EX-99.2 3 a2229885zex-99_2.htm EX-99.2

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Exhibit 99.2

Supplemental Financial Information
For the three and nine months ended September 30, 2016

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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

   1-4

Overview

   1-2

Capital Information and Market Capitalization

   3

Changes in Total Common and Equivalent Shares/Units

   4

Financial Data

  

5-8

Consolidated Statements of Operations (Unaudited)

   5

Consolidated Balance Sheet (Unaudited)

   6

Non-GAAP Pro Rata Financial Information (Unaudited)

   7-8

2016 Guidance Range

   9

Supplemental FFO Information

   10

Capital Expenditures

   11

Operational Data

  

12-26

Sales Per Square Foot

   12

Sales Per Square Foot by Property Ranking

   13-16

Occupancy

   17

Average Base Rent Per Square Foot

   18

Cost of Occupancy

   19

Percentage of Net Operating Income by State

   20

Property Listing

   21-24

Joint Venture List

   25-26

Debt Tables

  

27-29

Debt Summary

   27

Outstanding Debt by Maturity Date

   28-29

Development Pipeline

  

30-31

Top Ten Tenants

   32

Corporate Information

  

33

        This Supplemental Financial Information should be read in connection with the Company's third quarter 2016 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date October 27, 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 September 30, 2016, the Operating Partnership owned or had an ownership interest in 50 regional shopping centers and seven community/power shopping centers aggregating approximately 56 million square feet of gross leasable area ("GLA"). 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.

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

        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

1

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

                     
 
   Period Ended  
 
   9/30/2016   12/31/2015   12/31/2014  
 
   dollars in thousands, except per share data
  

Closing common stock price per share

   $ 80.87   $ 80.69   $ 83.41  

52 week high

   $ 94.51   $ 95.93   $ 85.55  

52 week low

   $ 71.82   $ 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

     154,441,509     165,260,655     168,721,053  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total common and equivalent shares/units outstanding

     154,580,268     165,399,414     168,866,892  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Portfolio capitalization data

    
 		    
 		    
 		  

Total portfolio debt, including joint ventures at pro rata

   $ 7,482,118   $ 7,010,306   $ 7,050,437  

Equity market capitalization

     12,500,906     13,346,079     14,085,187  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total market capitalization

   $ 19,983,024   $ 20,356,385   $ 21,135,624  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Leverage ratio(a)

     37.44 %   34.4 %   33.4 %
(a)
Debt as a percentage of total market capitalization.

Portfolio Capitalization at September 30, 2016

GRAPHIC

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The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Changes in Total Common and Equivalent Shares/Units

 
  
 
   Partnership
Units 		  Company
Common
Shares 		  Class A
Non-Participating
Convertible
Preferred Units 		  Total
Common
and
Equivalent
Shares/
Units 		 

Balance as of December 31, 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  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Conversion of partnership units to common shares

     (20,614 )   20,614     —     —  

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

     —     27,601     —     27,601  

Repurchase of common shares under the Accelerated Stock Purchase Plan

     —     (4,826,047 )   —     (4,826,047 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance as of June 30, 2016

     10,831,835     144,678,083     138,759     155,648,677  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Conversion of partnership units to common shares

     (243,963 )   243,963     —     —  

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

     —     35,753     —     35,753  

Repurchase of common shares under the Accelerated Stock Purchase Plan

     —     (1,104,162 )   —     (1,104,162 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance as of September 30, 2016

     10,587,872     143,853,637     138,759     154,580,268  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

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The Macerich Company

Consolidated Statements of Operations (Unaudited)

(Dollars in thousands)

 
   For the Three
Months Ended
September 30,
2016 		  For the Nine
Months Ended
September 30,
2016 		 

Revenues:

              

Minimum rents

   $ 154,018   $ 457,514  

Percentage rents

     3,871     9,279  

Tenant recoveries

     74,447     230,568  

Other income

     12,048     42,985  

Management Companies' revenues

     8,983     28,925  
​ ​ ​ ​ ​ ​ ​ ​

Total revenues

     253,367     769,271  
​ ​ ​ ​ ​ ​ ​ ​

Expenses:

    
 		    
 		  

Shopping center and operating expenses

     76,310     229,544  

Management Companies' operating expenses

     23,285     75,484  

REIT general and administrative expenses

     6,930     23,240  

Depreciation and amortization

     86,976     259,097  

Interest expense

     39,983     120,954  

Gain on extinguishment of debt, net

     (5,284 )   (1,709 )
​ ​ ​ ​ ​ ​ ​ ​

Total expenses

     228,200     706,610  

Equity in income of unconsolidated joint ventures

    
11,261		    
37,537		  

Co-venture expense

     (3,006 )   (9,507 )

Income tax expense

     (905 )   (2,736 )

(Loss) gain on sale or write down of assets, net

     (19,321 )   426,050  
​ ​ ​ ​ ​ ​ ​ ​

Net income

     13,196     514,005  

Less net (loss) income attributable to noncontrolling interests

     (534 )   34,138  
​ ​ ​ ​ ​ ​ ​ ​

Net income attributable to the Company

   $ 13,730   $ 479,867  
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​

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The Macerich Company

Consolidated Balance Sheet (Unaudited)

(Dollars in thousands)

 
   As of September 30, 2016  

ASSETS:

        

Property, net(1)

   $ 7,376,768  

Cash and cash equivalents

     84,181  

Restricted cash

     52,976  

Tenant and other receivables, net

     126,811  

Deferred charges and other assets, net

     478,024  

Due from affiliates

     69,481  

Investments in unconsolidated joint ventures

     1,753,524  
​ ​ ​ ​ ​

Total assets

   $ 9,941,765  
​ ​ ​ ​ ​
​ ​ ​ ​ ​
​ ​ ​ ​ ​

LIABILITIES AND EQUITY:

    
 		  

Mortgage notes payable

   $ 3,845,158  

Bank and other notes payable

     1,048,944  

Accounts payable and accrued expenses

     62,018  

Other accrued liabilities

     357,650  

Distributions in excess of investments in unconsolidated joint ventures

     77,878  

Co-venture obligation

     59,609  
​ ​ ​ ​ ​

Total liabilities

     5,451,257  
​ ​ ​ ​ ​

Commitments and contingencies

        

Equity:

        

Stockholders' equity:

        

Common stock

     1,439  

Additional paid-in capital

     4,581,540  

Accumulated deficit

     (419,777 )
​ ​ ​ ​ ​

Total stockholders' equity

     4,163,202  

Noncontrolling interests

     327,306  
​ ​ ​ ​ ​

Total equity

     4,490,508  
​ ​ ​ ​ ​

Total liabilities and equity

   $ 9,941,765  
​ ​ ​ ​ ​
​ ​ ​ ​ ​
​ ​ ​ ​ ​
(1)
Includes construction in progress of $282,223.

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The Macerich Company

Non-GAAP Pro Rata Financial Information (Unaudited)

(Dollars in thousands)

 
   For the Three Months
Ended September 30, 2016 		  For the Nine Months
Ended September 30, 2016 		 
 
   Noncontrolling
interests of
Consolidated
Joint Ventures(1) 		  Company's Share
of Unconsolidated
Joint Ventures 		  Noncontrolling
interests of
Consolidated
Joint Ventures(1) 		  Company's Share
of Unconsolidated
Joint Ventures 		 

Revenues:

                          

Minimum rents

   $ (8,310 ) $ 80,361   $ (24,920 ) $ 230,104  

Percentage rents

     (155 )   2,744     (256 )   5,531  

Tenant recoveries

     (4,655 )   31,458     (14,080 )   90,827  

Other income

     (509 )   6,437     (1,538 )   20,069  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total revenues

     (13,629 )   121,000     (40,794 )   346,531  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Expenses:

                          

Shopping center and operating expenses

     (4,136 )   36,430     (11,823 )   103,503  

Depreciation and amortization

     (3,759 )   47,803     (11,184 )   133,319  

Interest expense

     (2,328 )   25,335     (7,003 )   71,999  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total expenses

     (10,223 )   109,568     (30,010 )   308,821  

Equity in income of unconsolidated joint ventures

    
—		    
(11,261
)		  
—		    
(37,537
)

Co-venture expense

     3,006     —     9,507     —  

Loss on sale or write down of assets, net

     2,206     (171 )   2,206     (173 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net loss

     1,806     —     929     —  

Less net loss attributable to noncontrolling interests

     1,806     —     929     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net loss attributable to the Company

   $ —   $ —   $ —   $ —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Represents the Company's partners' share of consolidated joint ventures.

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The Macerich Company

Non-GAAP Pro Rata Financial Information (Unaudited)

(Dollars in thousands)

 
   As of September 30, 2016  
 
   Noncontrolling
interests of
Consolidated
Joint Ventures(1) 		  Company's Share
of Unconsolidated
Joint Ventures 		 

ASSETS:

              

Property, net(2)

   $ (308,179 ) $ 4,387,640  

Cash and cash equivalents

     (7,267 )   94,632  

Restricted cash

     —     3,236  

Tenant and other receivables, net

     (18,923 )   42,195  

Deferred charges and other assets, net

     (5,323 )   198,808  

Due from affiliates

     310     3,780  

Investments in unconsolidated joint ventures

     —     (1,753,524 )
​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ (339,382 ) $ 2,976,767  
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​

LIABILITIES AND EQUITY:

              

Mortgage notes payable

   $ (229,751 ) $ 2,760,677  

Bank and other notes payable

     (2,910 )   60,000  

Accounts payable and accrued expenses

     (2,815 )   39,480  

Other accrued liabilities

     (23,622 )   194,488  

Distributions in excess of investments in unconsolidated joint ventures

     —     (77,878 )

Co-venture obligation

     (59,609 )   —  
​ ​ ​ ​ ​ ​ ​ ​

Total liabilities

     (318,707 )   2,976,767  
​ ​ ​ ​ ​ ​ ​ ​

Equity:

              

Noncontrolling interests

     (20,675 )   —  
​ ​ ​ ​ ​ ​ ​ ​

Total equity

     (20,675 )   —  
​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and equity

   $ (339,382 ) $ 2,976,767  
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
(1)
Represents the Company's partners' share of consolidated joint ventures.

(2)
This includes $12,159 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $110,284 of construction in progress relating to the Company's share from unconsolidated joint ventures.

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The Macerich Company

2016 Guidance Range (Unaudited)

        Management is revising its previous estimate of diluted EPS and FFO per share guidance for 2016. A reconciliation of estimated EPS to FFO per share-diluted follows:

 
   Year 2016
Guidance 		   

Earnings Expectations:

        

Earnings per share—diluted

  

$3.59 - $3.64

  

 

Plus: real estate depreciation and amortization

   $3.16 - $3.16    

Less: gain on sale of depreciated assets

  

($2.70) - ($2.70)

    
​ ​ ​ ​ ​

FFO per share—diluted

   $4.05 - $4.10    
​ ​ ​ ​ ​
​ ​ ​ ​ ​
​ ​ ​ ​ ​

Underlying Assumptions to 2016 Guidance

  

 

  

 

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

   4.50% - 4.75%    

Assumed acquisitions(b)

  

$330 million

  

 

Assumed dispositions(c)

   $1.15 billion    

 

 
    
   Year 2016
FFO / Share
Impact 		 

Lease termination income

   $19 million   $0.12  

Capitalized interest

   $16 million   $0.10  

Bad debt expense

   ($5 million)   ($0.03 )

Gain on early extinguishment of debt(d)

   $1.7 million   $0.01  

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

   ($80 million)   ($0.51 )

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 gain on extinguishment of debt from the deed-in-lieu of foreclosure of Flagstaff Mall in July 2016, offset by 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 September 30,  
 
   2016   2015  
 
   dollars in millions
  

Straight-line rent receivable

   $ 80.2   $ 78.8  

 

 
   For the
Three Months Ended
September 30, 		  For the
Nine Months Ended
September 30, 		 
 
   2016   2015   2016   2015  
 
   dollars in millions
  

Lease termination income

   $ 7.8   $ 3.4   $ 17.2   $ 8.8  

Straight-line rental income

   $ 3.5   $ 3.8   $ 9.3   $ 7.8  

Gain on sales of undepreciated assets

   $ 0.3   $ 1.1   $ 2.9   $ 2.2  

Amortization of acquired above and below-market leases

   $ 8.4   $ 4.0   $ 17.7   $ 13.2  

Amortization of debt premiums

   $ 1.0   $ 5.5   $ 3.0   $ 17.9  

Interest capitalized

   $ 3.8   $ 5.6   $ 12.5   $ 15.5  
(a)
All joint venture amounts included at pro rata.

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

 
   For the Nine Months Ended    
    
  
 
   Year Ended
12/31/15 		  Year Ended
12/31/14 		 
 
   9/30/16   9/30/15  
 
   dollars in millions
  

Consolidated Centers

   ​     ​     ​     ​    

Acquisitions of property and equipment

   $ 24.6   $ 61.0   $ 79.8   $ 97.9  

Development, redevelopment, expansions and renovations of Centers

   ​ 113.8   ​ 148.5   ​ 218.7   ​ 197.9  

Tenant allowances

     13.8     20.5     30.4     30.5  

Deferred leasing charges

   ​ 18.7   ​ 20.8   ​ 26.8   ​ 26.6  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 170.9   $ 250.8   $ 355.7   $ 352.9  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unconsolidated Joint Venture Centers(a)

   ​     ​     ​     ​    

Acquisitions of property and equipment

   $ 341.1   $ 153.3   $ 160.0   $ 158.8  

Development, redevelopment, expansions and renovations of Centers

   ​ 73.8   ​ 93.0   ​ 132.9   ​ 201.8  

Tenant allowances

     7.7     2.3     6.3     4.8  

Deferred leasing charges

   ​ 5.6   ​ 1.8   ​ 3.3   ​ 3.0  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 428.2   $ 250.4   $ 302.5   $ 368.4  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(a)
All joint venture amounts at pro rata.

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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

09/30/2016

   $566   $712   $626

09/30/2015

   $593   $805   $630

12/31/2015(b)

   $579   $763   $635

12/31/2014(c)

   $556   $724   $587

12/31/2013(d)

   $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)
On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from sales per square foot as of December 31, 2015.

(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 from Sales per square foot as of December 31, 2014.

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

Sales Per Square Foot

GRAPHIC

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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 9/30/2016
(c) 		 
Properties   9/30/2016
(a) 		  12/31/2015
(a) 		  9/30/2015
(a) 		  9/30/2016
(b) 		  12/31/2015
(b) 		  9/30/2015
(b) 		 
Group 1: Top 10   ​     ​     ​     ​     ​     ​     ​     ​    

Corte Madera, Village at

   $ 1,484   $ 1,475   $ 1,439     91.8 %   97.9 %   95.8 %            

Queens Center

   $ 1,341   $ 1,134   $ 1,141   ​ 97.8 % ​ 98.2 % ​ 95.9 % ​ ​   ​ ​  

Washington Square

   $ 1,005   $ 1,125   $ 1,133     99.4 %   98.4 %   97.0 %            

North Bridge, The Shops at

   $ 899   $ 856   $ 845   ​ 99.0 % ​ 99.8 % ​ 99.8 % ​ ​   ​ ​  

Tysons Corner Center

   $ 872   $ 851   $ 857     98.8 %   98.9 %   98.1 %            

Los Cerritos Center

   $ 878   $ 843   $ 773   ​ 96.3 % ​ 97.2 % ​ 96.7 % ​ ​   ​ ​  

Biltmore Fashion Park

   $ 827   $ 835   $ 848     98.4 %   99.0 %   98.2 %            

Santa Monica Place

   $ 809   $ 786   $ 817   ​ 85.0 % ​ 90.5 % ​ 88.3 % ​ ​   ​ ​  

Tucson La Encantada

   $ 771   $ 767   $ 766     95.5 %   94.8 %   94.8 %            

Broadway Plaza(e)

   ​ n/a   ​ n/a   ​ n/a   ​ n/a   ​ n/a   ​ n/a   ​ ​   ​ ​  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Top 10:   $ 983   $ 957   $ 949     96.8 %   97.7 %   96.7 %   13.7 %   28.2 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Group 2: Top 11-20   ​ ​   ​ ​   ​     ​     ​     ​     ​     ​    

Scottsdale Fashion Square

   $ 731   $ 745   $ 751     96.0 %   97.8 %   97.2 %            

Arrowhead Towne Center

   $ 764   $ 741   $ 720   ​ 96.9 % ​ 95.4 % ​ 95.3 % ​ ​   ​ ​  

Fashion Outlets of Chicago

   $ 746   $ 734   $ 732     96.9 %   97.9 %   96.1 %            

Kings Plaza Shopping Center

   $ 721   $ 720   $ 697   ​ 95.2 % ​ 92.3 % ​ 92.0 % ​ ​   ​ ​  

Vintage Faire Mall

   $ 696   $ 677   $ 682     93.8 %   96.7 %   94.6 %            

Kierland Commons

   $ 667   $ 670   $ 676   ​ 98.3 % ​ 98.3 % ​ 98.8 % ​ ​   ​ ​  

Chandler Fashion Center

   $ 666   $ 649   $ 632     94.2 %   96.9 %   96.9 %            

Green Acres Mall

   $ 641   $ 643   $ 633   ​ 94.5 % ​ 93.2 % ​ 91.6 % ​ ​   ​ ​  

Fresno Fashion Fair

   $ 697   $ 642   $ 628     94.5 %   98.1 %   97.1 %            

Country Club Plaza(f)

   $ 609   ​ n/a   ​ n/a   ​ 89.6 % ​ n/a   ​ n/a   ​ ​   ​ ​  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Top 11-20:   $ 695   $ 696   $ 689     94.5 %   96.3 %   95.5 %   13.3 %   28.3 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

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 9/30/2016
(c) 		 
Properties   9/30/2016
(a) 		  12/31/2015
(a) 		  9/30/2015
(a) 		  9/30/2016
(b) 		  12/31/2015
(b) 		  9/30/2015
(b) 		 
Group 3: Top 21-30   ​ ​   ​ ​   ​ ​   ​     ​     ​     ​     ​    

Danbury Fair Mall

   $ 643   $ 633   $ 643     96.1 %   97.4 %   97.9 %            

Twenty Ninth Street

   $ 621   $ 626   $ 626   ​ 99.4 % ​ 99.3 % ​ 99.0 % ​ ​   ​ ​  

Freehold Raceway Mall

   $ 603   $ 610   $ 619     98.2 %   98.7 %   98.6 %            

Deptford Mall

   $ 569   $ 580   $ 591   ​ 96.3 % ​ 95.3 % ​ 96.4 % ​ ​   ​ ​  

Oaks, The

   $ 517   $ 580   $ 580     95.4 %   97.6 %   95.7 %            

FlatIron Crossing

   $ 553   $ 551   $ 553   ​ 95.0 % ​ 93.7 % ​ 92.9 % ​ ​   ​ ​  

Stonewood Center

   $ 571   $ 544   $ 546     94.0 %   98.5 %   97.0 %            

SanTan Village Regional Center

   $ 533   $ 525   $ 527   ​ 97.4 % ​ 96.5 % ​ 97.9 % ​ ​   ​ ​  

Victor Valley, Mall of

   $ 538   $ 520   $ 543     98.4 %   97.9 %   98.5 %            

Inland Center

   $ 496   $ 510   $ 486   ​ 98.8 % ​ 99.0 % ​ 99.0 % ​ ​   ​ ​  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Top 21-30:   $ 571   $ 575   $ 579     96.8 %   97.2 %   97.1 %   13.6 %   20.0 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Group 4: Top 31-40   ​ ​   ​ ​   ​ ​   ​     ​     ​     ​     ​    

West Acres

   $ 501   $ 501   $ 505     98.9 %   99.8 %   99.0 %            

Lakewood Center

   $ 472   $ 467   $ 463   ​ 98.6 % ​ 96.3 % ​ 96.1 % ​ ​   ​ ​  

Valley River Center

   $ 468   $ 465   $ 477     97.5 %   97.4 %   96.4 %            

Northgate Mall

   $ 421   $ 454   $ 454   ​ 94.9 % ​ 95.3 % ​ 94.9 % ​ ​   ​ ​  

South Plains Mall

   $ 426   $ 452   $ 472     90.4 %   93.5 %   93.0 %            

Pacific View

   $ 448   $ 448   $ 446   ​ 94.5 % ​ 95.0 % ​ 95.4 % ​ ​   ​ ​  

La Cumbre Plaza

   $ 456   $ 431   $ 428     85.2 %   93.1 %   92.9 %            

Superstition Springs Center

   $ 369   $ 369   $ 369   ​ 95.4 % ​ 94.1 % ​ 95.0 % ​ ​   ​ ​  

Eastland Mall

   $ 375   $ 364   $ 366     97.8 %   96.8 %   96.4 %            

Fashion Outlets of Niagara Falls USA

   $ 339   ​ n/a   ​ n/a   ​ 92.5 % ​ n/a   ​ n/a   ​ ​   ​ ​  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Top 31-40:   $ 423   $ 443   $ 446     95.4 %   95.9 %   95.7 %   13.7 %   14.2 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total Top 40:   $ 654   $ 664   $ 661   ​ 95.8 % ​ 96.8 % ​ 96.3 % ​ 13.5 % ​ 90.7 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

14

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 9/30/2016
(c) 		 
Properties   9/30/2016
(a) 		  12/31/2015
(a) 		  9/30/2015
(a) 		  9/30/2016
(b) 		  12/31/2015
(b) 		  9/30/2015
(b) 		 
Group 5: 41-49   ​ ​   ​ ​   ​ ​   ​     ​     ​     ​     ​    

Cascade Mall

                                                  

Desert Sky Mall

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

NorthPark Mall

                                                  

Paradise Valley Mall(e)

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

SouthPark Mall

                                                  

Towne Mall

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

Valley Mall

                                                  

Westside Pavilion(e)

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

Wilton Mall

                                                  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total 41-49:   $ 306   $ 325   $ 323   ​ 91.2 % ​ 90.0 % ​ 89.6 % ​ 13.3 % ​ 6.9 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Subtotal—Regional Shopping Centers(g)   $ 626   $ 639   $ 636     95.3 %   96.1 %   95.6 %   13.5 %   97.6 %
Other Properties:   ​     ​     ​     ​     ​     ​     ​     ​    

Fashion Outlets of Philadelphia(e)(h)

     n/a     n/a     n/a     n/a     n/a     n/a              
Community / Power Centers   ​ ​   ​ ​   ​ ​   ​     ​     ​     ​     ​    
Other Non-mall Assets                                                  
Subtotal—Other Properties   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ 2.4 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
TOTAL ALL PROPERTIES                                         13.5 %   100.0 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

15

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.
(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.
(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 October 27, 2016, see page 9. 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 pages 1 and 2 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 9 and in the percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI in the table above.
(g)   Properties sold prior to September 30, 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.

16

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 		 

09/30/2016

   ​
94.6%
​
96.3%
​ 95.3%  

09/30/2015

     94.8%     98.1%     95.4%  

12/31/2015(b)

   ​
95.3%
​
97.8%
​ 96.1%  

12/31/2014(c)

     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)
On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from Occupancy as of December 31, 2015.

(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 from Occupancy as of December 31, 2014.

17

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

   ​     ​     ​    

09/30/2016

   $ 52.65   $ 53.24   $ 45.79  

09/30/2015

   $ 52.30   $ 53.64   $ 47.78  

12/31/2015(e)

   $ 52.64   $ 53.99   $ 49.02  

12/31/2014(f)

   $ 49.68   $ 49.55   $ 41.20  

Unconsolidated Joint Venture Centers

    
 		    
 		    
 		  

09/30/2016

   $ 58.02   $ 67.00   $ 57.92  

09/30/2015

   $ 67.14   $ 91.11   $ 61.66  

12/31/2015

   $ 60.74   $ 80.18   $ 60.85  

12/31/2014

   $ 63.78   $ 82.47   $ 64.59  

All Regional Shopping Centers

  
​
 
 
​
 
 
​
 		  

09/30/2016

   $ 54.27   $ 56.52   $ 48.68  

09/30/2015

   $ 53.83   $ 56.93   $ 48.97  

12/31/2015(e)

   $ 54.32   $ 57.41   $ 50.29  

12/31/2014(f)

   $ 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)
On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from the table above as of December 31, 2015.

(f)
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 from the table above as of December 31, 2014.

18

Table of Contents

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

 
   For the trailing
twelve months
ended
September 30,
2016(a) 		   
    
  
 
   For Years Ended December 31,  
 
   2015(a)   2014(b)  

Consolidated Centers

   ​     ​     ​    

Minimum rents

     9.2 %   9.0 %   8.7 %

Percentage rents

   ​ 0.4 % ​ 0.4 % ​ 0.4 %

Expense recoveries(c)

     4.4 %   4.5 %   4.3 %
​ ​ ​ ​ ​  ​ ​ ​  ​ ​ ​

Total

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

 

 
   For the trailing
twelve months
ended
September 30,
2016 		   
    
  
 
   For Years Ended December 31,  
 
   2015   2014  

Unconsolidated Joint Venture Centers

   ​     ​     ​    

Minimum rents

     8.6 %   8.1 %   8.7 %

Percentage rents

   ​ 0.4 % ​ 0.4 % ​ 0.4 %

Expense recoveries(c)

     3.9 %   4.0 %   4.5 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   ​ 12.9 % ​ 12.5 % ​ 13.6 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

 
   For the trailing
twelve months
ended
September 30,
2016(a) 		   
    
  
 
   For Years Ended December 31,  
 
   2015(a)   2014(b)  

All Centers

   ​     ​     ​    

Minimum rents

     8.9 %   8.7 %   8.7 %

Percentage rents

   ​ 0.4 % ​ 0.4 % ​ 0.4 %

Expense recoveries(c)

     4.2 %   4.3 %   4.3 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   ​ 13.5 % ​ 13.4 % ​ 13.4 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(a)
On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from the table above as of December 31, 2015.

(b)
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 the table above for the year ended December 31, 2014.

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

19

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Percentage of Net Operating Income by State

        The Company sold Capitola Mall on April 13, 2016, and on July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Capitola Mall and Flagstaff Mall are excluded from the table below.

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

California

     27.4 %

New York

     21.1 %

Arizona

     16.6 %

Colorado, Illinois & Missouri(b)

     9.7 %

Pennsylvania & Virginia

     7.8 %

New Jersey & Connecticut

     7.9 %

Oregon & Washington

     4.5 %

Other(c)

     5.0 %
​ ​ ​ ​ ​

Total

     100.0 %
​ ​ ​ ​ ​
​ ​ ​ ​ ​
​ ​ ​ ​ ​
(a)
The percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI is based on guidance provided on October 27, 2016, see page 9. 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 pages 1 and 2 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 9 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.

20

Table of Contents


The Macerich Company

Property Listing

September 30, 2016

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

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

 

CONSOLIDATED CENTERS:

            
 

1

  

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     890,000  
 

5

  

100%

  

Eastland Mall(d)
 Evansville, Indiana

     1978/1998   1996     1,044,000  
 

6

  

100%

  

Fashion Outlets of Chicago
 Rosemont, Illinois

     2013/—   —     538,000  
 

7

  

100%

  

Fashion Outlets of Niagara Falls USA
 Niagara Falls, New York

     1982/2011   2014     686,000  
 

8

  

50.1%

  

Freehold Raceway Mall
 Freehold, New Jersey

     1990/2005   2007     1,674,000  
 

9

  

100%

  

Fresno Fashion Fair
 Fresno, California

     1970/1996   2006     963,000  
 

10

  

100%

  

Green Acres Mall(d)
 Valley Stream, New York

     1956/2013   2016     2,096,000  
 

11

  

100%

  

Inland Center(d)
 San Bernardino, California

     1966/2004   2016     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     491,000  
 

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     1,190,000  
 

17

  

100%

  

Pacific View
 Ventura, California

     1965/1996   2001     1,021,000  
 

18

  

100%

  

Queens Center(d)
 Queens, New York

     1973/1995   2004     963,000  
 

19

  

100%

  

Santa Monica Place
 Santa Monica, California

     1980/1999   2015     517,000  
 

20

  

84.9%

  

SanTan Village Regional Center
 Gilbert, Arizona

     2007/—   2009     1,047,000  
 

21

  

100%

  

SouthPark Mall
 Moline, Illinois

     1974/1998   2014     856,000  
 

22

  

100%

  

Stonewood Center(d)
 Downey, California

     1953/1997   1991     932,000  
 

23

  

100%

  

Superstition Springs Center
 Mesa, Arizona

     1990/2002   2002     1,040,000  
 

24

  

100%

  

Towne Mall
 Elizabethtown, Kentucky

     1985/2005   1989     350,000  

21

Table of Contents


The Macerich Company

Property Listing

September 30, 2016

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

25

  

100%

  

Tucson La Encantada
 Tucson, Arizona

     2002/2002   2005     243,000  
 

26

  

100%

  

Valley Mall
 Harrisonburg, Virginia

     1978/1998   1992     505,000  
 

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     737,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

 

 

  

Total Consolidated Centers

         27,459,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

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     517,000  
 

33

  

50.1%

  

Corte Madera, Village at
 Corte Madera, California

     1985/1998   2005     461,000  
 

34

  

50%

  

Country Club Plaza
 Kansas City, Missouri

     1922/2016   2015     983,000  
 

35

  

51%

  

Deptford Mall(c)
 Deptford, New Jersey

     1975/2006   1990     1,039,000  
 

36

  

51%

  

FlatIron Crossing(c)
 Broomfield, Colorado

     2000/2002   2009     1,432,000  
 

37

  

50%

  

Kierland Commons
 Scottsdale, Arizona

     1999/2005   2003     435,000  
 

38

  

60%

  

Lakewood Center
 Lakewood, California

     1953/1975   2008     2,075,000  
 

39

  

60%

  

Los Cerritos Center(d)
 Cerritos, California

     1971/1999   2016     1,296,000  
 

40

  

50%

  

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

     1998/2008   —     671,000  
 

41

  

50%

  

Scottsdale Fashion Square
 Scottsdale, Arizona

     1961/2002   2015     1,812,000  
 

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     851,000  
 

44

  

50%

  

Tysons Corner Center
 Tysons Corner, Virginia

     1968/2005   2005     1,973,000  
 

45

  

60%

  

Washington Square
 Portland, Oregon

     1974/1999   2005     1,441,000  
 

46

  

19%

  

West Acres
 Fargo, North Dakota

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

 

 

  

Total Unconsolidated Joint Venture Centers

     18,281,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

22

Table of Contents


The Macerich Company

Property Listing

September 30, 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   2016     921,000  
 

48

  

50%

  

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

     1977/2014   ongoing     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

         49,416,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

COMMUNITY / POWER CENTERS:

            
 

1

  

50%

  

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

     2006/2011   2013     370,000  
 

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     276,000  
 

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

     2,889,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

OTHER ASSETS:

                  
 

 

100%

  

Various(f)(g)

               401,000  
 

 

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

               174,000  
 

 

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

         3,239,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
 

 

 

  

Grand Total at September 30, 2016

         55,544,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

23

Table of Contents


The Macerich Company

Property Listing

September 30, 2016

(a)
The Company's ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on pages 25 and 26 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 September 30, 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 seven stores located at shopping centers not owned by the Company. Of these seven stores, two are leased to Forever 21, one is leased to Kohl's, one is vacant, and three have been leased for non-Anchor uses. With respect to four of the seven 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.

24

Table of Contents

The Macerich Company

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 September 30, 2016.

Properties
  9/30/2016
Legal
Ownership(a) 		  9/30/2016
Economic
Ownership(b) 		  Joint Venture   9/30/2016
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.     370,000  

Biltmore Fashion Park

     50%     50%   Biltmore Shopping Center Partners LLC     517,000  

Boulevard Shops

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

Broadway Plaza

     50%     50%   Macerich Northwestern Associates     921,000  

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     461,000  

Country Club Plaza

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

Deptford Mall

     51%     51%   Macerich HHF Centers LLC     1,039,000  

Estrella Falls, The Market at(e)

     40.1%     40.1%   The Market at Estrella Falls LLC     276,000  

FlatIron Crossing

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

Freehold Raceway Mall(d)

     50.1%     50.1%   Freehold Chandler Holdings LP     1,674,000  

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     435,000  

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     671,000  

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     1,047,000  

Scottsdale Fashion Square

     50%     50%   Scottsdale Fashion Square Partnership     1,812,000  

Scottsdale Fashion Square-Office

     50%     50%   Scottsdale Fashion Square Partnership     122,000  

Macerich Seritage Portfolio(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     851,000  

Tysons Corner Center

     50%     50%   Tysons Corner LLC     1,973,000  

Tysons Corner Center-Office

     50%     50%   Tysons Corner Property LLC     174,000  

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     1,441,000  

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 September 30, 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.

25

Table of Contents


 The Macerich Company

Joint Venture List

(b)
Economic ownership represents the allocation of cash flow to the Company as of September 30, 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, including mortgage refinancings, partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.

(c)
Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores as of September 30, 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.

26

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Debt Summary (at Company's pro rata share)(1)

 
    
  
 
   As of September 30, 2016  
 
   Fixed Rate   Floating Rate   Total  
 
   (Dollars in thousands)
  

Mortgage notes payable

   $ 3,515,209   $ 329,949   $ 3,845,158  

Bank and other notes payable

     5,821     1,043,123     1,048,944  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total debt per Consolidated Balance Sheet

     3,521,030     1,373,072     4,894,102  

Adjustments:

                    

Less: Noncontrolling interests share of debt from consolidated joint ventures

     (232,661 )   —     (232,661 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Adjusted Consolidated Debt

     3,288,369     1,373,072     4,661,441  

Add: Company's share of debt from unconsolidated joint ventures

     2,651,817     168,860     2,820,677  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Company's Pro Rata Share of Debt

   $ 5,940,186   $ 1,541,932   $ 7,482,118  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Weighted average interest rate

     3.80 %   2.23 %   3.48 %

Weighted average maturity (years)

                 6.25  
(1)
The Company's pro rata share of debt represents (i) consolidated debt, minus the Company's partners' share of the amount from consolidated joint ventures (calculated based upon the partners' percentage ownership interest); plus (ii) the Company's share of debt from unconsolidated joint ventures (calculated based upon the Company's percentage ownership interest). Management believes that this measure provides useful information to investors regarding the Company's financial condition because it includes the Company's share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company's partners' share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its pro rata share of debt in this manner can help investors better understand the Company's financial condition after taking into account the Company's economic interest in these joint ventures. The Company's pro rata share of debt should not be considered as a substitute to the Company's total debt determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP.

27

Table of Contents

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

 
   As of September 30, 2016  
Center/Entity (dollars in thousands)
  Maturity Date   Effective
Interest
Rate(a) 		  Fixed   Floating   Total Debt
Balance(a) 		 

I. Consolidated Assets:

                                

Stonewood Center

     11/01/17     1.80 % $ 101,048   $ —   $ 101,048  

Freehold Raceway Mall(b)

     01/01/18     4.20 %   111,076     —     111,076  

Santa Monica Place

     01/03/18     2.99 %   220,901     —     220,901  

SanTan Village Regional Center(c)

     06/01/19     3.14 %   109,055     —     109,055  

Chandler Fashion Center(b)

     07/01/19     3.77 %   100,109     —     100,109  

Kings Plaza Shopping Center

     12/03/19     3.67 %   459,342     —     459,342  

Danbury Fair Mall

     10/01/20     5.53 %   217,465     —     217,465  

Fashion Outlets of Niagara Falls USA

     10/06/20     4.89 %   116,495     —     116,495  

Green Acres Mall

     02/03/21     3.61 %   299,375     —     299,375  

Prasada(d)

     05/30/21     5.25 %   2,911     —     2,911  

Tucson La Encantada

     03/01/22     4.23 %   68,888     —     68,888  

Pacific View

     04/01/22     4.08 %   128,021     —     128,021  

Oaks, The

     06/05/22     4.14 %   202,332     —     202,332  

Westside Pavilion

     10/01/22     4.49 %   144,581     —     144,581  

Towne Mall

     11/01/22     4.48 %   21,670     —     21,670  

Victor Valley, Mall of

     09/01/24     4.00 %   114,544     —     114,544  

Queens Center

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

Vintage Faire

     03/06/26     3.55 %   270,556     —     270,556  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Fixed Rate Debt for Consolidated Assets

           3.80 % $ 3,288,369   $ —   $ 3,288,369  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Superstition Springs Center(e)

     10/28/16     2.35 % $ —   $ 67,525   $ 67,525  

Northgate Mall

     03/01/17     3.40 %   —     63,549     63,549  

Fashion Outlets of Chicago

     03/31/20     2.18 %   —     198,875     198,875  

The Macerich Partnership, L.P.—Line of Credit(f)

     07/06/21     2.15 %   —     1,043,123     1,043,123  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Floating Rate Debt for Consolidated Assets

           2.22 % $ —   $ 1,373,072   $ 1,373,072  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Debt for Consolidated Assets

           3.33 % $ 3,288,369   $ 1,373,072   $ 4,661,441  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

28

Table of Contents

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

 
   As of September 30, 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):

                                

West Acres (19%)

     12/01/16     6.41 % $ 10,315   $ —   $ 10,315  

FlatIron Crossing (51%)

     01/05/21     2.81 %   132,584     —     132,584  

Washington Square Mall (60%)

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

Deptford Mall (51%)

     04/03/23     3.55 %   98,335     —     98,335  

Scottsdale Fashion Square (50%)

     04/03/23     3.02 %   243,040     —     243,040  

Tysons Corner Center (50%)

     01/01/24     4.13 %   400,801     —     400,801  

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 %   159,549     —     159,549  

Lakewood Center (60%)

     06/01/26     4.15 %   226,506     —     226,506  

Los Cerritos Center (60%)

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

Arrowhead Towne Center (60%)

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

North Bridge, The Shops at (50%)

     06/01/28     3.71 %   186,868     —     186,868  

Corte Madera, The Village at (50.1%)

     09/01/28     3.53 %   112,319     —     112,319  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Fixed Rate Debt for Unconsolidated Assets

           3.80 % $ 2,651,817   $ —   $ 2,651,817  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Kierland Commons (50%)(f)

     01/02/18     2.60 % $ —   $ 65,491   $ 65,491  

Boulevard Shops (50%)(f)

     12/16/18     2.41 %   —     9,619     9,619  

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

     02/05/20     2.56 %   —     10,314     10,314  

Atlas Park (50%)(f)

     10/28/20     2.84 %   —     23,436     23,436  

Pacific Premier Retail LLC (60%)

     10/31/22     1.72 %   —     60,000     60,000  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Floating Rate Debt for Unconsolidated Assets

           2.31 % $ —   $ 168,860   $ 168,860  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Debt for Unconsolidated Assets

           3.71 % $ 2,651,817   $ 168,860   $ 2,820,677  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Debt

           3.48 % $ 5,940,186   $ 1,541,932   $ 7,482,118  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Percentage to Total

                 79.39 %   20.61 %   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 property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.1%.
(c)
This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.
(d)
This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.0%.
(e)
On October 14, 2016, the Company paid off in full the loan on the property.
(f)
The maturity date assumes that all available extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates.

29

Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of September 30, 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)
9/30/2016 		  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 : $114
* Phase 2 : $8
  		* 25% 4Q15
* 50% 2Q16
* 25% 2Q17/2Q18

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

      Total: $305   ​     Total: $153   Total: $122        

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   $96   4Q16   11%

Fashion Outlets of Philadelphia
Philadelphia, PA
  		Redevelopment of The Gallery in downtown Philadelphia   $305 - $365(d)   ​ 50 % $153 - $183(d)   $40   2018   8%(d)

Kings Plaza Shopping Center
Brooklyn, NY

   250,000 sf redevelopment of existing Sears store, anchored by Primark   $95 - $100     100 % $95 - $100   $5   2018   4%(e)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total In-Process

   ​   $815 - $880   ​ ​   $511 - $546   $263   ​   ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

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Table of Contents

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of September 30, 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)
9/30/2016 		  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   $ 3   ​ 2018 - 2019   7% - 9%  

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

       $ 765         $ 383   $ 7            
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(a)
Much of this information is estimated and may change from time to time. See the Company's forward-looking disclosure on pages 1 and 2 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. Total Costs are net of $25 million of approved public financing grants that will be a reduction of costs.

(e)
The Sears lease has been terminated. The 4% yield represents an incremental return over Sears former annual rent. The yield would increase to 8% without including any offsetting rent impact from Sears.

(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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 The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Top Ten Tenants

        The following retailers (including their subsidiaries) represent the 10 largest rent payers in the Centers based upon total rents in place as of September 30, 2016.

Tenant
  Primary DBAs   Number of
Locations
in the
Portfolio 		  % of Total
Rents 		 
L Brands, Inc.   Victoria's Secret, Bath and Body Works, PINK   ​ 100   ​ 2.7 %
Forever 21, Inc.   Forever 21, XXI Forever, Love21     36     2.6 %
Foot Locker, Inc.   Champs Sports, Foot Locker, Kids Foot Locker, Lady Foot Locker, Foot Action, House of Hoops SIX:02 and others   ​ 95   ​ 1.9 %
Gap, Inc., The   Athleta, Banana Republic, Gap, Gap Kids, Old Navy and others     58     1.9 %
Signet Jewelers   Gordon's Jewelers, Jared Jewelry, Kay Jewelers, Piercing Pagoda, Rogers Jewelers, Shaw's Jewelers, Weisfield Jewelers, Zales   ​ 106   ​ 1.6 %
Dick's Sporting Goods, Inc.   Dick's Sporting Goods, Chelsea Collective     15     1.4 %
H & M Hennes & Mauritz AB   H & M   ​ 23   ​ 1.4 %
Golden Gate Capital   Payless ShoeSource, Eddie Bauer, California Pizza Kitchen, PacSun     79     1.2 %
Sears Holdings Corporation   Sears   ​ 20   ​ 1.2 %
American Eagle Outfitters, Inc.   American Eagle Outfitters, aerie     38     1.1 %

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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)

June 30, 2016

   $ 85.39   $ 71.82   $ 0.68  

September 30, 2016

   $ 94.51   $ 78.76   $ 0.68  
(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

33