Exhibit 99.1

Earnings Results & Supplemental Information

For the Three Months Ended March 31, 2022

The Macerich Company

Earnings Results & Supplemental Information

For the Three Months Ended March 31, 2022

Table of Contents

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

	Page No.
Executive Summary & Financial Highlights	1
Executive Summary	1
Financial Highlights	4
Capital Information	9
Capital Information and Market Capitalization	9
Changes in Total Common and Equivalent Shares/Units	10
Financial Data	11
Consolidated Statements of Operations (Unaudited)	11
Consolidated Balance Sheet (Unaudited)	12
Non-GAAP Pro Rata Financial Information (Unaudited)	13
2022 Earnings Guidance	16
Supplemental FFO Information	17
Capital Expenditures	18
Operational Data	19
Trailing Twelve Month Sales Per Square Foot	19
Portfolio Occupancy	20
Average Base Rent Per Square Foot	21
Cost of Occupancy	22
Percentage of Net Operating Income by State	23
Property Listing	24
Joint Venture List	27
Debt Tables	29
Debt Summary	29
Outstanding Debt by Maturity Date	30
Development and Redevelopment Pipeline Forecast	32
Corporate Information	34

The Macerich Company

Executive Summary

March 31, 2022

We own 48 million square feet of real estate consisting primarily of interests in 44 regional town centers. We specialize in successful retail properties in many of the country’s most attractive, densely populated markets with a significant presence on the West Coast, and in Arizona and the Metro New York to Washington, DC corridor. We are a recognized leader in sustainability and have achieved the #1 GRESB ranking in the North American Retail Sector for seven straight years (2015 – 2021).

General Updates:

Our portfolio finished 2021 strong and that same momentum has continued into early 2022, with robust leasing demand and tenant sales. For the year ended 2021, portfolio comparable tenant sales from spaces less than 10,000 square feet were 10% higher than tenant sales for the pre-pandemic year ended 2019 and our leasing volumes reached near historic highs. To kick off 2022, portfolio comparable tenant sales from spaces less than 10,000 for the quarter ended March 31, 2022 were 14.5% higher than the first quarter of 2021 and 11.5% higher than the first quarter of 2019. Portfolio tenant sales per square foot for spaces less than 10,000 square feet for the trailing twelve months ended March 31, 2022 were $843, which is a record high for The Macerich Company (the “Company”). During the first quarter of 2022, we signed 22% more leases than we signed during the first quarter of 2021.

We are extremely proud of our significant contributions and progress as an industry-leading steward of the environment, and as a thoughtful and socially responsible employer and corporate citizen. For details on our environmental/sustainability and social goals and accomplishments, we refer you to Corporate Responsibility Report, which will soon be posted on our website.

Financial Results for the Quarter:

•The net loss attributable to the Company was $37.2 million or $0.17 per share-diluted during the first quarter of 2022, compared to the net loss attributable to the Company of $63.6 million or $0.40 per share-diluted attributable to the Company for the quarter ended March 31, 2021.

•Funds from Operations (“FFO”), excluding financing expense in connection with Chandler Freehold increased 12.8% on a per share basis to $112.4 million or $0.50 per share-diluted during the first quarter of 2022, compared to $75.6 million or $0.45 per share-diluted for the quarter ended March 31, 2021.

•Same center net operating income (“NOI”), excluding lease termination income, increased 24.7% in the first quarter of 2022 compared to the first quarter of 2021. This percentage increased to 30.2% when including lease termination income.

Operations:

•Portfolio occupancy as of March 31, 2022 was 91.3%, a 2.8% increase compared to an 88.5% occupancy rate at March 31, 2021.

•Portfolio comparable tenant sales from spaces less than 10,000 square feet for the quarter ended March 31, 2022 were 14.5% higher than the quarter ended March 31, 2021.

•Portfolio sales per square foot from spaces less than 10,000 square feet for the trailing twelve months ended March 31, 2022 were $843, which is an all-time, record high for our Company.

•During the first quarter of 2022, we signed 220 leases for 617,000 square feet, compared to 181 leases and 693,000 square feet during the first quarter of 2021. This represented a 22% increase in the number of leases signed.

•During the first quarter of 2022, we opened 188,000 square feet of new stores and uses, including among many others… six locations with Cotton On; Christian Louboutin, Scotch & Soda and Polestar at Scottsdale Fashion Square; Nike Live at Twenty Ninth Street; johnnie-O at Kierland Commons; Avocado at The Village at Corte Madera; XLanes at Fresno Fashion Fair; and Urban Outfitters, Longhorn Steakhouse and Golf Lounge 18 at Danbury Fair Mall.

•Re-leasing spreads were 1.3% greater than expiring base rent for the twelve months ended March 31, 2022.

Redevelopment:

We continue to ramp up our redevelopment efforts as we move past the pandemic. Some recent redevelopment highlights include:

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The Macerich Company

Executive Summary

March 31, 2022

•Our joint venture in One Westside in Los Angeles, CA has delivered the approximately 584,000 square foot, three-level creative office space to Google, which is anticipated to open this summer. The project remains ahead of schedule and on budget, and is fully funded by a construction loan.

•We continue to secure entitlements and/or plan transformative projects to redevelop: the former Bloomingdale’s and Arclight Theater spaces at Santa Monica Place with entertainment and office uses; the former Lord & Taylor parcel at Tysons Corner Center with mixed uses and possibly flagship retail uses; the former Sears parcels at both Washington Square and Los Cerritos Center with mixed-use densification expansions; FlatIron Crossing in Broomfield, Colorado with a multi-phased, mixed-use densification expansion for which we secured entitlements in late 2021; and Kierland Commons in Phoenix, Arizona for an expansion to add multi-family and office buildings to this amenity-rich lifestyle property in northeast Phoenix.

Balance Sheet:

During 2022, our mortgage refinancing and extension activity has included the following: on February 2, we closed a $175 million refinance of FlatIron Crossing; on April 29, we closed a $72 million refinance of Pacific View in Ventura, CA; and on May 6, we closed a two-year extension of the loan on The Oaks in Thousand Oaks, CA. We are also in the process of closing a $185 million loan to refinance Danbury Fair in Danbury, CT, subject to final documentation and customary closing conditions.

As of the date of this filing, we have approximately $628 million of liquidity, including unrestricted cash on hand totaling over $200 million, with the balance representing available capacity on our revolving line of credit.

As of March 31, 2022, total debt including our pro-rata share of joint ventures was $6.91 billion at a weighted average annual effective interest rate of 3.86%.

2022 Earnings Guidance:

At this time, we are narrowing the ranges and increasing the mid-points of our 2022 guidance for both estimated EPS-diluted and FFO per share-diluted, excluding financing expense in connection with Chandler Freehold. The following is a reconciliation of estimated EPS-diluted to FFO per share-diluted, excluding financing expense in connection with Chandler Freehold:

	Fiscal Year 2022 Guidance
EPS-diluted	($0.17)	-	($0.03)
Plus: real estate depreciation and amortization	1.87	-	1.87
Plus: loss on sale or write-down of depreciable assets	0.17	-	0.17
FFO per share-diluted	1.87	-	2.01
Plus: impact of financing expense in connection with Chandler Freehold	0.03	-	0.03
FFO per share – diluted, excluding financing expense in connection with Chandler Freehold	$1.90	-	$2.04

This guidance assumes no further government-mandated shutdowns of our properties. It does not assume any sale of common equity during 2022. These estimates do not include possible future gains or losses or the impact on operating results from possible future property acquisitions or dispositions, other than land sales. There can be no assurance that our actual results will not differ from the estimates set forth above.

More details of the guidance assumptions are included on page 16.

Dividend:

On May 9, 2022, we declared a quarterly cash dividend of $0.15 per share of common stock. The dividend is payable on June 3, 2022 to stockholders of record at the close of business on May 20, 2022.

Investor Conference Call:

We will provide an online Web simulcast and rebroadcast of our quarterly earnings conference call. The call will be available on The Macerich Company’s website at www.macerich.com (Investors Section). The call begins on May 9, 2022 at 10:00 a.m. Pacific Time. To listen to the call, please visit the website at least 15 minutes prior to the call in order to register and download audio software if needed. An online replay at www.macerich.com (Investors Section) will be available for one year after the call.

About Macerich and this Document:

The Company is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional town centers throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the

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The Macerich Company

Executive Summary

March 31, 2022

“Operating Partnership”) and conducts all of its operations through the Operating Partnership and the Company’s management companies.

As of March 31, 2022, the Operating Partnership owned or had an ownership interest in 48 million square feet of gross leasable area (“GLA”) consisting primarily of interests in 44 regional town centers and five community/power shopping centers. These 49 centers (which include any adjoining mixed-use improvements) are referred to hereinafter as the “Centers” unless the context requires otherwise.

All references to the Company in this document include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

The Company presents certain measures in this document on a pro rata basis which represents (i) the measure on a consolidated basis, minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest). Management believes that these measures provide useful information to investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and the Company believes that presenting various measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property level performance and to make decisions about resource allocations. The Company’s economic interest (as distinct from its legal ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items.

Note:

This document contains statements that constitute forward-looking statements which can be identified by the use of words, such as “will,” “expects,” “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “projects,” “scheduled” and similar expressions that do not relate to historical matters, and includes expectations regarding the Company’s future operational results as well as development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, as well as global, national, regional and local economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, and acquisitions and dispositions; the continuing adverse impact of the novel coronavirus (COVID-19) on the U.S., regional and global economies and the financial condition and results of operations of the Company and its tenants; the liquidity of real estate investments; governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2021 for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events unless required by law to do so.

(See attached tables)

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

	For the Three Months Ended March 31,
	Unaudited
	2022		2021
Revenues:
Leasing revenue	$	203,412	$	179,535
Other income	6,327		5,321
Management Companies’ revenues	6,405		5,568
Total revenues	216,144		190,424
Expenses:
Shopping center and operating expenses	72,920		76,155
Management Companies’ operating expenses	16,945		14,843
Leasing expenses	7,611		5,166
REIT general and administrative expenses	6,862		8,087
Depreciation and amortization	72,856		78,396
Interest expense (a)	51,861		53,896
Total expenses	229,055		236,543
Equity in (loss) income of unconsolidated joint ventures	(29,097)		1,910
Income tax expense	(1,799)		(2,238)
Gain (loss) on sale or write down of assets, net	6,453		(21,283)
Net loss	(37,354)		(67,730)
Less net loss income attributable to noncontrolling interests	(172)		(4,126)
Net loss attributable to the Company	$	(37,182)	$	(63,604)
Weighted average number of shares outstanding—basic	214,819		158,580
Weighted average shares outstanding, assuming full conversion of OP Units (b)	223,501		169,436
Weighted average shares outstanding—Funds From Operations (“FFO”)— diluted (b)	223,501		169,436
Earnings per share (“EPS”)—basic	$	(0.17)	$	(0.40)
EPS—diluted	$	(0.17)	$	(0.40)
Dividend paid per share	$	0.15	$	0.15
FFO—basic and diluted (b) (c)	$	104,866	$	73,004
FFO—basic and diluted, excluding financing expense in connection with Chandler Freehold (b) (c)	$	112,371	$	75,555
FFO per share—basic and diluted (b) (c)	$	0.47	$	0.43
FFO per share—basic and diluted, excluding financing expense in connection with Chandler Freehold (b) (c)	$	0.50	$	0.45

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(a)The Company accounts for its investment in the Chandler Fashion Center and Freehold Raceway Mall ("Chandler Freehold") joint venture as a financing arrangement. As a result, the Company has included in interest expense (i) an expense (credit) of $2,543 and ($863) to adjust for the change in the fair value of the financing arrangement obligation during the three months ended March 31, 2022 and 2021, respectively; (ii) distributions of $497 and ($1,232) to its partner representing the partner's share of net income (loss) for the three months ending March 31, 2022 and 2021, respectively; and (iii) distributions of $4,962 and $3,414 to its partner in excess of the partner's share of net income for the three months ended March 31, 2022 and 2021, respectively.

(b)The Operating Partnership has operating partnership units (“OP units”). OP units can be converted into shares of Company common stock. Conversion of the OP units not owned by the Company has been assumed for purposes of calculating FFO per share and the weighted average number of shares outstanding. The computation of average shares for FFO—diluted includes the effect of share and unit-based compensation plans, stock warrants and convertible senior notes using the treasury stock method. It also assumes conversion of MACWH, LP preferred and common units to the extent they are dilutive to the calculation.

(c)The Company uses FFO in addition to net income to report its operating and financial results and considers FFO and FFO-diluted as supplemental measures for the real estate industry and a supplement to Generally Accepted Accounting Principles (“GAAP”) measures. The National Association of Real Estate Investment Trusts (“Nareit”) defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, plus real estate related depreciation and amortization, impairment write-downs of real estate and write-downs of investments in an affiliate where the write-downs have been driven by a decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis.

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

The Company also presents FFO excluding financing expense in connection with Chandler Freehold.

FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that such a presentation also provides investors with a more meaningful measure of its operating results in comparison to the operating results of other REITs. In addition, the Company believes that FFO excluding financing expense in connection with Chandler Freehold and non-routine costs associated with extinguishment of debt provide useful supplemental information regarding the Company’s performance as they show a more meaningful and consistent comparison of the Company’s operating performance and allows investors to more easily compare the Company’s results. The Company believes that FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of convertible securities.

The Company further believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO as presented, may not be comparable to similarly titled measures reported by other REITs.

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of net loss attributable to the Company to FFO attributable to common stockholders and unit holders—basic and diluted, excluding financing expense in connection with Chandler Freehold (c):

	For the Three Months Ended March 31,
	Unaudited
	2022		2021
Net loss attributable to the Company	$	(37,182)	$	(63,604)
Adjustments to reconcile net loss attributable to the Company to FFO attributable to common stockholders and unit holders—basic and diluted:
Noncontrolling interests in the OP	(1,501)		(4,356)
(Gain) loss on sale or write-down of consolidated assets, net	(6,453)		21,283
Add: gain on undepreciated asset sales from consolidated assets	10,660		2,905
Loss on write down of consolidated non-real estate assets	(2,000)		(1,200)
Noncontrolling interests share of gain (loss) on sale or write-down of consolidated joint ventures, net	4,422		(46)
Loss (gain) on sale or write down of assets from unconsolidated joint ventures (pro rata), net	29,827		(27)
Add: gain on undepreciated asset sales from unconsolidated joint ventures (pro rata)	599		—
Depreciation and amortization on consolidated assets	72,856		78,396
Less depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures	(7,813)		(4,075)
Depreciation and amortization on unconsolidated joint ventures (pro rata)	44,401		47,106
Less: depreciation on personal property	(2,950)		(3,378)
FFO attributable to common stockholders and unit holders—basic and diluted	104,866		73,004
Financing expense in connection with Chandler Freehold	7,505		2,551
FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold—basic and diluted	$	112,371	$	75,555

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

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

	For the Three Months Ended March 31,
	Unaudited
	2022		2021
EPS—diluted	$	(0.17)	$	(0.40)
Per share impact of depreciation and amortization of real estate	0.48		0.70
Per share impact of loss on sale or write down of assets, net	0.16		0.13
FFO per share—basic and diluted	0.47		0.43
Per share impact of financing expense in connection with Chandler Freehold	0.03		0.02
FFO per share—basic and diluted, excluding financing expense in connection with Chandler Freehold	$	0.50	$	0.45

Reconciliation of Net loss attributable to the Company to Adjusted EBITDA:

	For the Three Months Ended March 31,
	Unaudited
	2022		2021
Net loss attributable to the Company	$	(37,182)	$	(63,604)
Interest expense—consolidated assets	51,861		53,896
Interest expense—unconsolidated joint ventures (pro rata)	25,226		27,065
Depreciation and amortization—consolidated assets	72,856		78,396
Depreciation and amortization—unconsolidated joint ventures (pro rata)	44,401		47,106
Noncontrolling interests in the OP	(1,501)		(4,356)
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures	(12,258)		(6,643)
(Gain) loss on sale or write down of assets, net - consolidated assets	(6,453)		21,283
Loss (gain) on sale or write down of assets, net - unconsolidated joint ventures (pro rata)	29,827		(27)
Add: Noncontrolling interests share of gain (loss) on sale or write-down of consolidated joint ventures, net	4,422		(46)
Income tax expense	1,799		2,238
Distributions on preferred units	87		90
Adjusted EBITDA (d)	$	173,085	$	155,398

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

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

	For the Three Months Ended March 31,
	Unaudited
	2022			2021
Adjusted EBITDA (d)	$	173,085		$	155,398
REIT general and administrative expenses	6,862			8,087
Management Companies’ revenues	(6,405)			(5,568)
Management Companies’ operating expenses	16,945			14,843
Leasing expenses, including joint ventures at pro rata	8,324			5,823
Straight-line and above/below market adjustments	(97)			(10,864)
NOI—All Centers	198,714			167,719
NOI of non-Same Centers	(4,964)			(18,869)
NOI—Same Centers (e)	193,750			148,850
Lease termination income of Same Centers	(13,614)			(4,440)
NOI—Same Centers, excluding lease termination income (e)	$	180,136		$	144,410
NOI—Same Centers percentage change, including lease termination income (e)	30.16		%
NOI—Same Centers percentage change, excluding lease termination income (e)	24.74		%

(d)Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss (gain) on remeasurement, sale or write down of assets, loss (gain) on extinguishment of debt and preferred dividends and includes joint ventures at their pro rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability of the Company to incur and service debt and make capital expenditures. The Company believes that Adjusted EBITDA should not be construed as an alternative to operating income as an indicator of the Company’s operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) or as a measure of liquidity. The Company also cautions that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies.

(e)The Company presents Same Center NOI because the Company believes it is useful for investors to evaluate the operating performance of comparable centers. Same Center NOI is calculated using total Adjusted EBITDA and eliminating the impact of the Management Companies’ revenues and operating expenses, leasing expenses (including joint ventures at pro rata), the Company’s REIT general and administrative expenses and the straight-line and above/below market adjustments to minimum rents and subtracting out NOI from non-Same Centers. The Company also presents Same Center NOI, excluding lease termination income, as the Company believes that it is useful for investors to evaluate operating performance without the impact of lease termination income.

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

				Period Ended
	3/31/2022			12/31/2021			12/31/2020
	(dollars in thousands, except per share data)
Closing common stock price per share	$	15.64		$	17.28		$	10.67
52 week high	$	22.88		$	25.99		$	26.98
52 week low	$	11.67		$	10.31		$	4.81
Shares outstanding at end of period
Class A non participating convertible preferred units	99,565			99,565			103,235
Common shares and partnership units	223,592,525			223,474,639			160,751,189
Total common and equivalent shares/units outstanding	223,692,090			223,574,204			160,854,424
Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	6,908,565		$	6,977,458		$	8,675,076
Equity market capitalization	3,498,544			3,863,362			1,716,317
Total market capitalization	$	10,407,109		$	10,840,820		$	10,391,393
Debt as a percentage of total market capitalization	66.4		%	64.4		%	83.5		%

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The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Changes in Total Common and Equivalent Shares/Units

	Partnership Units	Company Common Shares	Class A Non-Participating Convertible Preferred Units	Total Common and Equivalent Shares/ Units
Balance as of December 31, 2021	8,677,582	214,797,057	99,565	223,574,204
Conversion of partnership units to cash	(2,901)	—	—	(2,901)
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans	16,467	104,320	—	120,787
Balance as of March 31, 2022	8,691,148	214,901,377	99,565	223,692,090

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THE MACERICH COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands)

	For the Three Months Ended March 31, 2022
Revenues:
Leasing revenue	$	203,412
Other income	6,327
Management Companies' revenues	6,405
Total revenues	216,144
Expenses:
Shopping center and operating expenses	72,920
Management Companies' operating expenses	16,945
Leasing expenses	7,611
REIT general and administrative expenses	6,862
Depreciation and amortization	72,856
Interest expense	51,861
Total expenses	229,055
Equity in loss of unconsolidated joint ventures	(29,097)
Income tax expense	(1,799)
Gain on sale or write down of assets, net	6,453
Net loss	(37,354)
Less net loss attributable to noncontrolling interests	(172)
Net loss attributable to the Company	$	(37,182)

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THE MACERICH COMPANY

CONSOLIDATED BALANCE SHEET (UNAUDITED)

As of March 31, 2022

(Dollars in thousands)

ASSETS:
Property, net (a)	$	6,223,984
Cash and cash equivalents	128,244
Restricted cash	55,933
Tenant and other receivables, net	159,653
Right-of-use assets, net	131,547
Deferred charges and other assets, net	242,890
Due from affiliates	4,177
Investments in unconsolidated joint ventures	1,263,252
Total assets	$	8,209,680
LIABILITIES AND EQUITY:
Mortgage notes payable	$	4,414,557
Bank and other notes payable	63,388
Accounts payable and accrued expenses	58,011
Lease liabilities	101,236
Other accrued liabilities	216,935
Distributions in excess of investments in unconsolidated joint ventures	130,518
Financing arrangement obligation	121,531
Total liabilities	5,106,176
Commitments and contingencies
Equity:
Stockholders' equity:
Common stock	2,148
Additional paid-in capital	5,493,662
Accumulated deficit	(2,513,179)
Accumulated other comprehensive income	7
Total stockholders' equity	2,982,638
Noncontrolling interests	120,866
Total equity	3,103,504
Total liabilities and equity	$	8,209,680

(a)Includes construction in progress of $191,208.

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THE MACERICH COMPANY

NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)

(DOLLARS IN THOUSANDS)

	For the Three Months Ended March 31, 2022
	Noncontrolling Interests of Consolidated Joint Ventures (a)		Company's Share of Unconsolidated Joint Ventures
Revenues:
Leasing revenue	$	(12,763)	$	100,778
Other income	(1,151)		4,454
Total revenues	(13,914)		105,232
Expenses:
Shopping center and operating expenses	(4,504)		33,917
Leasing expenses	(245)		958
Depreciation and amortization	(7,813)		44,401
Interest expense	(4,445)		25,226
Total expenses	(17,007)		104,502
Equity in loss of unconsolidated joint ventures	—		29,097
Gain (loss) on sale or write down of assets, net	(4,422)		(29,827)
Net income	(1,329)		—
Less net income attributable to noncontrolling interests	(1,329)		—
Net income attributable to the Company	$	—	$	—

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

13

THE MACERICH COMPANY

NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)

(DOLLARS IN THOUSANDS)

	As of March 31, 2022
	Noncontrolling Interests of Consolidated Joint Ventures (a)		Company's Share of Unconsolidated Joint Ventures
ASSETS:
Property, net (b)	$	(471,482)	$	3,901,083
Cash and cash equivalents	(12,380)		98,949
Restricted cash	(2,326)		4,291
Tenant and other receivables, net	(11,320)		79,416
Right-of-use assets, net	(601)		57,839
Deferred charges and other assets, net	(26,180)		78,682
Due from affiliates	1,415		(2,044)
Investments in unconsolidated joint ventures, at equity	—		(1,263,252)
Total assets	$	(522,874)	$	2,954,964
LIABILITIES AND EQUITY:
Mortgage notes payable	$	(456,855)	$	2,855,651
Bank and other notes payable	—		31,824
Accounts payable and accrued expenses	(3,990)		45,233
Lease liabilities	(2,369)		58,220
Other accrued liabilities	(26,102)		94,554
Distributions in excess of investments in unconsolidated joint ventures	—		(130,518)
Financing arrangement obligation	(121,531)		—
Total liabilities	(610,847)		2,954,964
Equity:
Stockholders' equity	88,117		—
Noncontrolling interests	(144)		—
Total equity	87,973		—
Total liabilities and equity	$	(522,874)	$	2,954,964

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

(b)This includes $2,698 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $350,413 of construction in progress relating to the Company's share from unconsolidated joint ventures.

14

THE MACERICH COMPANY

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

(Dollars in thousands)

	For the Three Months Ended March 31, 2022
	Consolidated		Non- Controlling Interests (a)		Company's Consolidated Share		Company's Share of Unconsolidated Joint Ventures		Company's Total Share
Revenues:
Minimum rents	$	132,742	$	(7,957)	$	124,785	$	69,674	$	194,459
Percentage rents	8,593		(1,173)		7,420		3,975		11,395
Tenant recoveries	53,616		(3,218)		50,398		24,605		75,003
Other	9,028		(421)		8,607		2,408		11,015
Less: Bad debt expense	(567)		6		(561)		116		(445)
Total leasing revenue	$	203,412	$	(12,763)	$	190,649	$	100,778	$	291,427

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

15

The Macerich Company

2022 Earnings Guidance (unaudited)

At this time, we are narrowing the ranges and increasing the mid-points of our 2022 guidance for both estimated EPS-diluted and FFO per share-diluted, excluding financing expense in connection with Chandler Freehold. The following is a reconciliation of estimated EPS-diluted to FFO per share-diluted, excluding financing expense in connection with Chandler Freehold:

	Fiscal Year 2022 Guidance
EPS-diluted	($0.17)	-	($0.03)
Plus: real estate depreciation and amortization	1.87	-	1.87
Plus: loss on sale or write-down of depreciable assets	0.17	-	0.17
FFO per share-diluted	1.87	-	2.01
Plus: impact of financing expense in connection with Chandler Freehold	0.03	-	0.03
FFO per share – diluted, excluding financing expense in connection with Chandler Freehold	$1.90	-	$2.04

This guidance assumes no further government-mandated shutdowns of our properties. It does not assume any sale of common equity during 2022. These estimates do not include possible future gains or losses or the impact on operating results from possible future property acquisitions or dispositions, other than land sales. There can be no assurance that our actual results will not differ from the estimates set forth above.

Underlying Assumptions to 2022 Guidance:

Cash Same Center Net Operating Income (“NOI”) Growth, excluding Lease Termination Income (a) 4.75 % - 6.25 %

	Year 2022 ($ millions)(b)	Year 2022 FFO / Share Impact
Lease termination income	$22	$0.10
Bad debt expense	$4	$0.02
Straight-line rental income	$3	$0.01
Amortization of acquired above and below-market leases (net-revenue)	$5	$0.02
Interest expense(c)	$267	$1.17
Capitalized interest	$18	$0.08

(a)Excludes non-cash items of straight-line rental income and above/below market adjustments to minimum rent.

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

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

16

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)

	As of March 31,
	2022		2021
	dollars in millions
Straight-line rent receivable	$	165.7	$	169.2

	For the Three Months Ended March 31,
	2022		2021
	dollars in millions
Lease termination income	$	13.6	$	4.5
Straight-line rental (expense) income	$	(1.1)	$	9.4
Business development and parking income (b)	$	15.2	$	9.9
Gain on sales or write down of undepreciated assets	$	11.3	$	2.9
Amortization of acquired above and below-market leases, net revenue	$	1.2	$	1.4
Amortization of debt discounts, net	$	(0.3)	$	(0.3)
Bad debt expense (c)	$	0.4	$	2.8
Leasing expense	$	8.3	$	5.8
Interest capitalized	$	4.5	$	4.3
Chandler Freehold financing arrangement (d):
Distributions equal to partners’ share of net income (loss)	$	0.5	$	(1.2)
Distributions in excess of partners’ share of net income (e)	5.0		3.4
Fair value adjustment (e)	2.5		(0.9)
Total Chandler Freehold financing arrangement expense (d)	$	8.0	$	1.3

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

(b)Included in leasing revenue and other income.

(c)Included in leasing revenue.

(d)Included in interest expense.

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

17

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures(a)

	For the Three Months Ended March 31, 2022		Year Ended		Year Ended
			12/31/2021		12/31/2020
	dollars in millions
Consolidated Centers
Acquisitions of property, building improvement and equipment	$	1.1	$	18.7	$	9.6
Development, redevelopment, expansions and renovations of Centers	10.8		46.3		38.4
Tenant allowances	5.5		22.1		12.4
Deferred leasing charges	0.4		2.6		3.0
Total	$	17.8	$	89.7	$	63.4
Unconsolidated Joint Venture Centers
Acquisitions of property, building improvement and equipment	$	1.2	$	18.8	$	6.5
Development, redevelopment, expansions and renovations of Centers	14.7		48.5		109.9
Tenant allowances	6.7		11.6		4.8
Deferred leasing charges	0.6		2.9		2.1
Total	$	23.2	$	81.8	$	123.3

(a)All joint venture amounts at pro rata.

18

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Trailing Twelve Month Sales Per Square Foot(a)

	Consolidated Centers	Unconsolidated Joint Venture Centers	Total Centers
3/31/2022	$731	$986	$843
12/31/2019(b)	$646	$998	$801

(a)Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants that have occupied such stores for a minimum of 12 months. Sales per square foot are based on tenants 10,000 square feet and under for regional town Centers. Sales per square foot exclude Centers under development and redevelopment.

(b)Sales per square foot are compared to the trailing twelve months ended December 31, 2019, the most immediately comparative period prior to the COVID-19 pandemic.

19

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Portfolio Occupancy(a)

Period Ended	Consolidated Centers		Unconsolidated Joint Venture Centers		Total Centers
3/31/2022	90.2	%	92.6	%	91.3	%
3/31/2021	87.9	%	89.2	%	88.5	%
12/31/2021	90.7	%	92.4	%	91.5	%
12/31/2020	89.6	%	89.8	%	89.7	%

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

20

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Average Base Rent Per Square Foot(a)

	Average Base Rent PSF(b)		Average Base Rent PSF on Leases Executed During the Twelve Months Ended(c)		Average Base Rent PSF on Leases Expiring During the Twelve Months Ended(d)
Consolidated Centers
3/31/2022	$	60.60	$	52.67	$	55.97
3/31/2021	$	61.08	$	51.24	$	53.77
12/31/2021	$	59.86	$	56.39	$	55.91
12/31/2020	$	59.63	$	48.06	$	52.60
Unconsolidated Joint Venture Centers
3/31/2022	$	66.62	$	69.61	$	60.78
3/31/2021	$	68.22	$	57.10	$	59.94
12/31/2021	$	66.12	$	66.98	$	60.48
12/31/2020	$	66.34	$	57.23	$	52.62
All Regional Town Centers
3/31/2022	$	62.65	$	58.09	$	57.35
3/31/2021	$	63.47	$	52.94	$	54.10
12/31/2021	$	61.98	$	60.02	$	57.23
12/31/2020	$	61.87	$	50.69	$	52.60

(a)Average base rent per square foot is based on spaces 10,000 square feet and under. All joint venture amounts are included at pro rata. Centers under development and redevelopment are excluded.

(b)Average base rent per square foot gives effect to the terms of each lease in effect, as of the applicable date, including any concessions, abatements and other adjustments or allowances that have been granted to the tenants.

(c)The average base rent per square foot on leases executed during the period represents the actual rent to be paid during the first twelve months.

(d)The average base rent per square foot on leases expiring during the period represents the final year minimum rent on a cash basis.

21

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy

	For the Twelve Months Ended March 31, 2022		For the Twelve Months Ended December 31, 2019(a)
Consolidated Centers
Minimum rents	7.5	%	9.1	%
Percentage rents	1.2	%	0.4	%
Expense recoveries(b)	3.1	%	3.6	%
Total	11.8	%	13.1	%

Unconsolidated Joint Venture Centers
Minimum rents	6.9	%	7.3	%
Percentage rents	1.0	%	0.3	%
Expense recoveries(b)	2.9	%	3.2	%
Total	10.8	%	10.8	%

All Centers
Minimum rents	7.2	%	8.1	%
Percentage rents	1.1	%	0.3	%
Expense recoveries(b)	3.0	%	3.4	%
Total	11.3	%	11.8	%

(a)Cost of Occupancy is compared to the trailing twelve months ended December 31, 2019, the most immediately comparative period prior to the COVID-19 pandemic.

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

22

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Percentage of Net Operating Income by State

State	% of Portfolio 2021 Real Estate Pro Rata NOI(a)
California	27.7	%
New York	23.4	%
Arizona	16.9	%
Pennsylvania & Virginia	9.6	%
Colorado, Illinois & Missouri	7.5	%
New Jersey & Connecticut	6.7	%
Oregon	4.3	%
Other(b)	3.9	%
Total	100.0	%

(a)The percentage of Portfolio 2021 Real Estate Pro Rata NOI excludes straight-line and above/below market adjustments to minimum rents. Portfolio 2021 Real Estate Pro Rata NOI excludes REIT general and administrative expenses, management company revenues, management company expenses and leasing expenses (including joint ventures at pro rata).

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

23

The Macerich Company

Property Listing

March 31, 2022

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company.

Count	Company’s Ownership(a)		Name of Center/Location	Year of Original Construction/ Acquisition	Year of Most Recent Expansion/Renovation	Total GLA(b)
	CONSOLIDATED CENTERS:
1	50.1	%	Chandler Fashion Center Chandler, Arizona	2001/2002	ongoing	1,319,000
2	100	%	Danbury Fair Mall Danbury, Connecticut	1986/2005	2016	1,229,000
3	100	%	Desert Sky Mall Phoenix, Arizona	1981/2002	2007	720,000
4	100	%	Eastland Mall(c) Evansville, Indiana	1978/1998	1996	1,017,000
5	50	%	Fashion District Philadelphia Philadelphia, Pennsylvania	1977/2014	2019	802,000
6	100	%	Fashion Outlets of Chicago Rosemont, Illinois	2013/—	—	527,000
7	100	%	Fashion Outlets of Niagara Falls USA Niagara Falls, New York	1982/2011	2014	689,000
8	50.1	%	Freehold Raceway Mall Freehold, New Jersey	1990/2005	2007	1,553,000
9	100	%	Fresno Fashion Fair Fresno, California	1970/1996	2006	973,000
10	100	%	Green Acres Mall(c) Valley Stream, New York	1956/2013	2016	2,054,000
11	100	%	Inland Center San Bernardino, California	1966/2004	2016	630,000
12	100	%	Kings Plaza Shopping Center(c) Brooklyn, New York	1971/2012	2018	1,148,000
13	100	%	La Cumbre Plaza(c) Santa Barbara, California	1967/2004	1989	473,000
14	100	%	NorthPark Mall Davenport, Iowa	1973/1998	2001	933,000
15	100	%	Oaks, The Thousand Oaks, California	1978/2002	2017	1,205,000
16	100	%	Pacific View Ventura, California	1965/1996	2001	886,000
17	100	%	Queens Center(c) Queens, New York	1973/1995	2004	964,000
18	100	%	Santa Monica Place Santa Monica, California	1980/1999	2015	479,000
19	84.9	%	SanTan Village Regional Center Gilbert, Arizona	2007/—	2018	1,171,000
20	100	%	SouthPark Mall Moline, Illinois	1974/1998	2015	855,000
21	100	%	Stonewood Center(c) Downey, California	1953/1997	1991	929,000
22	100	%	Superstition Springs Center Mesa, Arizona	1990/2002	2002	912,000
23	100	%	Towne Mall Elizabethtown, Kentucky	1985/2005	1989	344,000

24

The Macerich Company

Property Listing

March 31, 2022

Count	Company’s Ownership(a)		Name of Center/Location	Year of Original Construction/ Acquisition	Year of Most Recent Expansion/Renovation	Total GLA(b)
24	100	%	Valley Mall Harrisonburg, Virginia	1978/1998	1992	502,000
25	100	%	Valley River Center Eugene, Oregon	1969/2006	2007	813,000
26	100	%	Victor Valley, Mall of Victorville, California	1986/2004	2012	576,000
27	100	%	Vintage Faire Mall Modesto, California	1977/1996	ongoing	916,000
28	100	%	Wilton Mall Saratoga Springs, New York	1990/2005	2020	708,000
			Total Consolidated Centers			25,327,000
UNCONSOLIDATED JOINT VENTURE CENTERS:
29	60	%	Arrowhead Towne Center Glendale, Arizona	1993/2002	2015	1,076,000
30	50	%	Biltmore Fashion Park Phoenix, Arizona	1963/2003	2020	597,000
31	50	%	Broadway Plaza Walnut Creek, California	1951/1985	2016	988,000
32	50.1	%	Corte Madera, The Village at Corte Madera, California	1985/1998	2020	502,000
33	50	%	Country Club Plaza Kansas City, Missouri	1922/2016	2015	965,000
34	51	%	Deptford Mall Deptford, New Jersey	1975/2006	2020	1,008,000
35	51	%	Flatiron Crossing Broomfield, Colorado	2000/2002	2009	1,426,000
36	50	%	Kierland Commons Phoenix, Arizona	1999/2005	2003	437,000
37	60	%	Lakewood Center Lakewood, California	1953/1975	2008	1,983,000
38	60	%	Los Cerritos Center Cerritos, California	1971/1999	2016	1,014,000
39	50	%	Scottsdale Fashion Square Scottsdale, Arizona	1961/2002	2020	1,882,000
40	60	%	South Plains Mall Lubbock, Texas	1972/1998	2017	1,136,000
41	51	%	Twenty Ninth Street(c) Boulder, Colorado	1963/1979	2007	692,000
42	50	%	Tysons Corner Center Tysons Corner, Virginia	1968/2005	2014	1,828,000
43	60	%	Washington Square Portland, Oregon	1974/1999	2005	1,309,000
44	19	%	West Acres Fargo, North Dakota	1972/1986	2001	692,000
			Total Unconsolidated Joint Venture Centers			17,535,000
			Total Regional Town Centers			42,862,000

25

The Macerich Company

Property Listing

March 31, 2022

Count	Company’s Ownership(a)		Name of Center/Location	Year of Original Construction/ Acquisition	Year of Most Recent Expansion/Renovation	Total GLA(b)
COMMUNITY / POWER CENTERS:
1	50	%	Atlas Park, The Shops at(d) Queens, New York	2006/2011	2013	374,000
2	50	%	Boulevard Shops(d) Chandler, Arizona	2001/2002	2004	185,000
3	100	%	Southridge Center(e) Des Moines, Iowa	1975/1998	2013	801,000
4	100	%	Superstition Springs Power Center(e) Mesa, Arizona	1990/2002	—	204,000
5	100	%	The Marketplace at Flagstaff(c)(e) Flagstaff, Arizona	2007/—	—	268,000
			Total Community / Power Centers			1,832,000
OTHER ASSETS:
	100	%	Various(e)(f)	—	—	348,000
	50	%	Scottsdale Fashion Square-Office(d) Scottsdale, Arizona	1984/2002	2016	125,000
	50	%	Tysons Corner Center-Office(d) Tysons Corner, Virginia	1999/2005	2012	174,000
	50	%	Hyatt Regency Tysons Corner Center(d) Tysons Corner, Virginia	2015	2015	290,000
	50	%	VITA Tysons Corner Center(d) Tysons Corner, Virginia	2015	2015	510,000
	50	%	Tysons Tower(d) Tysons Corner, Virginia	2014	2014	529,000
OTHER ASSETS UNDER REDEVELOPMENT:
	25	%	One Westside(d)(g) Los Angeles, California	1985/1998	ongoing	680,000
	5	%	Paradise Valley Mall (d)(h) Phoenix, Arizona	1979/2002	ongoing	303,000
			Total Other Assets			2,959,000
			Grand Total			47,653,000

The Company owned or had an ownership interest in 44 regional town centers, five community/power shopping centers and office, hotel and residential space adjacent to these shopping centers. With the exception of the eight Centers indicated with footnote (c) in the table above, the underlying land controlled by the Company is owned in fee entirely by the Company, or, in the case of jointly-owned Centers, by the joint venture property partnership or limited liability company.

(a)The Company’s ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) in the Joint Venture List regarding the legal versus economic ownership of joint venture entities.

(b)Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores.

(c)Portions of the land on which the Center is situated are subject to one or more long-term ground leases.

(d)Included in Unconsolidated Joint Venture Centers.

(e)Included in Consolidated Centers.

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

(g)Construction is underway to convert former regional town center Westside Pavilion, which closed in January 2019, into an approximately 584,000 square foot Class A creative office campus called One Westside leased solely to Google, while maintaining approximately 96,000 square feet of adjacent entertainment and retail space at 10850 Pico Boulevard. The project was delivered to Google during the fourth quarter of 2021 for tenant improvement work, which has commenced.

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

26

The Macerich Company

Joint Venture List

As of March 31, 2022

The following table sets forth certain information regarding the Centers and other operating properties that are not wholly owned by the Company. This list of properties includes unconsolidated joint ventures, consolidated joint ventures, and financing arrangements. The percentages shown are the effective legal ownership and economic ownership interests of the Company.

Properties	Legal Ownership(a)		Economic Ownership(b)		Joint Venture	Total GLA(c)
Arrowhead Towne Center	60	%	60	%	New River Associates LLC	1,076,000
Atlas Park, The Shops at	50	%	50	%	WMAP, L.L.C.	374,000
Biltmore Fashion Park	50	%	50	%	Biltmore Shopping Center Partners LLC	597,000
Boulevard Shops	50	%	50	%	Propcor II Associates, LLC	185,000
Broadway Plaza	50	%	50	%	Macerich HHF Broadway Plaza LLC	988,000
Chandler Fashion Center(d)(e)	50.1	%	50.1	%	Freehold Chandler Holdings LP	1,319,000
Corte Madera, The Village at	50.1	%	50.1	%	Corte Madera Village, LLC	502,000
Country Club Plaza	50	%	50	%	Country Club Plaza KC Partners LLC	965,000
Deptford Mall(d)	51	%	51	%	Macerich HHF Centers LLC	1,008,000
Fashion District Philadelphia	50	%	(f)		Various Entities	802,000
FlatIron Crossing	51	%	51	%	Macerich HHF Centers LLC	1,426,000
Freehold Raceway Mall(d)(e)	50.1	%	50.1	%	Freehold Chandler Holdings LP	1,553,000
Hyatt Regency Tysons Corner Center	50	%	50	%	Tysons Corner Hotel I LLC	290,000
Kierland Commons	50	%	50	%	Kierland Commons Investment LLC	437,000
Lakewood Center	60	%	60	%	Pacific Premier Retail LLC	1,983,000
Los Angeles Premium Outlets	50	%	50	%	CAM-CARSON LLC	—
Los Cerritos Center(d)	60	%	60	%	Pacific Premier Retail LLC	1,014,000
One Westside(g)	25	%	25	%	HPP-MAC WSP, LLC	680,000
Paradise Valley Mall(h)	5	%	5	%	PV Land SPE, LLC	303,000
SanTan Village Regional Center	84.9	%	84.9	%	Westcor SanTan Village LLC	1,171,000
Scottsdale Fashion Square	50	%	50	%	Scottsdale Fashion Square Partnership	1,882,000
Scottsdale Fashion Square-Office	50	%	50	%	Scottsdale Fashion Square Partnership	125,000
Macerich Seritage Portfolio(i)	50	%	50	%	MS Portfolio LLC	795,000
South Plains Mall	60	%	60	%	Pacific Premier Retail LLC	1,136,000
Twenty Ninth Street	51	%	51	%	Macerich HHF Centers LLC	692,000
Tysons Corner Center	50	%	50	%	Tysons Corner LLC	1,828,000
Tysons Corner Center-Office	50	%	50	%	Tysons Corner Property LLC	174,000
Tysons Tower	50	%	50	%	Tysons Corner Property LLC	529,000
VITA Tysons Corner Center	50	%	50	%	Tysons Corner Property LLC	510,000
Washington Square(d)	60	%	60	%	Pacific Premier Retail LLC	1,309,000
West Acres	19	%	19	%	West Acres Development, LLP	692,000

(a)This column reflects the Company’s legal ownership in the listed properties. Legal ownership may, at times, not equal the Company’s economic interest in the listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.

(b)Economic ownership represents the allocation of cash flow to the Company, except as noted below. In cases where the Company receives a current cash distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage is shown in this column. The Company’s economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings, partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.

(c)Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores.

(d)These Centers have a former Sears store which is owned by MS Portfolio LLC, see footnote (i) below. The GLA of the former Sears store, or tenant replacing the former Sears store, at the five Centers indicated with footnote (d) in the table above is included in Total GLA at the center level. The GLA for the former Sears store at these five Centers plus the GLA of the former Sears store at two wholly owned Centers, Danbury Fair Mall and Vintage Faire Mall, are also aggregated into the 795,000 square feet in the MS Portfolio LLC above.

(e)The joint venture entity was formed in September 2009. Upon liquidation of the partnership, distributions are made in the following order: to the third-party partner until it receives a 13% internal rate of return on and of its aggregate unreturned capital contributions; to the Company until it receives a 13% internal rate of return on and of its aggregate unreturned capital contributions; and, thereafter, pro rata 35% to the third-party partner and 65% to the Company.

(f)On December 10, 2020, the Company made a loan (the Partnership Loan) to the 50/50 joint venture that owns Fashion District Philadelphia to fund the entirety of a $100 million repayment to reduce the mortgage loan on Fashion District Philadelphia from $301 million to $201 million. Pursuant to

27

The Macerich Company

Joint Venture List

As of March 31, 2022

the joint venture partnership agreement, the Partnership Loan plus 15% accrued interest must first be repaid prior to the resumption of 50/50 cash distributions to the Company and its joint venture partner. The principal balance of the Partnership Loan at March 31, 2022 was $118.8 million.

(g)Construction is underway to convert former regional town center Westside Pavilion, which closed in January 2019, into an approximately 584,000 square foot Class A creative office campus called One Westside leased solely to Google, while maintaining approximately 96,000 square feet of adjacent entertainment and retail space at 10850 Pico Boulevard. The Company contributed the existing buildings and land valued at $190.0 million to the joint venture on August 31, 2018. Refer to the Development and Redevelopment Pipeline Forecast for more details.

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

(i)On April 30, 2015, Sears Holdings Corporation (“Sears”) and the Company announced that they had formed a joint venture, MS Portfolio LLC. Sears contributed nine stores (located at Arrowhead Towne Center, Chandler Fashion Center, Danbury Fair Mall, Deptford Mall, Freehold Raceway Mall, Los Cerritos Center, South Plains Mall, Vintage Faire Mall and Washington Square) to the joint venture and the Company contributed $150 million in cash to the joint venture. On July 7, 2015, Sears assigned its ownership interest in MS Portfolio LLC to Seritage MS Holdings LLC. On December 31, 2020, the Company traded its 50% interest in the former Sears parcel at Arrowhead Towne Center for its partner’s 50% interest in the former Sears parcel at South Plains Mall, such that the Company now owns 100% of the former Sears parcel at South Plains Mall. The Company expects to create additional value through re-leasing the former Sears boxes. For example, Primark has leased space in portions of the Sears stores at Danbury Fair Mall and Freehold Raceway Mall. Refer to the Development and Redevelopment Pipeline Forecast for details of the Former Sears Redevelopments at these properties.

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The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

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

	As of March 31, 2022
	Fixed Rate			Floating Rate			Total
	Dollars in thousands
Mortgage notes payable	$	3,795,483		$	619,074		$	4,414,557
Bank and other notes payable	—			63,388			63,388
Total debt per Consolidated Balance Sheet	3,795,483			682,462			4,477,945
Adjustments:
Less: Noncontrolling interests or financing arrangement share of debt from consolidated joint ventures	(359,554)			(97,301)			(456,855)
Adjusted Consolidated Debt	3,435,929			585,161			4,021,090
Add: Company’s share of debt from unconsolidated joint ventures	2,691,039			196,436			2,887,475
Total Company’s Pro Rata Share of Debt	$	6,126,968		$	781,597		$	6,908,565
Weighted average interest rate	3.97		%	3.02		%	3.86		%
Weighted average maturity (years)							3.95

(a)The Company’s pro rata share of debt represents (i) consolidated debt, minus the Company’s partners’ share of the amount from consolidated joint ventures (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of debt from unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest). Management believes that this measure provides useful information to investors regarding the Company’s financial condition because it includes the Company’s share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company’s partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its pro rata share of debt in this manner can help investors better understand the Company’s financial condition after taking into account the Company’s economic interest in these joint ventures. The Company’s pro rata share of debt should not be considered as a substitute to the Company’s total debt determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

29

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date

	As of March 31, 2022
Center/Entity (dollars in thousands)	Maturity Date	Effective Interest Rate (a)		Fixed			Floating			Total Debt Balance (a)
I. Consolidated Assets:
Oaks, The (b)	06/05/22	4.14	%	$	175,356		$	—		$	175,356
Danbury Fair Mall	07/01/22	5.71	%	165,873			—			165,873
Pacific View (c)	07/01/22	4.07	%	110,597			—			110,597
Towne Mall	11/01/22	4.48	%	19,190			—			19,190
Green Acres Mall	02/03/23	3.94	%	244,073			—			244,073
Fashion Outlets of Niagara Falls USA	10/06/23	6.45	%	93,885			—			93,885
Chandler Fashion Center (d)	07/05/24	4.18	%	128,053			—			128,053
Victor Valley, Mall of	09/01/24	4.00	%	114,864			—			114,864
Queens Center	01/01/25	3.49	%	600,000			—			600,000
Vintage Faire Mall	03/06/26	3.55	%	238,495			—			238,495
Fresno Fashion Fair	11/01/26	3.67	%	324,106			—			324,106
SanTan Village Regional Center (e)	07/01/29	4.34	%	186,312			—			186,312
Freehold Raceway Mall (d)	11/01/29	3.94	%	199,775			—			199,775
Kings Plaza Shopping Center	01/01/30	3.71	%	536,056			—			536,056
Fashion Outlets of Chicago	02/01/31	4.61	%	299,294			—			299,294
Total Fixed Rate Debt for Consolidated Assets		4.04	%	$	3,435,929		$	—		$	3,435,929
Santa Monica Place	12/09/22	2.12	%	$	—		$	299,501		$	299,501
Green Acres Commons	03/29/23	3.25	%	—			124,971			124,971
Fashion District Philadelphia (f), (g)	01/22/24	4.00	%	—			97,301			97,301
The Macerich Partnership, L.P. - Line of Credit (f)	04/14/24	3.76	%	—			63,388			63,388
Total Floating Rate Debt for Consolidated Assets		2.85	%	$	—		$	585,161		$	585,161
Total Debt for Consolidated Assets		3.86	%	$	3,435,929		$	585,161		$	4,021,090
II. Unconsolidated Assets (At Company’s pro rata share):
One Westside - defeased (25%)	10/01/22	4.77	%	$	31,824		$	—		$	31,824
Washington Square Mall (60%)	11/01/22	3.65	%	315,238			—			315,238
Deptford Mall (51%)	04/03/23	3.55	%	84,554			—			84,554
Scottsdale Fashion Square (50%)	04/03/23	3.02	%	208,294			—			208,294
Tysons Corner Center (50%)	01/01/24	4.13	%	351,466			—			351,466
Paradise Valley (5%) (f)	09/29/24	5.00	%	2,358			—			2,358
South Plains Mall (60%)	11/06/25	4.22	%	120,000			—			120,000
Twenty Ninth Street (51%)	02/06/26	4.10	%	76,500			—			76,500
Country Club Plaza (50%)	04/01/26	3.88	%	151,055			—			151,055
Lakewood Center (60%)	06/01/26	4.15	%	205,323			—			205,323
Kierland Commons (50%)	04/01/27	3.98	%	101,764			—			101,764
Los Cerritos Center (60%)	11/01/27	4.00	%	313,175			—			313,175
Arrowhead Towne Center (60%)	02/01/28	4.05	%	239,657			—			239,657
Corte Madera, The Village at (50.1%)	09/01/28	3.53	%	112,475			—			112,475
West Acres - Development (19%)	10/10/29	3.72	%	429			—			429
Tysons Tower (50%)	10/11/29	3.38	%	94,522			—			94,522
Broadway Plaza (50%)	04/01/30	4.19	%	224,581			—			224,581
Tysons VITA (50%)	12/01/30	3.43	%	44,492			—			44,492
West Acres (19%)	03/01/32	4.61	%	13,332			—			13,332
Total Fixed Rate Debt for Unconsolidated Assets		3.89	%	$	2,691,039		$	—		$	2,691,039
Boulevard Shops (50%)	12/05/23	2.38	%	$	—		$	11,438		$	11,438
One Westside - Development (25%) (f)	12/18/24	2.26	%	—			66,196			66,196
FlatIron Crossing (51%) (f)	02/09/25	4.08	%	—			87,196			87,196
Atlas Park (50%) (f)	11/09/26	5.06	%	—			31,606			31,606
Total Floating Rate Debt for Unconsolidated Assets		3.52	%	$	—		$	196,436		$	196,436
Total Debt for Unconsolidated Assets		3.86	%	$	2,691,039		$	196,436		$	2,887,475
Total Debt		3.86	%	$	6,126,968		$	781,597		$	6,908,565
Percentage to Total				88.69		%	11.31		%	100.00		%

30

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date

(a)The debt balances include the unamortized debt premiums/discounts and loan finance costs. Debt premiums/discounts represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions. Debt premiums/discounts and loan finance costs are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The annual interest rate in the table represents the effective interest rate, including the debt premiums/discounts and loan finance costs.

(b)On May 6, 2022, the Company extended the maturity date on the $175.4 million loan on The Oaks to June 5, 2024. The loan will now bear a fixed rate of 5.25%, and the Company repaid $5 million of the loan at closing.

(c)On April 29, 2022, the Company closed a $72 million refinance loan with a fixed rate of 5.29%, maturing on May 6, 2032.

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

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

(f)The maturity date assumes that all available extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates.

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

31

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Development and Redevelopment Pipeline Forecast

(Dollars in millions)

As of March 31, 2022

In-Process Developments and Redevelopments:

Property	Project Type	Total Cost (a)(b) at 100%	Ownership %	Pro Rata Total Cost (a)(b)	Pro Rata Capitalized Costs Incurred-to-Date(b)	Expected Opening (a)	Stabilized Yield (a)(b)(c)
One Westside fka Westside Pavilion Los Angeles, CA	Redevelopment of an existing retail center into an approximately 584,000 sf Class A creative office campus leased solely to Google	$500 - $550(d)	25.0%	$125 - $138(d)	$112	Q3 2022(e)(f)	7.50% - 8.00%(d)

(a)Much of this information is estimated and may change from time to time. See the Company’s forward-looking disclosure in the Executive Summary for factors that may affect the information provided in this table.

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

(c)Stabilized Yield is calculated based on stabilized income after development divided by project direct costs excluding GAAP allocations of non cash and indirect costs.

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

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

(f)The project was delivered to Google during the fourth quarter of 2021 for tenant improvement work, which has commenced.

32

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Development and Redevelopment Pipeline Forecast (Continued)

(Dollars in millions)

As of March 31, 2022

Pipeline of Former Sears Redevelopments:

Project Type	Ownership	Pro rata Total Cost (a)(b)			Pro Rata Capitalized Costs Incurred-to-Date(b)		Stabilized Yield(a)(b)(c)
Retail Redevelopment		$75	-	$90	$	36	8.0%	-	9.0%
Mixed-Use Densification		55	-	70	5		9.0%	-	10.5%
Future Phases (d)		TBD			0		TBD
Total	various	$130	-	$160	$	41

Property	Description	Delivered/Expected Delivery(e)
Retail Redevelopment:
Chandler Fashion Center (f)	Redevelop existing store with retail and/or retail compatible uses	TBD
Deptford Mall (f)	Redevelop existing store for: Dick’s Sporting Goods Round 1 additional retail uses	Q3-2020 Q4-2020 Ongoing
South Plains Mall	Demolish box; site densification with retail and restaurants uses	TBD
Vintage Faire Mall (f)	Redevelop existing store for:
	Dick’s Sporting Goods	Q4-2020
	Dave & Buster’s and additional retail uses	Q2-2022
Wilton Mall	Redevelop existing store with a medical center/medical office use	Q1-2020
Mixed-Use Densification:
Los Cerritos Center (f)	Demolish box; site densification with residential, hotel and restaurant uses	TBD
Washington Square (f)	Demolish box; site densification with hotel, entertainment and restaurant uses	TBD

(a)Much of this information is estimated and may change from time to time. See the Company’s forward-looking disclosure in the Executive Summary for factors that may affect the information provided in this table. This estimated range of incremental redevelopment costs could increase if the Company and its joint ventures decide to expand the scope as the redevelopment plans get refined.

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

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

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

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

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

33

The Macerich Company

Corporate Information

Stock Exchange Listing

New York Stock Exchange

Symbol: MAC

The following table shows high and low sales prices per share of common stock during each quarter in 2022, 2021 and 2020 and dividends per share of common stock declared and paid by quarter:

	Market Quotation per Share				Dividends
Quarter Ended:	High		Low		Declared and Paid
March 31, 2020	$	26.98	$	5.49	$	0.75
June 30, 2020	$	13.18	$	4.81	$	0.50	(a)
September 30, 2020	$	9.24	$	6.55	$	0.15
December 31, 2020	$	12.47	$	6.42	$	0.15
March 31, 2021	$	25.99	$	10.31	$	0.15
June 30, 2021	$	18.88	$	11.67	$	0.15
September 30, 2021	$	18.79	$	14.85	$	0.15
December 31, 2021	$	22.88	$	15.49	$	0.15
March 31, 2022	$	19.18	$	13.93	$	0.15

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

Dividend Reinvestment Plan

Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at 877-373-6374.

Corporate Headquarters	Transfer Agent
The Macerich Company	Computershare
401 Wilshire Boulevard, Suite 700	P.O. Box 505000
Santa Monica, California 90401	Louisville, KY 40233-5000
310-394-6000	877-373-6374
www.macerich.com	1-781-575-2879 International calls
	www.computershare.com

Macerich Website

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

Investor Relations

Samantha Greening

Director, Investor Relations

Phone: 424-229-3363

Samantha.greening@macerich.com

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