EX-99.2 3 a2193665zex-99_2.htm EXHIBIT 99.2
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Exhibit 99.2

         GRAPHIC

Supplemental Financial Information
For the three months and six months ended June 30, 2009



The Macerich Company

Supplemental Financial and Operating Information

Table of Contents

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

 
  Page No.
     

Corporate Overview

  1-3

Overview

 

1

Capital information and market capitalization

  2

Changes in total common and equivalent shares/units

 

3

Financial Data

 

4-5

Supplemental FFO information

 

4

Capital expenditures

  5

Operational Data

 

6-9

Sales per square foot

  6

Occupancy

 

7

Rent

  8

Cost of occupancy

 

9

Balance Sheet Information

 

10-13

Summarized balance sheet information

 

10

Debt summary

  11

Outstanding debt by maturity date

 

12-13

Financing Activity

 

14-15

2009 Summary of financing activity

 

14

2010 Summary of financing activity

  15

Development Pipeline Forecast

 

16

        This supplemental financial information should be read in connection with the Company's second quarter 2009 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date August 4, 2009) as certain disclosures, definitions and reconciliations in such announcement have not been included in this supplemental financial information.



The Macerich Company

Supplemental Financial and Operating Information

Overview

        The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community 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., a Delaware limited partnership (the "Operating Partnership").

        As of June 30, 2009, the Operating Partnership owned or had an ownership interest in 72 regional malls and 20 community shopping centers aggregating approximately 76 million square feet of gross leasable area ("GLA"). These 92 regional malls and community shopping centers are referred to hereinafter as the "Centers", unless the context requires otherwise.

        The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Company's management companies (collectively, the "Management Companies").

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

        This document contains information that constitutes forward-looking statements and includes information regarding expectations regarding the Company's refinancing, 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, economic and business conditions; adverse changes in the real estate markets, including the liquidity of real estate investments; and risks of real estate development, redevelopment, and expansion, including availability, terms and cost of financing, construction delays, environmental and safety requirements, budget overruns, sunk costs and lease-up. Real estate development, redevelopment and expansion activities are also subject to risks relating to the inability to obtain, or delays in obtaining, all necessary zoning, land-use, building, and occupancy and other required governmental permits and authorizations and governmental actions and initiatives (including legislative and regulatory changes) as well as terrorist activities which could adversely affect all of the above factors. Furthermore, occupancy rates and rents at a newly completed property may not be sufficient to make the property profitable. 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, 2008 and the Quarterly Reports on Form 10-Q, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events unless required by law to do so.

1



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

                           
 
  Period Ended  
 
  6/30/2009   12/31/2008   12/31/2007   12/31/2006  
 
  dollars in thousands except per share data
 

Closing common stock price per share

  $ 17.61   $ 18.16   $ 71.06   $ 86.57  

52 week high

 
$

69.11
 
$

76.50
 
$

103.59
 
$

87.10
 

52 week low

  $ 5.31   $ 8.31   $ 69.44   $ 66.70  

Shares outstanding at end of period

                         

Class A participating convertible preferred units

            2,855,393     2,855,393  

Class A non-participating convertible preferred units

   
198,382
   
193,164
   
219,828
   
287,176
 

Series A cumulative convertible redeemable preferred stock

   
   
   
3,067,131
   
3,627,131
 

Common shares and partnership units

   
91,162,413
   
88,529,334
   
84,864,600
   
84,767,432
 
                   

Total common and equivalent shares/units outstanding

   
91,360,795
   
88,722,498
   
91,006,952
   
91,537,132
 
                   

Portfolio capitalization data

                         

Total portfolio debt, including joint ventures at pro rata

  $ 7,900,144   $ 7,926,241   $ 7,507,559   $ 6,620,271  

Equity market capitalization

   
1,608,864
   
1,611,201
   
6,466,954
   
7,924,369
 
                   

Total market capitalization

  $ 9,509,008   $ 9,537,442   $ 13,974,513   $ 14,544,640  
                   

Floating rate debt as a percentage of total debt

   
23.5

%
 
21.9

%
 
14.8

%
 
20.8

%

2



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 ("NPCPUs")
  Total Common and Equivalent Shares/ Units  

Balance as of December 31, 2008

    11,645,700     76,883,634     193,164     88,722,498  
                   

Issuance of stock/partnership units from stock option exercises, restricted stock issuance or other share- or unit-based plans

    46,410     148,533         194,943  
                   

Balance as of March 31, 2009

   
11,692,110
   
77,032,167
   
193,164
   
88,917,441
 
                   

Conversion of partnership units to cash

   
(11,000

)
             
(11,000

)

Issuance of stock/partnership units from stock dividends, stock option exercises, restricted stock issuance or other share- or unit-based plans

   
165,901
   
2,283,235
   
5,218
   
2,454,354
 
                   

Balance as of June 30, 2009

   
11,847,011
   
79,315,402
   
198,382
   
91,360,795
 
                   

3



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental Funds from Operations ("FFO") Information(a)

 
 
 
  As of June 30,  
 
  2009   2008  

Straight line rent receivable

  $ 65.7   $ 58.5  

 

 
   
 
 
  For the Three Months Ended
June 30,
  For the Six Months Ended
June 30,
 
 
  2009   2008   2009   2008  
 
  dollars in millions
 

Lease termination fees

  $ 1.3   $ 2.3   $ 3.2   $ 4.8  

Straight line rental income

 
$

2.1
 
$

2.6
 
$

3.7
 
$

4.7
 

Gain on sales of undepreciated assets

  $ 1.1   $ 1.4   $ 2.5   $ 3.0  

Amortization of acquired above- and below-market leases (SFAS 141)

 
$

3.0
 
$

3.9
 
$

7.2
 
$

8.5
 

Amortization of debt premiums/(discounts)(b)

  $ 0.4   $ (0.7 ) $ 0.7   $ (1.5 )

Interest capitalized

 
$

6.1
 
$

9.2
 
$

12.6
 
$

16.8
 

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

(b)
Reflects the Company's adoption of FSP APB 14-1 on January 1, 2009.

4



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures

 
   
 
 
  For the Six
Months Ended
6/30/2009
  Year Ended 12/31/2008   Year Ended 12/31/2007  
 
  dollars in millions
 

Consolidated Centers

                   

Acquisitions of property and equipment

 
$

5.7
 
$

87.5
 
$

387.9
 

Development, redevelopment and expansions of Centers

    108.3     446.1     545.9  

Renovations of Centers

   
4.0
   
8.5
   
31.1
 

Tenant allowances

    4.8     14.6     28.0  

Deferred leasing charges

   
11.2
   
22.3
   
21.6
 
               
 

Total

  $ 134.0   $ 579.0   $ 1,014.5  
               

Joint Venture Centers(a)

                   

Acquisitions of property and equipment

  $ 1.0   $ 294.4   $ 24.8  

Development, redevelopment and expansions of Centers

   
21.2
   
60.8
   
33.5
 

Renovations of Centers

    1.2     3.1     10.5  

Tenant allowances

   
1.6
   
13.8
   
15.1
 

Deferred leasing charges

    1.4     5.0     4.2  
               
 

Total

  $ 26.4   $ 377.1   $ 88.1  
               

(a)
All joint venture amounts at pro rata.

5



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Sales Per Square Foot(a)

 
 
 
  Wholly Owned Centers   Joint Venture Centers   Total Centers  

06/30/2009

  $ 410   $ 444   $ 428  

12/31/2008

 
$

420
 
$

460
 
$

441
 

12/31/2007(b)

  $ 448   $ 486   $ 467  

      (a)
      Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants which 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 malls.

      (b)
      Sales per square foot were $467 after giving effect to the Rochester Redemption, including The Shops at North Bridge and excluding the Community/Specialty Centers.

 
GRAPHIC

6



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy

 
 
Period Ended
  Wholly Owned
Regional
Malls(a)
  Joint Venture
Regional
Malls(a)
  Total
Regional
Malls(a)
 

06/30/2009

    90.3 %   90.7 %   90.5 %

12/31/2008

   
91.6

%
 
92.8

%
 
92.3

%

12/31/2007

    92.8 %   93.3 %   93.1 %

 

 
 
Period Ended
  Wholly Owned Centers(b)   Joint Venture Centers(b)   Total Centers(b)  

06/30/2009

    89.9 %   91.0 %   90.5 %

12/31/2008

   
91.3

%
 
93.1

%
 
92.3

%

12/31/2007

    92.8 %   94.0 %   93.5 %

      (a)
      Only includes regional malls. Occupancy data excludes space under development and redevelopment.

      (b)
      Includes regional malls and community shopping centers. Occupancy data excludes space under development and redevelopment.

7



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Rent

 
   
 
 
  Average Base Rent
PSF(a)
  Average Base Rent
PSF on Leases
Commencing During
the Period(b)
  Average Base Rent
PSF on Leases
Expiring(c)
 

Wholly Owned Centers

                   
 

06/30/2009

 
$

42.74
 
$

41.45
 
$

35.49
 
 

12/31/2008

  $ 41.39   $ 42.70   $ 35.14  
 

12/31/2007

 
$

38.49
 
$

43.23
 
$

34.21
 

Joint Venture Centers

                   
 

06/30/2009

 
$

42.68
 
$

46.70
 
$

36.65
 
 

12/31/2008

  $ 42.14   $ 49.74   $ 37.61  
 

12/31/2007

 
$

38.72
 
$

47.12
 
$

34.87
 

(a)
Average base rent per square foot is based on Mall and Freestanding Store GLA for spaces 10,000 square feet and under, occupied as of the applicable date, for each of the Centers owned by the Company. Leases for Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Years 2007 and 2008. Leases for The Market at Estrella Falls and Santa Monica Place were excluded for Year 2008 and the six months ended June 30, 2009.

(b)
The average base rent per square foot on lease signings commencing during the period represents the actual rent to be paid during the first twelve months for tenants 10,000 square feet and under. Lease signings for Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Years 2007 and 2008. Lease signings for The Market at Estrella Falls and Santa Monica Place were excluded for Year 2008 and the six months ended June 30, 2009.

(c)
The average base rent per square foot on leases expiring during the period represents the final year minimum rent, on a cash basis, for all tenant leases 10,000 square feet and under expiring during the year. Leases for Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Years 2007 and 2008. Leases for The Market at Estrella Falls and Santa Monica Place were excluded for Year 2008 and the six months ended June 30, 2009.

8



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy

 
   
 
 
  For Years Ended December 31,  
 
  2008   2007   2006  

Wholly Owned Centers

                   
 

Minimum rents

   
8.9

%
 
8.0

%
 
8.1

%
 

Percentage rents

    0.4 %   0.4 %   0.4 %
 

Expense recoveries(a)

   
4.4

%
 
3.8

%
 
3.7

%
               
   

Total

    13.7 %   12.2 %   12.2 %
               

 

 
   
 
 
  For Years Ended December 31,  
 
  2008   2007   2006  

Joint Venture Centers

                   
 

Minimum rents

   
8.2

%
 
7.3

%
 
7.2

%
 

Percentage rents

    0.4 %   0.5 %   0.6 %
 

Expense recoveries(a)

   
3.9

%
 
3.2

%
 
3.1

%
               
   

Total

    12.5 %   11.0 %   10.9 %
               

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

9



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Summarized Balance Sheet Information

 
   
 
 
  June 30, 2009   December 31,
2008
  December 31,
2007
 
 
  dollars in thousands
 

Cash and cash equivalents

  $ 57,889   $ 66,529   $ 85,273  

Pro rata cash and cash equivalents on unconsolidated entities

   
47,805
   
91,103
   
56,194
 

Investment in real estate, net (a)

    6,360,530     6,371,319     6,187,473  

Investment in unconsolidated entities

   
1,034,166
   
1,094,845
   
785,643
 
 

Total assets

    7,968,948     8,090,435     7,937,097  

Mortgage and notes payable (b)

   
5,957,140
   
5,940,418
   
5,703,180
 

Pro rata share of debt on unconsolidated entities

    2,010,150     2,017,705     1,820,411  

(a)
Includes construction in process of $603,163 at June 30, 2009, $600,773 at December 31, 2008 and $442,670 at December 31, 2007.

(b)
Reflects the Company's adoption of FSP APB 14-1 on January 1, 2009.

10



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)

 
   
 
 
  As of June 30, 2009  
 
  Fixed Rate   Variable Rate(a)   Total  
 
  dollars in thousands
 

Consolidated debt

  $ 4,229,660   $ 1,660,334   $ 5,889,994  

Unconsolidated debt

   
1,811,194
   
198,956
   
2,010,150
 
               
 

Total debt

  $ 6,040,854   $ 1,859,290   $ 7,900,144  

Weighted average interest rate

   
6.08

%
 
2.21

%
 
5.17

%

Weighted average maturity (years)

               
3.37
 

(a)
Excludes swapped floating rate debt. Swapped debt is included in the fixed debt category.

11



The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date

 
  As of June 30, 2009  
Center/Entity (dollars in thousands)
  Maturity Date   Effective
Interest
Rate (a)
  Fixed   Floating   Total Debt
Balance (a)
 

I. Consolidated Assets:

                               

Carmel Plaza (b)

    05/01/09     7.45 % $ 25,562   $   $ 25,562  

Macerich Partnership Line of Credit (c)

    04/25/10     6.23 %   400,000         400,000  

Macerich Partnership Term Loan (d)

    04/26/10     6.50 %   442,500         442,500  

Vintage Faire Mall

    09/01/10     7.92 %   62,769         62,769  

Santa Monica Place

    11/01/10     7.79 %   77,274         77,274  

Northridge Mall

    01/01/11     8.20 %   72,000         72,000  

Valley View Center

    01/01/11     5.81 %   125,000         125,000  

Danbury Fair Mall

    02/01/11     4.64 %   166,524         166,524  

Shoppingtown Mall

    05/11/11     5.01 %   42,216         42,216  

Capitola Mall

    05/15/11     7.13 %   36,537         36,537  

Freehold Raceway Mall

    07/07/11     4.68 %   168,644         168,644  

Pacific View

    08/31/11     7.25 %   80,124         80,124  

Pacific View

    08/31/11     7.00 %   6,480         6,480  

Rimrock Mall

    10/01/11     7.57 %   41,799         41,799  

Prescott Gateway

    12/01/11     5.86 %   60,000         60,000  

Hilton Village

    02/01/12     5.27 %   8,556         8,556  

The Macerich Company—Convertible Senior Notes (e)

    03/15/12     5.41 %   613,324         613,324  

Tucson La Encantada

    06/01/12     5.84 %   78,000         78,000  

Chandler Fashion Center

    11/01/12     5.20 %   99,259         99,259  

Chandler Fashion Center

    11/01/12     6.00 %   65,529         65,529  

Towne Mall

    11/01/12     4.99 %   14,120         14,120  

Deptford Mall

    01/15/13     5.41 %   172,500         172,500  

Queens Center

    03/01/13     7.78 %   129,553         129,553  

Queens Center

    03/01/13     7.00 %   211,288         211,288  

Greeley—Defeasance

    09/01/13     6.34 %   26,699         26,699  

FlatIron Crossing

    12/01/13     5.26 %   182,435         182,435  

Great Northern Mall

    12/01/13     5.11 %   39,225         39,225  

Fiesta Mall

    01/01/15     4.98 %   84,000         84,000  

Fresno Fashion Fair

    08/01/15     6.76 %   168,502         168,502  

Flagstaff Mall

    11/01/15     5.03 %   37,000         37,000  

South Towne Center

    11/05/15     6.39 %   89,393         89,393  

Valley River Center

    02/01/16     5.59 %   120,000         120,000  

Salisbury, Center at

    05/01/16     5.83 %   115,000         115,000  

Deptford Mall

    06/01/16     6.46 %   15,547         15,547  

Chesterfield Towne Center

    01/01/24     9.07 %   53,260         53,260  

South Plains Mall

    03/01/29     9.49 %   57,469         57,469  

Wilton Mall

    11/01/29     4.79 %   41,572         41,572  
                         

Total Fixed Rate Debt for Consolidated Assets

          6.11 % $ 4,229,660   $   $ 4,229,660  
                         

La Cumbre Plaza

    08/09/09     1.70 % $   $ 30,000   $ 30,000  

Promenade at Casa Grande (f)

    08/16/09     1.77 %       49,325     49,325  

Panorama Mall

    02/28/10     1.37 %       50,000     50,000  

Macerich Partnership Line of Credit

    04/25/10     1.69 %       790,000     790,000  

Cactus Power Center (g)

    03/14/11     1.67 %       352     352  

Twenty Ninth Street

    03/25/11     5.45 %       106,225     106,225  

Victor Valley, Mall of

    05/06/11     2.18 %       100,000     100,000  

Westside Pavilion

    06/05/11     3.02 %       175,000     175,000  

SanTan Village Regional Center (h)

    06/13/11     3.02 %       112,676     112,676  

Oaks, The

    07/10/11     2.37 %       165,000     165,000  

Oaks, The

    07/10/11     3.02 %       81,756     81,756  
                         

Total Floating Rate Debt for Consolidated Assets

          2.32 % $   $ 1,660,334   $ 1,660,334  
                         

Total Debt for Consolidated Assets

          5.04 % $ 4,229,660   $ 1,660,334   $ 5,889,994  
                         

II. Unconsolidated Assets (At Company's pro rata share):

                         

Redmond Retail (51%)

    09/01/09     4.81 % $ 35,794   $   $ 35,794  

Corte Madera, The Village at (50.1%)

    11/01/09     7.75 %   31,749         31,749  

Ridgmar (50%)

    04/11/10     6.11 %   28,700         28,700  

Kitsap Mall/Place (51%)

    06/01/10     8.14 %   28,572         28,572  

Cascade (51%)

    07/01/10     5.28 %   19,610         19,610  

Stonewood Mall (51%)

    12/11/10     7.44 %   37,007         37,007  

Inland Center (50%)

    02/11/11     4.69 %   26,335         26,335  

Arrowhead Towne Center (33.3%)

    10/01/11     6.38 %   25,716         25,716  

SanTan Village Power Center (34.9%)

    02/01/12     5.33 %   15,705         15,705  

12


 
  As of June 30, 2009  
Center/Entity (dollars in thousands)
  Maturity Date   Effective
Interest
Rate (a)
  Fixed   Floating   Total Debt
Balance (a)
 

NorthPark Center (50%)

    05/10/12     5.96 %   91,400         91,400  

NorthPark Center (50%)

    05/10/12     8.33 %   40,818         40,818  

NorthPark Land (50%)

    05/10/12     8.33 %   39,426         39,426  

Kierland Greenway (24.5%)

    01/01/13     6.02 %   15,243         15,243  

Kierland Main Street (24.5%)

    01/02/13     4.99 %   3,725         3,725  

Scottsdale Fashion Square (50%)

    07/08/13     5.66 %   275,000         275,000  

Tysons Corner Center (50%)

    02/17/14     4.78 %   164,100         164,100  

Redmond Office (51%)

    05/15/14     7.52 %   31,563         31,563  

Lakewood Mall (51%)

    06/01/15     5.43 %   127,500         127,500  

Broadway Plaza (50%)

    08/15/15     6.12 %   74,252         74,252  

Chandler Festival (50%)

    11/01/15     6.39 %   14,850         14,850  

Chandler Gateway (50%)

    11/01/15     6.37 %   9,450         9,450  

Washington Square (51%)

    01/01/16     6.04 %   126,859         126,859  

Eastland Mall (50%)

    06/01/16     5.80 %   84,000         84,000  

Empire Mall (50%)

    06/01/16     5.81 %   88,150         88,150  

Granite Run (50%)

    06/01/16     5.84 %   58,710         58,710  

Mesa Mall (50%)

    06/01/16     5.82 %   43,625         43,625  

Rushmore (50%)

    06/01/16     5.82 %   47,000         47,000  

Southern Hills (50%)

    06/01/16     5.82 %   50,750         50,750  

Valley Mall (50%)

    06/01/16     5.85 %   22,859         22,859  

North Bridge, The Shops at (50%)

    06/15/16     7.52 %   102,500         102,500  

West Acres (19%)

    10/01/16     6.41 %   12,673         12,673  

Biltmore Fashion Park (50%)

    07/10/29     4.72 %   35,733         35,733  

Wilshire Building (30%)

    01/01/33     6.35 %   1,820         1,820  
                         

Total Fixed Rate Debt for Unconsolidated Assets

          6.01 % $ 1,811,194   $   $ 1,811,194  
                         

Superstition Springs Center (33.3%)

    09/09/09     0.69 %       22,498     22,498  

Camelback Colonnade (75%)

    10/09/09     1.24 %       31,125     31,125  

Metrocenter Mall (15%)

    02/09/10     1.80 %       16,800     16,800  

Metrocenter Mall (15%)

    02/09/10     3.77 %       3,240     3,240  

Desert Sky Mall (50%)

    03/04/10     1.42 %       25,750     25,750  

Kierland Tower Lofts (15%)

    11/18/10     3.38 %       1,580     1,580  

Boulevard Shops (50%)

    12/17/10     1.22 %       10,700     10,700  

Chandler Village Center (50%)

    01/15/11     1.46 %       8,643     8,643  

Market at Estrella Falls (35.1%)

    06/01/11     2.45 %       12,320     12,320  

Los Cerritos Center (51%)

    07/01/11     1.02 %       66,300     66,300  
                         

Total Floating Rate Debt for Unconsolidated Assets

          1.32 % $   $ 198,956   $ 198,956  
                         

Total Debt for Unconsolidated Assets

          5.54 % $ 1,811,194   $ 198,956   $ 2,010,150  
                         

Total Debt

          5.17 % $ 6,040,854   $ 1,859,290   $ 7,900,144  
                         

Percentage to Total

                76.47 %   23.53 %   100.00 %


(a)
The debt balances include the unamortized debt premiums/discounts. Debt premiums/discounts represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions and 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 above table represents the effective interest rate, including the debt premiums/discounts and loan financing costs.
(b)
The Company is currently in negotiations to extend this loan.
(c)
This debt has an interest rate swap agreement which effectively fixed the interest rate from September 12, 2006 to April 25, 2011.
(d)
As of August 3, 2009, the Company repaid $200.0 million of this debt. This debt has an interest rate swap agreement which effectively fixed the interest rate from December 1, 2005 to April 15, 2010.
(e)
These convertible senior notes were issued on 3/16/07 in an aggregate amount of $950.0 million. The above table includes the unamortized discount of $29.5 million and the annual interest rate represents the effective interest rate, including the discount. Year-to-date June 30, 2009, the Company retired $84.3 million of the notes. Additionally, as a result of the adoption of FSP APB 14-1 on January 1, 2009, the Company allocated $34.8 million of the initial loan amount to equity as of the date of the adoption.
(f)
This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 51.3%.
(g)
This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 53.1%.
(h)
This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.

13


The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
2009 SUMMARY OF FINANCING ACTIVITY (at Company's pro rata share)

Center/Entity (dollars in thousands)
  Maturity
Date
  Total Debt
Maturing in 2009
(Balance as of
6/30/09 or refinanced
balance)
  Less Debt with
Extension Options
  Net Debt
Refinanced or
Maturing in
2009
  Estimated New
Proceeds (a)
  Estimated Net
Proceeds Over
Existing Loan
Amount
 
 

2009 closed financings/commitments:

                                   

Corte Madera, The Village at (50.1%) (b)

  11/01/09   $ 31,749         $ 31,749   $ 40,000   $ 8,251  

North Bridge, The Shops at (50%) (c)

  06/15/16     102,500           102,500     102,500      

Northgate Mall (d)

                        30,000     30,000  

Northridge Mall (e)

  01/01/11     78,898           78,898     72,000     (6,898 )

Paradise Valley Mall (f)

        20,000           20,000     90,000     70,000  

Queens Center (g)

  03/01/13     88,651           88,651     130,000     41,349  

Redmond Town Center—Office (51%) (h)

  05/15/14     30,485           30,485     31,620     1,135  

Redmond Town Center—Retail (51%) (i)

  09/01/09     35,794           35,794     38,000     2,206  

Twenty Ninth Street (j)

  03/25/11     106,225           106,225     106,225      

Washington Square (51%) (k)

  01/01/16     64,261           64,261     127,500     63,239  
                               
   

Subtotal—closed or committed:

                  $ 558,563   $ 767,845   $ 209,282  
                               
 

2009 remaining loans maturing:

                                   

Carmel Plaza (l)

  05/01/09   $ 25,562           25,562     23,562     (2,000 )

La Cumbre Plaza (l)

  08/09/09     30,000           30,000     21,400     (8,600 )
                               
   

Subtotal—remaining 2009 maturities

                  $ 55,562   $ 44,962   $ (10,600 )
                               
 

Expected fundings under existing loans and new construction loans:

                                   

Los Cerritos Center (51%) (m)

                        35,700     35,700  

The Oaks

                        25,000     25,000  
 

2009 remaining maturities with extension options:

                                   

Camelback Colonnade (75%) (n)

  10/09/09     31,125     31,125              

Promenade at Casa Grande (51.3%) (n)

  08/16/09     49,325     49,325              

Superstition Springs Center (33.3%) (n)

  09/09/09     22,498     22,498              
                           

Total / Average

      $ 717,073   $ 102,948   $ 614,125   $ 873,507   $ 259,382  
                           

(a)
Much of this information is estimated and may change from time to time. See the Company's Forward Looking Statements disclosure on page 1 for factors that may effect the information provided in this table.
(b)
The Company's joint venture has agreed to an $80 million refinancing that is expected to close in October 2009.
(c)
The Company's joint venture closed a $205 million refinancing at a fixed rate of 7.50% that matures on June 15, 2016.
(d)
The Company has negotiated an $80 million construction loan at LIBOR + 4.50%, with an all-in interest rate floor of 6.0%. This transaction is expected to close in September 2009.
(e)
The Company extended this loan to January 1, 2011 for $72.0 million at a fixed rate of 7.50%.
(f)
The Company repaid the existing debt totaling $20.0 million on May 1, 2009, and has secured a refinance commitment for $90 million at LIBOR + 4.0% (with a LIBOR floor of 1.50%) that is expected to close in August 2009.
(g)
The Company refinanced this loan on a portion of Queens Center on February 1, 2009 with a new loan for $130 million at a fixed rate of 7.50% that matures on March 1, 2013.
(h)
The Company's joint venture closed a $62.0 million refinancing on May 11, 2009 for five years at a fixed rate of 7.50%.
(i)
The Company's joint venture has agreed to a $150.0 million loan at LIBOR + 4.0% (with a 2.0% LIBOR floor) to refinance Redmond Town Center—Retail, Cascade Mall and Kitsap Mall. This transaction is expected to close in August 2009.
(j)
The Company refinanced this loan on March 25, 2009 for $115 million, including an earn-out, for two years with a one-year extension option at a floating rate of LIBOR + 3.40% with an all-in interest rate floor of 5.25%.
(k)
The Company's joint venture refinanced this loan on December 10, 2008 with a new loan for $250.0 million at a fixed rate of 6.0% that matures on January 1, 2016.
(l)
The Company is currently in negotiations to extend this loan.
(m)
This anticipates the exercise of an accordion funding from the existing mortgage, expected to close in August 2009.
(n)
These loans have extension options that have not yet been formally exercised by the Company's joint ventures.

14


    The Macerich Company
    Supplemental Financial and Operating Information (Unaudited)
    2010 SUMMARY OF FINANCING ACTIVITY (at Company's pro rata share)

Center/Entity (dollars in thousands)
  Maturity
Date
  Total Debt
Maturing in 2010
(Balance as of
6/30/09)
  Less Debt with
Extension Options
  Net Debt
Maturing in
2010
  Estimated New
Proceeds (a)
  Estimated Net
Proceeds Over
Existing Loan
Amount
 
 

2010 commitments:

                                   

Cascade Mall (51%) (b)

  07/01/10   $ 19,610         $ 19,610   $ 10,500   $ (9,110 )

Kitsap Mall/Place (51%) (b)

  06/01/10     28,572           28,572     28,000     (572 )
                               
   

Subtotal—committed:

                  $ 48,182   $ 38,500   $ (9,682 )
                               
 

2010 loans maturing:

                                   

Boulevard Shops (50%)

  12/17/10     10,700           10,700     10,000     (700 )

Camelback Colonnade (75%)

  10/09/10     31,125           31,125     37,500     6,375  

Kierland Tower Lofts (15%)

  11/18/10     1,597           1,597         (1,597 )

Metrocenter Mall (15%)

  02/09/10     20,040           20,040     6,750     (13,290 )

Ridgmar (50%)

  04/11/10     28,700           28,700     25,500     (3,200 )

Santa Monica Place

  11/01/10     77,274           77,274     175,000     97,726  

Stonewood Mall (51%)

  12/11/10     37,007           37,007     58,000     20,993  

Vintage Faire Mall

  09/01/10     62,769           62,769     141,000     78,231  
                               
   

Subtotal—remaining 2010 maturities

                  $ 269,212   $ 453,750   $ 184,538  
                               
 

Expected fundings under existing or committed development loans:

                                   

Northgate Mall

                        30,000     30,000  

The Oaks

                        35,000     35,000  

2010 loans with extension options:

                                   

Desert Sky Mall (50%)

  03/04/10     25,750     25,750              

Panorama Mall

  02/28/10     50,000     50,000              

Promenade at Casa Grande (51.3%)

  08/16/10     49,325     49,325              

Superstition Springs Center (33.3%)

  09/09/10     22,498     22,498              
                           

Total / Average—Property Secured Loans

      $ 464,967   $ 147,573   $ 317,394   $ 557,250   $ 239,856  
                           
 

Corporate unsecured debt maturing:

                                   

Macerich Partnership—Line of Credit (c)

  4/25/2011   $ 1,190,000   $ 1,190,000                  

Macerich Partnership—Term Loan (d)

  4/26/2010   $ 442,500         $ 442,500              

(a)
Much of this information is estimated and may change from time to time. See the Company's Forward Looking Statements disclosure on page 1 for factors that may effect the information provided in this table.

(b)
The Company's joint venture has agreed to a $150.0 million loan at LIBOR + 4.0% (with a 2.0% LIBOR floor) to refinance Redmond Town Center—Retail, Cascade Mall and Kitsap Mall. This transaction is expected to close in August 2009.

(c)
The Company anticipates it will exercise a one-year extension option on its revolving line of credit from April 25, 2010 to April 25, 2011.

(d)
As of August 3, 2009, the Company repaid $200.0 million of this debt. The Company anticipates repaying the remainder of this term loan with a combination of cash, the revolving line of credit and other liquidity events.

15


The Macerich Company
Supplemental Financial and Operating Information
Development Pipeline Forecast
as of June 30, 2009

 
   
   
   
   
   
   
   
  Placed in
Service
  Estimated Year Placed
in Service
(a)
 
 
   
   
   
   
   
   
   
  2008   2009   2010  
 
   
   
   
   
  Estimated
Pro rata
Project Cost
(a)
  Estimated
Completion
Date
(a)
   
 
Property
  Project Type   Estimated
Project Size
(a)
  Estimated Total
Project Cost
(a)
  Ownership %   Pro rata
Spent to Date
as of 6/30/09
  Pro rata
Cost
  Pro rata
Cost
  Pro rata
Cost
 
 
   
  Square Feet
  (dollars in thousands)
   
  (dollars in thousands)
   
  (dollars in thousands)
 

REDEVELOPMENT

                                                           

Scottsdale Fashion Square

  Expansion—Barneys New York     170,000   $ 143,000     50 % $ 71,500     2009/2010   $ 51,000         $ 60,775   $ 10,725  

The Oaks

  Expansion and Nordstrom     97,288     235,000     100 %   235,000     2008/2009     221,000   $ 170,000     65,000        

FlatIron Crossing

  Redevelopment—Former Lord & Taylor     100,000     17,000     100 %   17,000     2009/2010     12,000           14,000     3,000  

Northgate Mall

  New Retail Development     725,000     79,000     100 %   79,000     2009/2010     40,000           50,000     29,000  

Santa Monica Place

  New Mall Development     550,000     265,000     100 %   265,000     2010     117,000                 265,000  

Fiesta Mall

  Anchor Replacement     110,000     50,000     100 %   50,000     2009     42,000           50,000        

Lakewood Mall

  Anchor Addition—Costco     160,000     27,000     51 %   13,770     2009     13,700           13,770        

Los Cerritos

  Anchor Expansion—Nordstrom     36,500     56,000     51 %   28,560     2010     14,000                 28,560  
                                           

TOTAL

        1,948,788   $ 872,000         $ 759,830         $ 510,700   $ 170,000   $ 253,545   $ 336,285  

LESS COSTS INCURRED THROUGH 6/30/09

                                          $ 170,000   $ 209,700   $ 131,000  
                                                       

NET COSTS REMAINING TO BE INCURRED

                                          $   $ 43,845   $ 205,285  

(a)—Much of this information is estimated and may change from time to time. See the Company's Forward Looking Statements disclosure on page 1 for factors that may effect the information provided in this table.

16




QuickLinks

The Macerich Company Supplemental Financial and Operating Information Table of Contents
The Macerich Company Supplemental Financial and Operating Information Overview
The Macerich Company Supplemental Financial and Operating Information (unaudited) Capital Information and Market Capitalization
The Macerich Company Supplemental Financial and Operating Information (unaudited) Changes in Total Common and Equivalent Shares/Units
The Macerich Company Supplemental Financial and Operating Information (unaudited) Supplemental Funds from Operations ("FFO") Information(a)
The Macerich Company Supplemental Financial and Operating Information (unaudited) Capital Expenditures
The Macerich Company Supplemental Financial and Operating Information (unaudited) Sales Per Square Foot(a)
The Macerich Company Supplemental Financial and Operating Information (unaudited) Occupancy
The Macerich Company Supplemental Financial and Operating Information (unaudited) Rent
The Macerich Company Supplemental Financial and Operating Information (unaudited) Cost of Occupancy
The Macerich Company Supplemental Financial and Operating Information (unaudited) Summarized Balance Sheet Information
The Macerich Company Supplemental Financial and Operating Information (unaudited) Debt Summary (at Company's pro rata share)
The Macerich Company Supplemental Financial and Operating Information (Unaudited) Outstanding Debt by Maturity Date