EX-99.2 3 a2228247zex-99_2.htm EX-99.2

Table of Contents


Exhibit 99.2

Supplemental Financial Information
For the three months ended March 31, 2016

GRAPHICS

Table of Contents


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

  

4-8

Unaudited Pro Rata Statement of Operations

   5

Notes to Unaudited Pro Rata Statement of Operations

   6

Unaudited Pro Rata Balance Sheet

   7

2016 Guidance Range

   8

Supplemental FFO Information

   9

Capital Expenditures

   10

Operational Data

  

11-25

Sales Per Square Foot

   11

Sales Per Square Foot by Property Ranking

   12-15

Occupancy

   16

Average Base Rent Per Square Foot

   17

Cost of Occupancy

   18

Percentage of Net Operating Income by State

   19

Property Listing

   20-23

Joint Venture List

   24-25

Debt Tables

  

26-28

Debt Summary

   26

Outstanding Debt by Maturity Date

   27-28

Development Pipeline

  

29-30

Corporate Information

  

31

        This Supplemental Financial Information should be read in connection with the Company's first quarter 2016 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date May 3, 2016) as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Financial Information.

Table of Contents

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/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the "Operating Partnership").

        As of March 31, 2016, the Operating Partnership owned or had an ownership interest in 52 regional shopping centers and seven community/power shopping centers aggregating approximately 56 million square feet of gross leasable area ("GLA").

        The Company sold one regional shopping center, Capitola Mall, on April 13, 2016. Consequently, Capitola Mall has been excluded from all Non-GAAP operating data for the period ended March 31, 2016, including Sales per square foot, Occupancy, Average Base Rent per square foot and Cost of Occupancy as well as the Property Listing.

        The Company is working with the loan servicer for Flagstaff Mall, which is expected to result in a transition of the asset to the loan servicer or a receiver. Consequently, Flagstaff Mall has been excluded from all Non-GAAP operating data for the periods ended March 31, 2016 and December 31, 2015, including Sales per square foot, Occupancy, Average Base Rent per square foot and Cost of Occupancy as well as the Property Listing.

        Excluding both Capitola Mall and Flagstaff Mall, the Company currently owns 50 regional shopping centers and 7 community/power centers aggregating approximately 55 million square feet. These 57 centers (which include any related office space) are referred to hereinafter as the "Centers", unless the context requires otherwise.

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

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

        This document contains information constituting forward-looking statements and includes expectations regarding the Company's future operational results as well as development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, 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, operating expenses, and competition; 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; 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 or other acts of violence 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, 2015, 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.

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Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization

                     
 
   Period Ended  
 
   3/31/2016   12/31/2015   12/31/2014  
 
   dollars in thousands, except per share data
  

Closing common stock price per share

   $ 79.24   $ 80.69   $ 83.41  

52 week high

   $ 86.31   $ 95.93   $ 85.55  

52 week low

   $ 71.98   $ 71.98   $ 55.21  

Shares outstanding at end of period

                    

Class A non-participating convertible preferred units

     138,759     138,759     145,839  

Common shares and partnership units

     160,308,364     165,260,655     168,721,053  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total common and equivalent shares/units outstanding

     160,447,123     165,399,414     168,866,892  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Portfolio capitalization data

    
 		    
 		    
 		  

Total portfolio debt, including joint ventures at pro rata

   $ 7,089,168   $ 7,010,306   $ 7,050,437  

Equity market capitalization

     12,713,830     13,346,079     14,085,187  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total market capitalization

   $ 19,802,998   $ 20,356,385   $ 21,135,624  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Leverage ratio(a)

     35.8 %   34.4 %   33.4 %
(a)
Debt as a percentage of total market capitalization.

Portfolio Capitalization at March 31, 2016

GRAPHIC

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Table of Contents

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, 2015

     10,855,669     154,404,986     138,759     165,399,414  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Conversion of partnership units to cash

     (377 )   —     —     (377 )

Conversion of partnership units to common shares

     (157,529 )   157,529     —     —  

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

     154,686     86,202     —     240,888  

Repurchase of common shares under the Accelerated Stock Purchase Plan

     —     (5,192,802 )   —     (5,192,802 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance as of March 31, 2016

     10,852,449     149,455,915     138,759     160,447,123  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

3

Table of Contents

        On the following pages, the Company presents its unaudited pro rata statement of operations and unaudited pro rata balance sheet reflecting the Company's proportionate ownership of each asset in its portfolio. The Company also reconciles net income attributable to the Company to funds from operations ("FFO") and FFO-diluted for the three months ended March 31, 2016.

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THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)

 
   For the Three Months Ended March 31, 2016  
 
   Consolidated   Non-
Controlling
Interests(1) 		  Company's
Consolidated
Share 		  Company's
Share of
Joint
Ventures(2) 		  Company's
Total
Share 		 

Revenues:

                                

Minimum rents

   $ 151,048   $ (8,315 ) $ 142,733   $ 71,192   $ 213,925  

Percentage rents

     3,014     (76 )   2,938     1,310     4,248  

Tenant recoveries

     80,173     (4,740 )   75,433     28,873     104,306  

Other income

     13,148     (562 )   12,586     6,843     19,429  

Management Companies' revenues

     8,617     —     8,617     —     8,617  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total revenues

     256,000     (13,693 )   242,307     108,218     350,525  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Expenses:

                                

Shopping center and operating expenses

     79,324     (3,886 )   75,438     32,184     107,622  

Management Companies' operating expenses

     27,900     —     27,900     —     27,900  

REIT general and administrative expenses

     8,629     —     8,629     —     8,629  

Depreciation and amortization

     86,931     (3,694 )   83,237     41,876     125,113  

Interest expense

     39,776     (2,349 )   37,427     22,494     59,921  

Loss on extinguishment of debt, net

     3,575     —     3,575     —     3,575  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total expenses

     246,135     (9,929 )   236,206     96,554     332,760  

Equity in income of unconsolidated joint ventures

     11,660     —     11,660     (11,660 )   —  

Co-venture expense

     (3,289 )   3,289     —     —     —  

Income tax expense

     (1,317 )   —     (1,317 )   —     (1,317 )

Gain (loss) on sale or write down of assets, net

     434,456     —     434,456     (4 )   434,452  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income

     451,375     (475 )   450,900     —     450,900  

Less net income attributable to noncontrolling interests

     30,460     (475 )   29,985     —     29,985  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income attributable to the Company

   $ 420,915   $ —   $ 420,915   $ —   $ 420,915  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Reconciliation of net income attributable to the Company to FFO(3):

                                

Net income attributable to the Company

              
$
420,915		  
$
—		  
$
420,915		  

Equity in income of unconsolidated joint ventures

                 (11,660 )   11,660     —  

Adjustments to reconcile net income to FFO—basic and diluted:

                                

Noncontrolling interests in the Operating Partnership

                 29,985     —     29,985  

(Gain) loss on sale or write down of assets, net

                 (434,456 )   4     (434,452 )

Gain (loss) on sale of undepreciated assets, net

                 2,412     (4 )   2,408  

Depreciation and amortization of all property

                 83,237     41,876     125,113  

Depreciation on personal property

                 (2,451 )   (489 )   (2,940 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total FFO—Basic and diluted

                 87,982     53,047     141,029  

Loss on extinguishment of debt, net

                
3,575		    
—		    
3,575 		 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total FFO—diluted, excluding extinguishment of debt

               $ 91,557   $ 53,047   $ 144,604  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

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The Macerich Company

Notes to Unaudited Pro Rata Statement of Operations

(1)
This represents the non-owned portion of consolidated joint ventures.

(2)
This represents the Company's pro rata share of unconsolidated joint ventures.

(3)
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 extraordinary items and sales of depreciated operating 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.

    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. The Company believes that FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities. The Company further believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO, as presented, may not be comparable to similarly titled measures reported by other REITs.

    Management compensates for the limitations of FFO by providing investors with financial statements prepared according to GAAP, along with a detailed discussion of FFO and a reconciliation of FFO and FFO-diluted to net income attributable to the Company. Management believes that to further understand the Company's performance, FFO should be compared with the Company's reported net income and considered in addition to cash flows in accordance with GAAP, as presented in the Company's consolidated financial statements.

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THE MACERICH COMPANY

UNAUDITED PRO RATA BALANCE SHEET

(All Dollars in thousands)

 
   As of March 31, 2016  
 
   Consolidated   Non-
Controlling
Interests(1) 		  Company's
Consolidated
Share 		  Company's
Share of
Joint
Ventures(2) 		  Company's
Total
Share 		 

ASSETS:

                                

Property, net(3)

   $ 7,526,652   $ (315,946 ) $ 7,210,706   $ 4,390,350   $ 11,601,056  

Cash and cash equivalents

     106,505     (6,082 )   100,423     92,277     192,700  

Restricted cash

     42,233     —     42,233     887     43,120  

Tenant and other receivables, net

     113,188     (19,034 )   94,154     44,768     138,922  

Deferred charges and other assets, net

     505,164     (5,775 )   499,389     197,463     696,852  

Due from affiliates

     73,087     385     73,472     2,123     75,595  

Investments in unconsolidated joint ventures

     1,844,516     —     1,844,516     (1,844,516 )   —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 10,211,345   $ (346,452 ) $ 9,864,893   $ 2,883,352   $ 12,748,245  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

LIABILITIES AND EQUITY:

    
 		    
 		    
 		    
 		    
 		  

Mortgage notes payable

   $ 3,912,049   $ (231,000 ) $ 3,681,049   $ 2,605,309   $ 6,286,358  

Bank and other notes payable

     746,919     (4,109 )   742,810     60,000     802,810  

Accounts payable and accrued expenses

     64,549     (2,755 )   61,794     36,078     97,872  

Other accrued liabilities

     375,023     (22,689 )   352,334     202,960     555,294  

Distributions in excess of investment in unconsolidated joint ventures

     20,995     —     20,995     (20,995 )   —  

Co-venture obligation

     61,940     (61,940 )   —     —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities

     5,181,475     (322,493 )   4,858,982     2,883,352     7,742,334  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Commitments and contingencies

                                

Equity:

                                

Stockholders' equity:

                                

Common stock

     1,495     —     1,495     —     1,495  

Additional paid-in capital

     4,841,291     —     4,841,291     —     4,841,291  

Accumulated deficit

     (175,775 )   —     (175,775 )   —     (175,775 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total stockholders' equity

     4,667,011     —     4,667,011     —     4,667,011  

Noncontrolling interests

     362,859     (23,959 )   338,900     —     338,900  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total equity

     5,029,870     (23,959 )   5,005,911     —     5,005,911  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and equity

   $ 10,211,345   $ (346,452 ) $ 9,864,893   $ 2,883,352   $ 12,748,245  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
This represents the non-owned portion of the consolidated joint ventures.

(2)
This represents the Company's pro rata share of unconsolidated joint ventures.

(3)
Includes construction in progress of $252,473 from the Company's consolidated share and $153,753 from its pro rata share of unconsolidated joint ventures.

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Table of Contents

The Macerich Company

2016 Guidance Range (Unaudited)

        Management is reaffirming its previous estimate of diluted EPS and FFO per share guidance for 2016. However, the guidance now incorporates the dilutive impact of the sale of Capitola Mall on April 13, 2016. A reconciliation of estimated EPS to FFO per share-diluted follows:

 
   Year 2016
Guidance 		   

Earnings Expectations:

        

Earnings per share—diluted

  

$3.73 - $3.83

  

 

Plus: real estate depreciation and amortization

   $3.07 - $3.07    

Less: gain on sale of depreciated assets

  

($2.75) - ($2.75)

    
​ ​ ​ ​ ​

FFO per share—diluted

   $4.05 - $4.15    
​ ​ ​ ​ ​
​ ​ ​ ​ ​
​ ​ ​ ​ ​

Underlying Assumptions to 2016 Guidance

  

 

  

 

Cash Same Center Net Operating Income ("NOI") Growth(a)

   4.50% - 5.00%    

Assumed acquisitions(b)

  

$330 million

  

 

Assumed dispositions(c)

   $1.15 billion    

 

 
    
   Year 2016
FFO / Share
Impact 		 

Lease termination income

   $15 million   $0.10  

Capitalized interest

   $16 million   $0.10  

Bad debt expense

   ($5 million)   ($0.03 )

Loss on early extinguishment of debt(d)

   ($3.5 million)   ($0.02 )

Dilutive impact on 2016 of assets sold in 2015 and 2016(e)

   ($75 million)   ($0.48 )

Share repurchase program(f)

   $800 million   $0.17  
(a)
Excludes non cash items of straight-line and above/below market adjustments to minimum rents. Includes lease termination income.

(b)
On March 1, 2016, the Company purchased Country Club Plaza located in Kansas City, Missouri in a 50/50 joint venture. The amount reflected on the above table represents the Company's share of the gross purchase price. The projected pro rata FFO from this Center is included in the 2016 Guidance Range above.

(c)
The Company contributed an interest in four properties to joint ventures in January 2016. Subsequent to the contributions, the Company retained a 60.0% interest in Arrowhead Towne Center and a 51.0% interest in Deptford Mall, FlatIron Crossing and Twenty Ninth Street. On April 13, 2016, the Company sold Capitola Mall for $93 million. The amount listed above represents the gross sales proceeds before debt from these transactions.

(d)
This represents the loss on early extinguishment of the debt encumbering Arrowhead Towne Center in January 2016.

(e)
Includes approximately $0.08 dilutive impact of special dividends paid in December 2015 and January 2016 and includes approximately $0.10 dilutive impact of the difference in debt premium amortization between 2015 and 2016.

(f)
This assumes an additional $800M buy-back program during the first half of 2016 at an average share price of $80.

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The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental FFO Information(a)

 
   As of March 31,  
 
   2016   2015  
 
   dollars in millions
  

Straight-line rent receivable

   $ 74.6   $ 72.9  

 

 
   For the
Three Months Ended
March 31, 		 
 
   2016   2015  
 
   dollars in millions
  

Lease termination income

   $ 3.5   $ 2.6  

Straight-line rental income

   $ 2.2   $ 1.5  

Gain on sales of undepreciated assets

   $ 2.4   $ 0.9  

Amortization of acquired above and below-market leases

   $ 4.2   $ 4.4  

Amortization of debt premiums

   $ 1.0   $ 6.9  

Interest capitalized

   $ 4.1   $ 4.7  
(a)
All joint venture amounts included at pro rata.

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Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures

 
   For the Three Months Ended    
    
  
 
   Year Ended
12/31/15 		  Year Ended
12/31/14 		 
 
   3/31/16   3/31/15  
 
   dollars in millions
  

Consolidated Centers

   ​     ​     ​     ​    

Acquisitions of property and equipment

   $ 5.3   $ 30.1   $ 79.8   $ 97.9  

Development, redevelopment, expansions and renovations of Centers

   ​ 28.7   ​ 36.1   ​ 218.7   ​ 197.9  

Tenant allowances

     3.3     3.7     30.4     30.5  

Deferred leasing charges

   ​ 6.2   ​ 8.8   ​ 26.8   ​ 26.6  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 43.5   $ 78.7   $ 355.7   $ 352.9  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unconsolidated Joint Venture Centers(a)

   ​     ​     ​     ​    

Acquisitions of property and equipment

   $ 330.8   $ 0.7   $ 160.0   $ 158.8  

Development, redevelopment, expansions and renovations of Centers

   ​ 24.1   ​ 25.8   ​ 132.9   ​ 201.8  

Tenant allowances

     2.9     0.6     6.3     4.8  

Deferred leasing charges

   ​ 1.9   ​ 0.8   ​ 3.3   ​ 3.0  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 359.7   $ 27.9   $ 302.5   $ 368.4  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(a)
All joint venture amounts at pro rata.

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Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Regional Shopping Center Portfolio
Sales Per Square Foot(a)

 
   Consolidated
Centers 		  Unconsolidated
Joint Venture
Centers 		  Total
Centers

03/31/2016(b)(c)

   $562   $723   $625

03/31/2015

   $573   $772   $607

12/31/2015(c)

   $579   $763   $635

12/31/2014(d)

   $556   $724   $587

12/31/2013(e)

   $488   $717   $562

12/31/2012

   $463   $629   $517
(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 shopping centers. Sales per square foot exclude Centers under development and redevelopment.

(b)
Capitola Mall, sold April 13, 2016, is excluded at March 31, 2016.

(c)
Flagstaff Mall is excluded at March 31, 2016 and December 31, 2015 because the Center is being transitioned to the loan servicer.

(d)
On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Great Northern Mall is excluded from Sales per square foot as of December 31, 2014.

(e)
Rotterdam Square, sold January 15, 2014, is excluded at December 31, 2013.

Sales Per Square Foot

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The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)

 
    
    
    
    
    
    
    
   % of Portfolio
2016 Forecast
Pro Rata
Real Estate
NOI
(d) 		 
 
   Sales Per Square Foot   Occupancy   Cost of Occupancy
for the Trailing
12 Months
Ended 3/31/2016
(c) 		 
Properties   3/31/2016
(a) 		  12/31/2015
(a) 		  3/31/2015
(a) 		  3/31/2016
(b) 		  12/31/2015
(b) 		  3/31/2015
(b) 		 
Group 1: Top 10   ​     ​     ​     ​     ​     ​     ​     ​    

Corte Madera, Village at

   $ 1,542   $ 1,475   $ 980     88.8 %   97.9 %   96.5 %            

Queens Center

   $ 1,147   $ 1,134   $ 1,136   ​ 98.2 % ​ 98.2 % ​ 94.8 % ​ ​   ​ ​  

Washington Square

   $ 1,046   $ 1,125   $ 1,074     98.0 %   98.4 %   95.2 %            

North Bridge, The Shops at

   $ 885   $ 856   $ 881   ​ 99.8 % ​ 99.8 % ​ 99.8 % ​ ​   ​ ​  

Tysons Corner Center

   $ 863   $ 851   $ 841     98.7 %   98.9 %   98.2 %            

Los Cerritos Center

   $ 857   $ 843   $ 745   ​ 95.8 % ​ 97.2 % ​ 98.0 % ​ ​   ​ ​  

Biltmore Fashion Park

   $ 831   $ 835   $ 875     98.0 %   99.0 %   97.4 %            

Santa Monica Place

   $ 776   $ 786   $ 788   ​ 82.3 % ​ 90.5 % ​ 93.8 % ​ ​   ​ ​  

Tucson La Encantada

   $ 779   $ 767   $ 757     93.5 %   94.8 %   95.2 %            

Broadway Plaza(e)

   ​ n/a   ​ n/a   ​ n/a   ​ n/a   ​ n/a   ​ n/a   ​ ​   ​ ​  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Top 10:   $ 959   $ 957   $ 900     96.1 %   97.7 %   96.9 %   13.5 %   28.2 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Group 2: Top 11-20   ​ ​   ​ ​   ​     ​     ​     ​     ​     ​    

Scottsdale Fashion Square

   $ 720   $ 745   $ 746     96.9 %   97.8 %   96.6 %            

Arrowhead Towne Center

   $ 747   $ 741   $ 691   ​ 95.7 % ​ 95.4 % ​ 95.4 % ​ ​   ​ ​  

Fashion Outlets of Chicago

   $ 749   $ 734   $ 691     97.1 %   97.9 %   93.8 %            

Kings Plaza Shopping Center

   $ 723   $ 720   $ 688   ​ 92.4 % ​ 92.3 % ​ 92.3 % ​ ​   ​ ​  

Vintage Faire Mall

   $ 691   $ 677   $ 656     95.5 %   96.7 %   97.5 %            

Kierland Commons

   $ 661   $ 670   $ 696   ​ 98.7 % ​ 98.3 % ​ 97.3 % ​ ​   ​ ​  

Chandler Fashion Center

   $ 654   $ 649   $ 625     96.6 %   96.9 %   96.2 %            

Green Acres Mall

   $ 641   $ 643   $ 627   ​ 92.8 % ​ 93.2 % ​ 92.0 % ​ ​   ​ ​  

Fresno Fashion Fair

   $ 656   $ 642   $ 606     95.3 %   98.1 %   98.7 %            

Country Club Plaza(f)

   ​ n/a   ​ n/a   ​ n/a   ​ n/a   ​ n/a   ​ n/a   ​ ​   ​ ​  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Top 11-20:   $ 698   $ 696   $ 673     95.7 %   96.3 %   95.4 %   13.2 %   28.4 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

12

Table of Contents

The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)

 
    
    
    
    
    
    
    
   % of Portfolio
2016 Forecast
Pro Rata
Real Estate
NOI
(d) 		 
 
   Sales Per Square Foot   Occupancy   Cost of Occupancy
for the Trailing
12 Months
Ended 03/31/2016
(c) 		 
Properties   3/31/2016
(a) 		  12/31/2015
(a) 		  3/31/2015
(a) 		  3/31/2016
(b) 		  12/31/2015
(b) 		  3/31/2015
(b) 		 
Group 3: Top 21-30   ​ ​   ​ ​   ​ ​   ​     ​     ​     ​     ​    

Danbury Fair Mall

   $ 647   $ 633   $ 649     97.1 %   97.4 %   98.1 %            

Twenty Ninth Street

   $ 632   $ 626   $ 601   ​ 99.2 % ​ 99.3 % ​ 99.0 % ​ ​   ​ ​  

Freehold Raceway Mall

   $ 606   $ 610   $ 609     98.0 %   98.7 %   97.7 %            

Deptford Mall

   $ 579   $ 580   $ 558   ​ 94.6 % ​ 95.3 % ​ 93.6 % ​ ​   ​ ​  

Oaks, The

   $ 586   $ 580   $ 527     96.7 %   97.6 %   97.9 %            

FlatIron Crossing

   $ 560   $ 551   $ 542   ​ 94.3 % ​ 93.7 % ​ 93.4 % ​ ​   ​ ​  

Stonewood Center

   $ 561   $ 544   $ 549     93.8 %   98.5 %   98.1 %            

SanTan Village Regional Center

   $ 523   $ 525   $ 513   ​ 97.2 % ​ 96.5 % ​ 98.3 % ​ ​   ​ ​  

Victor Valley, Mall of

   $ 530   $ 520   $ 507     96.8 %   97.9 %   97.8 %            

Inland Center

   $ 514   $ 510   $ 443   ​ 97.5 % ​ 99.0 % ​ 95.8 % ​ ​   ​ ​  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Top 21-30:   $ 581   $ 575   $ 559     96.6 %   97.2 %   97.0 %   13.5 %   19.7 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Group 4: Top 31-40   ​ ​   ​ ​   ​ ​   ​     ​     ​     ​     ​    

West Acres

   $ 502   $ 501   $ 520     99.1 %   99.8 %   99.5 %            

Lakewood Center

   $ 472   $ 467   $ 438   ​ 96.8 % ​ 96.3 % ​ 97.6 % ​ ​   ​ ​  

Valley River Center

   $ 469   $ 465   $ 474     96.2 %   97.4 %   96.7 %            

Northgate Mall

   $ 455   $ 454   $ 421   ​ 95.3 % ​ 95.3 % ​ 95.6 % ​ ​   ​ ​  

South Plains Mall

   $ 441   $ 452   $ 465     91.6 %   93.5 %   92.8 %            

Pacific View

   $ 460   $ 448   $ 418   ​ 95.4 % ​ 95.0 % ​ 95.4 % ​ ​   ​ ​  

La Cumbre Plaza

   $ 440   $ 431   $ 429     94.0 %   93.1 %   92.2 %            

Superstition Springs Center

   $ 368   $ 369   $ 367   ​ 94.3 % ​ 94.1 % ​ 92.9 % ​ ​   ​ ​  

Eastland Mall

   $ 381   $ 364   $ 364     96.1 %   96.8 %   92.1 %            

Fashion Outlets of Niagara Falls USA

   $ 354   ​ n/a   ​ n/a   ​ 92.3 % ​ n/a   ​ n/a   ​ ​   ​ ​  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Top 31-40:   $ 430   $ 443   $ 436     95.2 %   95.9 %   95.3 %   13.4 %   14.4 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Top 40:   $ 653   $ 664   $ 638   ​ 95.9 % ​ 96.8 % ​ 96.2 % ​ 13.4 % ​ 90.7 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

13

Table of Contents


The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)

 
    
    
    
    
    
    
    
   % of Portfolio
2016 Forecast
Pro Rata
Real Estate
NOI
(d) 		 
 
   Sales Per Square Foot   Occupancy   Cost of Occupancy
for the Trailing
12 Months
Ended 12/31/2015
(c) 		 
Properties   3/31/2016
(a) 		  12/31/2015
(a) 		  3/31/2015
(a) 		  3/31/2016
(b) 		  12/31/2015
(b) 		  3/31/2015
(b) 		 
Group 5: 41-49   ​ ​   ​ ​   ​ ​   ​     ​     ​     ​     ​    

Westside Pavilion(e)

                                                  

Towne Mall

   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​  

Cascade Mall

                                                  

Desert Sky Mall

   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​  

Valley Mall

                                                  

NorthPark Mall

   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​  

Wilton Mall

                                                  

SouthPark Mall

   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​  

Paradise Valley Mall(e)

                                                  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total 41-49:   $ 314   $ 325   $ 310   ​ 88.5 % ​ 90.0 % ​ 90.6 % ​ 13.6 % ​ 6.9 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Subtotal—Regional Shopping Centers(g)   $ 625   $ 639   $ 613     95.1 %   96.1 %   95.7 %   13.4 %   97.6 %
Other Properties:   ​     ​     ​     ​     ​     ​     ​     ​    

Fashion Outlets of Philadelphia(e)(h)

                n/a                      n/a                    
Community / Power Centers   ​ ​   ​ ​   ​ ​   ​     ​     ​     ​     ​    
Other Non-mall Assets                                                  
Subtotal—Other Properties   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ 2.4 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL ALL PROPERTIES                                         13.4 %   100.0 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

14

Table of Contents


 The Macerich Company

Notes to Sales Per Square Foot by Property Ranking (unaudited)

Footnotes
(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. Properties are ranked by Sales per square foot as of December 31, 2015. Sales per square foot are excluded for Flagstaff Mall which is being transitioned to the loan servicer and Capitola Mall, which was sold on April 13, 2016.
(b)   Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Occupancy excludes Centers under development and redevelopment. Occupancy excludes Flagstaff Mall, which is being transitioned to the loan servicer and Capitola Mall, which was sold on April 13, 2016.
(c)   Cost of Occupancy represents "Tenant Occupancy Costs" divided by "Tenant Sales". Tenant Occupancy Costs in this calculation are the amounts paid to the Company, including minimum rents, percentage rents and recoverable expenditures, which consist primarily of property operating expenses, real estate taxes and repair and maintenance expenditures.
(d)   The percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI is based on guidance provided on May 3, 2016, see page 8. Real Estate NOI excludes straight-line and above/below market adjustments to minimum rents. Real Estate NOI also does not reflect REIT expenses and Management Company revenues and expenses. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.
(e)   These assets are under redevelopment including demolition and reconfiguration of the Centers and tenant spaces, accordingly the Sales per square foot and Occupancy during the periods of redevelopment are not included.
(f)   On March 1, 2016, the Company purchased Country Club Plaza located in Kansas City, Missouri in a 50/50 joint venture. The pro rata NOI from this Center is included in the 2016 Guidance Range presented on page 8 and in the percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI in the table above.
(g)   Properties sold prior to March 31, 2016 are excluded in both current and prior periods above.
(h)   On July 30, 2014, the Company formed a joint venture to redevelop and rebrand The Gallery in Philadelphia, Pennsylvania as Fashion Outlets of Philadelphia.

15

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Occupancy(a)

Regional Shopping Centers:
Period Ended
  Consolidated
Centers 		  Unconsolidated
Joint Venture
Centers 		  Total
Centers 		 

03/31/2016(b)(c)

   ​
94.1%
​
96.7%
​ 95.1%  

03/31/2015

     94.8%     97.9%     95.4%  

12/31/2015(c)

   ​
95.3%
​
97.8%
​ 96.1%  

12/31/2014(d)

     95.3%     97.9%     95.8%
 		 
(a)
Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Occupancy excludes Centers under development and redevelopment.

(b)
Capitola Mall, sold April 13, 2016, is excluded at March 31, 2016.

(c)
Flagstaff Mall is excluded at March 31, 2016 and December 31, 2015 because the Center is being transitioned to the loan servicer.

(d)
On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Great Northern Mall is excluded from Occupancy as of December 31, 2014.

16

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Average Base Rent Per Square Foot(a)

 
   Average Base Rent
PSF(b) 		  Average Base Rent
PSF on Leases
Executed during the
trailing twelve
months ended(c) 		  Average Base Rent
PSF on Leases
Expiring(d) 		 

Consolidated Centers

   ​     ​     ​    

03/31/2016(e)(f)

   $ 52.24   $ 53.40   $ 47.99  

03/31/2015

   $ 51.81   $ 50.65   $ 43.09  

12/31/2015(f)

   $ 52.64   $ 53.99   $ 49.02  

12/31/2014(g)

   $ 49.68   $ 49.55   $ 41.20  

Unconsolidated Joint Venture Centers

    
 		    
 		    
 		  

03/31/2016

   $ 59.08   $ 75.24   $ 60.30  

03/31/2015

   $ 66.44   $ 83.71   $ 63.70  

12/31/2015

   $ 60.74   $ 80.18   $ 60.85  

12/31/2014

   $ 63.78   $ 82.47   $ 64.59  

All Regional Shopping Centers

  
​
 
 
​
 
 
​
 		  

03/31/2016(e)(f)

   $ 54.16   $ 57.44   $ 49.76  

03/31/2015

   $ 53.31   $ 55.15   $ 45.78  

12/31/2015(f)

   $ 54.32   $ 57.41   $ 50.29  

12/31/2014(g)

   $ 51.15   $ 54.48   $ 44.66  
(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.

(e)
Capitola Mall sold April 13, 2016 is excluded at March 31, 2016.

(f)
Flagstaff Mall is excluded at March 31, 2016 and December 31, 2015 because the Center is being transitioned to the loan servicer.

(g)
On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. Great Northern Mall is excluded as of December 31, 2014 in the table above.

17

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Cost of Occupancy

 
   For the trailing
twelve months
ended
March 31,
2016(a)(b) 		   
    
  
 
   For Years Ended December 31,  
 
   2015(b)   2014(c)  

Consolidated Centers

   ​     ​     ​    

Minimum rents

     9.1 %   9.0 %   8.7 %

Percentage rents

   ​ 0.4 % ​ 0.4 % ​ 0.4 %

Expense recoveries(d)

     4.5 %   4.5 %   4.3 %
​ ​ ​ ​ ​  ​ ​ ​  ​ ​ ​

Total

   ​ 14.0 % ​ 13.9 % ​ 13.4 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

 
   For the trailing
twelve months
ended
March 31,
2016 		   
    
  
 
   For Years Ended December 31,  
 
   2015   2014  

Unconsolidated Joint Venture Centers

   ​     ​     ​    

Minimum rents

     8.2 %   8.1 %   8.7 %

Percentage rents

   ​ 0.3 % ​ 0.4 % ​ 0.4 %

Expense recoveries(d)

     4.1 %   4.0 %   4.5 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   ​ 12.6 % ​ 12.5 % ​ 13.6 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

 
   For the trailing
twelve months
ended
March 31,
2016(a)(b) 		   
    
  
 
   For Years Ended December 31,  
 
   2015(b)   2014(c)  

All Centers

   ​     ​     ​    

Minimum rents

     8.7 %   8.7 %   8.7 %

Percentage rents

   ​ 0.4 % ​ 0.4 % ​ 0.4 %

Expense recoveries(d)

     4.3 %   4.3 %   4.3 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   ​ 13.4 % ​ 13.4 % ​ 13.4 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(a)
Capitola Mall, sold April 13, 2016, is excluded for the trailing twelve months ended March 31, 2016.

(b)
Flagstaff Mall is excluded for trailing twelve months ended March 31, 2016 and the year ended December 31, 2015 because the Center is being transitioned to the loan servicer.

(c)
On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Great Northern Mall is excluded for the year ended December 31, 2014.

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

18

Table of Contents

The Macerich Company
Percentage of Net Operating Income by State

        Flagstaff Mall is excluded from the table below because the Center is being transitioned to the loan servicer. Capitola Mall, sold April 13, 2016, is also excluded from the table below.

 
    
  
State
  % of Portfolio
2016 Forecast
Real Estate
Pro Rata NOI(a) 		 

California

     27.6 %

New York

     21.2 %

Arizona

     16.7 %

Colorado, Illinois & Missouri(b)

     9.6 %

Pennsylvania & Virginia

     7.7 %

New Jersey & Connecticut

     7.5 %

Oregon & Washington

     4.6 %

Other(c)

     5.1 %
​ ​ ​ ​ ​

Total

     100.0 %
​ ​ ​ ​ ​
​ ​ ​ ​ ​
​ ​ ​ ​ ​
(a)
The percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI is based on guidance provided on May 3, 2016, see page 8. Real Estate NOI excludes straight-line and above/below market adjustments to minimum rents. Real Estate NOI also does not reflect REIT expenses and Management Company revenues and expenses. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.

(b)
On March 1, 2016, the Company purchased Country Club Plaza located in Kansas City, Missouri in a 50/50 joint venture. The pro rata NOI from this Center is included in the 2016 Guidance Range presented on page 8 and in the percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI in the table above.

(c)
"Other" includes Indiana, Iowa, Kentucky, North Dakota and Texas.

19

Table of Contents


The Macerich Company

Property Listing

March 31, 2016

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company. Flagstaff Mall is excluded from the table below because the Center is being transitioned to the loan servicer. Capitola Mall, sold April 13, 2016, is also excluded from the table below.

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

  

100%

  

Cascade Mall
 Burlington, Washington

     1989/1999     1998     589,000  
 

2

  

50.1%

  

Chandler Fashion Center
 Chandler, Arizona

     2001/2002     —     1,319,000  
 

3

  

100%

  

Danbury Fair Mall
 Danbury, Connecticut

     1986/2005     2010     1,270,000  
 

4

  

100%

  

Desert Sky Mall
 Phoenix, Arizona

     1981/2002     2007     893,000  
 

5

  

100%

  

Eastland Mall(d)
 Evansville, Indiana

     1978/1998     1996     1,044,000  
 

6

  

100%

  

Fashion Outlets of Chicago
 Rosemont, Illinois

     2013/—     —     537,000  
 

7

  

100%

  

Fashion Outlets of Niagara Falls USA
 Niagara Falls, New York

     1982/2011     2014     686,000  
 

8

  

50.1%

  

Freehold Raceway Mall
 Freehold, New Jersey

     1990/2005     2007     1,670,000  
 

9

  

100%

  

Fresno Fashion Fair
 Fresno, California

     1970/1996     2006     963,000  
 

10

  

100%

  

Green Acres Mall(d)
 Valley Stream, New York

     1956/2013     2007     1,799,000  
 

11

  

100%

  

Inland Center(d)
 San Bernardino, California

     1966/2004     2004     867,000  
 

12

  

100%

  

Kings Plaza Shopping Center(d)
 Brooklyn, New York

     1971/2012     2002     1,191,000  
 

13

  

100%

  

La Cumbre Plaza(d)
 Santa Barbara, California

     1967/2004     1989     492,000  
 

14

  

100%

  

Northgate Mall
 San Rafael, California

     1964/1986     2010     750,000  
 

15

  

100%

  

NorthPark Mall
 Davenport, Iowa

     1973/1998     2001     1,051,000  
 

16

  

100%

  

Oaks, The
 Thousand Oaks, California

     1978/2002     2009     1,189,000  
 

17

  

100%

  

Pacific View
 Ventura, California

     1965/1996     2001     1,021,000  
 

18

  

100%

  

Queens Center(d)
 Queens, New York

     1973/1995     2004     965,000  
 

19

  

100%

  

Santa Monica Place
 Santa Monica, California

     1980/1999     2015     517,000  
 

20

  

84.9%

  

SanTan Village Regional Center
 Gilbert, Arizona

     2007/—     2009     1,036,000  
 

21

  

100%

  

SouthPark Mall
 Moline, Illinois

     1974/1998     2014     856,000  
 

22

  

100%

  

Stonewood Center(d)
 Downey, California

     1953/1997     1991     934,000  
 

23

  

100%

  

Superstition Springs Center
 Mesa, Arizona

     1990/2002     2002     1,040,000  

20

Table of Contents


The Macerich Company

Property Listing

March 31, 2016

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%

  

Towne Mall
 Elizabethtown, Kentucky

     1985/2005     1989     350,000  
 

25

  

100%

  

Tucson La Encantada
 Tucson, Arizona

     2002/2002     2005     243,000  
 

26

  

100%

  

Valley Mall
 Harrisonburg, Virginia

     1978/1998     1992     506,000  
 

27

  

100%

  

Valley River Center
 Eugene, Oregon

     1969/2006     2007     921,000  
 

28

  

100%

  

Victor Valley, Mall of
 Victorville, California

     1986/2004     2012     577,000  
 

29

  

100%

  

Vintage Faire Mall
 Modesto, California

     1977/1996     2008     1,141,000  
 

30

  

100%

  

Wilton Mall
 Saratoga Springs, New York

     1990/2005     1998     736,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

 

 

  

Total Consolidated Centers

           27,153,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

UNCONSOLIDATED JOINT VENTURE CENTERS:

        
 

31

  

60%

  

Arrowhead Towne Center(c)
 Glendale, Arizona

     1993/2002     2004     1,197,000  
 

32

  

50%

  

Biltmore Fashion Park
 Phoenix, Arizona

     1963/2003     2006     516,000  
 

33

  

50.1%

  

Corte Madera, Village at
 Corte Madera, California

     1985/1998     2005     460,000  
 

34

  

50%

  

Country Club Plaza
 Kansas City, Missouri

     1922/2016     2015     983,000  
 

35

  

51%

  

Deptford Mall(c)
 Deptford, New Jersey

     1975/2006     1990     1,040,000  
 

36

  

51%

  

FlatIron Crossing(c)
 Broomfield, Colorado

     2000/2002     2009     1,432,000  
 

37

  

50%

  

Kierland Commons
 Scottsdale, Arizona

     1999/2005     2003     438,000  
 

38

  

60%

  

Lakewood Center
 Lakewood, California

     1953/1975     2008     2,075,000  
 

39

  

60%

  

Los Cerritos Center(d)
 Cerritos, California

     1971/1999     2015     1,296,000  
 

40

  

50%

  

North Bridge, The Shops at(d)
 Chicago, Illinois

     1998/2008     —     660,000  
 

41

  

50%

  

Scottsdale Fashion Square
 Scottsdale, Arizona

     1961/2002     2015     1,811,000  
 

42

  

60%

  

South Plains Mall
 Lubbock, Texas

     1972/1998     2016     1,127,000  
 

43

  

51%

  

Twenty Ninth Street(c)(d)
 Boulder, Colorado

     1963/1979     2007     852,000  
 

44

  

50%

  

Tysons Corner Center
 Tysons Corner, Virginia

     1968/2005     2005     1,968,000  
 

45

  

60%

  

Washington Square
 Portland, Oregon

     1974/1999     2005     1,442,000  
 

46

  

19%

  

West Acres
 Fargo, North Dakota

     1972/1986     2001     971,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

 

 

  

Total Unconsolidated Joint Venture Centers

     18,268,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

21

Table of Contents


The Macerich Company

Property Listing

March 31, 2016

Count
 
Company's
Ownership(a)
  Name of
Center/Location 		  Year of
Original
Construction/
Acquisition 		  Year of Most
Recent
Expansion/
Renovation 		  Total
GLA(b) 		 
 

REGIONAL SHOPPING CENTERS UNDER REDEVELOPMENT:

        
 

47

  

50%

  

Broadway Plaza(d)(e)
 Walnut Creek, California

     1951/1985     1994     761,000  
 

48

  

50%

  

Fashion Outlets of Philadelphia(d)(e)
 Philadelphia, Pennsylvania

     1977/2014     1990     850,000  
 

49

  

100%

  

Paradise Valley Mall(f)
 Phoenix, Arizona

     1979/2002     2009     1,150,000  
 

50

  

100%

  

Westside Pavilion(f)
 Los Angeles, California

     1985/1998     2007     755,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

 

 

  

Total Regional Shopping Centers

           48,937,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

COMMUNITY / POWER CENTERS:

              
 

1

  

50%

  

Atlas Park, The Shops at(e)
 Queens, New York

     2006/2011     2013     372,000  
 

2

  

50%

  

Boulevard Shops(e)
 Chandler, Arizona

     2001/2002     2004     185,000  
 

3

  

40.1%

  

Estrella Falls, The Market at(e)
 Goodyear, Arizona

     2009/—     2009     219,000  
 

4

  

89.4%

  

Promenade at Casa Grande(f)
 Casa Grande, Arizona

     2007/—     2009     761,000  
 

5

  

100%

  

Southridge Center(f)
 Des Moines, Iowa

     1975/1998     2013     823,000  
 

6

  

100%

  

Superstition Springs Power Center(f)
 Mesa, Arizona

     1990/2002     —     206,000  
 

7

  

100%

  

The Marketplace at Flagstaff Mall(d)(f)
 Flagstaff, Arizona

     2007/—     —     268,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

 

 

  

Total Community / Power Centers

     2,834,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

OTHER ASSETS:

                    
 

 

100%

  

Various(f)(g)

                 477,000  
 

 

100%

  

500 North Michigan Avenue(f)
 Chicago, Illinois

                 326,000  
 

 

50%

  

Valencia Place at Country Club Plaza(e)
 Kansas City, Missouri

                 263,000  
 

 

50%

  

Fashion Outlets of Philadelphia-Offices(d)(e)
 Philadelphia, Pennsylvania

                 526,000  
 

 

100%

  

Paradise Village Ground Leases(f)
 Phoenix, Arizona

                 53,000  
 

 

100%

  

Paradise Village Office Park II(f)
 Phoenix, Arizona

                 46,000  
 

 

50%

  

Scottsdale Fashion Square-Office(e)
 Scottsdale, Arizona

                 122,000  
 

 

50%

  

Tysons Corner Center-Office(e)
 Tysons Corner, Virginia

                 175,000  
 

 

50%

  

Hyatt Regency Tysons Corner Center(e)
 Tysons Corner, Virginia

                 290,000  
 

 

50%

  

VITA Tysons Corner Center(e)
 Tysons Corner, Virginia

                 510,000  
 

 

50%

  

Tysons Tower(e)
 Tysons Corner, Virginia

                 528,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

 

 

  

Total Other Assets

           3,316,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

 

 

  

Grand Total at March 31, 2016

           55,087,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

22

Table of Contents


The Macerich Company

Property Listing

March 31, 2016

(a)
The Company's ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on page 24 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 as of March 31, 2016.

(c)
The Company contributed an interest in these four properties to joint ventures in January 2016. Subsequent to the contribution, the Company retained a 60.0% interest in Arrowhead Towne Center and a 51.0% interest in Deptford Mall, FlatIron Crossing and Twenty Ninth Street.

(d)
Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 44 Centers, the underlying land controlled by the Company is owned in fee entirely by the Company, or, in the case of jointly-owned Centers, by the joint venture property partnership or limited liability company.

(e)
Included in Unconsolidated Joint Venture Centers.

(f)
Included in Consolidated Centers.

(g)
The Company owns a portfolio of eight stores located at shopping centers not owned by the Company. Of these eight stores, two have been leased to Forever 21, one has been leased to Kohl's, one has been leased to Sports Authority and four have been leased for non-Anchor usage. With respect to five of the eight stores, the underlying land is owned in fee entirely by the Company. With respect to the remaining three stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases.

23

Table of Contents

Joint Venture List

        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 co-venture arrangements. The percentages shown are the effective legal ownership and economic ownership interests of the Company as of March 31, 2016.

Properties
  3/31/2016
Legal
Ownership(a) 		  3/31/2016
Economic
Ownership(b) 		  Joint Venture   3/31/2016
Total GLA(c) 		 

Arrowhead Towne Center

     60%     60%   New River Associates LLC     1,197,000  

Atlas Park, The Shops at

     50%     50%   WMAP, L.L.C.     372,000  

Biltmore Fashion Park

     50%     50%   Biltmore Shopping Center Partners LLC     516,000  

Boulevard Shops

     50%     50%   Propcor II Associates, LLC     185,000  

Broadway Plaza

     50%     50%   Macerich Northwestern Associates     761,000  

Chandler Fashion Center(d)

     50.1%     50.1%   Freehold Chandler Holdings LP     1,319,000  

Corte Madera, Village at

     50.1%     50.1%   Corte Madera Village, LLC     460,000  

Country Club Plaza

     50%     50%   Country Club Plaza KC Partners LLC     983,000  

Deptford Mall

     51%     51%   Macerich HHF Centers LLC     1,040,000  

Estrella Falls, The Market at(e)

     40.1%     40.1%   The Market at Estrella Falls LLC     219,000  

FlatIron Crossing

     51%     51%   Macerich HHF Centers LLC     1,432,000  

Freehold Raceway Mall(d)

     50.1%     50.1%   Freehold Chandler Holdings LP     1,670,000  

Fashion Outlets of Philadelphia

     50%     50%   Various Entities     850,000  

Fashion Outlets of Philadelphia-Offices

     50%     50%   Various Entities     526,000  

Hyatt Regency Tysons Corner Center

     50%     50%   Tysons Corner Hotel I LLC     290,000  

Kierland Commons

     50%     50%   Kierland Commons Investment LLC     438,000  

Lakewood Center

     60%     60%   Pacific Premier Retail LLC     2,075,000  

Los Cerritos Center

     60%     60%   Pacific Premier Retail LLC     1,296,000  

North Bridge, The Shops at

     50%     50%   North Bridge Chicago LLC     660,000  

Promenade at Casa Grande(f)

     89.4%     89.4%   WP Casa Grande Retail LLC     761,000  

SanTan Village Regional Center

     84.9%     84.9%   Westcor SanTan Village LLC     1,036,000  

Scottsdale Fashion Square

     50%     50%   Scottsdale Fashion Square Partnership     1,811,000  

Scottsdale Fashion Square-Office

     50%     50%   Scottsdale Fashion Square Partnership     122,000  

Sears Stores(g)

     50%     50%   MS Portfolio LLC     1,550,000  

South Plains Mall

     60%     60%   Pacific Premier Retail LLC     1,127,000  

Twenty Ninth Street

     51%     51%   Macerich HHF Centers LLC     852,000  

Tysons Corner Center

     50%     50%   Tysons Corner LLC     1,968,000  

Tysons Corner Center-Office

     50%     50%   Tysons Corner Property LLC     175,000  

Tysons Tower

     50%     50%   Tysons Corner Property LLC     528,000  

Valencia Place at Country Club Plaza

     50%     50%   TM TRS Holding Company LLC     263,000  

VITA Tysons Corner Center

     50%     50%   Tysons Corner Property LLC     510,000  

Washington Square

     60%     60%   Pacific Premier Retail LLC     1,442,000  

West Acres

     19%     19%   West Acres Development, LLP     971,000  
(a)
This column reflects the Company's legal ownership in the listed properties as of March 31, 2016.
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 as of March 31, 2016, 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,

24

Table of Contents

    including mortgage refinancings, partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.

(c)
Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores as of March 31, 2016.

(d)
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.

(e)
Columns 1 and 2 reflect the Company's indirect ownership interest in the property owner. The Company and a third-party partner are each members of a joint venture (the "MW Joint Venture") which, in turn, is a member in the joint venture that owns the property. Cash flow distributions for the MW Joint Venture are made in accordance with the members' relative capital accounts until the members have received distributions equal to their capital accounts, and thereafter in accordance with the members' relative legal ownership percentages. In addition, the Company has executed a joint and several guaranty of the mortgage for the property with its third-party partner. The Company may incur liabilities under such guaranty greater than its legal ownership percentage.

(f)
Columns 1 and 2 reflect the Company's total direct and indirect ownership interest in the property owner. The Company and a third-party partner are each members of a joint venture (the "MW Joint Venture") which, in turn, is a member in the joint venture with the Company that owns the property. Cash flow distributions for the MW Joint Venture are made in accordance with the members' relative capital accounts until the members have received distributions equal to their capital accounts, and thereafter in accordance with the members' relative legal ownership percentages.

(g)
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. The lease arrangements between Sears and the joint venture provide the ability to create additional value through recapturing certain space leased to Sears in these properties and re-leasing that space to third-party tenants. For example, Primark has leased space in portions of the Sears stores at Danbury Fair Mall and Freehold Raceway Mall. On July 7, 2015, Sears assigned its ownership interest in MS Portfolio LLC to Seritage MS Holdings LLC.

25

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Debt Summary (at Company's pro rata share)

 
    
  
 
   As of March 31, 2016  
 
   Fixed Rate   Floating Rate   Total  
 
   dollars in thousands
  

Consolidated debt

   $ 3,355,019   $ 1,068,840   $ 4,423,859  

Unconsolidated debt

     2,496,296     169,013     2,665,309  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total debt

   $ 5,851,315   $ 1,237,853   $ 7,089,168  

Weighted average interest rate

    
3.92
%		  
2.20
%		  
3.62
%

Weighted average maturity (years)

                 6.1  

26

Table of Contents

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

 
   As of March 31, 2016  
Center/Entity (dollars in thousands)
  Maturity Date   Effective
Interest
Rate(a) 		  Fixed   Floating   Total Debt
Balance(a) 		 

I. Consolidated Assets:

                                

Flagstaff Mall(b)

     11/01/15     8.97 % $ 37,000   $ —   $ 37,000  

Prasada(c)

     05/30/16     5.25 %   4,109     —     4,109  

Stonewood Center

     11/01/17     1.80 %   104,023     —     104,023  

Freehold Raceway Mall(d)

     01/01/18     4.20 %   112,126     —     112,126  

Santa Monica Place

     01/03/18     2.99 %   223,509     —     223,509  

SanTan Village Regional Center(e)

     06/01/19     3.14 %   110,282     —     110,282  

Chandler Fashion Center(d)

     07/01/19     3.77 %   100,092     —     100,092  

Kings Plaza Shopping Center

     12/03/19     3.67 %   463,952     —     463,952  

Danbury Fair Mall

     10/01/20     5.53 %   220,614     —     220,614  

Fashion Outlets of Niagara Falls USA

     10/06/20     4.89 %   117,903     —     117,903  

Green Acres Mall

     02/03/21     3.61 %   302,428     —     302,428  

Tucson La Encantada

     03/01/22     4.23 %   69,628     —     69,628  

Pacific View

     04/01/22     4.08 %   129,419     —     129,419  

Oaks, The

     06/05/22     4.14 %   204,492     —     204,492  

Westside Pavilion

     10/01/22     4.49 %   145,942     —     145,942  

Towne Mall

     11/01/22     4.48 %   21,860     —     21,860  

Victor Valley, Mall of

     09/01/24     4.00 %   114,515     —     114,515  

Queens Center

     01/01/25     3.49 %   600,000     —     600,000  

Vintage Faire

     03/06/26     3.55 %   273,125     —     273,125  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Fixed Rate Debt for Consolidated Assets

           3.86 % $ 3,355,019   $ —   $ 3,355,019  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Superstition Springs Center

     10/28/16     2.26 % $ —   $ 67,674   $ 67,674  

Northgate Mall

     03/01/17     3.32 %   —     63,777     63,777  

The Macerich Partnership, L.P.—Line of Credit

     08/06/18     2.11 %   —     738,701     738,701  

Fashion Outlets of Chicago

     03/31/20     2.10 %   —     198,688     198,688  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Floating Rate Debt for Consolidated Assets

           2.19 % $ —   $ 1,068,840   $ 1,068,840  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Debt for Consolidated Assets

           3.45 % $ 3,355,019   $ 1,068,840   $ 4,423,859  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

27

Table of Contents


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

 
   As of March 31, 2016  
Center/Entity (dollars in thousands)
  Maturity Date   Effective
Interest
Rate(a) 		  Fixed   Floating   Total Debt
Balance(a) 		 

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

                                

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

     06/15/16     7.52 % $ 94,505   $ —   $ 94,505  

West Acres (19%)

     10/01/16     6.41 %   10,516     —     10,516  

Corte Madera, The Village at (50.1%)

     11/01/16     7.27 %   37,034     —     37,034  

FlatIron Crossing (51%)

     01/05/21     2.81 %   135,004     —     135,004  

Washington Square Mall (60%)

     11/01/22     3.65 %   330,000     —     330,000  

Deptford Mall (51%)

     04/03/23     3.55 %   99,445     —     99,445  

Scottsdale Fashion Square (50%)

     04/03/23     3.02 %   245,885     —     245,885  

Tysons Corner Center (50%)

     01/01/24     4.13 %   404,749     —     404,749  

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 %   159,525     —     159,525  

Lakewood Center (60%)

     06/01/26     4.15 %   228,133     —     228,133  

Los Cerritos Center (60%)

     11/01/27     4.00 %   315,000     —     315,000  

Arrowhead Towne Center (60%)

     02/01/28     4.05 %   240,000     —     240,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Fixed Rate Debt for Unconsolidated Assets

           4.01 % $ 2,496,296   $ —   $ 2,496,296  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Kierland Commons (50%)(g)

     01/02/18     2.53 % $ —   $ 65,916   $ 65,916  

Boulevard Shops (50%)(g)

     12/16/18     2.33 %   —     9,704     9,704  

Estrella Falls, The Market at (40.1%)(g)

     02/05/20     2.46 %   —     10,291     10,291  

Atlas Park (50%)(g)

     10/28/20     2.76 %   —     23,102     23,102  

Pacific Premier Retail LLC (60%)

     10/31/22     1.64 %   —     60,000     60,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Floating Rate Debt for Unconsolidated Assets

           2.23 % $ —   $ 169,013   $ 169,013  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Debt for Unconsolidated Assets

           3.90 % $ 2,496,296   $ 169,013   $ 2,665,309  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Debt

           3.62 % $ 5,851,315   $ 1,237,853   $ 7,089,168  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Percentage to Total

                 82.54 %   17.46 %   100.00 %
(a)
The debt balances include the unamortized debt premiums/discounts and loan finance costs. Debt premiums/discounts represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions. Debt premiums/discounts and loan finance costs are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The annual interest rate in the table represents the effective interest rate, including the debt premiums/discounts and loan finance costs.
(b)
This loan matured on November 1, 2015. The Company is negotiating with the loan servicer, which will likely result in a transition of the asset to the loan servicer or a receiver.
(c)
This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.0%.
(d)
This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.1%.
(e)
This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.
(f)
The Company's joint venture entered into a commitment to refinance the existing loan on the property with a $375 million loan that will bear interest at a fixed rate of 3.68% for a twelve-year term.
(g)
The maturity date assumes that all such extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates.

28

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of March 31, 2016

In-Process Developments and Redevelopments:

Property
  Project Type   Total Cost(a)(b)
at 100% 		  Ownership
% 		  Total Cost(a)(b)
Pro Rata 		  Pro Rata
Capitalized Costs(b)
3/31/2016 		  Expected
Delivery(a) 		  Stabilized
Yield(a)(b)(c)

Broadway Plaza
Walnut Creek, CA
  		Expansion of existing open air center adding 235,000 sf (net) of new shop space to existing 774,000 sf center which is currently anchored by Nordstrom, Neiman Marcus and Macy's. New space created by construction of a more efficient parking structure and the consolidation of stand-alone Macy's Men's Store into a single larger Macy's box. Phase I encompasses demolition of 80,000 sf of existing retail space and construction of 240,000 sf of new retail space for a net increase of 160,000 sf. Phase 2 involves demolition of the existing Macy's Men's building and construction of 75,000 sf of new retail space for a total increase of 235,000 sf of small stores.   * Phase 1 : $265
* Phase 2 : $40

  		​ 50 % * Phase 1 : $133
* Phase 2 : $20
  		* Phase 1 : $101
* Phase 2 : $5
  		* 25% 4Q15
* 50% 2Q16
* 25% 2Q17/2Q18

  		8%
​ ​  ​ ​  ​ ​  ​ ​ ​  ​ ​  ​ ​  ​ ​  ​

      Total: $305   ​     Total: $153   Total: $106        

Green Acres Commons
Valley Stream, NY

   335,000 sf two-story retail center anchored by Dicks Sporting Goods, and comprised of box retail stores and outparcels adjacent to Green Acres Mall   $110     100 % $110   $63   4Q16   11%

Fashion Outlets of Philadelphia
Philadelphia, PA
  		Redevelopment of The Gallery in downtown Philadelphia   $305 - $365(d)(e)   ​ 50 % $153 - $183(d)(e)   $33   2018   8%(e)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total In-Process

       $720 - $780         $416 - $446   $202        
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

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Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of March 31, 2016

Shadow Pipeline of Developments and Redevelopments(f):

Property
  Project Type   Total Cost(a)(b)
at 100% 		  Ownership
% 		  Total Cost(a)(b)
Pro Rata 		  Pro Rata
Capitalized Costs(b)
3/31/2016 		  Expected
Delivery(a) 		  Stabilized
Yield(a)(b)(c) 		 

Fashion Outlets of San Francisco
San Francisco, CA
  		A 500,000 sf outlet center on the historic site of Candlestick Park   $ 350   ​ 50.1 % $ 175   $ 2   ​ 2018 - 2019   7% - 9%  

Kings Plaza Shopping Center
Brooklyn, NY

   Major remerchandising and redemising of Sears   $ 65 - $75     100 % $ 65 - $75   $ 2     2017 - 2018   7% - 8%  

Paradise Valley Mall
Phoenix, AZ
  		Redevelopment (size TBD) including a theater   ​ TBD   ​ 100 % ​ TBD   $ 1   ​ TBD   TBD  

Scottsdale Fashion Square
Scottsdale, AZ

   Office / Residential / Retail Mixed-use development on 7.5 Acres (former Days Inn)   $ 250     50 % $ 125   $ 1     2018 - 2019   8%  

Tysons Corner Center
Tysons Corner, VA
  		Mixed-use Development, Residential Tower with retail ground floor.   $ 165   ​ 50 % $ 83   $ 1   ​ 2018 - 2019   7% - 8%  

Westside Pavilion
Los Angeles, CA

   Redevelopment of an existing 755,000 sf Center     TBD     100 %   TBD   $ 1     TBD   TBD  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Shadow Pipeline

   ​   $ 830 - $840   ​ ​   $ 448 - $458   $ 8   ​ ​   ​  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(a)
Much of this information is estimated and may change from time to time. See the Company's forward-looking disclosure on page 1 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)
This reflects incremental project costs and income subsequent to the Company's $106.8 million investment in July 2014.

(e)
Total Costs are net of $15 million of approved public financing grants that will be a reduction of costs, but do not include additional pending grants totaling $30 million, which if received will further reduce Total Costs to $275 Million to $335 Million.

(f)
This section includes potential developments or redevelopments that the Company is considering. The scope of these projects may change. Average returns are expected to be 7% to 9%. There is no certainty that the Company will develop or redevelop any or all of these potential projects.

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Table of Contents

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 2016, 2015 and 2014 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, 2014

   $ 62.41   $ 55.21   $ 0.62  

June 30, 2014

   $ 68.28   $ 61.66   $ 0.62  

September 30, 2014

   $ 68.81   $ 62.62   $ 0.62  

December 31, 2014

   $ 85.55   $ 63.25   $ 0.65  

 
 
 
 
 
 
 
 
 
 
 

March 31, 2015

   $ 95.93   $ 81.61   $ 0.65  

June 30, 2015

   $ 86.31   $ 74.51   $ 0.65  

September 30, 2015

   $ 81.52   $ 71.98   $ 0.65  

December 31, 2015

   $ 86.29   $ 74.55   $ 2.68 (a)

 
 
 
 
 
 
 
 
 
 
 

March 31, 2016

   $ 82.88   $ 72.99   $ 2.68 (a)
(a)
Includes a special dividend of $2.00 per common share paid on December 8, 2015. Separately, the Company also paid a special dividend of $2.00 per common share on January 6, 2016.

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 800-567-0169.

 
    
    
Corporate Headquarters
The Macerich Company
401 Wilshire Boulevard, Suite 700
Santa Monica, California 90401
310-394-6000
www.macerich.com		   Transfer Agent
Computershare
P.O. Box 30170
College Station, TX 77842-3170
800-567-0169
www.computershare.com		    

Macerich Website

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

Investor Relations

Jean Wood
Vice President, Investor Relations
Phone: 424-229-3366
jean.wood@macerich.com		   John Perry
Senior Vice President, Investor Relations
Phone: 424-229-3345
john.perry@macerich.com

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