.74	%	$	—	$	241,333	$	241,333

Total Debt for Consolidated Assets				4.10	%	$	3,848,745	$	241,333	$	4,090,078

II. Unconsolidated Assets (At Company’s pro rata share):
FlatIron Crossing (51%)		01/05/22		4.38	%	$	101,009	$	—	$	101,009
One Westside - defeased (25%)		10/01/22		4.77	%		32,276		—		32,276
Washington Square Mall (60%)		11/01/22		3.65	%		318,508		—		318,508
Deptford Mall (51%)		04/03/23		3.55	%		85,933		—		85,933
Scottsdale Fashion Square (50%)		04/03/23		3.02	%		211,718		—		211,718
Tysons Corner Center (50%)		01/01/24		4.13	%		356,433		—		356,433
Paradise Valley (5%) (c)		09/29/24		5.00	%		2,889		—		2,889
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	%		152,603		—		152,603
Lakewood Center (60%)		06/01/26		4.15	%		207,512		—		207,512
Kierland Commons (50%)		04/01/27		3.98	%		102,930		—		102,930
Los Cerritos Center (60%)		11/01/27		4.00	%		315,000		—		315,000
Arrowhead Towne Center (60%)		02/01/28		4.05	%		240,000		—		240,000
North Bridge, The Shops at (50%)		06/01/28		3.71	%		186,280		—		186,280
Corte Madera, The Village at (50.1%)		09/01/28		3.53	%		112,455		—		112,455
West Acres - Development (19%)		10/10/29		3.72	%		432		—		432
Tysons Tower (50%)		10/11/29		3.38	%		94,490		—		94,490

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date


	As of September 30, 2021
Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate (a)			Fixed			Floating			Total Debt Balance (a)
Broadway Plaza (50%)		04/01/30		4.19	%		224,554			—			224,554
Tysons VITA (50%)		12/01/30		3.43	%		44,459			—			44,459
West Acres (19%)		03/01/32		4.61	%		13,531			—			13,531

Total Fixed Rate Debt for Unconsolidated Assets				3.89	%	$	2,999,512		$	-		$	2,999,512

Atlas Park (50%) (h)		10/28/21		2.36	%	$	—		$	33,908		$	33,908
Boulevard Shops (50%)		12/05/23		2.30	%		—			10,721			10,721
One Westside - Development (25%) (c)		12/18/24		2.12	%		—			54,272			54,272

Total Floating Rate Debt for Unconsolidated Assets				2.22	%	$	—		$	98,901		$	98,901

Total Debt for Unconsolidated Assets				3.84	%	$	2,999,512		$	98,901		$	3,098,413

Total Debt				3.99	%	$	6,848,257		$	340,234		$	7,188,491

Percentage to Total							95.27	%		4.73	%		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 loan includes an interest rate swap that effectively converts $300 million of the outstanding balance to fixed rate debt through September 30, 2021, the expiration of the interest rate swap. This swap was previously hedged against the Company’s prior revolving line of credit that was terminated in April 2021. The Company did not renew the swaps that expired on September 30, 2021 and as of October 1, 2021, this loan is now floating with an effective rate of 1.81%.

(c)	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.

(d)

The loan includes an interest rate swap that effectively converts $95 million of the outstanding balance to fixed rate debt through September 30, 2021, the expiration of the interest rate swap. This swap was previously hedged against the Company’s revolving line of credit that was terminated in April 2021. The Company did not renew the swaps that expired on September 30, 2021 and as of October 1, 2021, this loan is now floating with an effective rate of 3.10%.

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

(f)	The property is owned by a consolidated joint venture. The loan amount represents the Company’s pro rata share of 84.9%.

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

(h)	On October 26, 2021, the Company’s joint venture closed on a refinance loan totaling $65 million. The term of this loan is five years including extension options, and it bears a floating interest rate of LIBOR plus 4.15%.

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Development Pipeline Forecast

(Dollars in millions)

as of September 30, 2021

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
09/30/2021

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)

100

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 4 and 5 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, 2021

Pipeline of Former Sears Redevelopments:


	Project Type	Ownership		Total Cost (a)(b) Pro rata	Pro rata Capitalized Costs 09/30/21 Incurred-to-Date(b)		Stabilized Yield(a)(b)(c)
	Retail Redevelopment			$75 - $90	$	36	8.0% - 9.0%
	Mixed-Use Densification			55 - 70		4	9.0% - 10.5%
(d)	Future Phases			TBD		0	TBD

	Total		various	$130 - $160	$	40


	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 & Buster’s and additional retail uses		Q2-2022
	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 4 and 5 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 2021, 2020 and 2019 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, 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
March 31, 2021	$	25.99	$	10.31	$	0.15
June 30, 2021	$	18.88	$	11.67	$	0.15
September 30, 2021	$	18.79	$	14.85	$	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 505000 Louisville, KY 40233-5000 877-373-6374 1-781-575-2879 International calls 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


Samantha Greening Director, Investor Relations Phone: 424-229-3363 Samantha.greening@macerich.com