Print Page  Close Window

SEC FILINGS


8-K
MACERICH CO filed this Form 8-K on 08/05/2013
Entire Document
 << Previous Page | Next Page >>

QuickLinks -- Click here to rapidly navigate through this document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported) August 5, 2013

THE MACERICH COMPANY
(Exact Name of Registrant as Specified in Charter)

MARYLAND
(State or Other Jurisdiction
of Incorporation)
  1-12504
(Commission
File Number)
  95-4448705
(IRS Employer
Identification No.)

401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401
(Address of Principal Executive Offices)                (Zip Code)

Registrant's telephone number, including area code (310) 394-6000

N/A
(Former Name or Former Address, if Changed Since Last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))

o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))

   


ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

        The Company issued a press release on August 5, 2013 announcing results of operations for the Company for the quarter ended June 30, 2013 and such press release is furnished as Exhibit 99.1 hereto.

        The press release included as an exhibit with this report is being furnished pursuant to Item 2.02 and Item 7.01 of Form 8-K and shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC.

ITEM 7.01    REGULATION FD DISCLOSURE.

        On August 5, 2013, the Company made available on its website a financial supplement containing financial and operating information of the Company ("Supplemental Financial Information") for the three and six months ended June 30, 2013 and such Supplemental Financial Information is furnished as Exhibit 99.2 hereto.

        The Supplemental Financial Information included as an exhibit with this report is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

        Listed below are the financial statements, pro forma financial information and exhibits furnished as part of this report:

      (a), (b) and (c) Not applicable.

      (d) Exhibits.

        Exhibit Index attached hereto and incorporated herein by reference.

2



SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, The Macerich Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

    THE MACERICH COMPANY

 

 

By: THOMAS E. O'HERN

August 5, 2013


Date

 

/s/ THOMAS E. O'HERN

        Senior Executive Vice President,
        Chief Financial Officer
        and Treasurer

3



EXHIBIT INDEX

EXHIBIT
NUMBER
 
NAME
  99.1   Press Release dated August 5, 2013

 

99.2

 

Supplemental Financial Information for the three and six months ended June 30, 2013

4




QuickLinks

SIGNATURES
EXHIBIT INDEX

QuickLinks -- Click here to rapidly navigate through this document


Exhibit 99.1

PRESS RELEASE

For:   THE MACERICH COMPANY

MACERICH ANNOUNCES AN 18% INCREASE IN AFFO PER SHARE
AND INCREASED EARNINGS GUIDANCE

        Santa Monica, CA (8/5/2013)—The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended June 30, 2013 which included adjusted funds from operations ("AFFO") diluted of $130.4 million or $.87 per share-diluted compared to $106.2 million or $.74 per share-diluted for the quarter ended June 30, 2012. Net income attributable to the Company was $219.0 million or $1.57 per share-diluted for the quarter ended June 30, 2013 compared to net income attributable to the Company for the quarter ended June 30, 2012 of $133.4 million or $1.00 per share-diluted. A description and reconciliation of FFO per share-diluted and AFFO per share-diluted to EPS-diluted is included in the financial tables accompanying this press release.

Recent Highlights:

    Mall tenant annual sales per square foot increased 6.2% for the year ended June 30, 2013 to $545 compared to $513 for the year ended June 30, 2012.

    The releasing spreads for the year ended June 30, 2013 were up 14.2%.

    Mall portfolio occupancy was 93.8% at June 30, 2013 compared to 92.7% at June 30, 2012.

    AFFO per share-diluted was $.87, up 18% compared to the quarter ended June 30, 2012.

    Fashion Outlets of Chicago opened on August 1st. The 526,000 square foot center was 93% occupied on opening day.

    During the quarter the Company sold five assets with its pro rata share of the gross sales proceeds totaling over $465 million.

        Commenting on the quarter, Arthur Coppola chairman and chief executive officer of Macerich stated, "It was a very strong quarter for us. Our operating fundamentals continued their upward trend with significant occupancy gains, continued tenant sales growth and a solid same center net operating income increase. In addition, we successfully continued executing our strategy of refining our portfolio with the sale of five non-core assets during the quarter."

Developments:

        Fashion Outlets of Chicago, a 526,000 square foot fashion outlet center near O'Hare International Airport, opened on August 1, 2013. The $211 million project opened with 93% of the tenants in occupancy on opening day. The anchors are Last Call by Neiman Marcus, Bloomingdale's The Outlet Store, Saks Fifth Avenue Off 5th and Forever 21. The anchors are joined by such stellar fashion retailers as Longchamp, Brunello Cucinelli, Prada, Gucci, Armani, Halston, Michael Kors, Coach, Coach Men's, Tory Burch and many others.

        At Tysons Corner Center, a 2.1 million square foot super regional mall, the Company is building a mixed-use densification which will add 1.4 million square feet to one of the country's premier retail centers. The Tysons expansion includes a 19-story office tower; a 500,000 square foot, 30-story, 430 unit luxury residential tower; and a 17-story, 300-room Hyatt Regency hotel. The office building is currently over 60% leased. The project is scheduled to open in 2014.

Disposition Activity:

        During the quarter, the Company continued the refinement of its portfolio with the sale of five non-core assets. The assets sold were: the Redmond Town Center office building, Green Tree Mall in


Clarksville, Indiana, Northridge Mall in Salinas, California, Rimrock Mall in Billings, Montana and Kitsap Mall in Silverdale, Washington. The average annual sales per-square-foot for these malls was $389. The Company's pro rata share of the total gross sales proceeds was $468 million. In addition, on August 1, the Company sold the retail component of Redmond Town Center and its pro rata share of the sales proceeds was approximately $63.6 million.

Equity and Financing Activity:

        During the quarter, concurrent with the Company's inclusion into the S&P 500 Index, the Company sold 2,456,956 shares of common equity at an average sales price of $70.42 per share. The common stock was sold under its at-the-market ("ATM") program. The net proceeds were $171.2 million and were used to pay down debt.

        The Company has committed to an $850 million refinancing of the debt on the Tysons Corner super regional mall. The new fixed rate 10 year loan has an interest rate of 4.10%. The loan will close on August 30 and will pay off the existing $299.5 million loan that has a 4.78% interest rate. The Company owns 50% of the center and its $275 million share of excess loan proceeds will be used to pay down debt.

        The Company has arranged an extension and rate reduction on its $1.5 billion unsecured line of credit. The new facility has an August 6, 2018 maturity date and the interest rate, at the Company's current leverage level, was reduced to 1.50% over LIBOR, down from 2.00% over LIBOR. This facility can be expanded to $2.0 billion at the Company's election.

2013 Earnings Guidance:

        Management is increasing its previously issued estimated 2013 FFO per share-diluted guidance range by $.03 per share to $3.38 to $3.48.

        A reconciliation of estimated EPS to FFO per share -diluted follows:

Estimated EPS range:

  $ 2.11   to   $ 2.21  

Less: estimated Gain on asset sales

    -1.56   to     -1.56  

Plus: Real estate depreciation and amortization

    2.83   to     2.83  
       

Estimated range for FFO per share-diluted

  $ 3.38   to   $ 3.48  
       

        Included in the above FFO per share guidance is an increase in the assumption of same center net operating income to 3.75% to 4.25%. Also included is a reduction in lease termination revenue to $3 million from the previous estimate of $7 million. No further asset sales, above the $532 million mentioned above, are assumed in this guidance.

        Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

        Macerich currently owns approximately 61 million square feet of real estate consisting primarily of interests in 58 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in California, Arizona, Chicago, Greater New York Metro and Washington, DC. Additional information about Macerich can be obtained from the Company's website at www.macerich.com.

Investor Conference Call

        The Company will provide an online Web simulcast and rebroadcast of its quarterly earnings conference call. The call will be available on The Macerich Company's website at www.macerich.com (Investing Section) and through CCBN at www.earnings.com. The call begins Tuesday, August 6, 2013 at 11:00 AM Central Time. To listen to the call, please go to any of these websites at least 15 minutes


prior to the call in order to register and download audio software if needed. An online replay at www.macerich.com (Investing Section) will be available for one year after the call.

        The Company will publish a supplemental financial information package which will be available at www.macerich.com in the Investing Section. It will also be furnished to the SEC as part of a Current Report on Form 8-K.

        Note: This release contains statements that constitute forward-looking statements which can be identified by the use of words, such as "expects," "anticipates," "assumes," "projects," "estimated" and "scheduled" and similar expressions that do not relate to historical matters. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, as well as national, regional and local economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, acquisitions and dispositions; the liquidity of real estate investments, governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2012, 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 release or to reflect the occurrence of unanticipated events unless required by law to do so.

(See attached tables)



THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

 
  Results before
Discontinued
Operations(a)
  Impact of
Discontinued
Operations(a)
  Results after
Discontinued
Operations(a)
 
 
  For the Three
Months Ended
June 30,
  For the Three
Months Ended
June 30,
  For the Three
Months Ended
June 30,
 
 
  Unaudited   Unaudited  
 
  2013   2012   2013   2012   2013   2012  

Minimum rents

  $ 150,761   $ 120,186   $ (3,769 ) $ (7,574 ) $ 146,992   $ 112,612  

Percentage rents

    2,798     2,872     24     (247 )   2,822     2,625  

Tenant recoveries

    87,307     66,013     (1,943 )   (4,388 )   85,364     61,625  

Management Companies' revenues

    10,301     9,657             10,301     9,657  

Other income

    11,733     9,736     (235 )   (598 )   11,498     9,138  
                           

Total revenues

    262,900     208,464     (5,923 )   (12,807 )   256,977     195,657  
                           

Shopping center and operating expenses

    84,743     66,791     (2,237 )   (4,759 )   82,506     62,032  

Management Companies' operating expenses

    22,816     23,734             22,816     23,734  

REIT general and administrative expenses

    6,693     5,655             6,693     5,655  

Depreciation and amortization

    93,984     73,003     (1,651 )   (3,834 )   92,333     69,169  

Interest expense

    54,439     45,068         (1,771 )   54,439     43,297  

Gain on extinguishment of debt, net

    (1,943 )   (120,356 )       120,356     (1,943 )    
                           

Total expenses

    260,732     93,895     (3,888 )   109,992     256,844     203,887  

Equity in income of unconsolidated joint ventures

    92,201     18,691             92,201     18,691  

Co-venture expense(b)

    (2,138 )   (1,304 )           (2,138 )   (1,304 )

Income tax benefit

    1,477     3,075             1,477     3,075  

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

    141,108     9,512     (141,906 )   (11,040 )   (798 )   (1,528 )
                           

Income from continuing operations

    234,816     144,543     (143,941 )   (133,839 )   90,875     10,704  
                           

Discontinued operations:

                                     

Gain on sale, disposition or write down of assets, net

            141,906     131,396     141,906     131,396  

Income from discontinued operations

            2,035     2,443     2,035     2,443  
                           

Total income from discontinued operations

            143,941     133,839     143,941     133,839  
                           

Net income

    234,816     144,543             234,816     144,543  

Less net income attributable to noncontrolling interests

    15,819     11,189             15,819     11,189  
                           

Net income attributable to the Company

  $ 218,997   $ 133,354   $ 0   $ 0   $ 218,997   $ 133,354  
                           

Average number of shares outstanding—basic

    139,372     132,768                 139,372     132,768  
                               

Average shares outstanding, assuming full conversion of OP Units(c)

    149,311     144,030                 149,311     144,030  
                               

Average shares outstanding—Funds From Operations ("FFO")—diluted(c)

    149,465     144,139                 149,465     144,139  
                               

Per share income—diluted before discontinued operations

                      $ 0.61   $ 0.07  
                               

Net income per share—basic

  $ 1.57   $ 1.00               $ 1.57   $ 1.00  
                               

Net income per share—diluted

  $ 1.57   $ 1.00               $ 1.57   $ 1.00  
                               

Dividend declared per share

  $ 0.58   $ 0.55               $ 0.58   $ 0.55  
                               

FFO—basic(c)(d)

  $ 130,405   $ 226,212               $ 130,405   $ 226,212  
                               

FFO—diluted(c)(d)

  $ 130,405   $ 226,212               $ 130,405   $ 226,212  
                               

FFO per share—basic(c)(d)

  $ 0.87   $ 1.57               $ 0.87   $ 1.57  
                               

FFO per share—diluted(c)(d)

  $ 0.87   $ 1.57               $ 0.87   $ 1.57  
                               

Adjusted FFO ("AFFO") per share—diluted(c)(d)

  $ 0.87   $ 0.74               $ 0.87   $ 0.74  
                               

1



THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

 
  Results before
Discontinued
Operations(a)
  Impact of
Discontinued
Operations(a)
  Results after
Discontinued
Operations(a)
 
 
  For the Six
Months Ended
June 30,
  For the Six
Months Ended
June 30,
  For the Six
Months Ended
June 30,
 
 
  Unaudited   Unaudited  
 
  2013   2012   2013   2012   2013   2012  

Minimum rents

  $ 299,917   $ 243,823   $ (9,210 ) $ (17,444 ) $ 290,707   $ 226,379  

Percentage rents

    7,175     6,864     16     (613 )   7,191     6,251  

Tenant recoveries

    172,631     132,785     (4,804 )   (9,180 )   167,827     123,605  

Management Companies' revenues

    20,451     20,872             20,451     20,872  

Other income

    25,510     20,738     (509 )   (3,888 )   25,001     16,850  
                           

Total revenues

    525,684     425,082     (14,507 )   (31,125 )   511,177     393,957  
                           

Shopping center and operating expenses

    170,120     135,607     (5,014 )   (11,045 )   165,106     124,562  

Management Companies' operating expenses

    45,965     46,259             45,965     46,259  

REIT general and administrative expenses

    12,717     10,174             12,717     10,174  

Depreciation and amortization

    187,143     149,968     (4,007 )   (9,269 )   183,136     140,699  

Interest expense

    108,137     92,191     2     (6,370 )   108,139     85,821  

Gain on extinguishment of debt, net

    (1,943 )   (120,012 )       120,012     (1,943 )    
                           

Total expenses

    522,139     314,187     (9,019 )   93,328     513,120     407,515  

Equity in income of unconsolidated joint ventures

    110,316     49,309             110,316     49,309  

Co-venture expense(b)

    (4,179 )   (2,395 )           (4,179 )   (2,395 )

Income tax benefit

    1,721     1,225             1,721     1,225  

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

    145,942     (26,215 )   (141,912 )   44,184     4,030     17,969  
                           

Income from continuing operations

    257,345     132,819     (147,400 )   (80,269 )   109,945     52,550  
                           

Discontinued operations:

                                     

Gain on sale, disposition or write down of assets, net

            141,912     75,828     141,912     75,828  

Income from discontinued operations

            5,488     4,441     5,488     4,441  
                           

Total income from discontinued operations

            147,400     80,269     147,400     80,269  
                           

Net income

    257,345     132,819             257,345     132,819  

Less net income attributable to noncontrolling interests

    20,256     13,533             20,256     13,533  
                           

Net income attributable to the Company

  $ 237,089   $ 119,286   $ 0   $ 0   $ 237,089   $ 119,286  
                           

Average number of shares outstanding—basic

    138,460     132,520                 138,460     132,520  
                               

Average shares outstanding, assuming full conversion of OP Units(c)

    148,532     143,741                 148,532     143,741  
                               

Average shares outstanding—Funds From Operations ("FFO")—diluted(c)

    148,653     143,832                 148,653     143,832  
                               

Per share income—diluted before discontinued operations

                      $ 0.72   $ 0.34  
                               

Net income per share—basic

  $ 1.71   $ 0.90               $ 1.71   $ 0.90  
                               

Net income per share—diluted

  $ 1.71   $ 0.90               $ 1.71   $ 0.90  
                               

Dividend declared per share

  $ 1.16   $ 1.10               $ 1.16   $ 1.10  
                               

FFO—basic(c)(d)

  $ 257,379   $ 332,385               $ 257,379   $ 332,385  
                               

FFO—diluted(c)(d)

  $ 257,379   $ 332,385               $ 257,379   $ 332,385  
                               

FFO per share—basic(c)(d)

  $ 1.73   $ 2.31               $ 1.73   $ 2.31  
                               

FFO per share—diluted(c)(d)

  $ 1.73   $ 2.31               $ 1.73   $ 2.31  
                               

Adjusted FFO ("AFFO") per share—diluted(c)(d)

  $ 1.73   $ 1.50               $ 1.73   $ 1.50  
                               

2



THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(a)
The Company has classified the results of operations on dispositions as discontinued operations for the three and six months ended June 30, 2013 and 2012.

(b)
This represents the outside partners' allocation of net income in the Chandler Fashion Center/Freehold Raceway Mall joint venture.

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

(d)
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. 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.

Adjusted FFO ("AFFO") excludes the FFO impact of Shoppingtown Mall and Valley View Center for the three and six months ended June 30, 2012. In December 2011, the Company conveyed Shoppingtown Mall to the lender by a deed-in-lieu of foreclosure. In July 2010, a court-appointed receiver assumed operational control of Valley View Center and responsibility for managing all aspects of the property. Valley View Center was sold by the receiver on April 23, 2012, and the related non-recourse mortgage loan obligation was fully extinguished on that date. On May 31, 2012, the Company conveyed Prescott Gateway to the lender by a deed-in-lieu of foreclosure and the debt was forgiven resulting in a gain on extinguishment of debt of $16.4 million. AFFO excludes the gain on extinguishment of debt on Prescott Gateway for the three and six months ended June 30, 2012.

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 AFFO and AFFO on a diluted basis provide useful supplemental information regarding the Company's performance as they show a more meaningful and consistent comparison of the Company's operating performance and allow investors to more easily compare the Company's results without taking into account non-cash credits and charges on properties controlled by either a receiver or loan servicer. FFO and AFFO on a diluted basis are measures investors find most useful in measuring the dilutive impact of outstanding convertible securities. FFO and AFFO do 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 are not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO and AFFO as presented, may not be comparable to similarly titled measures reported by other real estate investment trusts.

3



THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of Net income attributable to the Company to FFO and AFFO(d):

 
  For the Three
Months Ended
June 30,
  For the Six
Months Ended
June 30,
 
 
  Unaudited   Unaudited  
 
  2013   2012   2013   2012  

Net income attributable to the Company

  $ 218,997   $ 133,354   $ 237,089   $ 119,286  

Adjustments to reconcile net income attributable to the Company to FFO—basic and diluted:

                         

Noncontrolling interests in OP

    15,902     11,294     17,244     10,106  

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

    (141,108 )   (9,512 )   (145,942 )   26,215  

plus (loss) gain on undepreciated asset sales—consolidated assets

    (10 )       2,238      

plus non-controlling interests share of (loss) gain on remeasurement, sale or
write down of consolidated joint ventures, net

    (9 )   (17 )   3,163     3,538  

(Gain) loss on remeasurement, sale or write down of assets from unconsolidated entities (pro rata), net

    (73,035 )   354     (73,016 )   (11,157 )

plus gain on undepreciated asset sales—unconsolidated entities (pro rata)

    486         484      

Depreciation and amortization on consolidated assets

    93,984     73,003     187,143     149,968  

Less depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures

    (4,603 )   (4,578 )   (9,137 )   (9,428 )

Depreciation and amortization on joint ventures (pro rata)

    22,815     25,553     44,147     50,310  

Less: depreciation on personal property

    (3,014 )   (3,239 )   (6,034 )   (6,453 )
                   

Total FFO—basic and diluted

  $ 130,405   $ 226,212   $ 257,379   $ 332,385  
                   

Additional adjustments to arrive at AFFO—diluted(d):

                         

Shoppingtown Mall

        36         396  

Valley View Center

        (103,745 )       (101,116 )

Prescott Gateway

        (16,350 )       (16,350 )
                   

Total AFFO—diluted

  $ 130,405   $ 106,153   $ 257,379   $ 215,315  
                   

Reconciliation of EPS to FFO and AFFO per diluted share(d):

 
  For the Three
Months Ended
June 30,
  For the Six
Months Ended
June 30,
 
 
  Unaudited   Unaudited  
 
  2013   2012   2013   2012  

Earnings per share—diluted

  $ 1.57   $ 1.00   $ 1.71   $ 0.90  

Per share impact of depreciation and amortization of real estate

    0.73     0.63     1.45     1.28  

Per share impact of gain on remeasurement, sale or write down of assets

    (1.43 )   (0.06 )   (1.43 )   0.13  
                   

FFO per share—diluted

  $ 0.87   $ 1.57   $ 1.73   $ 2.31  
                   

Per share impact—Shoppingtown Mall, Valley View Center and Prescott Gateway

    0.00     (0.83 )   0.00     (0.81 )
                   

AFFO per share—diluted

  $ 0.87   $ 0.74   $ 1.73   $ 1.50  
                   

4



THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of Net income attributable to the Company to EBITDA:

 
  For the Three
Months Ended
June 30,
  For the Six
Months Ended
June 30,
 
 
  Unaudited   Unaudited  
 
  2013   2012   2013   2012  

Net income attributable to the Company

  $ 218,997   $ 133,354   $ 237,089   $ 119,286  

Interest expense—consolidated assets

    54,439     45,068     108,137     92,191  

Interest expense—unconsolidated entities (pro rata)

    16,977     26,056     35,849     52,778  

Depreciation and amortization—consolidated assets

    93,984     73,003     187,143     149,968  

Depreciation and amortization—unconsolidated entities (pro rata)

    22,815     25,553     44,147     50,310  

Noncontrolling interests in OP

    15,902     11,294     17,244     10,106  

Less: Interest expense and depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures

    (7,447 )   (7,503 )   (14,741 )   (15,279 )

Gain on extinguishment of debt—consolidated entities

    (1,943 )   (120,356 )   (1,943 )   (120,012 )

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

    (141,108 )   (9,512 )   (145,942 )   26,215  

(Gain) loss on remeasurement, sale or write down of assets—unconsolidated entities (pro rata), net

    (73,035 )   354     (73,016 )   (11,157 )

Add: Non-controlling interests share of (loss) gain on sale of consolidated assets, net

    (9 )   (17 )   3,163     3,538  

Income tax benefit

    (1,477 )   (3,075 )   (1,721 )   (1,225 )

Distributions on preferred units

    183     208     367     416  
                   

EBITDA(e)

  $ 198,278   $ 174,427   $ 395,776   $ 357,135  
                   

Reconciliation of EBITDA to Same Centers—Net Operating Income ("NOI"):

 
  For the Three
Months Ended
June 30,
  For the Six
Months Ended
June 30,
 
 
  Unaudited   Unaudited  
 
  2013   2012   2013   2012  

EBITDA(e)

  $ 198,278   $ 174,427   $ 395,776   $ 357,135  

Add: REIT general and administrative expenses

    6,693     5,655     12,717     10,174  

Management Companies' revenues

    (10,301 )   (9,657 )   (20,451 )   (20,872 )

Management Companies' operating expenses

    22,816     23,734     45,965     46,259  

Lease termination income, straight-line and above/below market adjustments to minimum rents of comparable centers

    (2,602 )   (4,105 )   (4,879 )   (9,401 )

EBITDA of non-comparable centers

    (35,052 )   (18,209 )   (68,904 )   (36,955 )
                   

Same Centers—NOI(f)

  $ 179,832   $ 171,845   $ 360,224   $ 346,340  
                   

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

(f)
The Company presents same center NOI because the Company believes it is useful for investors to evaluate the operating performance of comparable centers. Same center NOI is calculated using total EBITDA and subtracting out EBITDA from non-comparable centers and eliminating the management companies and the Company's general and administrative expenses. Same center NOI excludes the impact of lease termination income, straight-line and above/below market adjustments to minimum rents.

5




QuickLinks


QuickLinks -- Click here to rapidly navigate through this document


Exhibit 99.2

GRAPHIC

Supplemental Financial Information
For the three and six months ended June 30, 2013

GRAPHICS



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

 

4-10

Unaudited Pro Rata Statement of Operations

  5-6

Notes to Unaudited Pro Rata Statement of Operations

  7

Unaudited Pro Rata Balance Sheet

  8

Supplemental FFO Information

  9

Capital Expenditures

  10

Operational Data

 

11-25

Sales Per Square Foot

  11

Sales Per Square Foot by Property Ranking

  12-16

Occupancy

  17

Average Base Rent Per Square Foot

  18

Cost of Occupancy

  19

Percentage of Net Operating Income by State

  20

Property Listing

  21-25

Joint Venture List

  26-27

Debt Tables

 

28-30

Debt Summary

  28

Outstanding Debt by Maturity Date

  29-30

Development Pipeline Forecast

 

31

Corporate Information

 

32

        This Supplemental Financial Information should be read in connection with the Company's second quarter 2013 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date August 5, 2013) as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Financial Information.



The Macerich Company

Supplemental Financial and Operating Information

Overview

        The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the "Operating Partnership").

        As of June 30, 2013, the Operating Partnership owned or had an ownership interest in 58 regional shopping centers and ten community/power shopping centers aggregating approximately 61 million square feet of gross leasable area ("GLA"). These 68 centers are referred to hereinafter as the "Centers", unless the context requires otherwise.

        The Company sold four Regional Shopping Centers in the second quarter: Green Tree Mall on May 31, 2013, Northridge Mall and Rimrock Mall on June 4, 2013 and Kitsap Mall on June 12, 2013 (collectively, the "2013 Disposition Centers").

        The Company is negotiating with the loan servicer for Fiesta Mall, which will likely result in a transition of the asset to the loan servicer or a receiver. Consequently, Fiesta Mall has been excluded from certain Non-GAAP operating measures in 2013, including Sales Per Square Foot, Occupancy, Average Base Rent Per Square Foot and Cost of Occupancy as well as our Property Listing.

        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, 2012, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events unless required by law to do so.

1



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

                     
 
  Period Ended  
 
  6/30/2013   12/31/2012   12/31/2011  
 
  dollars in thousands, except per share data
 

Closing common stock price per share

  $ 60.97   $ 58.30   $ 50.60  

52 week high

  $ 72.19   $ 62.83   $ 56.50  

52 week low

  $ 54.32   $ 49.67   $ 38.64  

Shares outstanding at end of period

                   

Class A non-participating convertible preferred units

    184,304     184,304     208,640  

Common shares and partnership units

    150,330,513     147,601,848     143,178,521  
               

Total common and equivalent shares/units outstanding

    150,514,817     147,786,152     143,387,161  
               

Portfolio capitalization data

                   

Total portfolio debt, including joint ventures at pro rata

  $ 6,482,768   $ 6,620,507   $ 5,903,805  

Equity market capitalization

    9,176,888     8,615,933     7,255,390  
               

Total market capitalization

  $ 15,659,656   $ 15,236,440   $ 13,159,195  
               

Leverage ratio(a)

    41.4 %   43.5 %   44.9 %

(a)
Debt as a percentage of market capitalization.

Portfolio Capitalization at June 30, 2013

GRAPHIC

2



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Changes in Total Common and Equivalent Shares/Units

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

Balance as of December 31, 2012

    10,094,838     137,507,010     184,304     147,786,152  
                   

Conversion of partnership units to cash

    (16,662 )           (16,662 )

Conversion of partnership units to common shares

    (61,372 )   61,372          

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

    200,000     60,021         260,021  
                   

Balance as of March 31, 2013

    10,216,804     137,628,403     184,304     148,029,511  
                   

Conversion of partnership units to common shares

    (595,493 )   595,493          

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

        28,350         28,350  

Common stock issued through ATM(a)

        2,456,956         2,456,956  
                   

Balance as of June 30, 2013

    9,621,311     140,709,202     184,304     150,514,817  
                   

(a)
During the second quarter of 2013, the Company issued 2,456,956 shares of common stock under its at-the-market ("ATM") program, in exchange for net proceeds of approximately $171.3 million.

3


        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 and six months ended June 30, 2013.

4



THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)

 
   
 
 
  For the Three Months Ended June 30, 2013  
 
  Consolidated   Non-
Controlling
Interests(1)
  Company's
Consolidated
Share
  Company's
Share of
Joint
Ventures(2)
  Company's
Total Share
 

Revenues:

                               

Minimum rents

  $ 146,992   $ (8,636 ) $ 138,356   $ 53,815   $ 192,171  

Percentage rents

    2,822     (130 )   2,692     1,824     4,516  

Tenant recoveries

    85,364     (4,861 )   80,503     26,807     107,310  

Management Companies' revenues            

    10,301         10,301         10,301  

Other income

    11,498     (644 )   10,854     5,809     16,663  
                       

Total revenues

    256,977     (14,271 )   242,706     88,255     330,961  
                       

Expenses:

                               

Shopping center and operating expenses

    82,506     (4,760 )   77,746     29,297     107,043  

Management Companies' operating expenses

    22,816         22,816         22,816  

REIT general and administrative expenses

    6,693         6,693         6,693  

Depreciation and amortization

    92,333     (4,603 )   87,730     22,815     110,545  

Interest expense

    54,439     (2,844 )   51,595     16,977     68,572  

Gain on extinguishment of debt, net

    (1,943 )       (1,943 )       (1,943 )
                       

Total expenses

    256,844     (12,207 )   244,637     69,089     313,726  

Equity in income of unconsolidated joint ventures

    92,201         92,201     (92,201 )    

Co-venture expense

    (2,138 )   2,138              

Income tax benefit

    1,477         1,477         1,477  

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

    (798 )   9     (789 )   73,035     72,246  
                       

Income from continuing operations

    90,875     83     90,958         90,958  
                       

Discontinued operations:

                               

Gain on sale or write down of assets, net

    141,906         141,906         141,906  

Income from discontinued operations

    2,035         2,035         2,035  
                       

Total income from discontinued operations

    143,941         143,941         143,941  
                       

Net income

    234,816     83     234,899         234,899  

Less net income attributable to noncontrolling interests

    15,819     83     15,902         15,902  
                       

Net income attributable to the Company

  $ 218,997   $   $ 218,997   $   $ 218,997  
                       

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

                               

Net income attributable to the Company

              $ 218,997   $   $ 218,997  

Equity in income of unconsolidated joint ventures

                (92,201 )   92,201      

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

                               

Noncontrolling interests in the Operating Partnership

                15,902         15,902  

Gain on remeasurement, sale or write down of assets, net

                (141,117 )   (73,035 )   (214,152 )

(Loss) gain on sale of undepreciated assets, net

                (10 )   486     476  

Depreciation and amortization of all property

                89,381     22,815     112,196  

Depreciation on personal property

                (2,777 )   (237 )   (3,014 )
                           

Total FFO—Basic and diluted

              $ 88,175   $ 42,230   $ 130,405  
                           

5



THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)

 
   
 
 
  For the Six Months Ended June 30, 2013  
 
  Consolidated   Non-
Controlling
Interests(1)
  Company's
Consolidated
Share
  Company's
Share of
Joint Ventures(2)
  Company's
Total
Share
 

Revenues:

                               

Minimum rents

  $ 290,707   $ (16,379 ) $ 274,328   $ 108,869   $ 383,197  

Percentage rents

    7,191     (308 )   6,883     3,235     10,118  

Tenant recoveries

    167,827     (9,471 )   158,356     53,227     211,583  

Management Companies' revenues            

    20,451         20,451         20,451  

Other income

    25,001     (1,129 )   23,872     11,730     35,602  
                       

Total revenues

    511,177     (27,287 )   483,890     177,061     660,951  
                       

Expenses:

                               

Shopping center and operating expenses

    165,106     (8,518 )   156,588     59,765     216,353  

Management Companies' operating expenses

    45,965         45,965         45,965  

REIT general and administrative expenses

    12,717         12,717         12,717  

Depreciation and amortization

    183,136     (9,137 )   173,999     44,147     218,146  

Interest expense

    108,139     (5,604 )   102,535     35,849     138,384  

Gain on extinguishment of debt, net

    (1,943 )       (1,943 )       (1,943 )
                       

Total expenses

    513,120     (23,259 )   489,861     139,761     629,622  

Equity in income of unconsolidated joint ventures

    110,316         110,316     (110,316 )    

Co-venture expense

    (4,179 )   4,179              

Income tax benefit

    1,721         1,721         1,721  

Gain on remeasurement, sale or write down of assets, net

    4,030     (3,163 )   867     73,016     73,883  
                       

Income from continuing operations

    109,945     (3,012 )   106,933         106,933  
                       

Discontinued operations:

                               

Gain on sale or write down of assets, net

    141,912         141,912         141,912  

Income from discontinued operations

    5,488         5,488         5,488  
                       

Total income from discontinued operations

    147,400         147,400         147,400  
                       

Net income

    257,345     (3,012 )   254,333         254,333  

Less net income attributable to noncontrolling interests

    20,256     (3,012 )   17,244         17,244  
                       

Net income attributable to the Company

  $ 237,089   $   $ 237,089   $   $ 237,089  
                       

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

                               

Net income attributable to the Company

              $ 237,089   $   $ 237,089  

Equity in income of unconsolidated joint ventures

                (110,316 )   110,316      

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

                               

Noncontrolling interests in the Operating Partnership

                17,244         17,244  

Gain on remeasurement, sale or write down of assets, net

                (142,779 )   (73,016 )   (215,795 )

Gain on sale of undepreciated assets, net

                2,238     484     2,722  

Depreciation and amortization of all property

                178,006     44,147     222,153  

Depreciation on personal property

                (5,544 )   (490 )   (6,034 )
                           

Total FFO—Basic and diluted

              $ 175,938   $ 81,441   $ 257,379  
                           

6



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. FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities. 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 real estate investment trusts.

    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.

7



THE MACERICH COMPANY

UNAUDITED PRO RATA BALANCE SHEET

(All Dollars in thousands)

 
   
 
 
  As of June 30, 2013  
 
  Consolidated   Non-
Controlling
Interests(1)
  Company's
Consolidated
Share
  Company's
Share of
Joint
Ventures(2)
  Company's
Total
Share
 

ASSETS:

                               

Property, net(3)

  $ 7,778,785   $ (476,311 ) $ 7,302,474   $ 2,255,100   $ 9,557,574  

Cash and cash equivalents

    46,943     (8,590 )   38,353     60,098     98,451  

Restricted cash

    72,260     (1,598 )   70,662     11,170     81,832  

Marketable securities

    23,062         23,062         23,062  

Tenant and other receivables, net

    96,388     (28,592 )   67,796     33,603     101,399  

Deferred charges and other assets, net

    549,229     (9,788 )   539,441     66,955     606,396  

Loans to unconsolidated joint ventures

    2,749         2,749         2,749  

Due from affiliates

    30,747     276     31,023     (2,322 )   28,701  

Investments in unconsolidated joint ventures

    949,726         949,726     (949,726 )    
                       

Total assets

  $ 9,549,889   $ (524,603 ) $ 9,025,286   $ 1,474,878   $ 10,500,164  
                       

LIABILITIES AND EQUITY:

                               

Mortgage notes payable:

  $ 4,624,213   $ (290,691 ) $ 4,333,522   $ 1,589,022   $ 5,922,544  

Bank and other notes payable

    566,854     (6,630 )   560,224         560,224  

Accounts payable and accrued expenses

    71,641     (2,704 )   68,937     28,407     97,344  

Other accrued liabilities

    320,201     (23,067 )   297,134     59,983     357,117  

Distributions in excess of investment in unconsolidated joint ventures

    202,534         202,534     (202,534 )    

Co-venture obligation

    86,677     (86,677 )            
                       

Total liabilities

    5,872,120     (409,769 )   5,462,351     1,474,878     6,937,229  
                       

Commitments and contingencies

                               

Equity:

                               

Stockholders' equity:

                               

Common stock

    1,407         1,407         1,407  

Additional paid-in capital

    3,896,495         3,896,495         3,896,495  

Accumulated deficit

    (562,995 )       (562,995 )       (562,995 )
                       

Total stockholders' equity

    3,334,907         3,334,907         3,334,907  

Noncontrolling interests

    342,862     (114,834 )   228,028         228,028  
                       

Total equity

    3,677,769     (114,834 )   3,562,935         3,562,935  
                       

Total liabilities and equity

  $ 9,549,889   $ (524,603 ) $ 9,025,286   $ 1,474,878   $ 10,500,164  
                       

(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 $366,536 from the Company's consolidated share and $146,366 from its pro rata share of unconsolidated joint ventures.

8



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)

 
 
  As of June 30,
 
  2013   2012
 
  dollars in millions

Straight line rent receivable

  $68.7   $70.2

 

 
   
   
 
 
  For the Three Months Ended
June 30,
  For the Six Months Ended
June 30,
 
 
  2013   2012   2013   2012  
 
  dollars in millions
 

Lease termination fees

  $0.7   $1.2   $2.1   $ 4.1  

Straight line rental income

  $2.2   $2.1   $3.4   $ 3.2  

Gain on sales of undepreciated assets

  $0.5   $—   $2.7   $  

Amortization of acquired above- and below-market leases

  $1.9   $2.1   $4.3   $ 5.6  

Amortization of debt (discounts)/premiums

  $2.1   $0.4   $4.6   $ (0.7 )

Interest capitalized

  $4.8   $3.6   $9.6   $ 7.5  

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

9



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures

 
   
 
 
  For the Six
Months Ended
6/30/13
  For the Six
Months Ended
6/30/12
  Year Ended
12/31/12
  Year Ended
12/31/11
 
 
  dollars in millions
 

Consolidated Centers

                         

Acquisitions of property and equipment

  $ 534.5   $ 76.9   $ 1,313.1   $ 314.6  

Development, redevelopment, expansions and renovations of Centers

    75.0     53.0     158.5     88.8  

Tenant allowances

    10.4     8.5     18.1     19.4  

Deferred leasing charges

    14.2     13.6     23.5     29.3  
                   

Total

  $ 634.1   $ 152.0   $ 1,513.2   $ 452.1  
                   

Unconsolidated Joint Venture Centers(a)

                         

Acquisitions of property and equipment

  $ 2.0   $ 1.7   $ 5.1   $ 143.4  

Development, redevelopment, expansions and renovations of Centers

    45.5     46.5     79.6     37.7  

Tenant allowances

    4.2     2.5     6.4     8.4  

Deferred leasing charges

    1.8     2.6     4.2     4.9  
                   

Total

  $ 53.5   $ 53.3   $ 95.3   $ 194.4  
                   

(a)
All joint venture amounts at pro rata.

10



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Sales Per Square Foot(a)

 
 
  Consolidated
Centers
  Unconsolidated
Joint Venture
Centers
  Total
Centers

06/30/2013

  $485   $663   $545

06/30/2012

  $436   $623   $513

12/31/2012

  $463   $629   $517

12/31/2011

  $417   $597   $489

12/31/2010

  $392   $468   $433

12/31/2009

  $368   $440   $407

(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.


Sales Per Square Foot

GRAPHIC

11



The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)

 
   
   
   
   
   
   
   
   
   
   
  Outstanding
Debt
@ Pro Rata
($ in
thousands)
06/30/2013
(d)
 
 
   
   
  Sales Per Square Foot    
   
   
  Cost of Occupancy
for the
Trailing 12 Months
Ended 06/30/2013
(b)
   
 
 
   
   
  Occupancy   % of Portfolio
2013 Forecast
Pro Rata NOI
(c)
 
 
   
   
  06/30/2013
(a)
  12/31/2012
(a)
  06/30/2012
(a)
 
Count
  Properties   06/30/2013   12/31/2012   06/30/2012  
                                                                   
      Group 1: Top 10                                                        

 

1

 

 

 

Queens Center

 

$

1,043

 

$

1,004

 

$

965

 

 

97.3

%

 

97.3

%

 

97.2

%

 

 

 

 

 

 

$

306,000

 
  2       Washington Square   $ 956   $ 909   $ 821     90.4 %   93.3 %   90.6 %             $ 119,819  

 

3

 

 

 

Biltmore Fashion Park

 

$

921

 

$

903

 

$

917

 

 

88.3

%

 

87.6

%

 

80.7

%

 

 

 

 

 

 

$

29,120

 
  4       Corte Madera, Village at   $ 886   $ 882   $ 936     97.4 %   98.3 %   98.3 %             $ 38,536  

 

5

 

 

 

Tysons Corner Center

 

$

828

 

$

820

 

$

798

 

 

98.0

%

 

97.5

%

 

97.0

%

 

 

 

 

 

 

$

149,767

 
  6       North Bridge, The Shops at   $ 918   $ 805   $ 830     90.9 %   90.1 %   85.0 %             $ 98,257  

 

7

 

 

 

Santa Monica Place

 

$

746

 

$

723

 

$

720

 

 

90.4

%

 

94.3

%

 

90.9

%

 

 

 

 

 

 

$

237,929

 
  8       Los Cerritos Center   $ 682   $ 682   $ 683     94.8 %   97.2 %   97.5 %             $ 98,904  

 

9

 

 

 

Kings Plaza Shopping Center(e)

 

$

680

 

$

680

 

 

n/a

 

 

95.8

%

 

95.5

%

 

n/a

 

 

 

 

 

 

 

$

495,292

 
  10       Tucson La Encantada   $ 690   $ 673   $ 663     91.9 %   90.3 %   91.2 %             $ 73,535  
                                                 
      Total Top 10:   $ 835   $ 813   $ 807     94.4 %   95.0 %   93.3 %   13.5 %   24.7 % $ 1,647,159  
                                                 
      Group 2: Top 11-20                                                        

 

11

 

 

 

Broadway Plaza

 

$

678

 

$

657

 

$

651

 

 

93.6

%

 

97.6

%

 

99.0

%

 

 

 

 

 

 

$

70,082

 
  12       Kierland Commons   $ 637   $ 641   $ 662     97.1 %   95.1 %   93.8 %             $ 67,500  

 

13

 

 

 

Arrowhead Towne Center

 

$

653

 

$

635

 

$

638

 

 

94.7

%

 

98.1

%

 

96.9

%

 

 

 

 

 

 

$

239,624

 
  14       Fresno Fashion Fair   $ 626   $ 630   $ 617     96.5 %   97.0 %   95.7 %             $ 160,012  

 

15

 

 

 

Freehold Raceway Mall

 

$

619

 

$

623

 

$

628

 

 

98.8

%

 

95.1

%

 

93.3

%

 

 

 

 

 

 

$

116,683

 
  16       Danbury Fair Mall   $ 644   $ 623   $ 630     95.5 %   96.9 %   97.5 %             $ 236,980  

 

17

 

 

 

Scottsdale Fashion Square

 

$

634

 

$

603

 

$

596

 

 

92.3

%

 

95.1

%

 

95.5

%

 

 

 

 

 

 

$

261,620

 
  18       Twenty Ninth Street   $ 585   $ 588   $ 595     95.3 %   95.8 %   96.1 %             $ 107,000  

 

19

 

 

 

Vintage Faire Mall

 

$

592

 

$

578

 

$

585

 

 

99.9

%

 

99.1

%

 

98.7

%

 

 

 

 

 

 

$

99,774

 
  20       Fashion Outlets of Chicago(f)     n/a     n/a     n/a     n/a     n/a     n/a               $ 33,074  
                                                 

 

 

 

Total Top 11-20:

 

$

628

 

$

616

 

$

619

 

 

96.0

%

 

96.3

%

 

95.8

%

 

12.7

%

 

23.7

%

$

1,392,349

 
                                                 

12



The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)

 
   
   
   
   
   
   
   
   
   
   
  Outstanding
Debt
@ Pro Rata
($ in
thousands)
06/30/2013
(d)
 
 
   
   
  Sales Per Square Foot    
   
   
  Cost of Occupancy
for the
Trailing 12 Months
Ended 06/30/2013
(b)
   
 
 
   
   
  Occupancy   % of Portfolio
2013 Forecast
Pro Rata NOI
(c)
 
 
   
   
  06/30/2013
(a)
  12/31/2012
(a)
  06/30/2012
(a)
 
Count
  Properties   06/30/2013   12/31/2012   06/30/2012  
      Group 3: Top 21-30                                                        

 

21

 

 

 

Fashion Outlets of Niagara Falls USA

 

$

573

 

$

571

 

$

541

 

 

94.7

%

 

94.5

%

 

96.3

%

 

 

 

 

 

 

$

125,309

 
  22       Chandler Fashion Center   $ 576   $ 564   $ 557     95.8 %   96.7 %   94.7 %             $ 100,200  

 

23

 

 

 

FlatIron Crossing

 

$

534

 

$

548

 

$

505

 

 

96.2

%

 

89.4

%

 

86.4

%

 

 

 

 

 

 

$


 
  24       Green Acres Mall(g)   $ 546   $ 535     n/a     94.3 %   n/a     n/a               $ 322,920  

 

25

 

 

 

West Acres

 

$

546

 

$

535

 

$

526

 

 

100.0

%

 

97.1

%

 

98.8

%

 

 

 

 

 

 

$

11,508

 
  26       Oaks, The   $ 507   $ 505   $ 500     96.6 %   94.4 %   93.7 %             $ 216,199  

 

27

 

 

 

Stonewood Center

 

$

504

 

$

500

 

$

478

 

 

97.2

%

 

99.4

%

 

99.2

%

 

 

 

 

 

 

$

54,853

 
  28       Deptford Mall   $ 502   $ 497   $ 492     97.0 %   99.3 %   99.6 %             $ 218,138  

 

29

 

 

 

Valley River Center

 

$

494

 

$

496

 

$

494

 

 

95.7

%

 

95.6

%

 

93.8

%

 

 

 

 

 

 

$

120,000

 
  30       SanTan Village Regional Center   $ 492   $ 477   $ 469     96.5 %   96.4 %   95.8 %             $ 117,148  
                                                 

 

 

 

Total Top 21-30:

 

$

530

 

$

525

 

$

510

 

 

96.1

%

 

95.2

%

 

94.4

%

 

12.9

%

 

21.0

%

$

1,286,275

 
                                                 
      Group 4: Top 31-40                                                        

 

31

 

 

 

South Plains Mall

 

$

469

 

$

469

 

$

451

 

 

87.9

%

 

90.2

%

 

90.3

%

 

 

 

 

 

 

$

100,587

 
  32       Victor Valley, Mall of   $ 484   $ 460   $ 452     96.9 %   93.7 %   93.8 %             $ 90,000  

 

33

 

 

 

Pacific View

 

$

412

 

$

419

 

$

417

 

 

97.9

%

 

96.9

%

 

95.8

%

 

 

 

 

 

 

$

137,114

 
  34       Lakewood Center   $ 424   $ 412   $ 410     96.2 %   93.7 %   93.1 %             $ 127,500  

 

35

 

 

 

Eastland Mall

 

$

411

 

$

401

 

$

412

 

 

95.6

%

 

99.5

%

 

97.7

%

 

 

 

 

 

 

$

168,000

 
  36       Inland Center   $ 409   $ 399   $ 389     97.8 %   94.3 %   92.7 %             $ 25,000  

 

37

 

 

 

La Cumbre Plaza

 

$

401

 

$

391

 

$

379

 

 

83.7

%

 

79.7

%

 

80.0

%

 

 

 

 

 

 

$


 
  38       Northgate Mall   $ 395   $ 387   $ 400     97.9 %   95.9 %   95.2 %             $ 64,000  

 

39

 

 

 

South Towne Center

 

$

365

 

$

374

 

$

372

 

 

87.6

%

 

88.7

%

 

88.1

%

 

 

 

 

 

 

$


 
  40       Westside Pavilion   $ 363   $ 362   $ 377     94.7 %   95.8 %   97.6 %             $ 153,395  
                                                 

 

 

 

Total Top 31-40:

 

$

413

 

$

408

 

$

406

 

 

93.9

%

 

93.5

%

 

93.0

%

 

14.5

%

 

14.9

%

$

865,596

 
                                                 
      Total Top 40:   $ 603   $ 593   $ 583     95.2 %   95.1 %   94.2 %   13.3 %   84.3 % $ 5,191,379  
                                                 

13



The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)

 
   
   
   
   
   
   
   
   
   
   
  Outstanding
Debt
@ Pro Rata
($ in
thousands)
06/30/2013
(d)
 
 
   
   
  Sales Per Square Foot    
   
   
  Cost of Occupancy
for the
Trailing 12 Months
Ended 06/30/2013
(b)
   
 
 
   
   
  Occupancy   % of Portfolio
2013 Forecast
Pro Rata NOI
(c)
 
 
   
   
  06/30/2013
(a)
  12/31/2012
(a)
  06/30/2012
(a)
 
Count
  Properties   06/30/2013   12/31/2012   06/30/2012  
                                                                   
      Group 5: 41-58                                                        

 

41

 

 

 

Chesterfield Towne Center

 

$

363

 

$

361

 

$

358

 

 

88.5

%

 

91.9

%

 

92.9

%

 

 

 

 

 

 

$

110,000

 
  42       Superstition Springs Center(h)   $ 348   $ 334   $ 326     96.6 %   92.3 %   90.3 %             $ 45,000  

 

43

 

 

 

Ridgmar Mall

 

$

333

 

$

332

 

$

326

 

 

84.3

%

 

84.6

%

 

86.5

%

 

 

 

 

 

 

$

25,927

 
  44       Capitola Mall   $ 329   $ 327   $ 323     85.4 %   84.8 %   82.8 %             $  

 

45

 

 

 

Towne Mall

 

$

343

 

$

320

 

$

323

 

 

85.8

%

 

88.4

%

 

88.2

%

 

 

 

 

 

 

$

23,183

 
  46       Wilton Mall   $ 306   $ 313   $ 319     90.5 %   95.7 %   95.6 %             $ 40,000  

 

47

 

 

 

Salisbury, Centre at

 

$

322

 

$

311

 

$

318

 

 

93.3

%

 

96.3

%

 

94.6

%

 

 

 

 

 

 

$

115,000

 
  48       NorthPark Mall   $ 307   $ 310   $ 305     93.2 %   89.0 %   88.4 %             $  

 

49

 

 

 

Cascade Mall

 

$

304

 

$

299

 

$

290

 

 

91.1

%

 

92.8

%

 

84.5

%

 

 

 

 

 

 

$


 
  50       Flagstaff Mall   $ 309   $ 296   $ 282     81.5 %   89.7 %   92.0 %             $ 37,000  

 

51

 

 

 

Somersville Towne Center

 

$

275

 

$

287

 

$

281

 

 

87.1

%

 

84.7

%

 

85.1

%

 

 

 

 

 

 

$


 
  52       Valley Mall   $ 284   $ 266   $ 260     93.9 %   94.0 %   94.4 %             $ 42,525  

 

53

 

 

 

Desert Sky Mall

 

$

263

 

$

263

 

$

278

 

 

93.8

%

 

96.2

%

 

94.3

%

 

 

 

 

 

 

$


 
  54       Great Northern Mall   $ 256   $ 263   $ 266     95.1 %   93.3 %   97.0 %             $ 35,944  

 

55

 

 

 

SouthPark Mall

 

$

248

 

$

248

 

$

247

 

 

79.3

%

 

86.9

%

 

82.5

%

 

 

 

 

 

 

$


 
  56       Lake Square Mall   $ 252   $ 232   $ 230     80.0 %   86.4 %   72.4 %             $  

 

57

 

 

 

Rotterdam Square

 

$

230

 

$

232

 

$

233

 

 

81.0

%

 

86.1

%

 

85.8

%

 

 

 

 

 

 

$


 
  58       Paradise Valley Mall(i)     n/a   $ 287   $ 297     n/a     88.2 %   84.5 %             $ 79,500  

 


 

 

 

Fiesta Mall(j)

 

 

n/a

 

$

235

 

$

238

 

 

n/a

 

 

86.1

%

 

83.9

%

 

 

 

 

 

 

$

84,000

 
                                                 
      Total 41-58:   $ 304   $ 295   $ 294     89.0 %   90.3 %   88.8 %   12.0 %   12.2 % $ 638,079  
                                                 

14



The Macerich Company

Sales Per Square Foot by Property Ranking (Unaudited)

 
   
   
   
   
   
   
   
   
   
   
  Outstanding
Debt
@ Pro Rata
($ in
thousands)
06/30/2013
(d)
 
 
   
   
  Sales Per Square Foot    
   
   
  Cost of Occupancy
for the
Trailing 12 Months
Ended 06/30/2013
(b)
   
 
 
   
   
  Occupancy   % of Portfolio
2013 Forecast
Pro Rata NOI
(c)
 
 
   
   
  06/30/2013
(a)
  12/31/2012
(a)
  06/30/2012
(a)
 
Count
  Properties   06/30/2013   12/31/2012   06/30/2012  
                                                                   
      Community / Power Centers                                                        

 

1

 

 

 

Atlas Park, The Shops at(i)

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

 

 

 

 

$


 
  2       Boulevard Shops   $ 430   $ 429   $ 423     100.0 %   99.2 %   99.2 %             $ 10,226  

 

3

 

 

 

Camelback Colonnade

 

$

373

 

$

351

 

$

351

 

 

97.2

%

 

97.7

%

 

97.6

%

 

 

 

 

 

 

$

34,423

 
  4       Estrella Falls, The Market at     n/a     n/a     n/a     95.5 %   95.5 %   96.1 %             $ 13,310  

 

5

 

 

 

Panorama Mall

 

$

375

 

$

349

 

$

320

 

 

97.9

%

 

92.8

%

 

94.1

%

 

 

 

 

 

 

$


 
  6       Promenade at Casa Grande   $ 190   $ 193   $ 200     94.4 %   95.9 %   96.3 %             $ 33,457  

 

7

 

 

 

Redmond Town Center(k)

 

$

383

 

$

361

 

$

347

 

 

86.4

%

 

89.2

%

 

80.3

%

 

 

 

 

 

 

$


 
  8       Southridge Center(i)     n/a     n/a     n/a     n/a     n/a     n/a               $  

 

9

 

 

 

Superstition Springs Power Center(h)

 

$

223

 

 

n/a

 

 

n/a

 

 

100.0

%

 

n/a

 

 

n/a

 

 

 

 

 

 

 

$


 
  10       The Marketplace at Flagstaff Mall     n/a     n/a     n/a     100.0 %   100.0 %   100.0 %             $  
                                                   
      Total Community / Power Centers:   $ 345   $ 335   $ 327     94.3 %   94.9 %   92.9 %         3.1 % $ 91,416  
                                                   

 

 

 

Other Non-mall Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.4

%

$

1,670

 
                                                               
      TOTAL ALL PROPERTIES                                               100.0 % $ 5,922,544  
                                                               

15



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.

(b)

 

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.

(c)

 

The percent of portfolio 2013 Forecast Pro Rata Net Operating Income ("NOI") is based on guidance previously published adjusted to exclude the 2013 Disposition Centers and Fiesta Mall, and to annualize the NOI of Fashion Outlets of Chicago. NOI excludes the following items: straight-line rent, above/below market adjustments to minimum rents, termination fee income and bad debt expense. It does not reflect REIT expenses, net Management Company expenses and the effect of any future 2013 acquisitions or dispositions. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.

(d)

 

Please see further disclosures for Outstanding Debt at pro rata on pages 28-29.

(e)

 

The Company acquired Kings Plaza Shopping Center in November 2012.

(f)

 

Fashion Outlets of Chicago opened August 1, 2013 and is included in "Group 2: Top 11 - 20" above based on our expectations for Sales per square foot at this property. Annualized 2013 Forecast Pro Rata NOI for Fashion Outlets of Chicago is included in Group 2 above. See the Company's forward-looking statements disclosure on page 1 for factors that may affect this information.

(g)

 

The Company acquired Green Acres Mall in January 2013.

(h)

 

Superstition Springs Power Center was combined with Superstition Springs Center in prior periods, but is shown separately as a "Community / Power Center" at June 30, 2013.

(i)

 

Tenant spaces have been intentionally held off the market and remain vacant because of redevelopment plans. As a result, the Company believes the Sales per square foot and Occupancy at these redevelopment properties is not meaningful data.

(j)

 

The Company is negotiating with the loan servicer for Fiesta Mall, which will likely result in a transition of the asset to the loan servicer or receiver.

(k)

 

The Company's joint venture in Redmond Town Center sold this center on August 1, 2013.

16



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy(a)

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

06/30/2013

    93.4%     94.7%     93.8%  

06/30/2012

    92.7%     92.9%     92.7%  

12/31/2012

    93.4%     94.5%     93.8%  

12/31/2011

    92.8%     92.4%     92.7%
 

(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.

17



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

                   

06/30/2013

  $ 43.26   $ 45.45   $ 40.16  

06/30/2012

  $ 39.23   $ 42.23   $ 36.38  

12/31/2012

  $ 40.98   $ 44.01   $ 38.00  

12/31/2011

  $ 38.80   $ 38.35   $ 35.84  

Unconsolidated Joint Venture Centers

                   

06/30/2013

  $ 57.58   $ 59.15   $ 50.84  

06/30/2012

  $ 55.11   $ 53.95   $ 46.12  

12/31/2012

  $ 55.64   $ 55.72   $ 48.74  

12/31/2011

  $ 53.72   $ 50.00   $ 38.98  

(a)
Average base rent per square foot is based on spaces 10,000 square feet and under. 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.

18



The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy

 
   
 
 
   
  For Years Ended
December 31,
 
 
  For the trailing
twelve months ended
June 30, 2013
 
 
  2012   2011  

Consolidated Centers

                   

Minimum rents

    8.2 %   8.1 %   8.2 %

Percentage rents

    0.4 %   0.4 %   0.5 %

Expense recoveries(a)

    4.4 %   4.2 %   4.1 %
               

Total

    13.0 %   12.7 %   12.8 %
               

 

 
   
 
 
   
  For Years Ended
December 31,
 
 
  For the trailing
twelve months ended
June 30, 2013
 
 
  2012   2011  

Unconsolidated Joint Venture Centers

                   

Minimum rents

    8.8 %   8.9 %   9.1 %

Percentage rents

    0.4 %   0.4 %   0.4 %

Expense recoveries(a)

    3.9 %   3.9 %   3.9 %
               

Total

    13.1 %   13.2 %   13.4 %
               

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

19



The Macerich Company

Percentage of Net Operating Income by State

 
   
 
State
  % of Portfolio
Forecast 2013 Pro
Rata NOI(a)
 

California

    27.3 %

Arizona

    17.7 %

New York

    15.3 %

New Jersey & Connecticut

    8.9 %

Illinois, Indiana & Iowa

    7.5 %

Virginia

    7.0 %

Colorado

    5.1 %

Oregon

    3.6 %

Texas

    2.6 %

Other(b)

    5.0 %
       

Total

    100.0 %
       

(a)
The percentage of portfolio 2013 Forecast Pro Rata NOI is based on guidance previously published adjusted to exclude the 2013 Disposition Centers and Fiesta Mall, and to annualize the NOI of Fashion Outlets of Chicago. NOI excludes the following items: straight-line rent, above/below market adjustments to minimum rents, termination fee income and bad debt expense. NOI also does not reflect REIT expenses, net Management Company expenses and the effect of any future 2013 acquisitions or dispositions. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.

(b)
"Other" includes Florida, Kentucky, Maryland, New Mexico, North Dakota, Utah and Washington.

20



The Macerich Company

Property Listing

June 30, 2013

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

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

CONSOLIDATED CENTERS:

       

100%

  Arrowhead Towne Center
Glendale, Arizona
    1993/2002     2004     1,196,000  

100%

  Capitola Mall(c)
Capitola, California
    1977/1995     1988     586,000  

50.1%

  Chandler Fashion Center
Chandler, Arizona
    2001/2002         1,326,000  

100%

  Chesterfield Towne Center
Richmond, Virginia
    1975/1994     2000     1,016,000  

100%

  Danbury Fair Mall
Danbury, Connecticut
    1986/2005     2010     1,288,000  

100%

  Deptford Mall
Deptford, New Jersey
    1975/2006     1990     1,039,000  

100%

  Desert Sky Mall
Phoenix, Arizona
    1981/2002     2007     890,000  

100%

  Eastland Mall(c)
Evansville, Indiana
    1978/1998     1996     1,041,000  

100%

  Fashion Outlets of Niagara Falls USA
Niagara Falls, New York
    1982/2011     2009     530,000  

100%

  Flagstaff Mall
Flagstaff, Arizona
    1979/2002     2007     347,000  

100%

  FlatIron Crossing
Broomfield, Colorado
    2000/2002     2009     1,425,000  

50.1%

  Freehold Raceway Mall
Freehold, New Jersey
    1990/2005     2007     1,675,000  

100%

  Fresno Fashion Fair
Fresno, California
    1970/1996     2006     962,000  

100%

  Great Northern Mall
Clay, New York
    1988/2005         895,000  

100%

  Green Acres Mall(c)
Valley Stream, New York
    1956/2013     2007     1,784,000  

100%

  Kings Plaza Shopping Center(c)
Brooklyn, New York
    1971/2012     2002     1,199,000  

100%

  La Cumbre Plaza(c)
Santa Barbara, California
    1967/2004     1989     494,000  

100%

  Lake Square Mall
Leesburg, Florida
    1980/1998     1995     559,000  

100%

  Northgate Mall
San Rafael, California
    1964/1986     2010     721,000  

100%

  NorthPark Mall
Davenport, Iowa
    1973/1998     2001     1,050,000  

100%

  Oaks, The
Thousand Oaks, California
    1978/2002     2009     1,137,000  

100%

  Pacific View
Ventura, California
    1965/1996     2001     1,017,000  

100%

  Rotterdam Square
Schenectady, New York
    1980/2005     1990     585,000  

21



The Macerich Company

Property Listing

June 30, 2013

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

100%

  Salisbury, Centre at
Salisbury, Maryland
    1990/1995     2005     862,000  

100%

  Santa Monica Place
Santa Monica, California
    1980/1999     2010     474,000  

84.9%

  SanTan Village Regional Center
Gilbert, Arizona
    2007/—     2009     999,000  

100%

  Somersville Towne Center
Antioch, California
    1966/1986     2004     349,000  

100%

  SouthPark Mall
Moline, Illinois
    1974/1998     1990     1,010,000  

100%

  South Plains Mall
Lubbock, Texas
    1972/1998     1995     1,130,000  

100%

  South Towne Center
Sandy, Utah
    1987/1997     1997     1,276,000  

100%

  Towne Mall
Elizabethtown, Kentucky
    1985/2005     1989     350,000  

100%

  Tucson La Encantada
Tucson, Arizona
    2002/2002     2005     243,000  

100%

  Twenty Ninth Street(c)
Boulder, Colorado
    1963/1979     2007     853,000  

100%

  Valley Mall
Harrisonburg, Virginia
    1978/1998     1992     504,000  

100%

  Valley River Center
Eugene, Oregon
    1969/2006     2007     896,000  

100%

  Victor Valley, Mall of
Victorville, California
    1986/2004     2012     576,000  

100%

  Vintage Faire Mall
Modesto, California
    1977/1996     2008     1,126,000  

100%

  Westside Pavilion
Los Angeles, California
    1985/1998     2007     755,000  

100%

  Wilton Mall
Saratoga Springs, New York
    1990/2005     1998     730,000  
                       

  Total Consolidated Centers           34,895,000  
                       

UNCONSOLIDATED JOINT VENTURE CENTERS (VARIOUS PARTNERS):

 

50%

  Biltmore Fashion Park
Phoenix, Arizona
    1963/2003     2006     529,000  

50%

  Broadway Plaza(c)
Walnut Creek, California
    1951/1985     1994     777,000  

51%

  Cascade Mall
Burlington, Washington
    1989/1999     1998     594,000  

50.1%

  Corte Madera, Village at
Corte Madera, California
    1985/1998     2005     440,000  

50%

  Inland Center(c)
San Bernardino, California
    1966/2004     2004     933,000  

50%

  Kierland Commons
Scottsdale, Arizona
    1999/2005     2003     434,000  

51%

  Lakewood Center
Lakewood, California
    1953/1975     2008     2,065,000  

51%

  Los Cerritos Center
Cerritos, California
    1971/1999     2010     1,305,000  

22



The Macerich Company

Property Listing

June 30, 2013

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

50%

  North Bridge, The Shops at(c)
Chicago, Illinois
    1998/2008         679,000  

51%

  Queens Center(c)
Queens, New York
    1973/1995     2004