UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from 	to  	
Commission File No. 1-12504
THE MACERICH COMPANY
(Exact name of registrant as specified in its charter)
Maryland	95-4448705

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

401 Wilshire Boulevard,    Suite 700,   Santa Monica,	California	90401
(Address of principal executive office)			(Zip Code) (310)	394-6000
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class	Trading symbol	Name of each exchange on which registered	
Common Stock, $0.01 Par Value	MAC	New York Stock Exchange	

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve (12) months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past ninety (90) days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding twelve (12) months (or for such shorter period that the registrant was required to submit such files). Yes ☒	No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	x	Accelerated Filer	☐	Non-Accelerated Filer	☐	Smaller Reporting Company	☐	
				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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐	No ☒ Number of shares outstanding as of May 7, 2021 of the registrant's common stock, par value $0.01 per share: 206,518,236 shares

THE MACERICH COMPANY FORM 10-Q
INDEX

Part I	Financial Information		
Item 1.	Financial Statements (Unaudited)	3	
	Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020	3	
	Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020	4	
	Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2021 and 2020	
5	
	Consolidated Statements of Equity for the three months ended March 31, 2021 and 2020	6	
	Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020	7	
	Notes to Consolidated Financial Statements	9	
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	26	
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40	
Item 4.	Controls and Procedures	41	
Part II	Other Information		
Item 1.	Legal Proceedings	41	
Item 1A.	Risk Factors	41	
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42	
Item 3.	Defaults Upon Senior Securities	42	
Item 4.	Mine Safety Disclosures	42	
Item 5.	Other Information	42	
Item 6.	Exhibits	43	
Signature		45	

THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEETS		
(Dollars in thousands, except par value)		
(Unaudited)		
	March 31,
2021	December 31,
2020	
ASSETS:			
Property, net	$	6,517,852	$	6,694,579	
Cash and cash equivalents	1,083,813	465,297	
Restricted cash	67,255	17,362	
Tenant and other receivables, net	227,829	239,194	
Right-of-use assets, net	117,388	118,355	
Deferred charges and other assets, net	293,790	306,959	
Due from affiliates	5,231	1,612	
Investments in unconsolidated joint ventures	1,356,426	1,340,647	
Total assets	$	9,669,584	$	9,184,005	
LIABILITIES AND EQUITY:			
Mortgage notes payable	$	4,534,585	$	4,560,810	
Bank and other notes payable	1,478,716	1,477,540	
Accounts payable and accrued expenses	59,316	68,825	
Lease liabilities	89,000	90,216	
Other accrued liabilities	258,029	298,594	
Distributions in excess of investments in unconsolidated joint ventures	119,118	108,381	
Financing arrangement obligation	133,515	134,379	
Total liabilities	6,672,279	6,738,745	

Equity:

Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 197,036,176 and 149,770,575 shares issued and outstanding at March 31, 2021 and December 31, 2020,	
respectively	1,971	1,498	
Additional paid-in capital	5,263,994	4,603,378	
Accumulated deficit	(2,426,555)	(2,339,619)	
Accumulated other comprehensive loss	(5,514)	(8,208)	
Total stockholders' equity	2,833,896	2,257,049	
Noncontrolling interests	163,409	188,211	
Total equity	2,997,305	2,445,260	
Total liabilities and equity	$	9,669,584	$	9,184,005	
 
The accompanying notes are an integral part of these consolidated financial statements.

THE MACERICH COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)

For the Three Months Ended March 31,
	2021	2020	
Revenues:			
Leasing revenue	$ 179,535	$ 210,721	
Other	5,321	9,258	
Management Companies	5,568	6,973	
Total revenues	190,424	226,952	
Expenses:			
Shopping center and operating expenses	76,155	70,725	
Leasing expenses	5,166	7,425	
Management Companies' operating expenses	14,843	16,224	
REIT general and administrative expenses	8,087	6,821	
Depreciation and amortization	78,396	82,213	
	182,647	183,408	
Interest expense (income):			
Related parties	1,319	(44,243)	
Other	52,577	52,317	
	53,896	8,074	
Total expenses	236,543	191,482	
Equity in income of unconsolidated joint ventures	1,910	9,698	
Income tax (expense) benefit	(2,238)	266	
Loss on sale or write down of assets, net	(21,283)	(36,703)	
Net (loss) income	(67,730)	8,731	
Less net (loss) income attributable to noncontrolling interests	(4,126)	1,209	
Net (loss) income attributable to the Company	$	(63,604)	$	7,522	
(Loss) earnings per common share—attributable to common stockholders:			
Basic	$	(0.40)	$	0.05	
Diluted	$	(0.40)	$	0.05	
Weighted average number of common shares outstanding:	
Basic	158,580,000	141,437,000	
Diluted	158,580,000	141,437,000	

The accompanying notes are an integral part of these consolidated financial statements.

For the Three Months Ended March 31,
	2021	2020	
Net (loss) income	$	(67,730)	$	8,731	
Other comprehensive (loss) income:			
Interest rate cap/swap agreements	2,694	(6,395)	
Comprehensive (loss) income	(65,036)	2,336	
Less net (loss) income attributable to noncontrolling interests	(4,126)	1,209	
Comprehensive (loss) income attributable to the Company	$	(60,910)	$	1,127	

The accompanying notes are an integral part of these consolidated financial statements.

Three Months Ended March 31, 2021 and 2020
Stockholders' Equity

Common Stock	Accumulated
	
Shares	Par Value	Additional Paid-in Capital	Accumulated Deficit	Other Comprehensive Loss	Total Stockholders' Equity	Noncontrolling Interests	Total Equity	
Balance at January 1, 2021	149,770,575	$ 1,498	$ 4,603,378	$	(2,339,619)	$	(8,208)	$	2,257,049	$	188,211	$ 2,445,260	
Net loss	—	—	—	(63,604)	—	(63,604)	(4,126)	(67,730)	
Interest rate cap/swap agreements	
—	
—	
—	
—	
2,694	
2,694	
—	
2,694	
Amortization of share and unit-based plans	
94,753	
1	
5,030	
—	
—	
5,031	
—	
5,031	
Stock offerings, net	45,992,318	460	637,684	—		638,144	—	638,144	
Distributions paid ($0.15 per share)	
—	
—	
—	
(23,332)	
—	
(23,332)	
—	
(23,332)	
Distributions to noncontrolling interests	
—	
—	
—	
—	
—	
—	
(3,338)	
(3,338)	
Contributions from noncontrolling interests	
—	
—	
—	
—	
—	
—	
577	
577	
Conversion of noncontrolling interests to common shares	
1,178,530	
12	
22,206	
—	
—	
22,218	
(22,218)	
—	
Redemption of noncontrolling interests	
—	
—	
—	
—	
—	
—	
(1)	
(1)	
Adjustment of noncontrolling interests in Operating Partnership	
—	
—	
(4,304)	
—	
—	
(4,304)	
4,304	
—	

Balance at March 31, 2021	
      197,036,176	
  $ 1,971	
  $ 5,263,994	
  $	(2,426,555)	
$	
(5,514)	
  $	2,833,896	
$	
163,409	
  $ 2,997,305	

	
Shares	Par Value	Paid-in Capital	Accumulated Deficit	Comprehensive Loss	Stockholders' Equity	Noncontrolling Interests	Total Equity	
Balance at January 1, 2020	141,407,650	$ 1,414	$ 4,583,911	$	(1,944,012)	$	(9,051)	$	2,632,262	$	198,708	$ 2,830,970	
Net income	—	—	—	7,522	—	7,522	1,209	8,731	
Interest rate cap/swap agreements	
—	
—	
—	
—	
(6,395)	
(6,395)	
—	
(6,395)	
Amortization of share and unit-based plans	
80,917	
1	
5,602	
—	
—	
5,603	
—	
5,603	
Distributions paid ($0.75 per share)	
—	
—	
—	
(106,198)	
—	
(106,198)	
—	
(106,198)	
Distributions to noncontrolling interests	
—	
—	
—	
—	
—	
—	
(8,474)	
(8,474)	
Contributions from noncontrolling interests	
—	
—	
—	
—	
—	
—	
125	
125	
Conversion of noncontrolling interests to common shares	
83,722	
1	
5,796	
—	
—	
5,797	
(5,797)	
—	
Redemption of noncontrolling interests	
—	
—	
(1)	
—	
—	
(1)	
(1)	
(2)	
Adjustment of noncontrolling interests in Operating Partnership	

—	

—	

(4,599)	

—	

—	

(4,599)	

4,599	

—	

Balance at March 31, 2020	
      141,572,289	
  $ 1,416	
  $ 4,590,709	
  $	(2,042,688)	
$	(15,446)	
  $	2,533,991	
$	190,369	
  $ 2,724,360	

Common Stock

Stockholders' Equity Additional

Accumulated Other

Total

	

The accompanying notes are an integral part of these consolidated financial statements.

Cash flows from operating activities:	
Net (loss) income	$	(67,730)	$	8,731	

Adjustments to reconcile net (loss) income to net cash provided by operating activities:			
Loss on sale or write down of assets, net	21,283	36,703	
Depreciation and amortization	80,812	83,827	
Amortization of premium on mortgage notes payable	—	(229)	
Amortization of share and unit-based plans	4,030	4,224	
Straight-line rent and amortization of above and below market leases	(4,959)	(243)	
Provision for doubtful accounts	3,208	913	
Income tax expense (benefit)	2,238	(266)	
Equity in income of unconsolidated joint ventures	(1,910)	(9,698)	
Change in fair value of financing arrangement obligation	(863)	(48,384)	
Changes in assets and liabilities, net of dispositions:			
Tenant and other receivables	52,684	11,673	
Other assets	5,969	1,037	
Due from affiliates	(3,619)	(4,766)	
Accounts payable and accrued expenses	(7,328)	15,937	
Other accrued liabilities	(31,596)	(49,759)	
Net cash provided by operating activities	52,219	49,700	
Cash flows from investing activities:			
Development, redevelopment, expansion and renovation of properties	(14,819)	(26,406)	
Property improvements	(8,653)	(1,845)	
Proceeds from repayment of notes receivable	1,300	—	
Deferred leasing costs	(91)	(981)	
Distributions from unconsolidated joint ventures	21,341	21,693	
Contributions to unconsolidated joint ventures	(25,673)	(33,870)	
Proceeds from sale of assets	100,334	—	
Net cash provided by (used in) investing activities	73,739	(41,409)	

Cash flows from financing activities:		
Proceeds from mortgages, bank and other notes payable	—	660,000	
Payments on mortgages, bank and other notes payable	(23,986)	(8,676)	
Deferred financing costs	(3,472)	—	
Proceeds from finance lease	—	4,115	
Payments on finance leases	(552)	(290)	
Net proceeds from stock offerings	597,007	—	
Redemption of noncontrolling interests	(1)	(2)	
Contribution from noncontrolling interests	125	125	
Dividends and distributions	(26,670)	(114,672)	
Net cash provided by financing activities	542,451	540,600	
Net increase in cash, cash equivalents and restricted cash	668,409	548,891	
Cash, cash equivalents and restricted cash, beginning of period	482,659	114,216	
Cash, cash equivalents and restricted cash, end of period	$ 1,151,068	$	663,107	
Supplemental cash flow information:			
Cash payments for interest, net of amounts capitalized	$	61,041	$	52,989	
Non-cash investing and financing transactions:	
Accrued development costs included in accounts payable and accrued expenses and other	
accrued liabilities	$	25,248	$	28,250	
Conversion of Operating Partnership Units to common stock	$	22,218	$	5,797	
Accrued receivable of net proceeds from stock offering	$	41,137	$	—	

The accompanying notes are an integral part of these consolidated financial statements.

THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share and square foot amounts) (Unaudited)

1.	Organization:
The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers (the "Centers") located throughout the United States.
The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of March 31, 2021, the Company was the sole general partner of and held a 95% ownership interest in The Macerich
Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code").
The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies."
All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.
2.	Summary of Significant Accounting Policies:
Basis of Presentation:
The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm.
The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of consolidated variable interest entities ("VIEs"), including Fashion District Philadelphia and SanTan Village Regional Center.
The Operating Partnership's consolidated VIEs included the following assets and liabilities:

March 31,
2021

December 31,
2020

Assets:	
Property, net	$	520,900	$	551,062	
Other assets	93,215	97,713	
Total assets	$	614,115	$	648,775	
Liabilities:	
Mortgage notes payable	$	420,254	$	420,233	
Other liabilities	78,489	81,266	
Total liabilities	$	498,743	$	501,499	

All intercompany accounts and transactions have been eliminated in the consolidated financial statements.

2.	Summary of Significant Accounting Policies: (Continued)

The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2020 has been derived from the audited financial statements but does not include all disclosures required by GAAP. The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows:

For the Three Months Ended March 31,
	2021	2020	
Beginning of period			
Cash and cash equivalents	$ 465,297	$	100,005	
Restricted cash	17,362	14,211	
Cash, cash equivalents and restricted cash	$ 482,659	$	114,216	
End of period			
Cash and cash equivalents	$ 1,083,813	$	652,354	
Restricted cash	67,255	10,753	
Cash, cash equivalents and restricted cash	$ 1,151,068	$	663,107	

COVID-19 Pandemic:
In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. As a result, all of the markets that the Company operates in were subject to stay-at-home orders, and the majority of its properties were temporarily closed in part or completely. Following staggered re-openings during 2020, all Centers have been open and operating since October 7, 2020, and government mandated restrictions have greatly eased for most of the Centers during 2021, including in the Company's key markets of California and New York, which were the most capacity-restricted markets upon re- opening in 2020.
COVID-19 Lease Accounting:
In April 2020, the Financial Accounting Standards Board issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under Accounting Standards Codification ("ASC") 842, "Leases" ("the lease modification accounting framework"). Under ASC 842, the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant or an enforceable right and obligation within the existing lease. The Q&A allows for the bypass of a lease-by-lease analysis, and allows the Company to elect to either apply the lease modification accounting framework or not to all of its lease concessions with similar characteristics and circumstances. The Company has elected to apply the lease modification accounting framework to lease concessions that include the abatement of rent in its consolidated financial statements for the three months ended March 31, 2021.

3.	Earnings Per Share ("EPS"):
The following table reconciles the numerator and denominator used in the computation of EPS for the three months ended March 31, 2021 and 2020 (shares in thousands):
For the Three Months Ended March 31,
	2021	2020	
Numerator			
Net (loss) income	$ (67,730)	$	8,731	
Less net (loss) income attributable to noncontrolling interests	(4,126)	1,209	
Net (loss) income attributable to the Company	(63,604)	7,522	
Allocation of earnings to participating securities	(214)	(322)	
Numerator for basic and diluted EPS—net (loss) income attributable to			
common stockholders	$ (63,818)	$	7,200	
Denominator			
Denominator for basic and diluted EPS—weighted average number of			
common shares outstanding(1)	   158,580	 	141,437	
EPS—net (loss) income attributable to common stockholders			
Basic and diluted	$	(0.40)	$	0.05	

(1)	Diluted EPS excludes 103,235 and 90,619 convertible preferred partnership units for the three months ended March 31, 2021 and 2020, respectively, as their impact was antidilutive. Diluted EPS also excludes 10,855,707 and 10,477,827 Operating Partnership units ("OP Units") for the three months ended March 31, 2021 and 2020, respectively, as their impact was antidilutive.

4.	Investments in Unconsolidated Joint Ventures:
The Company has made the following recent financings of its unconsolidated joint ventures:
On November 17, 2020, the Company’s joint venture in Tysons VITA, the residential tower at Tysons Corner Center, placed a new $95,000 loan on the property that bears interest at an effective rate of 3.43% and matures on December 1, 2030. Initial loan funding for the Company’s joint venture was $90,000 with future advance potential of up to $5,000. The Company used its share of the initial proceeds of $45,000 for general corporate purposes.
On December 10, 2020, the Company made a loan (the “Partnership Loan”) to the Company’s joint venture in Fashion District Philadelphia to fund the entirety of a $100,000 repayment to reduce the mortgage loan on Fashion District Philadelphia from $301,000 to $201,000. This mortgage loan now matures on January 22, 2024, including a one-year extension option, and bears interest at LIBOR plus 3.5%, with a LIBOR floor of 0.50%. The partnership agreement for the joint venture was amended in connection with the Partnership Loan, and pursuant to the amended agreement, the Partnership Loan plus 15% accrued interest must be repaid prior to the resumption of 50/50 cash distributions to the Company and its joint venture partner. As a result of the substantive participation rights of the Company’s joint venture partner being terminated in the amended agreement, the Company determined that the joint venture is a VIE and the Company is the primary beneficiary. Effective December 10, 2020, the Company has consolidated the results of the joint venture into the consolidated financial statements of the Company.
On December 29, 2020, the Company’s joint venture in FlatIron Crossing closed on a one-year maturity date extension for the existing loan to January 5, 2022. The interest rate increased from 3.85% to 4.10%, and the Company’s joint venture repaid $15,000, $7,650 at the Company's pro rata share, of the outstanding loan balance at closing.

THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts) (Unaudited)
4. Investments in Unconsolidated Joint Ventures: (Continued)

On December 31, 2020, the Company and its joint venture partner in MS Portfolio LLC entered into a distribution agreement. The joint venture owned nine properties, including the former Sears parcels at the South Plains Mall and the Arrowhead Towne Center. The joint venture distributed the former Sears parcel at South Plains Mall to the Company and the former Sears parcel at Arrowhead Towne Center to the joint venture partner. The joint venture partners agreed that the distributed properties were of equal value. The Company now owns 100% of the former Sears parcel at South Plains Mall.
Effective December 31, 2020, the Company consolidated its 100% interest in the Sears parcel at South Plains Mall in its consolidated financial statements.
On March 29, 2021, concurrent with the sale of Paradise Valley Mall (see Note 15 – Dispositions), the Company elected to reinvest into the newly formed joint venture at a 5% ownership interest for $3,819 in cash that is accounted for under the equity method of accounting.
Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures.
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:

March 31,
2021

December 31,
2020

Assets(1):	
Property, net	$	8,819,934	$	8,721,551	
Other assets	789,122	774,583	
Total assets	$	9,609,056	$	9,496,134	
Liabilities and partners' capital(1):	
Mortgage and other notes payable	$	6,030,109	$	5,942,478	
Other liabilities	385,794	397,483	
Company's capital	1,709,598	1,711,944	
Outside partners' capital	1,483,555	1,444,229	
Total liabilities and partners' capital	$	9,609,056	$	9,496,134	
Investments in unconsolidated joint ventures:	
Company's capital	$	1,709,598	$	1,711,944	
Basis adjustment(2)	(472,290)	(479,678)	
	$	1,237,308	$	1,232,266	
			
Assets—Investments in unconsolidated joint ventures	$	1,356,426	$	1,340,647	
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(119,118)	(108,381)	
	$	1,237,308	$	1,232,266	

(1)	These amounts include assets of $2,840,770 and $2,857,757 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2021 and December 31, 2020, respectively, and liabilities of $1,683,155 and $1,687,042 of the PPR Portfolio as of March 31, 2021 and December 31, 2020, respectively.

(2)	The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $2,243 and $3,999 for the three months ended March 31, 2021 and 2020, respectively.

4.	Investments in Unconsolidated Joint Ventures: (Continued)
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

	
PPR Portfolio	Other Joint Ventures	
Total	
Three Months Ended March 31, 2021				
Revenues:				
Leasing revenue	$	36,771	$	149,319	$	186,090	
Other	94	16,965	17,059	
Total revenues	36,865	166,284	203,149	
Expenses:	
Shopping center and operating expenses	9,365	58,842	68,207	
Leasing expenses	403	1,353	1,756	
Interest expense	15,803	37,213	53,016	
Depreciation and amortization	24,307	66,540	90,847	
Total expenses	49,878	163,948	213,826	
Gain on sale or write down of assets, net	—	54	54	
Net (loss) income	$	(13,013)	$	2,390	$	(10,623)	
Company's equity in net (loss) income	$	(5,507)	$	7,417	$	1,910	
Three Months Ended March 31, 2020				
Revenues:				
Leasing revenue	$	58,378	$	172,245	$	230,623	
Other	51	6,888	6,939	
Total revenues	58,429	179,133	237,562	
Expenses:	
Shopping center and operating expenses	9,642	61,509	71,151	
Leasing expenses	473	1,295	1,768	
Interest expense	16,094	38,141	54,235	
Depreciation and amortization	28,618	68,360	96,978	
Total expenses	54,827	169,305	224,132	
Net income	$	3,602	$	9,828	$	13,430	
Company's equity in net income	$	4,721	$	4,977	$	9,698	

Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company.

5.	Derivative Instruments and Hedging Activities:
The Company uses an interest rate cap and four interest rate swap agreements to manage the interest rate risk of its floating rate debt. The Company recorded other comprehensive income (loss) related to the marking-to-market of derivative instruments of $2,694 and $(6,395) for the three months ended March 31, 2021 and 2020, respectively.
The following derivatives were outstanding at March 31, 2021:
Fair Value

Property	Notional Amount	
Product	LIBOR
Rate	
Maturity	March 31,
2021	December 31,
2020	
Santa Monica Place	$	300,000	Cap	4.00 %	12/9/2021 $	—	$	—	
The Macerich Partnership, L.P.	
$	400,000	
Swaps	
2.85 %	
9/30/2021 $	
(5,514)	
$	(8,208)	

The above derivative instruments were designated as hedging instruments with an aggregate fair value (Level 2 measurement) and were included in other accrued liabilities. The fair value of the Company's interest rate derivatives was determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swap. As a result, the Company determined that its interest rate cap and swap valuations in their entirety are classified in Level 2 of the fair value hierarchy.
6.	Property, net:
Property, net consists of the following:

	March 31,
2021	December 31,
2020	
Land	$	1,496,749	$	1,538,270	
Buildings and improvements	6,427,670	6,620,708	
Tenant improvements	730,077	750,250	
Equipment and furnishings(1)	191,664	194,231	
Construction in progress	174,077	153,253	
	9,020,237	9,256,712	
Less accumulated depreciation(1)	(2,502,385)	(2,562,133)	
	$	6,517,852	$	6,694,579	

(1)	Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at March 31, 2021 and December 31, 2020 (See Note 8—Leases).
Depreciation expense was $71,664 and $72,687 for the three months ended March 31, 2021 and 2020, respectively.

6.	Property, net: (Continued)
The gain (loss) on sale or write-down of assets, net for the three months ended March 31, 2021 and 2020 consist of the following:

For the Three Months Ended March 31,
	2021	2020	
Gain on property sales(1)	$	4,229	$	—	
Write-down of assets(2)	(29,608)	(36,703)	
Gain on land sales(3)	4,096	—	
	$ (21,283)	$ (36,703)	

(1)	Related to Paradise Valley Mall (See Note 15-Dispositions).
(2)	Includes impairment loss of $27,281 on Estrella Falls during the three months ended March 31, 2021 and impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the three months ended March 31, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the three months ended March 31, 2021 mainly pertain to the write off of development costs.
(3)	This includes $1,334 related to the sale of Paradise Valley Mall (See Note 15-Dispositions).

The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of the impairment losses recorded for the three months ended March 31, 2021 and 2020, as described above:
Quoted Prices in

Total Fair Value

Active Markets for Identical Assets

Significant Other Unobservable Inputs

Significant Unobservable Inputs

Measurement	(Level 1)	(Level 2)	(Level 3)
March 31, 2020	$	140,000	$	—	$	140,000	$	—	
March 31, 2021	$	18,970	$	—	$	—	$	18,970	

The fair values relating to the 2020 impairments were based on sales contracts and are classified within Level 2 of the fair value hierarchy. The fair value (Level 3 measurement) related to the 2021 impairment was based upon an income approach, using an estimated terminal capitalization rate, discount rate, and in-place contractual rent and other income. The fair value is sensitive to these significant unobservable inputs.
7.	Tenant and Other Receivables, net:
Included in tenant and other receivables, net is an allowance for doubtful accounts of $35,941 and $37,545 at March 31, 2021 and December 31, 2020, respectively. Also included in tenant and other receivables, net are accrued percentage rents of
$2,337 and $4,673 at March 31, 2021 and December 31, 2020, respectively, and a deferred rent receivable due to straight-line rent adjustments of $111,693 and $107,003 at March 31, 2021 and December 31, 2020, respectively.
8.	Leases:
Lessor Leases:
The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables,

including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection.
The following table summarizes the components of leasing revenue for the three months ended March 31, 2021 and 2020:

For the Three Months Ended March 31,
	2021	2020	
Leasing revenue—fixed payments	$ 131,495	$ 159,557	
Leasing revenue—variable payments	51,248	52,078	
Provision for doubtful accounts	(3,208)	(914)	
	$ 179,535	$ 210,721	

The following table summarizes the future rental payments to the Company:

Twelve months ending March 31,		
2022	$	398,867	
2023	352,690	
2024	303,411	
2025	244,495	
2026	199,323	
Thereafter	592,782	
	$	2,091,568	

Lessee Leases:
The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has five finance leases that expire at various times through 2024.
The following table summarizes the lease costs for the three months ended March 31, 2021 and 2020:

For the Three Months Ended March 31,
	2021	2020	
Operating lease costs	$	3,815	$	3,938	
Finance lease costs:			
Amortization of ROU assets	478	475	
Interest on lease liabilities	219	142	
	$	4,512	$	4,555	

The following table summarizes the future rental payments required under the leases:
March 31, 2021	December 31, 2020

Year ending December 31,	Operating Leases	
Finance Leases	Operating Leases	
Finance Leases	
2021	$	11,263	$	10,785	$	14,695	$	10,785	
2022	14,883	2,762	14,558	2,762	
2023	9,076	344	8,746	344	
2024	7,094	3,085	6,759	3,085	
2025	7,136	—	6,796	—	
Thereafter	116,918	—	116,660	—	
Total undiscounted rental payments	166,370	16,976	168,214	16,976	
Less imputed interest	(93,195)	(1,151)	(94,375)	(599)	
Total lease liabilities	$	73,175		$	15,825		$	73,839		$	16,377		
Weighted average remaining term	 	34.5 years	 	0.9 years	 	34.5 years	 	1.1 years	
Weighted average incremental borrowing rate	 	7.7 % 	3.7 % 	7.7 % 	3.7 %

9.	Deferred Charges and Other Assets, net:

Deferred charges and other assets, net consist of the following:		
	March 31,
2021	December 31,
2020	
Leasing	$	141,724	$	162,652	
Intangible assets:			
In-place lease values	69,874	74,298	
Leasing commissions and legal costs	19,517	21,096	
Above-market leases	77,740	80,120	
Deferred tax assets	28,528	30,767	
Deferred compensation plan assets	60,834	62,874	
Other assets	62,208	61,553	
	460,425	493,360	
Less accumulated amortization(1)	(166,635)	(186,401)	
	$	293,790	$	306,959	

(1)	Accumulated amortization includes $44,802 and $47,249 relating to in-place lease values, leasing commissions and legal costs at March 31, 2021 and December 31, 2020, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $2,203 and $3,719 for the three months ended March 31, 2021 and 2020, respectively.

9.	Deferred Charges and Other Assets, net: (Continued)
The allocated values of above-market leases and below-market leases consist of the following:

	March 31,
2021	December 31,
2020	
Above-Market Leases			
Original allocated value	$	77,740	$	80,120	
Less accumulated amortization	(32,503)	(33,271)	
	$	45,237	$	46,849	
Below-Market Leases(1)			
Original allocated value	$	105,013	$	114,790	
Less accumulated amortization	(35,907)	(43,656)	
	$	69,106	$	71,134	

(1)	Below-market leases are included in other accrued liabilities.

10.	Mortgage Notes Payable:
Mortgage notes payable at March 31, 2021 and December 31, 2020 consist of the following:
Carrying Amount of Mortgage Notes(1)

Property Pledged as Collateral	
March 31,
2021	
December 31,
2020	Effective Interest Rate(2)	Monthly Debt Service(3)	
Maturity Date(4)	
Chandler Fashion Center(5)	$	255,407	$	255,361	4.18 %	$	875	2024	
Danbury Fair Mall(6)	184,775	186,741	5.56 %	1,538	2021	
Fashion District Philadelphia	201,000	201,000	4.00 %	670	2024	
Fashion Outlets of Chicago	299,213	299,193	4.61 %	1,145	2031	
Fashion Outlets of Niagara Falls USA	100,820	101,463	6.45 %	727	2023	
Freehold Raceway Mall(5)	398,588	398,545	3.94 %	1,300	2029	
Fresno Fashion Fair	323,907	323,857	3.67 %	971	2026	
Green Acres Commons(7)	124,631	129,847	3.13 %	299	2023	
Green Acres Mall(8)	257,115	270,570	3.94 %	1,447	2023	
Kings Plaza Shopping Center	535,542	535,413	3.71 %	1,629	2030	
Oaks, The	180,731	183,108	4.14 %	1,064	2022	
Pacific View	114,065	114,909	4.08 %	668	2022	
Queens Center	600,000	600,000	3.49 %	1,744	2025	
Santa Monica Place(9)	298,753	298,566	1.83 %	395	2022	
SanTan Village Regional Center	219,254	219,233	4.34 %	788	2029	
Towne Mall	19,690	19,815	4.48 %	117	2022	
Tucson La Encantada	61,480	62,018	4.23 %	368	2022	
Victor Valley, Mall of	114,806	114,791	4.00 %	380	2024	
Vintage Faire Mall	244,808	246,380	3.55 %	1,256	2026	
	$ 4,534,585	$ 4,560,810				

(1)	The mortgage notes payable also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $16,325 and $14,085 at March 31, 2021 and December 31, 2020, respectively.

10.	Mortgage Notes Payable: (Continued)

(2)	The interest rate disclosed represents the effective interest rate, including the impact of debt premium and deferred finance costs.

(3)	The monthly debt service represents the payment of principal and interest.

(4)	The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.
(5)	A 49.9% interest in the loan has been assumed by a third party in connection with the Company's joint venture in Chandler Freehold (See Note 12
—Financing Arrangement).

(6)	On September 15, 2020, the Company closed on a loan extension agreement for Danbury Fair Mall. Under the extension agreement, the original loan maturity date of October 1, 2020 was extended to April 1, 2021. The loan was further extended to July 1, 2021, based on certain conditions. The loan amount and interest rate are unchanged following the extension.
(7)	On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate is LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing.
(8)	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 $9,000 of the outstanding loan balance at closing.
(9)	The loan bears interest at LIBOR plus 1.48%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4% during the period ending December 9, 2021 (See Note 5—Derivative Instruments and Hedging Activities). At March 31, 2021 and December 31, 2020, the total interest rate was 1.83% and 1.88%, respectively.
Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt.
The Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company.
The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid off from the Company's line of credit or with cash on hand.
Total interest expense capitalized was $1,462 and $1,295 for the three months ended March 31, 2021 and 2020, respectively.
The estimated fair value (Level 2 measurement) of mortgage notes payable at March 31, 2021 and December 31, 2020 was $4,466,749 and $4,459,797, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.
11.	Bank and Other Notes Payable:
Bank and other notes payable consist of the following:
Line of Credit:
The Company had a $1,500,000 revolving line of credit that bore interest at LIBOR plus a spread of 1.30% to 1.90%, depending on the Company's overall leverage level, and was to mature on July 6, 2020. On April 8, 2020, the Company exercised its option to extend the maturity of the facility to July 6, 2021. The line of credit could be expanded, depending on certain conditions, up to a total facility of $2,000,000. Based on the Company's leverage level as of March 31, 2021, the borrowing rate on the facility was LIBOR plus 1.65%. The Company has four interest rate swap agreements that effectively convert a total of $400,000 of the outstanding balance from floating rate debt of LIBOR plus 1.65% to fixed rate debt of 4.50% until September 30, 2021 (See Note 5—Derivative Instruments and Hedging Activities). As of March 31, 2021 and
December 31, 2020, borrowings under the line of credit were $1,480,000 and $1,480,000, respectively, less unamortized deferred finance costs of $1,284 and $2,460, respectively, at a total interest rate of 2.73% and 2.73%, respectively. As of March 31, 2021 and December 31, 2020, the Company's availability under the line of credit for additional borrowings was
$19,719 and $19,719, respectively. The estimated fair value (Level 2 measurement) of the line of credit at March 31, 2021 and December 31, 2020 was $1,483,027 and $1,485,598, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt.

11.	Bank and Other Notes Payable: (Continued)
On April 14, 2021, the Company terminated its existing credit facility and entered into a new credit agreement, which provides for an aggregate $700,000 facility, including a $525,000 revolving loan facility that matures on April 14, 2023, with a one-year extension option, and a $175,000 term loan facility that matures on April 14, 2024. The revolving loan facility can be expanded up to $800,000, subject to receipt of lender commitments and other conditions. Concurrently with entering into the new credit agreement, the Company drew the $175,000 term loan in its entirety and drew $320,000 of the amount available under the revolving loan facility. Simultaneously with entering into the new credit agreement, the Company repaid $985,000 of debt, which included terminating and repaying all amounts outstanding under its prior revolving line of credit facility. All obligations under the facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. As of April 14, 2021, the borrowing rate was LIBOR plus 2.75%.
As of March 31, 2021 and December 31, 2020, the Company was in compliance with all applicable financial loan covenants.
12.	Financing Arrangement:
On September 30, 2009, the Company formed a joint venture whereby a third party acquired a 49.9% interest in Chandler Fashion Center, a 1,318,000 square foot regional shopping center in Chandler, Arizona, and Freehold Raceway Mall, a 1,552,000 square foot regional shopping center in Freehold, New Jersey (collectively referred to herein as "Chandler Freehold"). As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the formation of Chandler Freehold, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The Company accounts for its investment in Chandler Freehold as a financing arrangement. The fair value (Level 3 measurement) of the financing arrangement obligation at March 31, 2021 and December 31, 2020 was based upon a terminal capitalization rate of 5.75% and 5.5%, respectively, a discount rate of 7.25% and 7.0%, respectively, and market rents per square foot of $35 to $105. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. Distributions to the partner, excluding distributions of excess loan proceeds, and changes in fair value of the financing arrangement obligation are recognized as interest (income) expense in the Company's consolidated statements of operations.
During the three months ended March 31, 2021 and 2020, the Company incurred interest income in connection with the financing arrangement as follows:

For the Three Months Ended March 31,
	2021	2020	
Distributions equal to the partner's share of net (loss) income	$ (1,232)	$	1,464	
Distributions in excess of the partner's share of net income	3,414	2,677	
Adjustment to fair value of financing arrangement obligation	(863)	(48,384)	
	$ 1,319	$ (44,243)	

13.	Noncontrolling Interests:
The Company allocates net income of the Operating Partnership based on the weighted average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 95% and 93% ownership interest in the Operating Partnership as of March 31, 2021 and December 31, 2020, respectively. The remaining 5% and 7% limited partnership interest as of March 31, 2021 and December 31, 2020, respectively, was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units.
The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as

13.	Noncontrolling Interests: (Continued)
of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of March 31, 2021 and December 31, 2020, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $120,767 and $117,602, respectively.
The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity.
Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.
14.	Stockholders' Equity:
Stock Dividend
On June 3, 2020, the Company issued 7,759,280 common shares to its common stockholders in connection with the quarterly dividend of $0.50 per share of common stock declared on March 16, 2020. The dividend consisted of a combination of cash and shares of the Company's common stock. The cash component of the dividend (not including cash paid in lieu of fractional shares) was 20% in the aggregate, or $0.10 per share, with the balance paid in shares of the Company's common stock.
In accordance with the provisions of Internal Revenue Service Revenue Procedure 2017-45, stockholders were asked to make an election to receive the dividend all in cash or all in shares. To the extent that more than 20% of cash was elected in the aggregate, the cash portion was prorated. Stockholders who elected to receive the dividend in cash received a cash payment of at least $0.10 per share. Stockholders who did not make an election received 20% in cash and 80% in shares of common stock. The number of shares issued as a result of the dividend was calculated based on the volume weighted average trading price of the Company's common stock on the New York Stock Exchange on May 20, May 21 and May 22, 2020 of $7.2956.
The Company accounted for the stock portion of its distribution as a stock issuance as opposed to a stock dividend.
Accordingly, the impact of the shares issued is reflected in the Company'e earnings per share calculation on a prospective basis.
Stock Offerings
In connection with the commencement of separate “at the market” offering programs, on each of February 1, 2021 and March 26, 2021, which are referred to as the “February 2021 ATM Program” and the “March 2021 ATM Program,” respectively, and collectively as the “ATM Programs,” the Company entered into separate equity distribution agreements with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500,000 under each of the February 2021 ATM Program and the March 2021 ATM Program, or a total of
$1,000,000 under the ATM Programs.
During the three months ended March 31, 2021, the Company issued 45,992,318 shares of common stock under the ATM Programs for aggregate gross proceeds of $609,739 and net proceeds of $597,007 after commissions and other transaction costs. In addition, under the ATM Programs, the Company sold additional common shares at the end of the quarter ending March 31, 2021 for aggregate gross proceeds of $41,977 and net proceeds of $41,137 after commissions, of which the shares settled and the proceeds were received in April 2021. The proceeds from the sales under the ATM Programs were used to pay down the Company’s line of credit (See Note 11 – Bank and Other Notes Payable). As of March 31, 2021, $348,284 remained available to be sold under the ATM Programs. Actual future sales will depend upon a variety of factors including, but not limited to, market conditions, the trading price of the Company’s common stock and the Company’s capital needs. The Company has no obligation to sell the remaining shares available for sale under the ATM Programs.

14.	Stockholders' Equity: (Continued)
Stock Buyback Program
On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including ASR transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. The program is referred to herein as the "Stock Buyback Program".
There were no repurchases under the Stock Buyback Program during the three months ended March 31, 2021 or 2020.
15.	Dispositions:
On March 29, 2021, the Company sold Paradise Valley Mall in Phoenix, Arizona to a newly formed joint venture for
$100,000 resulting in a gain on sale of assets and land of $5,563. Concurrent with the sale, the Company elected to reinvest into the new joint venture at a 5% ownership interest (see Note 4 – Investments in Unconsolidated Joint Ventures). The Company used the proceeds from the sale to pay down its line of credit and for other general corporate purposes.
16.	Commitments and Contingencies:
As of March 31, 2021, the Company was contingently liable for $40,915 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. As of March 31, 2021, $40,600 of these letters of credit are secured by restricted cash. The Company does not believe that these letters of credit will result in a liability to the Company.
The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the agreements. At March 31, 2021, the Company had $3,318 in outstanding obligations, which it believes will be settled in the next twelve months.

17.	Related Party Transactions:
Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers.
Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses.

The following are fees charged to unconsolidated joint ventures:
For the Three Months Ended March 31,
	2021	2020	
Management fees	$	3,817	$	4,486	
Development and leasing fees	1,430	2,084	
	$	5,247	$	6,570	

Interest expense (income) from related party transactions includes $1,319 and $(44,243) for the three months ended March 31, 2021 and 2020, respectively, in connection with the Financing Arrangement (See Note 12—Financing Arrangement).
Due from affiliates includes $5,231 and $1,612 of unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies as of March 31, 2021 and December 31, 2020, respectively.
18.	Share and Unit-Based Plans:
Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of units ("LTIP Units") in the Operating Partnership. Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company, or cash at the Company's option, on a one-unit for one-share basis. LTIP Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include both market-indexed awards and service-based awards.
The market-indexed LTIP Units vest over the service period of the award based on certain performance conditions of the Company and on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per share of common stock relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period.

During the three months ended March 31, 2021, the Company granted the following LTIP Units:

Grant Date	Units	Type	Fair Value per LTIP Unit	Vest Date	
1/1/2021	576,378	Service-based	$	10.67	12/31/2023	
1/1/2021	1,005,073	Market-indexed	$	9.85	12/31/2023	
	 	1,581,451				

The fair value of the market-indexed LTIP Units (Level 3) granted on January 1, 2021 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk-free interest rate of 0.17% and an expected volatility of 62.82%.
The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units:
LTIP Units	Phantom Stock Units	Stock Units
	Units	Value(1)	Units	Value(1)	Units	Value(1)	
Balance at January 1, 2021	784,052	$	28.11	4,662	$	35.35	309,845	$	21.47	
Granted	1,581,451	10.15	14,566	10.96	92,057	13.43	
Vested	(16,467)	29.86	(5,691)	16.33	(72,407)	34.41	
Forfeited	—	—	—	—	(987)	22.12	
Balance at March 31, 2021	  2,349,036	$	16.01	 	13,537	$	17.10	     328,508	$	16.36	

(1)	Value represents the weighted average grant date fair value.

The following table summarizes the activity of the stock options outstanding:

Stock Options
	Units	Value(1)	
Balance at January 1, 2021	37,515	$	54.34	
Granted	—	—	
Exercised	—	—	
Balance at March 31, 2021	 	37,515	$	54.34	

(1)	Value represents the weighted average exercise price.

The following summarizes the compensation cost under the share and unit-based plans:
For the Three Months Ended March 31,
	2021	2020	
LTIP Units	$	3,611	$	3,214	
Stock units	1,327	2,202	
Stock options	—	—	
Phantom stock units	93	187	
	$	5,031	$	5,603	

The Company capitalized share and unit-based compensation costs of $1,001 and $1,379 for the three months ended March 31, 2021 and 2020, respectively. Unrecognized compensation costs of share and unit-based plans at March 31, 2021 consisted of $15,446 from LTIP Units, $2,145 from stock units and $232 from phantom stock units.
19.	Income Taxes:
The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its qualified REIT subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC.
The income tax provision of the TRSs are as follows:
For the Three Months Ended March 31,
	2021	2020	
Current	$	—	$	234	
Deferred	(2,238)	32	
Total income tax (expense) benefit	$	(2,238) $	266	

The net operating loss ("NOL") carryforwards generated through the 2017 tax year are scheduled to expire through 2037, beginning in 2025. Pursuant to the Tax Cuts and Jobs Act of 2017, NOLs generated in 2018 and subsequent tax years are carried forward indefinitely. The Coronavirus Aid, Relief and Economic Security Act removed the 80% of taxable income limitation, imposed by the Tax Cuts and Jobs Act, for NOLs generated in 2018, 2019 and 2020. Net deferred tax assets of
$28,528 and $30,767 were included in deferred charges and other assets, net at March 31, 2021 and December 31, 2020, respectively.
The Company is required to establish a valuation allowance for any portion of the deferred tax asset that the Company concludes is more likely than not to be unrealizable. The Company’s assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years, the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. As of March 31, 2021, the Company had no valuation allowance recorded.
The tax years 2017 through 2019 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next twelve months.
20.	Subsequent Events:
On April 29, 2021, the Company announced a dividend/distribution of $0.15 per share for common stockholders and OP Unitholders of record on May 7, 2021. All dividends/distributions will be paid 100% in cash on June 3, 2021.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations IMPORTANT INFORMATION RELATED TO FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q of The Macerich Company (the "Company") contains or incorporates statements that constitute forward-looking statements within the meaning of the federal securities laws. Any statements that do not relate to historical or current facts or matters are forward-looking statements. You can identify some of the forward-looking statements by the use of forward-looking words, such as "may," "will," "could," "should," "expects," "anticipates," "intends," "projects," "predicts," "plans," "believes," "seeks," "estimates," "scheduled" and variations of these words and similar expressions.
Statements concerning current conditions may also be forward-looking if they imply a continuation of current conditions. Forward-looking statements appear in a number of places in this Form 10-Q and include statements regarding, among other matters:
•	expectations regarding the Company's growth;
•	the Company's beliefs regarding its acquisition, redevelopment, development, leasing and operational activities and opportunities, including the performance and financial stability of its retailers;
•	the Company's acquisition, disposition and other strategies;
•	regulatory matters pertaining to compliance with governmental regulations;
•	the Company's capital expenditure plans and expectations for obtaining capital for expenditures;
•	the Company's expectations regarding income tax benefits;
•	the Company's expectations regarding its financial condition or results of operations; and
•	the Company's expectations for refinancing its indebtedness, entering into and servicing debt obligations and entering into joint venture arrangements.
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, 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 these risks and other factors that may affect our business and operating results, including those made in "Item 1A. Risk Factors" of this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2020, as well as our other reports filed with the Securities and Exchange Commission (the "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.
Management's Overview and Summary
The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P. (the "Operating Partnership"). As of March 31, 2021, the Operating Partnership owned or had an ownership interest in 46 regional shopping centers and five community/power shopping centers. These 51 regional and community/power shopping centers (which include any related office space) consist of approximately 50 million square feet of gross leasable area and are referred to herein as the "Centers". The Centers consist of consolidated Centers ("Consolidated Centers") and unconsolidated joint venture Centers ("Unconsolidated Joint Venture Centers"), unless the context otherwise requires. The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's seven management companies (collectively referred to herein as the "Management Companies"). 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 Management Companies.

The following discussion is based primarily on the consolidated financial statements of the Company for the three months ended March 31, 2021 and 2020. It compares the results of operations for the three months ended March 31, 2021 to the results of operations for the three months ended March 31, 2020. It also compares the results of operations and cash flows for the three months ended March 31, 2021 to the results of operations and cash flows for the three months ended March 31, 2020.
This information should be read in conjunction with the accompanying consolidated financial statements and notes thereto.
Dispositions:
On March 29, 2021, the Company sold Paradise Valley Mall in Phoenix, Arizona to a newly formed joint venture for
$100 million, resulting in a gain on sale of assets of approximately $5.6 million. Concurrent with the sale, the Company elected to reinvest into the new joint venture at a 5% ownership interest. The Company used the $95.3 million of net proceeds from the sale to pay down its line of credit (See "Liquidity and Capital Resources").
Financing Activities:
On September 15, 2020, the Company closed on a loan extension agreement for the $191.0 million loan on Danbury Fair Mall. Under the extension agreement, the original loan maturity date of October 1, 2020 was extended to April 1, 2021. The loan was further extended to July 1, 2021, based on certain conditions. The loan amount and interest rate are unchanged following the extensions.
On November 17, 2020, the Company’s joint venture in Tysons VITA, the residential tower at Tysons Corner Center, placed a new $95.0 million loan on the property that bears interest at an effective rate of 3.43% and matures on December 1, 2030. Initial loan funding for the Company's joint venture was $90.0 million with future advance potential of up to $5.0 million. The Company used its share of the initial proceeds of $45.0 million for general corporate purposes.
On December 10, 2020, the Company made a loan (the “Partnership Loan”) to the Company’s joint venture in Fashion District Philadelphia to fund the entirety of a $100.0 million repayment to reduce the mortgage loan on Fashion District Philadelphia from $301.0 million to $201.0 million. This mortgage loan now matures on January 22, 2024, assuming exercise of a one-year extension option, and bears interest at LIBOR plus 3.5%, with a LIBOR floor of 0.50%. The partnership agreement for the joint venture was amended in connection with the Partnership Loan, and pursuant to the amended agreement, the Partnership Loan plus 15% accrued interest must be repaid prior to the resumption of 50/50 cash distributions to the Company and its joint venture partner.
On December 15, 2020, the Company closed on a loan extension agreement for the $101.5 million loan on Fashion Outlets of Niagara. Under the extension agreement the original loan maturity date of October 6, 2020 was extended to October 6, 2023. The loan amount and interest rate are unchanged following the extension.
On December 29, 2020, the Company’s joint venture closed on a one-year maturity date extension for the FlatIron Crossing loan to January 5, 2022. The interest rate increased from 3.85% to 4.10%, and the Company’s joint venture repaid
$15.0 million, $7.6 million at the Company's pro rata share, of the outstanding loan balance at closing.
On January 22, 2021, the Company closed on a one-year extension for Green Acres Mall's $258.2 million loan to February 3, 2022, which also includes a one-year extension to February 3, 2023. The interest rate remained unchanged, and the Company repaid $9 million of the outstanding loan balance at closing.
On March 25, 2021, the Company closed on a two-year extension on the Green Acres Commons $124.6 million loan to March 29, 2023. The interest rate is LIBOR plus 2.75% and the Company repaid $4.7 million of the outstanding loan balance at closing.
During the second quarter of 2020 and in July 2020, the Company secured agreements with its mortgage lenders on 19 mortgage loans to defer approximately $47.2 million of both second and third quarter of 2020 debt service payments at the Company’s pro rata share during the COVID-19 pandemic. Of the deferred payments, $28.1 million and $36.9 million was repaid in the three months and twelve months ended December 31, 2020, respectively; and the remaining balance was fully repaid during the first quarter of 2021.
On April 14, 2021, the Company terminated its existing credit facility and entered into a new credit agreement, which provides for an aggregate $700 million facility, including a $525 million revolving loan facility that matures on April 14, 2023, with a one-year extension option, and a $175 million term loan facility that matures on April 14, 2024 (See "Liquidity and Capital Resources").

Redevelopment and Development Activities:
The Company's joint venture with Hudson Pacific Properties is redeveloping One Westside into 584,000 square feet of creative office space and 96,000 square feet of dining and entertainment space. The entire creative office space has been leased to Google and is expected to be completed in 2022. The total cost of the project is estimated to be between $500.0 million and
$550.0 million, with $125.0 million to $137.5 million estimated to be the Company's pro rata share. The Company has funded
$85.8 million of the total $343.2 million incurred by the joint venture as of March 31, 2021. The joint venture expects to fund the remaining costs of the development with its $414.6 million construction loan (See "Financing Activities").
The Company has a 50/50 joint venture with Simon Property Group to develop Los Angeles Premium Outlets, a premium outlet center in Carson, California that is planned to open with approximately 400,000 square feet, followed by an additional 165,000 square feet in the second phase. The Company has funded $39.6 million of the total $79.3 million incurred by the joint venture as of March 31, 2021.
In connection with the closures and lease rejections of several Sears stores owned or partially owned by the Company, the Company anticipates spending between $130.0 million to $160.0 million at the Company’s pro rata share to redevelop the Sears stores. The anticipated openings of such redevelopments are expected to occur over several years. The estimated range of redevelopment costs could increase if the Company or its joint venture decides to expand the scope of the redevelopments. The Company has funded $38.2 million at its pro rata share as of March 31, 2021.
Other Transactions and Events:
In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. As a result, all of the markets that the Company operates in were subject to stay-at-home orders, and the majority of its properties were temporarily closed in part or completely. Following staggered re-openings during 2020, all Centers have been open and operating since October 7, 2020, and government mandated restrictions have generally been eased during the first quarter of 2021, including in the Company's key markets of California and New York, which were the most capacity-restricted markets upon re-opening in 2020.
The Company continues to work with all of its stakeholders to mitigate the impact of COVID-19. The Company has developed and implemented a long list of operational protocols based on Centers for Disease Control and Prevention recommendations designed to ensure the safety of its employees, tenants, service providers and shoppers. Those measures include, among others: the use of sophisticated air filtration systems to increase air circulation and outside air flow and ventilation, significantly intensified cleaning and sanitizing procedures with special focus on high-touch and traffic areas, highly visible and accessible self-service sanitizing stations, providing masks at all properties as needed and requiring mask- wearing at nearly all properties in compliance with state and local requirements, touchless entries, social distance queuing including the use of digital technologies, path of travel guidelines including vertical transportation and deliveries, furniture placement and the use of sophisticated traffic-counting technology to ensure that its properties adhere to any relevant regulatory capacity constraints. The Company’s indoor properties feature vast interior common areas, most with two to three story ceiling clearances, ample floor space and a comfortable environment to practice effective social distancing even during peak retail periods. The Company provides round-the-clock security to enforce policies and regulations, to discourage congregation and to encourage proper distancing. Each property deploys robust messaging to inform all of the Company’s stakeholders of its operating standards and requirements within a multi-media platform that includes abundant on premise signage, digital and social messaging, and information within its property and corporate websites. The Company believes that, due to the quality of design and construction of its malls, it will be able to continue to provide a safe indoor environment for its employees, tenants, service providers and shoppers. Although the Company has incurred, and will continue to incur, some incremental costs associated with COVID-19 operating protocols and programs, these costs have not been, and are not anticipated to be, significant.
On December 31, 2020, the Company and its joint venture partner, Seritage Growth Properties (“Seritage”), entered into a distribution agreement. The joint venture owned nine properties, including the former Sears parcels at the South Plains Mall and the Arrowhead Towne Center. The joint venture distributed the former Sears parcel at South Plains Mall to the Company and the former Sears parcel at Arrowhead Towne Center to Seritage. The joint venture partners agreed that the distributed properties were of equal value. The Company now owns 100% of the former Sears parcel at South Plains Mall. Effective December 31, 2020, the Company consolidates its 100% interest in the Sears parcel at South Plains Mall in the Company’s consolidated financial statements.
In March 2020, the Company declared a reduced second quarter dividend of $0.50 per share of its common stock, which was paid on June 3, 2020 in a combination of cash and shares of common stock, at the election of the stockholder, subject to a limitation that the aggregate amount of cash payable to holders of the Company’s common stock would not exceed 20% of the aggregate amount of the dividend, or $0.10 per share, for all stockholders of record on April 22, 2020. The amount of the

dividend represents a reduction from the Company’s first quarter dividend, and was paid in a combination of cash and shares of common stock to preserve liquidity in light of the impact and uncertainty arising out of the COVID-19 outbreak.The Company declared a further reduced cash dividend of $0.15 per share of its common stock for the third and fourth quarters of 2020. On January 28, 2021, the Company declared a first quarter cash dividend of $0.15 per share of its common stock, which was paid on March 3, 2021 to stockholders of record on February 19, 2021. On April 29, 2021, the Company declared a second quarter cash dividend of $0.15 per share of its common stock, which will be paid on June 3, 2021 to stockholders of record on May 7, 2021. The dividend amount will be reviewed by the Board on a quarterly basis.
In connection with the commencement of separate "at the market" offering programs, on each of February 1, 2021 and March 26, 2021, which are referred to as the "February 2021 ATM Program" and the "March 2021 ATM Program," respectively, and collectively as the "ATM Programs," the Company entered into separate equity distribution agreements with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500 million under each of the February 2021 ATM Program and the March 2021 ATM Program, or a total of $1 billion under the ATM Programs.
See “Liquidity and Capital Resources” for a further discussion of the Company’s anticipated liquidity needs, and the measures taken by the Company to meet those needs, including the ATM Programs and the Company's new credit facility.
Inflation:
In the last five years, inflation has not had a significant impact on the Company because of a relatively low inflation rate. Most of the leases at the Centers have rent adjustments periodically throughout the lease term. These rent increases are either in fixed increments or based on using an annual multiple of increases in the Consumer Price Index. In addition, approximately 3% to 18% of the leases for spaces 10,000 square feet and under expire each year, which enables the Company to replace existing leases with new leases at higher base rents if the rents of the existing leases are below the then existing market rate. The Company has generally entered into leases that require tenants to pay a stated amount for operating expenses, generally excluding property taxes, regardless of the expenses actually incurred at any Center, which places the burden of cost control on the Company. Additionally, certain leases require the tenants to pay their pro rata share of operating expenses.
Critical Accounting Policies
The preparation of financial statements in conformity with generally accepted accounting principles ("GAAP") in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Some of these estimates and assumptions include judgments on revenue recognition, estimates for common area maintenance and real estate tax accruals, provisions for uncollectible accounts, impairment of long-lived assets, the allocation of purchase price between tangible and intangible assets, capitalization of costs and fair value measurements. The Company's significant accounting policies are described in more detail in Note 2—Summary of Significant Accounting Policies in the Company's Notes to the Consolidated Financial Statements. However, the following policies are deemed to be critical.
Acquisitions:
Upon the acquisition of real estate properties, the Company evaluates whether the acquisition is a business combination or asset acquisition. For both business combinations and asset acquisitions, the Company allocates the purchase price of properties to acquired tangible assets and intangible assets and liabilities. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs incurred and allocates purchase price based on the estimated fair value of each separately identified asset and liability. The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms.
Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms.

The value of in-place leases are recorded in deferred charges and other assets and amortized over the remaining lease terms plus any below-market fixed rate renewal options. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space.
Remeasurement gains and losses are recognized when the Company becomes the primary beneficiary of an existing equity method investment that is a variable interest entity to the extent that the fair value of the existing equity investment exceeds the carrying value of the investment, and remeasurement losses to the extent the carrying value of the investment exceeds the fair value. The fair value is determined based on a discounted cash flow model, with the significant unobservable inputs including discount rate, terminal capitalization rate and market rents.
Asset Impairment:
The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis or a contracted sales price, with the carrying value of the related assets. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. A shortened holding period increases the risk that the carrying value of a long-lived asset is not recoverable. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell.
The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary.
Fair Value of Financial Instruments:
The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.
The Company calculates the fair value of financial instruments and includes this additional information in the Notes to the Consolidated Financial Statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made.
The Company records its Financing Arrangement (See Note 12—Financing Arrangement in the Company's Notes to the Consolidated Financial Statements) obligation at fair value on a recurring basis with changes in fair value being recorded as interest expense in the Company’s consolidated statements of operations. The fair value is determined based on a discounted cash flow model, with the significant unobservable inputs including discount rate, terminal capitalization rate, and market rents. The fair value of the Financing Arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement.

Results of Operations
Many of the variations in the results of operations, discussed below, occurred because of the transactions affecting the Company's properties described in Management's Overview and Summary above, including the Redevelopment Properties and the Disposition Property (as defined below).
For purposes of the discussion below, the Company defines "Same Centers" as those Centers that are substantially complete and in operation for the entirety of both periods of the comparison. Non-Same Centers for comparison purposes include those Centers or properties that are going through a substantial redevelopment often resulting in the closing of a portion of the Center (“Redevelopment Properties”), those properties that have recently transitioned to or from equity method joint ventures to or from consolidated assets ("JV Transition Centers") and properties that have been disposed of ("Disposition Property"). The Company moves a Center in and out of Same Centers based on whether the Center is substantially complete and in operation for the entirety of both periods of the comparison. Accordingly, the Same Centers consist of all consolidated Centers, excluding the Redevelopment Properties, the JV Transition Centers and the Disposition Property, for the periods of comparison.
For the comparison of the three months ended March 31, 2021 to the three months ended March 31, 2020, the JV Transition Centers are Fashion District Philadelphia and Sears South Plains. For the comparison of the three months ended March 31, 2021 to the three months ended March 31, 2020, the Disposition Property is Paradise Valley Mall.
Unconsolidated joint ventures are reflected using the equity method of accounting. The Company's pro rata share of the results from these Centers is reflected in the Consolidated Statements of Operations as equity in income of unconsolidated joint ventures.
The Company considers tenant annual sales, occupancy rates (excluding large retail stores or "Anchors") and releasing spreads (i.e. a comparison of initial average base rent per square foot on leases executed during the trailing twelve months to average base rent per square foot at expiration for the leases expiring during the trailing twelve months based on the spaces 10,000 square feet and under) to be key performance indicators of the Company's internal growth.
As a result of continued loosening of government restrictions within the Company’s operating markets, combined with pent up demand and the positive economic impact of fiscal stimulus, sales at the Company's Centers continue to greatly improve. During the first quarter of 2021, comparable tenant sales across the Company’s portfolio were only 2.0% less than the pre-COVID-19 first quarter of 2019, and were 1.9% higher than the pre-COVID-19 first quarter of 2019, excluding the capacity-restricted food and beverage category. During the first quarter of 2021, comparable tenant sales within Arizona, the Company’s least restricted region, were 7.2% higher than the pre-COVID-19 first quarter of 2019 and 11.5% higher than the pre-COVID-19 first quarter of 2019, excluding the capacity-restricted food and beverage category.
The leased occupancy rate decreased from 93.1% at March 31, 2020 to 88.5% at March 31, 2021. Releasing spreads declined as the Company executed leases at an average rent of $52.94 for new and renewal leases executed compared to $54.10 on leases expiring, resulting in a releasing spread of $1.16 per square foot representing a 2.1% decrease for the trailing twelve months ended March 31, 2021.
The Company continues to renew or replace leases that are scheduled to expire in 2021, however, the Company cannot be certain of the impact that COVID-19 will have on its ability to sign, renew or replace leases expiring in 2021 or beyond. These leases that are scheduled to expire in 2021 represent approximately 1.0 million square feet, accounting for 16.3% of the GLA of mall stores and freestanding stores, for spaces 10,000 square feet and under. These calculations exclude Centers under development or redevelopment and property dispositions (See "Dispositions" and "Redevelopment and Development Activities" in Management's Overview and Summary), and include square footage of Centers owned by joint ventures at the Company’s share.
2021 lease expirations continue to be an important focal point for the Company. The Company now has commitments on 70% of the remaining 2021 expiring square footage with another 30% in the letter of intent stage, disregarding leases for stores that have closed or for stores that tenants have indicated they intend to close.
The Company has entered into 102 leases for new stores totaling approximately 617,000 square feet that have opened or are planned for opening in 2021. While there may be additional new store openings in 2021, any such leases are not yet executed.
During the trailing twelve months ended March 31, 2021, the Company signed 160 new leases and 394 renewal leases comprising approximately 2.0 million square feet of GLA, of which 1.2 million square feet is related to the consolidated Centers. The average tenant allowance was $16.22 per square foot. The Company's COVID-19 related lease amendments are excluded from these numbers.

Outlook
The Company has a long-term four-pronged business strategy that focuses on the acquisition, leasing and management, redevelopment and development of Regional Shopping Centers. Although the Company believes that overall regional shopping center fundamentals in its markets appear to be improving, the Company expects that its results for 2021 will be negatively impacted by the COVID-19 pandemic, Anchor closures and tenant bankruptcies, among other factors.
All Centers have been open and operating since October 7, 2020, and government mandated restrictions have been greatly eased for most of the Centers during 2021, including in the Company's key markets of California and New York, which were the most capacity-restricted markets upon re-opening in 2020.
The Company's rent collections continue to significantly improve. The Company collected approximately 97% of rents billed for the three months ended December 31, 2020 and approximately 95% of rents billed for the three months ended March 31, 2021. The Company continues to make significant progress in its negotiations with national and local tenants to secure rental payments, despite a significant portion of the Company’s tenants requesting rental assistance, whether in the form of deferral or rent reduction. The majority of such requests were made in 2020. For example, of the nearly 200 national tenants in the Company’s portfolio, excluding tenants that have filed bankruptcy and vacated the Company's properties, the Company has yet to reach agreement with only 1% of those tenants, as measured based on total rent. The lease amendments negotiated by the Company have resulted in a combination of rent payment deferrals and rent abatements. The majority of the Company’s leases require continued payment of rent by the Company’s tenants during the period of government mandated closures caused by COVID-19. Additionally, many of the Company’s leases contain co-tenancy clauses. Certain Anchor or small tenant closures have become permanent following the re-opening of the Company's Centers, and co-tenancy clauses within certain leases may be triggered as a result. The Company does not anticipate the negative impact of such clauses on lease revenue will be significant.
During 2020, there were 42 bankruptcy filings involving the Company’s tenants, totaling 322 leases and involving approximately 6.0 million square feet and $85.4 million of annual leasing revenue at the Company’s share. During 2021, the pace of such filings has decreased substantially, as there were six bankruptcy filings involving the Company's tenants, totaling 47 leases and involving approximately 207,000 square feet and $6.9 million of annual leasing revenue at the Company's share. This included two leases totaling 139,000 square feet with a single department store retailer that quickly emerged from bankruptcy and assumed both of its leases with the Company. Excluding this department store retailer, bankruptcy filings during 2021 are only 68,000 square feet.
As previously disclosed by the Company in its prior filings with the SEC, the Company has submitted recovery claims under its insurance coverage due to business interruption from COVID-19. As of March 31, 2021, the Company does not believe it is likely that it will be able to collect on these claims given the facts and circumstances regarding the COVID-19 pandemic.
During the year ended December 31, 2020 and the first quarter of 2021, the Company incurred $56.4 million and $28.9 million, respectively, of rent abatements at the Company’s share relating to 2020 rents as a result of COVID-19. Additionally, the Company negotiated $32.9 million of rent deferrals during the year ended December 31, 2020 and $0.6 million during the first quarter 2021, each at the Company’s share. As of March 31, 2021, $11.8 million of the rent deferrals remain outstanding with $11.0 million scheduled to be repaid during 2021 and the remainder scheduled for repayment in 2022. The Company has experienced a significant decrease in requests for rent abatements and deferrals as 2021 has progressed, and the Company expects these requests to continue to decline as the economy reopens.
The Company has experienced, and expects to continue to experience, a negative impact to its leasing revenue and the occupancy rates at its Centers due to COVID-19. For the three months ended March 31, 2021, leasing revenue decreased by approximately 17%, including joint ventures at the Company's share, compared to the three months ended March 31, 2020. Included within this decline were $28.9 million of retroactive rent abatements incurred in the first quarter of 2021 relating to 2020 rents. Excluding these retroactive rent abatements, leasing revenue for the three months ended March 31, 2021 decreased 8% compared to the three months ended March 31, 2020. As of March 31, 2021, the leased occupancy rate decreased to 88.5% from 93.1% at March 31, 2020.
While the volume of leasing transactions declined significantly in the second and third quarters of 2020, the Company experienced significant improvement during the fourth quarter of 2020 and the first quarter of 2021 in leasing activity. During the first quarter of 2021, the Company signed 181 leases for 700,000 square feet (excluding COVID-19 workout deals), which equals the leased space that was signed during the first quarter of 2020. For the six months ended March 31, 2021, the Company signed leases for nearly the same amount of space as the pre-COVID-19 six-month period ended March 31, 2020. Further, the number of new and renewal leases executed through mid-April 2021 is slightly greater than the number of leases signed during the same pre-COVID-19 period in 2019, and 2019 was a high leasing volume year for the Company. The

Company has entered into 102 leases for new stores totaling approximately 617,000 square feet that have opened or are planned for opening in 2021. The Company is also negotiating nearly 100 other leases for new stores totaling nearly 800,000 square feet. There is no assurance that these pending lease negotiations will result in executed leases.
As a result of continued loosening of government restrictions within the Company's operating markets, combined with pent up demand and the positive economic impact of fiscal stimulus, sales at the Company's Centers continue to greatly improve. During the first quarter of 2021, comparable tenant sales across the Company's portfolio were only 2.0% less than the pre-COVID-19 first quarter of 2019, and were 1.9% higher than the pre-COVID-19 first quarter of 2019, excluding the capacity-restricted food and beverage category. During the first quarter of 2021, comparable tenant sales within Arizona, the Company’s least restricted region, were 7.2% higher than the pre-COVID-19 first quarter of 2019 and 11.5% higher than the pre-COVID-19 first quarter of 2019, excluding the capacity-restricted food and beverage category.
During 2021, the Company expects to generate significant cash flow from operations after recurring operating capital expenditures, leasing capital expenditures and after dividend. This assumption does not include any potential capital generated from dispositions, refinancings or issuances of common equity. This surplus will be used to de-lever as well as to fund our development pipeline.
Given the continued disruption and uncertainties from COVID-19 and the impact on the capital markets, the Company has secured extensions of term from one to three years of its near-term maturing non-recourse mortgage loans on Danbury Fair Mall, Fashion Outlets of Niagara, FlatIron Crossing, Green Acres Mall and Green Acres Commons (See "Financing Activities" in Management's Overview and Summary).
On April 14, 2021, the Company repaid and terminated its existing credit facility and entered into a new credit agreement, which provides for an aggregate $700 million facility, including a $525 million revolving loan facility that matures on April 14, 2023, with a one-year extension option, and a $175 million term loan facility that matures on April 14, 2024.
Concurrent with the closing of this credit facility, the Company repaid $985.0 million of debt (See "Liquidity and Capital Resources").
Rising interest rates could increase the cost of the Company’s borrowings due to its outstanding floating-rate debt and lead to higher interest rates on new fixed-rate debt. In certain cases, the Company may limit its exposure to interest rate fluctuations related to a portion of its floating-rate debt by using interest rate cap and swap agreements. Such agreements, subject to current market conditions, allow the Company to replace floating-rate debt with fixed-rate debt in order to achieve its desired ratio of floating-rate to fixed-rate debt. In today’s decreasing interest rate environment, the swap agreements that the Company has entered into have resulted in increases in interest expense. Those swap agreements expire in September 2021.
Comparison of Three Months Ended March 31, 2021 and 2020
Revenues:
Leasing revenue decreased by $31.2 million, or 14.8%, from 2020 to 2021. The decrease in leasing revenue is attributed to decreases of $34.2 million from the Same Centers and $0.5 million from the Disposition Property offset in part by increases of $3.5 million from the JV Transition Centers. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income and the provision for bad debts. The amortization of above and below-market leases was $0.4 million in 2020 and 2021. Straight-line rents increased from $2.2 million in 2020 to $4.8 million in 2021. Lease termination income increased from $1.2 million in 2020 to $2.9 million in 2021. Provision for bad debts increased from $0.9 million in 2020 to $3.2 million in 2021. The increase in bad debt expense is a result of the Company assessing collectability by tenant and determining that it was no longer probable that substantially all leasing revenue would be collected from certain tenants, which includes tenants that have declared bankruptcy, tenants at risk of filing bankruptcy or other tenants where collectability was no longer probable. The decrease in leasing revenue and increase in bad debt at the Same Centers is primarily the result of COVID-19 (See "Other Transactions and Events" in Management's Overview and Summary).
Other income decreased from $9.3 million in 2020 to $5.3 million in 2021. The decrease is primarily a decline in parking garage income as a result of COVID-19 (See "Other Transactions and Events" in Management's Overview and Summary).
Management Companies' revenue decreased from $7.0 million in 2020 to $5.6 million in 2021 due to a decrease in management fees and development fees.
Shopping Center and Operating Expenses:
Shopping center and operating expenses increased $5.4 million, or 7.7%, from 2020 to 2021. The increase in shopping center and operating expenses is attributed to increases of $4.9 million from the JV Transition Centers and $0.5 million from the Same Centers.

Leasing Expenses:
Leasing expenses decreased from $7.4 million in 2020 to $5.2 million in 2021 due to a decrease in compensation expense.
Management Companies' Operating Expenses:
Management Companies' operating expenses decreased $1.4 million from 2020 to 2021 due to a decrease in compensation expense.
REIT General and Administrative Expenses:
REIT general and administrative expenses increased $1.3 million from 2020 to 2021 primarily due to an increase in consulting expense.
Depreciation and Amortization:
Depreciation and amortization decreased $3.8 million from 2020 to 2021. The decrease in depreciation and amortization is attributed to decreases of $7.1 million from the Same Centers offset in part by increases of $3.1 million from the JV Transition Centers and $0.2 million from the Disposition Property.
Interest Expense:
Interest expense increased $45.8 million from 2020 to 2021. The increase in interest expense was attributed to an increase of $45.6 million from the Financing Arrangement (See Note 12—Financing Arrangement in the Company's Notes to the Consolidated Financial Statements), $1.8 million from the JV Transition Centers and $0.9 million from the Company's revolving line of credit offset in part by decreases of $2.5 million from the Same Centers. The increase in interest expense from the Financing Arrangement is primarily due to the change in fair value of the underlying properties and the mortgage notes payable on the underlying properties.
Equity in Income of Unconsolidated Joint Ventures:
Equity in income of unconsolidated joint ventures decreased $7.8 million from 2020 to 2021. The decrease in equity in income of unconsolidated joint ventures is primarily due to a decrease in leasing revenue as a result of COVID-19 (See "Other Transactions and Events" in Management's Overview and Summary).
Loss on Sale or Write Down of Assets, net:
Loss on sale or write down of assets, net decreased $15.4 million from 2020 to 2021. The decrease in loss on sale or write down of assets, net is primarily due to the $36.7 million of impairment losses on Wilton Mall and Paradise Valley Mall in 2020 and impairment loss of $27.3 million on Estrella Falls in 2021 offset in part by the gain of $4.2 million from the sale of Paradise Valley Mall and $4.1 million on land sales. The impairment losses were due to the reduction in the estimated holding periods of the properties.
Net (Loss) Income:
Net (loss) income decreased $76.5 million from 2020 to 2021. The decrease in net (loss) income is primarily the result of COVID-19 (See "Other Transactions and Events" in Management's Overview and Summary).
Funds From Operations ("FFO"):
Primarily as a result of the factors mentioned above, FFO attributable to common stockholders and unit holders—diluted, excluding financing expense in connection with Chandler Freehold decreased 38.4% from $122.7 million in 2020 to $75.6 million in 2021. For a reconciliation of net (loss) income attributable to the Company, the most directly comparable GAAP financial measure, to FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold and FFO attributable to common stockholders and unit holders—diluted, excluding financing expense in connection with Chandler Freehold, see "Funds From Operations ("FFO")" below.
Operating Activities:
Cash provided by operating activities increased $2.5 million from 2020 to 2021. The increase is primarily due to the changes in assets and liabilities and the results, as discussed above.

Investing Activities:
Cash provided by investing activities increased $115.1 million from 2020 to 2021. The increase in cash provided by investing activities is primarily attributed to proceeds from the sale of assets of $100.3 million, proceeds from notes receivable of $1.3 million, a decrease in contributions to unconsolidated joint ventures of $8.2 million and a decrease of $11.6 million in development, redevelopment, expansion and renovation of properties offset in part by an increase in property improvements of
$6.8 million.
Financing Activities:
Cash provided by financing activities increased $1.9 million from 2020 to 2021. The increase in cash provided by financing activities is primarily due to net proceeds from sales of common shares under the ATM Programs of $597 million and a decrease in dividends and distributions of $88.0 million offset by a decrease in proceeds from mortgages, bank and other notes payable of $660.0 million and a decrease in payments on mortgages, bank and other notes payable of $15.3 million.
Liquidity and Capital Resources
The Company has historically met its liquidity needs for its operating expenses, debt service and dividend requirements for the next twelve months through cash generated from operations, distributions from unconsolidated joint ventures, working capital reserves and/or borrowings under its line of credit. As a result of the uncertain environment resulting from the
COVID-19 pandemic (See "Other Transactions and Events" in Management's Overview and Summary), the Company took a number of measures to enhance liquidity. These actions helped to ensure that funds were available to meet the Company's obligations for a sustained period of time as the extent and duration of the pandemic's impact became clearer. These measures included (i) reduction of the cash component of its dividend in the second quarter of 2020 and reduction of the amount of its cash dividend in the third and fourth quarter of 2020 and in the first quarter of 2021, (ii) reduction of planned capital and development expenditures, (iii) negotiated deferrals of debt service payments on nineteen mortgage loans totaling $47.2 million, (iv) reduction of the Company's controllable operating expenses, and (v) deferral of real estate taxes to the extent such relief was available. In addition, during the first quarter of 2020, the Company borrowed $660 million on its line of credit. As of March 31, 2021, the Company had approximately $1.2 billion of cash, including the joint ventures at the Company's pro rata share, and including proceeds raised under its ATM Programs and from the sale of Paradise Valley Mall, both as described below.
The following tables summarize capital expenditures incurred at the Centers (at the Company's pro rata share):

For the Three Months Ended March 31,
(Dollars in thousands)	2021	2020	
Consolidated Centers:			
Acquisitions of property, building improvement and equipment	$	3,670	$	2,381	
Development, redevelopment, expansions and renovations of Centers	6,558	16,112	
Tenant allowances	4,696	1,081	
Deferred leasing charges	510	910	
	$	15,434	$	20,484	
Joint Venture Centers:			
Acquisitions of property, building improvement and equipment	$	842	$	1,844	
Development, redevelopment, expansions and renovations of Centers	12,232	29,628	
Tenant allowances	2,550	355	
Deferred leasing charges	815	725	
	$	16,439	$	32,552	

The Company expects amounts to be incurred during the next twelve months for tenant allowances and deferred leasing charges to be less than or comparable to 2020. The Company expects to incur less than $80.0 million during the remaining period of 2021 for development, redevelopment, expansion and renovations. This excludes the Company's share of the remaining development costs associated with One Westside, which is fully funded by a non-recourse construction facility.
Capital for these expenditures, developments and/or redevelopments has been, and is expected to continue to be, obtained from

a combination of cash on hand, debt financings, which are expected to include borrowings under the Company's line of credit, from property financings and construction loans, each to the extent available.
The Company has also generated liquidity in the past, and may continue to do so in the future, through equity offerings and issuances, property refinancings, joint venture transactions and the sale of non-core assets. Furthermore, the Company has filed a shelf registration statement, which registered an unspecified amount of common stock, preferred stock, depositary shares, debt securities, warrants, rights, stock purchase contracts and units that may be sold from time to time by the Company.
On each of February 1, 2021 and March 26, 2021, the Company registered a separate "at the market" offering program, pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500 million under each ATM Program, or a total of $1.0 billion under the ATM Programs, in amounts and at times to be determined by the Company. The following table sets forth certain information with respect to issuances made under each of the ATM Programs as of March 31, 2021.

(Dollars and shares in thousands)	February 2021 ATM Program	March 2021 ATM Program(1)

For the Three Months Ended:	Number of Shares Issued	
Net Proceeds	Sales Commissions		Number of Shares Issued	
Net Proceeds	Sales Commissions	
March 31, 2021	36,001	$	477,283	$	9,746		9,991	$	119,724	$	2,449	
Total	36,001	$	477,283	$	9,746		9,991	$	119,724	$	2,449	

(1) The table does not reflect shares sold at the end of the quarter that did not settle until April 2021 (See Note 14-Stockholders' Equity).
As of March 31, 2021, including sales of shares that did not settle until April 2021, the Company had approximately
$12.7 million of gross sales of its common stock available under the February 2021 ATM Program and approximately $335.6 million of gross sales of its common stock available under the March 2021 ATM Program.
The capital and credit markets can fluctuate and, at times, limit access to debt and equity financing for companies. The Company has been able to access capital; however, there is no assurance the Company will be able to do so in future periods or on similar terms and conditions as a result of COVID-19. Many factors impact the Company's ability to access capital, such as its overall debt level, interest rates, interest coverage ratios and prevailing market conditions. Increases in the Company's proportion of floating rate debt will cause it to be subject to interest rate fluctuations in the future.
The Company's total outstanding loan indebtedness, which includes mortgages and other notes payable, at March 31, 2021 was $8.7 billion (consisting of $6.0 billion of consolidated debt, less $459.9 million of noncontrolling interests, plus $3.1 billion of its pro rata share of unconsolidated joint venture debt). The majority of the Company's debt consists of fixed-rate conventional mortgage notes collateralized by individual properties. The Company expects that all of the maturities during the next twelve months will be refinanced, restructured, extended and/or paid off from the Company's line of credit or cash on hand.
Given the continued disruption and uncertainties from COVID-19 and the impact on the capital markets, the Company has secured extensions of term from one to three years of its near-term maturing non-recourse mortgage loans on Danbury Fair Mall, Fashion Outlets of Niagara, FlatIron Crossing, Green Acres Mall and Green Acres Commons (See “Financing Activities” in Management’s Overview and Summary).
The Company believes that the pro rata debt provides useful information to investors regarding its 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 for the Company’s total consolidated 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.
On March 29, 2021, the Company sold Paradise Valley Mall to a newly formed joint venture for $100 million.
Concurrent with the sale, the Company elected to reinvest into the joint venture at a 5% ownership interest. The Company received $95.3 million of net proceeds (See “Dispositions”).
For the quarter ended March 31, 2021, the Company had a $1.5 billion revolving line of credit facility that bore interest at LIBOR plus a spread of 1.30% to 1.90%, depending on the Company's overall leverage level, and was to mature on July 6, 2020. On April 8, 2020, the Company exercised its option to extend the maturity of the facility to July 6, 2021. The line of credit could be expanded, depending on certain conditions, up to a total facility of $2.0 billion. All obligations under the facility

were unconditionally guaranteed only by the Company. Based on the Company's leverage level as of March 31, 2021, the borrowing rate on the facility was LIBOR plus 1.65%. The Company has four interest rate swap agreements that effectively convert a total of $400.0 million of the outstanding balance from floating rate debt of LIBOR plus 1.65% to fixed rate debt of 4.50% until September 30, 2021. At March 31, 2021, total borrowings under the line of credit were $1.48 billion less unamortized deferred finance costs of $1.3 million with a total interest rate of 2.73%. The Company's availability under the line of credit was $19.7 million at March 31, 2021.
On April 14, 2021, the Company terminated its existing credit facility and entered into a new credit agreement, which provides for an aggregate $700 million facility, including a $525 million revolving loan facility that matures on April 14, 2023, with a one-year extension option, and a $175 million term loan facility that matures on April 14, 2024. The revolving loan facility can be expanded up to $800 million, subject to receipt of lender commitments and other conditions. Concurrently with entering into the new credit agreement, the Company drew the $175 million term loan in its entirety and drew $320 million of the amount available under the revolving loan facility. Simultaneously with entering into the new credit agreement, the Company repaid $985.0 million of debt, which included terminating and repaying all amounts outstanding under its prior revolving line of credit facility. All obligations under the facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. As of April 14, 2021, the borrowing rate was LIBOR plus 2.75%.
Cash dividends and distributions for the three months ended March 31, 2021 were $26.7 million, which were funded from cash on hand.
At March 31, 2021, the Company was in compliance with all applicable loan covenants under its agreements. At March 31, 2021, the Company had cash and cash equivalents of $1,083.8 million.
Off-Balance Sheet Arrangements:
The Company accounts for its investments in joint ventures that it does not have a controlling interest or is not the primary beneficiary using the equity method of accounting and those investments are reflected on the consolidated balance sheets of the Company as investments in unconsolidated joint ventures.
As of March 31, 2021, one of the Company's joint ventures had $50.0 million of debt that could become recourse to the Company should the joint venture be unable to discharge the obligation of the related debt.
Additionally, as of March 31, 2021, the Company was contingently liable for $40.9 million in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. As of March 31, 2021, $40.6 million of these letters of credit are secured by restricted cash. The Company does not believe that these letters of credit will result in a liability to the Company.
Contractual Obligations:
The following is a schedule of contractual obligations as of March 31, 2021 for the consolidated Centers over the periods in which they are expected to be paid (in thousands):

Contractual Obligations	Total

Less than 1 year

Payment Due by Period
1 - 3
years

3 - 5
years

More than five years

Long-term debt obligations (include expected interest payments)(1)	s
$ 6,908,899	
$ 1,938,408	
(4) $	
1,569,251	
$ 1,376,447	
$ 2,024,793	
Lease liabilities(2)	183,346	22,048		27,065	17,315	116,918	
Purchase obligations(3)	3,318	3,318		—	—	—	
Other long-term liabilities	197,818	125,826		28,199	13,744	30,049	
$ 7,293,381	$ 2,089,600	$ 1,624,515	$ 1,407,506	$ 2,171,760	

(1)	Interest payments on floating rate debt were based on rates in effect at March 31, 2021.
(2)	See Note 8—Leases in the Company's Notes to the Consolidated Financial Statements.
(3)	See Note 16—Commitments and Contingencies in the Company's Notes to the Consolidated Financial Statements.
(4)	On April 14, 2021, in connection with entering into the new credit agreement, the Company repaid the entire $1.48 billion outstanding under its revolving line of credit facility and borrowed $495 million on its new credit facility.

Funds From Operations ("FFO")
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 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 obligation,
(ii) any payments to the joint venture partner equal to their pro rata share of net income and (iii) any payments to the joint venture partner less than or in excess of their pro rata share of net income. The Company excludes from its definition of FFO the noted expenses related to the changes in fair value and for the payments to the 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, net.
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 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 further 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 believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income 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 real estate investment trusts.

Funds From Operations ("FFO") (Continued)
Management compensates for the limitations of FFO by providing investors with financial statements prepared according to GAAP, along with this detailed discussion of FFO and a reconciliation of net (loss) income to FFO and FFO—diluted.
Management believes that to further understand the Company's performance, FFO should be compared with the Company's reported net (loss) income and considered in addition to cash flows in accordance with GAAP, as presented in the Company's consolidated financial statements.
The following reconciles net (loss) income attributable to the Company to FFO and FFO—diluted attributable to common stockholders and unit holders-basic and diluted, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt, net, for the three months ended March 31, 2021 and 2020 (dollars and shares in thousands):

For the Three Months Ended March 31,
	2021	2020	
Net (loss) income attributable to the Company	$	(63,604)	$	7,522	
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 Operating Partnership	(4,356)	557	
Loss on sale or write down of assets, net—consolidated assets	21,283	36,703	
Add: noncontrolling interests share of loss on sale or write down of assets
—consolidated assets	
(46)	
—	
Add: gain on sale of undepreciated assets—consolidated assets	4,096	—	
Add: noncontrolling interests share of gain of undepreciated assets— consolidated assets	
(1,191)	
—	
Less: loss on write-down of non-real estate assets—consolidated assets	(1,200)	—	
Gain on sale or write down of assets—unconsolidated joint ventures, net(1)	(27)	—	
Depreciation and amortization—consolidated assets	78,396	82,213	
Less: noncontrolling interests in depreciation and amortization— consolidated assets	
(4,075)	
(3,789)	
Depreciation and amortization—unconsolidated joint ventures(1)	47,106	49,509	
Less: depreciation on personal property	(3,378)	(4,326)	
FFO attributable to common stockholders and unit holders—basic and diluted	73,004	168,389	
Financing expense in connection with Chandler Freehold	2,551	(45,707)	
FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold—basic and diluted	
$	75,555	
$ 122,682	
Weighted average number of FFO shares outstanding for:			
FFO attributable to common stockholders and unit holders—basic(2)	169,436	151,915	
Adjustments for impact of dilutive securities in computing FFO—diluted:			
Share and unit based compensation plans	—	—	
Weighted average number of FFO shares outstanding for FFO attributable to common stockholders and unit holders—basic and diluted(2)	
 	169,436	
 	151,915	

(1)	Unconsolidated joint ventures are presented at the Company's pro rata share.
(2)	Calculated based upon basic net income as adjusted to reach basic FFO. Includes 10.9 million and 10.4 million OP Units for the three months ended March 31, 2021 and 2020, respectively.
The computation of FFO—diluted shares outstanding includes the effect of share and unit-based compensation plans using the treasury stock method. It also assumes the conversion of MACWH, LP common and preferred units to the extent that they are dilutive to the FFO—diluted computation.

Item 3. Quantitative and Qualitative Disclosures About Market Risk
The Company's primary market risk exposure is interest rate risk. The Company has managed and will continue to manage interest rate risk by (1) maintaining a ratio of fixed rate, long-term debt to total debt such that floating rate exposure is kept at an acceptable level, (2) reducing interest rate exposure on certain long-term floating rate debt through the use of interest rate caps and/or swaps with matching maturities where appropriate, (3) using treasury rate locks where appropriate to fix rates on anticipated debt transactions, and (4) taking advantage of favorable market conditions for long-term debt and/or equity.
The following table sets forth information as of March 31, 2021 concerning the Company's long-term debt obligations, including principal cash flows by scheduled maturity, weighted average interest rates and estimated fair value (dollars in thousands):

2022		2023	2024	2025	2026	Thereafter	Total	Fair Value	
CONSOLIDATED CENTERS:									
Long-term debt:									
Fixed rate(1)	$ 673,370	(2) $	565,756	$ 103,969	$ 978,205	$ 218,289	$ 1,785,000	$ 4,324,589	$ 4,255,240	
Average interest rate	4.73 %		3.80 %	5.74 %	3.70 %	3.49 %	3.92 %	4.00 %		
Floating rate	1,080,000	(2)	427,820	198,500	—	—	—	1,706,320	1,694,536	
Average interest rate	1.76 %	1.97 %	4.00 %	— %	— %	— %	2.07 %		
Total debt—
Consolidated Centers	$1,753,370		
$  993,576		
$   302,469		
$   978,205		
$   218,289		
$ 1,785,000		
$ 6,030,909		
$ 5,949,776	
UNCONSOLIDATED JOINT VENTURE CENTERS:									
Long-term debt (at Company's pro rata share):									
Fixed rate	$ 145,335	$ 397,455	$ 656,962	$	36,636	$ 231,673	$ 1,561,740	$ 3,029,801	$ 2,971,033	
Average interest rate	3.98 %	3.73 %	3.70 %	3.55 %	4.12 %	3.82 %	3.81 %		
Floating rate	34,171	—	9,742	39,762	—	—	83,675	80,950	
Average interest rate	2.12 %	— %	1.96 %	1.80 %	— %	— %	1.95 %		
Total debt— Unconsolidated Joint
Venture Centers	$   179,506		
$  397,455		
$   666,704		
$	76,398		
$   231,673		
$ 1,561,740		
$ 3,113,476		
$ 3,051,983	

Expected Maturity Date For the twelve months ending March 31,

(1)		Fixed rate debt includes $400 million of floating rate bank and other notes payable. The Company has four interest rate swap agreements that effectively convert a total of $400 million of the outstanding balance from floating rate debt of LIBOR plus 1.65% to fixed rate debt of 4.50% until September 30, 2021 (See Note 5-Derivative Instruments and Hedging Activities in the Company's Notes to the Consolidated Financial Statements).

(2)		On April 14, 2021, in connection with entering into the new credit agreement, the Company repaid the entire $1.48 billion outstanding under its revolving line of credit facility and borrowed $495 million on its new credit facility (See "Liquidity and Capital Resources").
The Consolidated Centers' total fixed rate debt at each of March 31, 2021 and December 31, 2020 was $4.3 billion. The average interest rate on the fixed rate debt at March 31, 2021 and December 31, 2020 was 4.00% and 3.98%, respectively. The Consolidated Centers' total floating rate debt at each of March 31, 2021 and December 31, 2020 was $1.7 billion. The average interest rate on the floating rate debt at March 31, 2021 and December 31, 2020 was 2.07% and 2.08%, respectively.
The Company's pro rata share of the unconsolidated joint venture Centers' fixed rate debt at each of March 31, 2021 and December 31, 2020 was $3.0 billion. The average interest rate on the fixed rate debt at March 31, 2021 and December 31, 2020 was 3.81% and 3.82%, respectively. The Company's pro rata share of the unconsolidated joint venture Centers' floating rate debt at March 31, 2021 and December 31, 2020 was $83.7 million and $70.5 million, respectively. The average interest rate on the floating rate debt at March 31, 2021 and December 31, 2020 was 1.95% and 2.02%, respectively.
The Company uses derivative financial instruments in the normal course of business to manage or hedge interest rate risk and records all derivatives on the balance sheet at fair value. Interest rate cap agreements offer protection against floating rates on the notional amount from exceeding the rates noted in the above schedule, and interest rate swap agreements effectively replace a floating rate on the notional amount with a fixed rate as noted above. As of March 31, 2021, the Company has one interest rate cap agreement and four interest rate swap agreements in place (See Note 5—Derivative Instruments and Hedging Activities in the Company's Notes to the Consolidated Financial Statements).

In addition, the Company has assessed the market risk for its floating rate debt and believes that a 1% increase in interest rates would decrease future earnings and cash flows by approximately $17.9 million per year based on $1.8 billion of floating rate debt outstanding at March 31, 2021.
The fair value of the Company's long-term debt is estimated based on a present value model utilizing interest rates that reflect the risks associated with long-term debt of similar risk and duration. In addition, the method of computing fair value for mortgage notes payable included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt (See Note 10—Mortgage Notes Payable and Note 11—Bank and Other Notes Payable in the Company's Notes to the Consolidated Financial Statements).
In July 2017, the Financial Conduct Authority (the “FCA”), the authority that regulates LIBOR, announced that it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021, and, on March 5, 2021, the FCA announced that USD-LIBOR will no longer be published after June 30, 2023. In the event that LIBOR is discontinued after June 30, 2023, the interest rate for the variable rate debt of the Company and its joint ventures and the swap rate for the Company’s interest rate swaps following such event will be based on an alternative variable rate as specified in the applicable documentation governing such debt or swaps or as otherwise agreed upon. Such an event would not affect the Company’s ability to borrow or maintain already outstanding borrowings or swaps, but the alternative variable rate could be higher and more volatile than LIBOR prior to its discontinuance.
Item 4. Controls and Procedures
As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, management carried out an evaluation, under the supervision and with the participation of the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on their evaluation as of March 31, 2021, the Company's Chief Executive Officer and Chief Financial Officer have concluded that the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) were effective to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is (a) recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms and (b) accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
In addition, there has been no change in the Company's internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15(d)-15(f) under the Securities Exchange Act of 1934) that occurred during the Company's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II OTHER INFORMATION
Item 1. Legal Proceedings
None of the Company, the Operating Partnership, the Management Companies or their respective affiliates are currently involved in any material legal proceedings, although from time-to-time they are involved in various legal proceedings that arise in the ordinary course of business.
Item 1A. Risk Factors
There have been no material changes to the risk factors relating to the Company set forth under the caption "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
On March 11, 2021 and March 22, 2021, the Company, as general partner of the Operating Partnership, issued 6,622 and 1,171,908 shares of common stock of the Company, respectively, upon the redemption of 1,178,530 common partnership units of the Operating Partnership. These shares of common stock were issued in private placements to two limited partners of the Operating Partnership, each an accredited investor, pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

Issuer Purchases of Equity Securities		
			
Total Number of	Approximate Dollar Value of	
	Total Number of	Average Price	Shares Purchased as Part of Publicly	Shares That May Yet Be Purchased	
Period	Shares Purchased	Paid per Share	Announced Plans or Programs	Under the Plans or Programs (1)	
January 1, 2021 to January 31, 2021	—	$	—	—	$	278,707,048	
February 1, 2021 to February 28, 2021	—	—	—	$	278,707,048	
March 1, 2021 to March 31, 2021	—	—	—	$	278,707,048	
Total	 	—	$	—	 	—		

(1)	On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500.0 million of the Company's outstanding common shares from time to time as market conditions warrant.
Item 3. Defaults Upon Senior Securities
Not Applicable
Item 4. Mine Safety Disclosures
Not Applicable
Item 5. Other Information
Not Applicable

Item 6. Exhibits
Exhibit
Number	Description
 
2.1 Master Agreement, dated November 14, 2014, by and among Pacific Premier Retail LP, MACPT LLC, Macerich PPR GP LLC, Queens JV LP, Macerich Queens JV LP, Queens JV GP LLC, 1700480 Ontario Inc. and the Company (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date November 14, 2014).
3.1	Articles of Amendment and Restatement of the Company (incorporated by reference as an exhibit to the Company's Registration Statement on Form S-11, as amended (No. 33-68964)) (Filed in paper - hyperlink is not required pursuant to Rule 105 of Regulation S-T).
3.1.1	Articles Supplementary of the Company (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date May 30, 1995) (Filed in paper - hyperlink is not required pursuant to Rule 105 of Regulation S-T).
3.1.2	Articles Supplementary of the Company (with respect to the first paragraph) (incorporated by reference as an exhibit to the Company's 1998 Form 10-K).
3.1.3	Articles Supplementary of the Company (Series D Preferred Stock) (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date July 26, 2002).
3.1.4	Articles Supplementary of the Company (incorporated by reference as an exhibit to the Company's Registration Statement on Form S-3, as amended (No. 333-88718)).
3.1.5	Articles of Amendment of the Company (declassification of Board) (incorporated by reference as an exhibit to the Company's 2008 Form 10-K).
3.1.6	Articles Supplementary of the Company (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date February 5, 2009).
3.1.7	Articles of Amendment of the Company (increased authorized shares) (incorporated by reference as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2009).
3.1.8	Articles of Amendment of the Company (to eliminate the supermajority vote requirement to amend the charter and to clarify a reference in Article NINTH) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date May 30, 2014).
3.1.9	Articles Supplementary of the Company (election to be subject to Section 3-803 of the Maryland General Corporation Law) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date March 17, 2015).
3.1.10	Articles Supplementary of the Company (Series E Preferred Stock) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date March 18, 2015).
3.1.11	Articles Supplementary of the Company (reclassification of Series E Preferred Stock to Preferred Stock) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date May 7, 2015).
3.1.12	Articles Supplementary of the Company (repeal of election to be subject to Section 3-803 of the Maryland General Corporation Law) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8- K, event date May 28, 2015).
3.1.13	Articles Supplementary of the Company (opting out of provisions of Subtitle 8 of Title 3 of the Maryland General Corporate Law (MUTA provisions)) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date April 24, 2019).
3.2	Amended and Restated Bylaws of the Company (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date April 24, 2019).
10.1	Credit Agreement, dated as of April 14, 2021, by and among the Company, as a guarantor, the Partnership, as borrower, certain subsidiary guarantors, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A. and Goldman Sachs Bank USA, as joint lead arrangers and joint bookrunning managers, Deutsche Bank Securities Inc. and JPMorgan Chase Bank, N.A., as co-syndication agents, Goldman Sachs Bank USA, as documentation agent, and various lenders party thereto (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date April 14, 2021).
10.2	Unconditional Guaranty, dated as of April 14, 2021, by the Company in favor of Deutsche Bank AG New York Branch, as administrative agent (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date April 14, 2021).
31.1	Section 302 Certification of Thomas O'Hern, Chief Executive Officer
31.2	Section 302 Certification of Scott Kingsmore, Chief Financial Officer 32.1** Section 906 Certifications of Thomas O'Hern and Scott Kingsmore
101.SCH Inline XBRL Taxonomy Extension Schema Document

Exhibit
Number	Description
 
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document
104 Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*).

* Represents a management contract, or compensatory plan, contract or arrangement required to be filed pursuant to Regulation S-K.
** Furnished herewith.

Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
THE MACERICH COMPANY
By:	/s/ SCOTT W. KINGSMORE

Scott W. Kingsmore
Senior Executive Vice President, Treasurer and Chief Financial Officer
Date:   May 10, 2021	(Principal Financial Officer)

I, Thomas E. O'Hern, certify that:

THE MACERICH COMPANY SECTION 302 CERTIFICATION

1.	I have reviewed this report on Form 10-Q for the quarter ended March 31, 2021 of The Macerich Company;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
/s/ THOMAS E. O'HERN

Date:	May 10, 2021	Chief Executive Officer

I, Scott W. Kingsmore, certify that:

THE MACERICH COMPANY SECTION 302 CERTIFICATION

1.	I have reviewed this report on Form 10-Q for the quarter ended March 31, 2021 of The Macerich Company;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
/s/ SCOTT W. KINGSMORE
Date:	May 10, 2021	Senior Executive Vice President and Chief Financial Officer

THE MACERICH COMPANY WRITTEN STATEMENT PURSUANT TO
18 U.S.C. SECTION 1350
The undersigned, Thomas E. O'Hern and Scott W. Kingsmore, the Chief Executive Officer and Chief Financial Officer, respectively, of The Macerich Company (the "Company"), pursuant to 18 U.S.C. §1350, each hereby certifies that, to the best of his knowledge:
(i)	the Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 of the Company (the "Report") fully complies with the requirements of Section 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended; and
(ii)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 10, 2021

/s/ THOMAS E. O'HERN

Chief Executive Officer

/s/ SCOTT W. KINGSMORE

Senior Executive Vice President and Chief Financial Officer