SEC Filing | Macerich

View:

Download DOC

Download PDF

Download XLS

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) October 28, 2014

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 October 28, 2014 announcing results of operations for the Company for the quarter ended September 30, 2014 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 October 28, 2014, 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 nine months ended September 30, 2014 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.

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
October 28, 2014 Date		/s/ THOMAS E. O'HERN Senior Executive Vice President, Chief Financial Officer and Treasurer

EXHIBIT INDEX

EXHIBIT NUMBER			NAME

	99.1		Press Release dated October 28, 2014
	99.2		Supplemental Financial Information for the three and nine months ended September 30, 2014

QuickLinks

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

ITEM 7.01 REGULATION FD DISCLOSURE.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

SIGNATURES
EXHIBIT INDEX

QuickLinks -- Click here to rapidly navigate through this document

Exhibit 99.1

PRESS RELEASE



For:		THE MACERICH COMPANY

MACERICH ANNOUNCES QUARTERLY RESULTS INCLUDING FFO GUIDANCE
INCREASE, DIVIDEND INCREASE AND STRONG OPERATING PERFORMANCE

Santa Monica, CA (10/28/14)—The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended September 30, 2014 which included funds from operations ("FFO") diluted of $132.5 million or $.88 per share-diluted compared to $129.6 million or $.86 per share-diluted for the quarter ended September 30, 2013. Net income attributable to the Company was $35.9 million or $.25 per share-diluted for the quarter ended September 30, 2014 compared to net income attributable to the Company for the quarter ended September 30, 2013 of $38.1 million or $.27 per share-diluted. A description and reconciliation of FFO 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 for the portfolio increased 4.0% for the year ended September 30, 2014 to $571 compared to $549 for the year ended September 30, 2013. On a comparable mall basis tenant sales increased to $569 up from $567 at September 30, 2013.
•: The releasing spreads for the year ended September 30, 2014 were up 20.5%.
•: Mall portfolio occupancy was 95.6% at September 30, 2014 compared to 93.7% at September 30, 2013. On a same center basis, occupancy was up 1.3% at 95.6% compared to 94.3% at September 30, 2013.
•: During the quarter the Company entered into a joint venture to redevelop The Gallery mall in downtown Philadelphia.
•: The Company announced the sale of South Towne Center in Sandy, Utah.
•: On October 23, 2014 the Company increased the quarterly dividend to $.65 per share.

Commenting on the quarter, Arthur Coppola chairman and chief executive officer of Macerich stated, "It was another solid quarter for us, as we maintained our positive leasing momentum, recording both further occupancy gains and continued double-digit releasing spreads. We also continued to execute on our strategy of fine-tuning the portfolio through opportunistic dispositions of non-core assets with the proceeds recycled into our highly value-creative redevelopment pipeline. Within the pipeline, we made additional pre-leasing progress across the various in-process projects and added to our stable of future projects with the July acquisition of a 50% joint venture position in The Gallery."

Developments:

At Tysons Corner Center, the Company's 2.1 million square foot super regional mall, construction continues on the multifamily and hotel components of this mixed use project which will add 1.4 million square feet to one of the country's premier retail centers. The Tysons expansion includes a 527,000 square foot office tower with major tenants Intelsat and Deloitte which opened in August. The office building is currently over 74% leased. A 30-story, 430-unit luxury residential tower; and a 300-room Hyatt Regency hotel are under construction with completion slated in early 2015. A new Metro station, contiguous and connected to the center, opened in July, 2014.

At Fashion Outlets of Niagara Falls, a 175,000 square foot expansion is in progress. The expansion is currently 84% leased and the center is 91% leased. The project is now open with a grand opening celebration set for November 6, 2014.

At Santa Monica Place, the Company has obtained final City approvals to proceed with the addition of a 48,000 square foot ArcLight Cinemas which is expected to be completed in fall 2015.

At Broadway Plaza, in Walnut Creek, California, a major redevelopment, including a 235,000 square foot expansion is underway. This 776,000 square foot mall (pre-expansion) is anchored by Macy's, Nordstrom and Neiman Marcus and in 2013 had over $725 per square foot in annual tenant sales. The expansion will open in phases starting in fall 2015.

At both Los Cerritos Center and Scottsdale Fashion Square, expansions are underway to add a Dick's Sporting Goods store and a Harkins Theatre. Both projects are slated for completion in the second half of 2015.

Acquisitions:

In July, the Company announced a joint venture partnership to redevelop The Gallery in downtown Philadelphia. Under the terms of the agreement, Macerich acquired a 50% common ownership interest in The Gallery for $106.5 million. Macerich and PREIT will jointly handle the development, leasing and management of The Gallery. Costs related to the future development will be split 50/50 between the companies.

The Gallery, consisting of approximately 1,400,000 square feet of retail and office space, is located in the heart of Philadelphia, strategically positioned where mass transit, tourism, the residential population and employment base converge. The joint venture redevelopment is expected to build upon the offerings of the previously announced Century 21 anchor transaction and realize the partnerships vision to create Philadelphia's only transit-oriented, retail anchored, multi-use property offering accessible luxury retailing and artisan food experiences.

Dispositions:

The Company is under contract to sell South Towne Center in Sandy, Utah for $205 million. The 1.2 million square foot mall has annual tenant sales of $344 per square foot. The transaction is expected to close in early November 2014. This disposition is consistent with the Company's stated strategy of selling non-core assets and redeploying the proceeds into its development pipeline.

2014 Earnings Guidance:

Management is increasing its previously provided diluted EPS and FFO per share guidance for 2014 and narrowing the range.

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



	Previous 2014 range		Current 2014 range
Diluted EPS		$ .98 - $ 1.08		$ 1.80 - $ 1.86
Plus: real estate depreciation and amortization		2.62 - 2.62		2.68 - 2.68
Less: gain on sale of dispositions		(.10) - (.10)		(.91) - (.91)


Diluted FFO per share		$ 3.50 - $ 3.60		$ 3.57 - $ 3.63

Details of the guidance assumptions are included in the Company's Form 8-K supplemental financial information.

Macerich, an S&P 500 company, currently celebrating 20 years of trading on the NYSE, 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 57 million square feet of real estate consisting primarily of interests in 53 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, and the Greater New York Metro area. 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). The call begins Wednesday October 29, 2014 at 10:30 AM Pacific Time. To listen to the call, please go to the website at least 15 minutes prior to the call in order to register and download audio software if needed. An online replay at www.macerich.com (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, 2013, 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 September 30,						For the Three Months Ended September 30,					For the Three Months Ended September 30,
	Unaudited						Unaudited					Unaudited
	2014			2013			2014		2013			2014			2013
Minimum rents	$	150,395		$	152,005		$	0	$	(6,746	)	$	150,395		$	145,259
Percentage rents		4,072			4,311			—		(200	)		4,072			4,111
Tenant recoveries		90,059			90,854			—		(3,636	)		90,059			87,218
Management Companies' revenues		8,352			10,742			—		—			8,352			10,742
Other income		10,614			11,168			—		(344	)		10,614			10,824


Total revenues		263,492			269,080			0		(10,926	)		263,492			258,154


Shopping center and operating expenses		85,352			87,459			—		(4,110	)		85,352			83,349
Management Companies' operating expenses		21,508			23,036			—		—			21,508			23,036
REIT general and administrative expenses		5,339			5,955			—		—			5,339			5,955
Depreciation and amortization		89,741			92,221			—		(3,785	)		89,741			88,436
Interest expense		47,803			53,711			—		(4,108	)		47,803			49,603
Loss (gain) on extinguishment of debt, net		46			(1,395	)		—		1,401			46			6


Total expenses		249,789			260,987			—		(10,602	)		249,789			250,385
Equity in income of unconsolidated joint ventures		16,935			35,161			—		—			16,935			35,161
Co-venture expense(b)		(2,144	)		(2,053	)		—		—			(2,144	)		(2,053	)
Income tax benefit		689			543			—		—			689			543
Gain (loss) on remeasurement, sale or write down of assets, net		9,561			(919	)		—		9,168			9,561			8,249


Income from continuing operations		38,744			40,825			0		8,844			38,744			49,669


Discontinued operations:
Loss on sale, disposition or write down of assets, net		—			—			—		(7,767	)		—			(7,767	)
Loss from discontinued operations		—			—			—		(1,077	)		—			(1,077	)


Total loss from discontinued operations		—			—			—		(8,844	)		—			(8,844	)


Net income		38,744			40,825			—		—			38,744			40,825
Less net income attributable to noncontrolling interests		2,830			2,702			—		—			2,830			2,702


Net income attributable to the Company	$	35,914		$	38,123		$	0	$	0		$	35,914		$	38,123




Average number of shares outstanding—basic		140,916			140,712								140,916			140,712


Average shares outstanding, assuming full conversion of OP Units(c)		151,027			150,334								151,027			150,334


Average shares outstanding—Funds From Operations ("FFO")—diluted(c)		151,171			150,395								151,171			150,395


Per share income—diluted before discontinued operations												$	0.25		$	0.33


Net income per share—basic	$	0.25		$	0.27							$	0.25		$	0.27


Net income per share—diluted	$	0.25		$	0.27							$	0.25		$	0.27


Dividend declared per share	$	0.62		$	0.58							$	0.62		$	0.58


FFO—basic(c)(d)	$	132,520		$	129,573							$	132,520		$	129,573


FFO—diluted(c)(d)	$	132,520		$	129,573							$	132,520		$	129,573


FFO per share—basic(c)(d)	$	0.88		$	0.86							$	0.88		$	0.86


FFO per share—diluted(c)(d)	$	0.88		$	0.86							$	0.88		$	0.86

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 Nine Months Ended September 30,						For the Nine Months Ended September 30,					For the Nine Months Ended September 30,
	Unaudited						Unaudited					Unaudited
	2014			2013			2014		2013			2014			2013
Minimum rents	$	451,248		$	451,919		$	0	$	(29,427	)	$	451,248		$	422,492
Percentage rents		9,295			11,486			—		(877	)		9,295			10,609
Tenant recoveries		264,909			263,486			—		(15,629	)		264,909			247,857
Management Companies' revenues		25,248			31,193			—		—			25,248			31,193
Other income		31,638			36,678			—		(1,494	)		31,638			35,184


Total revenues		782,338			794,762			0		(47,427	)		782,338			747,335


Shopping center and operating expenses		257,583			257,576			—		(16,941	)		257,583			240,635
Management Companies' operating expenses		65,185			69,003			—		—			65,185			69,003
REIT general and administrative expenses		17,339			18,672			—		—			17,339			18,672
Depreciation and amortization		266,199			279,364			—		(15,332	)		266,199			264,032
Interest expense		139,941			161,847			—		(12,187	)		139,941			149,660
Loss (gain) on extinguishment of debt, net		405			(3,339	)		—		1,401			405			(1,938	)


Total expenses		746,652			783,123			—		(43,059	)		746,652			740,064
Equity in income of unconsolidated joint ventures		44,607			145,477			—		—			44,607			145,477
Co-venture expense(b)		(6,175	)		(6,232	)		—		—			(6,175	)		(6,232	)
Income tax benefit		3,759			2,263			—		—			3,759			2,263
(Loss) gain on remeasurement, sale or write down of assets, net		(1,504	)		145,023			—		(132,744	)		(1,504	)		12,279


Income from continuing operations		76,373			298,170			0		(137,112	)		76,373			161,058


Discontinued operations:
Gain on sale, disposition or write down of assets, net		—			—			—		134,145			—			134,145
Income from discontinued operations		—			—			—		2,967			—			2,967


Total income from discontinued operations		—			—			—		137,112			—			137,112


Net income		76,373			298,170			—		—			76,373			298,170
Less net income attributable to noncontrolling interests		6,552			22,958			—		—			6,552			22,958


Net income attributable to the Company	$	69,821		$	275,212		$	0	$	0		$	69,821		$	275,212




Average number of shares outstanding—basic		140,859			139,219								140,859			139,219


Average shares outstanding, assuming full conversion of OP Units(c)		150,932			149,140								150,932			149,140


Average shares outstanding—Funds From Operations ("FFO")—diluted(c)		151,048			149,241								151,048			149,241


Per share income—diluted before discontinued operations												$	0.49		$	1.05


Net income per share—basic	$	0.49		$	1.97							$	0.49		$	1.97


Net income per share—diluted	$	0.49		$	1.97							$	0.49		$	1.97


Dividend declared per share	$	1.86		$	1.74							$	1.86		$	1.74


FFO—basic(c)(d)	$	383,906		$	386,951							$	383,906		$	386,951


FFO—diluted(c)(d)	$	383,906		$	386,951							$	383,906		$	386,951


FFO per share—basic(c)(d)	$	2.54		$	2.59							$	2.54		$	2.59


FFO per share—diluted(c)(d)	$	2.54		$	2.59							$	2.54		$	2.59

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(a): In April 2014, the Financial Accounting Standards Board issued guidance that amends the definition of discontinued operations by limiting discontinued operations reporting to disposals that represent strategic shifts that have, or will have, a major effect on an entity's operations and financial results. Previously, the Company had reported all disposed properties as discontinued operations. The Company early adopted this accounting pronouncement in the first quarter of 2014. As a result, the Company's results of operations for all 2014 property disposals are presented within income from continuing operations in the consolidated statements of operations.
(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. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from extraordinary items and sales of depreciated operating properties, plus real estate related depreciation and amortization, impairment write-downs of real estate and write-downs of investments in an affiliate where the write-downs have been driven by a decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis.

FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that such a presentation also provides investors with a more meaningful measure of its operating results in comparison to the operating results of other real estate investment trusts ("REITs"). The Company believes that FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities. The Company further believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO as presented, may not be comparable to similarly titled measures reported by other REITs.

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

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



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	Unaudited						Unaudited
	2014			2013			2014			2013
Net income attributable to the Company	$	35,914		$	38,123		$	69,821		$	275,212
Adjustments to reconcile net income attributable to the Company to FFO—basic and diluted:
Noncontrolling interests in OP		2,571			2,362			4,990			19,605
(Gain) loss on remeasurement, sale or write down of consolidated assets, net		(9,561	)		919			1,504			(145,023	)
plus gain on undepreciated asset sales—consolidated assets		797			—			919			2,238
plus non-controlling interests share of (loss) gain on remeasurement, sale or write down of consolidated joint ventures, net		—			—			(39	)		3,163
Loss (gain) on remeasurement, sale or write down of assets from unconsolidated entities (pro rata), net		393			(18,062	)		3,765			(91,077	)
plus (loss) gain on undepreciated asset sales—unconsolidated entities (pro rata)		—			(51	)		—			433
Depreciation and amortization on consolidated assets		89,741			92,221			266,199			279,364
Less depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures		(5,435	)		(5,276	)		(16,281	)		(14,414	)
Depreciation and amortization on joint ventures (pro rata)		20,999			22,323			61,326			66,470
Less: depreciation on personal property		(2,899	)		(2,986	)		(8,298	)		(9,020	)


Total FFO—basic and diluted	$	132,520		$	129,573		$	383,906		$	386,951

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



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	Unaudited						Unaudited
	2014			2013			2014		2013
Earnings per share—diluted	$	0.25		$	0.27		$	0.49	$	1.97
Per share impact of depreciation and amortization of real estate		0.68			0.70			2.02		2.16
Per share impact of gain on remeasurement, sale or write down of assets		(0.05	)		(0.11	)		0.03		(1.54	)


FFO per share—diluted	$	0.88		$	0.86		$	2.54	$	2.59

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 September 30,						For the Nine Months Ended September 30,
	Unaudited						Unaudited
	2014			2013			2014			2013
Net income attributable to the Company	$	35,914		$	38,123		$	69,821		$	275,212
Interest expense—consolidated assets		47,803			53,711			139,941			161,847
Interest expense—unconsolidated entities (pro rata)		16,152			16,045			49,806			51,894
Depreciation and amortization—consolidated assets		89,741			92,221			266,199			279,364
Depreciation and amortization—unconsolidated entities (pro rata)		20,999			22,323			61,326			66,470
Noncontrolling interests in OP		2,571			2,362			4,990			19,605
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests on consolidated joint ventures		(8,747	)		(8,269	)		(25,089	)		(23,010	)
Loss (gain) on extinguishment of debt—consolidated entities		46			(1,395	)		405			(3,339	)
Gain on extinguishment of debt—unonsolidated entities (pro rata)		—			(352	)		—			(352	)
(Gain) loss on remeasurement, sale or write down of assets—consolidated assets, net		(9,561	)		919			1,504			(145,023	)
Loss (gain) on remeasurement, sale or write down of assets—unconsolidated entities (pro rata), net		393			(18,062	)		3,765			(91,077	)
Add: Non-controlling interests share of (loss) gain on sale of consolidated assets, net		—			—			(39	)		3,163
Income tax benefit		(689	)		(543	)		(3,759	)		(2,263	)
Distributions on preferred units		184			184			551			551


EBITDA(e)	$	194,806		$	197,267		$	569,421		$	593,042

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



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	Unaudited						Unaudited
	2014			2013			2014			2013
EBITDA(e)	$	194,806		$	197,267		$	569,421		$	593,042
Add: REIT general and administrative expenses		5,339			5,955			17,339			18,672
Management Companies' revenues		(8,352	)		(10,742	)		(25,248	)		(31,193	)
Management Companies' operating expenses		21,508			23,036			65,185			69,003
Straight-line and above/below market adjustments to minimum rents of comparable centers		(3,333	)		(3,357	)		(6,013	)		(8,852	)
EBITDA of non-comparable centers		(19,409	)		(28,808	)		(62,231	)		(101,988	)


Same Centers—NOI(f)	$	190,559		$	183,351		$	558,453		$	538,684

(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. The Company believes that EBITDA should not be construed as an alternative to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) or as a measure of liquidity. The Company also cautions that 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 straight-line and above/below market adjustments to minimum rents.

QuickLinks

Exhibit 99.1

MACERICH ANNOUNCES QUARTERLY RESULTS INCLUDING FFO GUIDANCE INCREASE, DIVIDEND INCREASE AND STRONG OPERATING PERFORMANCE
THE MACERICH COMPANY FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THE MACERICH COMPANY FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THE MACERICH COMPANY FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THE MACERICH COMPANY FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THE MACERICH COMPANY FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

QuickLinks -- Click here to rapidly navigate through this document

Exhibit 99.2

Supplemental Financial Information
For the three and nine months ended September 30, 2014

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		4-9
Unaudited Pro Rata Statement of Operations		5-6
Notes to Unaudited Pro Rata Statement of Operations		7
Unaudited Pro Rata Balance Sheet		8
2014 Guidance Range		9
Supplemental FFO Information		10
Capital Expenditures		11
Operational Data		12-27
Sales Per Square Foot		12
Sales Per Square Foot by Property Ranking		13-17
Occupancy		18
Average Base Rent Per Square Foot		19
Cost of Occupancy		20
Percentage of Net Operating Income by State		21
Property Listing		22-25
Joint Venture List		26-27
Debt Tables		28-30
Debt Summary		28
Outstanding Debt by Maturity Date		29-30
Development Pipeline		31-33
Corporate Information		34

This Supplemental Financial Information should be read in connection with the Company's third quarter 2014 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date October 28, 2014) 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/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, 2014, the Operating Partnership owned or had an ownership interest in 53 regional shopping centers and nine community/power shopping centers aggregating approximately 57 million square feet of gross leasable area ("GLA"). These 62 centers are referred to hereinafter as the "Centers", unless the context requires otherwise.

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

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

This document contains information 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, 2013, 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.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

	Period Ended


	9/30/2014			12/31/2013			12/31/2012
	dollars in thousands, except per share data
Closing common stock price per share	$	63.83		$	58.89		$	58.30
52 week high	$	68.81		$	72.19		$	62.83
52 week low	$	55.13		$	55.13		$	49.67
Shares outstanding at end of period
Class A non-participating convertible preferred units		184,304			184,304			184,304
Common shares and partnership units		151,031,085			150,673,110			147,601,848


Total common and equivalent shares/units outstanding		151,215,389			150,857,414			147,786,152




Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	6,330,011		$	6,037,219		$	6,620,507
Equity market capitalization		9,652,078			8,883,993			8,615,933


Total market capitalization	$	15,982,089		$	14,921,212		$	15,236,440




Leverage ratio(a)		39.6	%		40.5	%		43.5	%

(a): Debt as a percentage of total market capitalization.

Portfolio Capitalization at September 30, 2014

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, 2013		9,939,427			140,733,683		184,304		150,857,414
Conversion of partnership units to cash		(3,445	)		—		—		(3,445	)
Conversion of partnership units to common shares		(63,000	)		63,000		—		—
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans		246,471			82,701		—		329,172


Balance as of March 31, 2014		10,119,453			140,879,384		184,304		151,183,141
Conversion of partnership units to cash		(285	)		—		—		(285	)
Conversion of partnership units to common shares		(8,333	)		8,333		—		—
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans		—			19,703		—		19,703


Balance as of June 30, 2014		10,110,835			140,907,420		184,304		151,202,559




Conversion of partnership units to cash		(234	)		—		—		(234	)
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans		—			13,064		—		13,064


Balance as of September 30, 2014		10,110,601			140,920,484		184,304		151,215,389

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 nine months ended September 30, 2014.

THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)



	For the Three Months Ended September 30, 2014
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
Revenues:
Minimum rents	$	150,395		$	(9,821	)	$	140,574		$	50,401		$	190,975
Percentage rents		4,072			(398	)		3,674			2,163			5,837
Tenant recoveries		90,059			(6,165	)		83,894			24,570			108,464
Management Companies' revenues		8,352			—			8,352			—			8,352
Other income		10,614			(594	)		10,020			5,565			15,585


Total revenues		263,492			(16,978	)		246,514			82,699			329,213


Expenses:
Shopping center and operating expenses		85,352			(5,828	)		79,524			28,220			107,744
Management Companies' operating expenses		21,508			—			21,508			—			21,508
REIT general and administrative expenses		5,339			—			5,339			—			5,339
Depreciation and amortization		89,741			(5,435	)		84,306			20,999			105,305
Interest expense		47,803			(3,312	)		44,491			16,152			60,643
Loss on extinguishment of debt, net		46			—			46			—			46


Total expenses		249,789			(14,575	)		235,214			65,371			300,585
Equity in income of unconsolidated joint ventures		16,935			—			16,935			(16,935	)		—
Co-venture expense		(2,144	)		2,144			—			—			—
Income tax benefit		689			—			689			—			689
Gain (loss) on remeasurement, sale or write down of assets, net		9,561			—			9,561			(393	)		9,168


Net income		38,744			(259	)		38,485			—			38,485
Less net income attributable to noncontrolling interests		2,830			(259	)		2,571			—			2,571


Net income attributable to the Company	$	35,914		$	—		$	35,914		$	—		$	35,914




Reconciliation of net income attributable to the Company to FFO(3):
Net income attributable to the Company							$	35,914		$	—		$	35,914
Equity in income of unconsolidated joint ventures								(16,935	)		16,935			—
Adjustments to reconcile net income to FFO—basic and diluted:
Noncontrolling interests in the Operating Partnership								2,571			—			2,571
(Gain) loss on remeasurement, sale or write down of assets, net								(9,561	)		393			(9,168	)
Gain on sale of undepreciated assets, net								797			—			797
Depreciation and amortization of all property								84,306			20,999			105,305
Depreciation on personal property								(2,608	)		(291	)		(2,899	)


Total FFO—Basic and diluted							$	94,484		$	38,036		$	132,520

THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)



	For the Nine Months Ended September 30, 2014
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
Revenues:
Minimum rents	$	451,248		$	(29,640	)	$	421,608		$	146,930		$	568,538
Percentage rents		9,295			(821	)		8,474			5,103			13,577
Tenant recoveries		264,909			(18,162	)		246,747			72,144			318,891
Management Companies' revenues		25,248			—			25,248			—			25,248
Other income		31,638			(1,845	)		29,793			15,766			45,559


Total revenues		782,338			(50,468	)		731,870			239,943			971,813


Expenses:
Shopping center and operating expenses		257,583			(17,603	)		239,980			80,439			320,419
Management Companies' operating expenses		65,185			—			65,185			—			65,185
REIT general and administrative expenses		17,339			—			17,339			—			17,339
Depreciation and amortization		266,199			(16,281	)		249,918			61,326			311,244
Interest expense		139,941			(8,808	)		131,133			49,806			180,939
Loss on extinguishment of debt, net		405			—			405			—			405


Total expenses		746,652			(42,692	)		703,960			191,571			895,531
Equity in income of unconsolidated joint ventures		44,607			—			44,607			(44,607	)		—
Co-venture expense		(6,175	)		6,175			—			—			—
Income tax benefit		3,759			—			3,759			—			3,759
Loss on remeasurement, sale or write down of assets, net		(1,504	)		39			(1,465	)		(3,765	)		(5,230	)


Net income		76,373			(1,562	)		74,811			—			74,811
Less net income attributable to noncontrolling interests		6,552			(1,562	)		4,990			—			4,990


Net income attributable to the Company	$	69,821		$	—		$	69,821		$	—		$	69,821




Reconciliation of net income attributable to the Company to FFO(3):
Net income attributable to the Company							$	69,821		$	—		$	69,821
Equity in income of unconsolidated joint ventures								(44,607	)		44,607			—
Adjustments to reconcile net income to FFO—basic and diluted:
Noncontrolling interests in the Operating Partnership								4,990			—			4,990
Loss on remeasurement, sale or write down of assets, net								1,465			3,765			5,230
Gain on sale of undepreciated assets, net								919			—			919
Depreciation and amortization of all property								249,918			61,326			311,244
Depreciation on personal property								(7,575	)		(723	)		(8,298	)


Total FFO—Basic and diluted							$	274,931		$	108,975		$	383,906

The Macerich Company

Notes to Unaudited Pro Rata Statement of Operations

(1): This represents the non-owned portion of consolidated joint ventures.
(2): This represents the Company's pro rata share of unconsolidated joint ventures.
(3): The Company uses FFO in addition to net income to report its operating and financial results and considers FFO and FFO-diluted as supplemental measures for the real estate industry and a supplement to Generally Accepted Accounting Principles ("GAAP") measures. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from extraordinary items and sales of depreciated operating properties, plus real estate related depreciation and amortization, impairment write-downs of real estate and write-downs of investments in an affiliate where the write-downs have been driven by a decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis.

FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that such a presentation also provides investors with a more meaningful measure of its operating results in comparison to the operating results of other REITs. The Company believes FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities. The Company further believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO, as presented, may not be comparable to similarly titled measures reported by other REITs.

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

THE MACERICH COMPANY

UNAUDITED PRO RATA BALANCE SHEET

(All Dollars in thousands)



	As of September 30, 2014
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
ASSETS:
Property, net(3)	$	7,570,636		$	(481,898	)	$	7,088,738		$	2,345,047		$	9,433,785
Cash and cash equivalents		58,479			(11,163	)		47,316			53,149			100,465
Restricted cash		14,121			(501	)		13,620			6,029			19,649
Tenant and other receivables, net		107,968			(27,572	)		80,396			32,769			113,165
Deferred charges and other assets, net		492,697			(12,176	)		480,521			60,116			540,637
Loans to unconsolidated joint ventures		3,361			—			3,361			—			3,361
Due from affiliates		31,422			808			32,230			(3,162	)		29,068
Investments in unconsolidated joint ventures		927,424			—			927,424			(927,424	)		—


Total assets	$	9,206,108		$	(532,502	)	$	8,673,606		$	1,566,524		$	10,240,130




LIABILITIES AND EQUITY:
Mortgage notes payable	$	4,384,238		$	(297,638	)	$	4,086,600		$	1,702,761		$	5,789,361
Bank and other notes payable		546,301			(5,651	)		540,650			—			540,650
Accounts payable and accrued expenses		89,659			(5,879	)		83,780			38,407			122,187
Other accrued liabilities		317,515			(28,203	)		289,312			79,029			368,341
Distributions in excess of investment in unconsolidated joint ventures		253,673			—			253,673			(253,673	)		—
Co-venture obligation		75,669			(75,669	)		—			—			—


Total liabilities		5,667,055			(413,040	)		5,254,015			1,566,524			6,820,539


Commitments and contingencies
Equity:
Stockholders' equity:
Common stock		1,409			—			1,409			—			1,409
Additional paid-in capital		3,930,317			—			3,930,317			—			3,930,317
Accumulated deficit		(740,906	)		—			(740,906	)		—			(740,906	)


Total stockholders' equity		3,190,820			—			3,190,820			—			3,190,820
Noncontrolling interests		348,233			(119,462	)		228,771			—			228,771


Total equity		3,539,053			(119,462	)		3,419,591			—			3,419,591


Total liabilities and equity	$	9,206,108		$	(532,502	)	$	8,673,606		$	1,566,524		$	10,240,130

(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 $333,728 from the Company's consolidated share and $253,729 from its pro rata share of unconsolidated joint ventures.

The Macerich Company

2014 Guidance Range (Unaudited)

The 2014 guidance range is being narrowed and increased as follows:



	Year 2014 Previously Issued Guidance(a)			Year 2014 Current Guidance			Year 2014 FFO per Share Impact of Change
*Earnings Guidance:*
Diluted Earnings Per Share		$ 0.98 - $ 1.08			$ 1.80 - $ 1.86
Plus: real estate depreciation and amortization		2.62 - 2.62			2.68 - 2.68
Less: gain on sale of dispositions		(0.10) - (0.10)			(0.91) - (0.91)


Diluted FFO Per Share		$ 3.50 - $ 3.60			$ 3.57 - $ 3.63




*Underlying Assumptions:*
Same Center NOI Growth(b)		3.75% - 4.25	%		3.50% - 3.75	%	$	(0.02	)
Lease Termination Income		$10 million			$10 million			—
Acquisitions		$0			$122 million	(c)	$	0.02
Dispositions		$250 million			$361 million


Net Acquisitions/(Dispositions)		$250 million			$239 million




2013 dispositions dilutive impact in 2014		$(0.16	)		$(0.16	)
2014 dispositions dilutive impact in 2014		$(0.08	)		$(0.05	)(d)	$	0.03
Tax Benefit		$0.02			$0.03		$	0.01
Other factors, net							$	0.01


Total change							$	0.05

Footnotes:

(a): The last update was on July 23, 2014 in connection with the release of 2Q14 results.
(b): Excludes straight-line rents and above/below market adjustments to minimum rents (FAS 141). Includes lease termination income.
(c): Reflects the June 4, 2014 joint venture partner buyout at Cascade Mall ($15 million) and the July 30, 2014 joint venture investment in The Gallery ($107 million). The Gallery is net of acquisiton costs of $.01 per share expensed in the third quarter of 2014.
(d): Dilution is expected to be lower than previously issued guidance due to the timing of the 2014 dispositions.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)



	As of September 30,
	2014	2013
	dollars in millions
Straight line rent receivable	$74.2	$69.8



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2014		2013		2014		2013
	dollars in millions
Lease termination fees	$	2.2	$	2.3	$	5.0	$	4.4
Straight line rental income	$	2.7	$	2.5	$	5.5	$	5.9
Gain on sales of undepreciated assets	$	0.8	$	—	$	0.9	$	2.7
Amortization of acquired above- and below-market leases	$	3.3	$	2.1	$	6.7	$	6.4
Amortization of debt premiums	$	1.3	$	1.1	$	3.8	$	5.7
Interest capitalized	$	6.8	$	5.0	$	17.7	$	14.6

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

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures



	For the Nine Months Ended 9/30/14		For the Nine Months Ended 9/30/13		Year Ended 12/31/13		Year Ended 12/31/12
	dollars in millions
Consolidated Centers
Acquisitions of property and equipment	$	63.5	$	545.1	$	591.6	$	1,313.1
Development, redevelopment, expansions and renovations of Centers		127.6		140.3		164.4		158.5
Tenant allowances		12.8		17.9		20.9		18.1
Deferred leasing charges		18.1		18.8		23.9		23.5


Total	$	222.0	$	722.1	$	800.8	$	1,513.2




Unconsolidated Joint Venture Centers(a)
Acquisitions of property and equipment	$	109.0	$	3.5	$	8.2	$	5.1
Development, redevelopment, expansions and renovations of Centers		161.7		75.2		118.8		79.6
Tenant allowances		3.3		7.0		8.1		6.4
Deferred leasing charges		2.4		2.9		3.3		4.2


Total	$	276.4	$	88.6	$	138.4	$	95.3

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

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
09/30/2014	$500	$728	$571
09/30/2013	$482	$688	$549
12/31/2013	$488	$717	$562
12/31/2012	$463	$629	$517
12/31/2011	$417	$597	$489
12/31/2010	$392	$468	$433

(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

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

				Sales Per Square Foot						Occupancy						Same Center NOI Growth(c)

				Sales Per Square Foot						Occupancy						Same Center NOI Growth(c)						% of Portfolio 2014 Forecast Pro Rata NOI (e)
Count		Properties		09/30/2014 (a)		12/31/2013 (a)		09/30/2013 (a)		09/30/2014 (b)			09/30/2013 (b)			Nine Months Ended 09/30/14	2013	2012	2011			% of Portfolio 2014 Forecast Pro Rata NOI (e)

		Group 1: Top 10
	1		Washington Square	$	1,044	$	1,090	$	1,053		93.0	%		92.5	%
	2		Queens Center	$	1,089	$	1,038	$	1,040		94.9	%		94.9	%
	3		Biltmore Fashion Park	$	881	$	927	$	916		98.4	%		89.8	%
	4		North Bridge, The Shops at	$	922	$	906	$	915		98.9	%		91.5	%
	5		Corte Madera, Village at	$	955	$	902	$	884		98.1	%		98.3	%
	6		Tysons Corner Center	$	824	$	824	$	829		98.4	%		98.0	%
	7		Santa Monica Place	$	731	$	734	$	716		89.6	%		91.2	%
	8		Broadway Plaza(f)		n/a	$	726	$	695		n/a			92.8	%
	9		Tucson La Encantada	$	738	$	694	$	689		93.6	%		92.1	%
	10		Scottsdale Fashion Square	$	729	$	694	$	664		94.6	%		92.5	%


		Total Top 10:		$	871	$	855	$	840		95.9	%		94.1	%					13.8	%		22.8	%


		Group 2: Top 11-20
	11		Kings Plaza Shopping Center	$	678	$	675	$	683		90.3	%		95.9	%
	12		Los Cerritos Center	$	693	$	674	$	671		99.8	%		95.3	%
	13		Arrowhead Towne Center	$	672	$	649	$	646		91.9	%		95.8	%
	14		Kierland Commons	$	668	$	637	$	635		96.3	%		97.1	%
	15		Danbury Fair Mall	$	643	$	636	$	636		97.9	%		95.8	%
	16		Fashion Outlets of Chicago(g)	$	625		n/a		n/a		94.5	%		n/a
	17		Freehold Raceway Mall	$	593	$	619	$	614		98.8	%		98.3	%
	18		Twenty Ninth Street	$	593	$	613	$	615		99.7	%		95.0	%
	19		Fresno Fashion Fair	$	594	$	609	$	617		98.1	%		96.5	%
	20		Vintage Faire Mall	$	621	$	594	$	593		96.6	%		99.3	%


		Total Top 11-20:		$	635	$	632	$	632		96.7	%		96.6	%					12.8	%		27.0	%

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

				Sales Per Square Foot						Occupancy						Same Center NOI Growth(c)

				Sales Per Square Foot						Occupancy						Same Center NOI Growth(c)														% of Portfolio 2014 Forecast Pro Rata NOI (e)
Count		Properties		09/30/2014 (a)		12/31/2013 (a)		09/30/2013 (a)		09/30/2014 (b)			09/30/2013 (b)			Nine Months Ended 09/30/14			2013			2012			2011					% of Portfolio 2014 Forecast Pro Rata NOI (e)
		Group 3: Top 21-30
	21		Chandler Fashion Center	$	602	$	567	$	561		93.7	%		96.4	%
	22		Green Acres Mall	$	571	$	541	$	540		92.1	%		92.6	%
	23		Fashion Outlets of Niagara Falls USA(f)		n/a	$	532	$	560		n/a			94.6	%
	24		West Acres	$	516	$	527	$	530		99.8	%		99.5	%
	25		FlatIron Crossing	$	531	$	525	$	529		93.7	%		95.6	%
	26		Stonewood Center	$	558	$	522	$	519		99.5	%		95.2	%
	27		Victor Valley, Mall of	$	485	$	509	$	496		97.9	%		95.4	%
	28		Deptford Mall	$	520	$	505	$	505		98.0	%		97.3	%
	29		Oaks, The	$	506	$	502	$	506		98.0	%		97.5	%
	30		SanTan Village Regional Center	$	496	$	495	$	493		98.4	%		96.6	%


		Total Top 21-30:		$	534	$	524	$	527		96.1	%		95.7	%													13.3	%		22.4	%


		Group 4: Top 31-40
	31		Valley River Center	$	468	$	478	$	488		98.3	%		97.4	%
	32		South Plains Mall	$	448	$	468	$	471		94.8	%		86.5	%
	33		Lakewood Center	$	429	$	430	$	423		98.0	%		96.7	%
	34		Inland Center	$	402	$	417	$	412		98.6	%		97.8	%
	35		Pacific View	$	397	$	405	$	411		95.6	%		98.2	%
	36		Northgate Mall	$	392	$	396	$	397		97.9	%		97.9	%
	37		La Cumbre Plaza	$	417	$	396	$	397		86.6	%		86.4	%
	38		Eastland Mall	$	373	$	395	$	405		94.8	%		95.4	%
	39		South Towne Center	$	344	$	352	$	364		97.1	%		87.8	%
	40		Westside Pavilion	$	334	$	348	$	351		94.3	%		94.5	%


		Total Top 31-40:		$	402	$	410	$	414		96.2	%		94.0	%													14.8	%		15.5	%


		Total Top 40:		$	610	$	607	$	606		96.2	%		95.2	%		4.1	%		4.6	%		3.8	%		4.1	%	13.5	%		87.7	%

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

				Sales Per Square Foot						Occupancy						Same Center NOI Growth(c)

				Sales Per Square Foot						Occupancy						Same Center NOI Growth(c)														% of Portfolio 2014 Forecast Pro Rata NOI (e)
Count		Properties		09/30/2014 (a)		12/31/2013 (a)		09/30/2013 (a)		09/30/2014 (b)			09/30/2013 (b)			Nine Months Ended 09/30/14			2013			2012			2011					% of Portfolio 2014 Forecast Pro Rata NOI (e)

		Group 5: 41-52
	41		Superstition Springs Center	$	336	$	345	$	346		94.9	%		96.9	%
	42		Towne Mall	$	321	$	331	$	331		92.0	%		86.4	%
	43		Capitola Mall	$	328	$	326	$	326		90.3	%		85.4	%
	44		NorthPark Mall	$	306	$	313	$	308		91.1	%		89.4	%
	45		Flagstaff Mall	$	338	$	310	$	309		73.3	%		78.2	%
	46		Cascade Mall	$	307	$	298	$	303		92.0	%		91.5	%
	47		Wilton Mall	$	280	$	296	$	300		92.6	%		91.2	%
	48		Valley Mall	$	278	$	286	$	283		93.1	%		93.5	%
	49		Desert Sky Mall	$	271	$	270	$	268		96.4	%		91.9	%
	50		Great Northern Mall	$	229	$	247	$	253		92.5	%		95.5	%
	51		SouthPark Mall(f)		n/a	$	228	$	239		n/a			77.0	%
	52		Paradise Valley Mall(f)		n/a		n/a		n/a		n/a			n/a


		Total 41-52:		$	299	$	295	$	297		92.0	%		89.7	%		(3.4	)%		1.2	%		(2.3	)%		1.0	%	12.9	%		8.9	%


		Subtotal—Regional Shopping Centers(h)		$	571	$	565	$	563		95.6	%		94.3	%		3.7	%		4.3	%		3.1	%		3.7	%	13.5	%		96.6	%
		Other Properties:
			The Gallery(f)(i)		n/a		n/a		n/a		n/a			n/a
		Community / Power Centers
		Other Non-mall Assets
		Subtotal—Other Properties																													3.4	%


		TOTAL																										13.3	%		100.0	%

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

						Same Center NOI Growth(c)

				Sales Per Square Foot 12/31/2012 (a)											% of Portfolio 2012 Pro Rata NOI (j)
												Occupancy 12/31/2012 (b)
Count		Properties				2012			2011			Occupancy 12/31/2012 (b)

		2013 Disposition Centers
	1		Chesterfield Towne Center	$	361								91.9	%
	2		Fiesta Mall	$	235								86.1	%
	3		Green Tree Mall	$	400								91.2	%
	4		Kitsap Mall	$	383								92.4	%
	5		Northridge Mall	$	342								97.2	%
	6		Redmond Town Center	$	361								89.2	%
	7		Redmond Town Center-Office		n/a								99.1	%
	8		Ridgmar Mall	$	332								84.6	%
	9		Rimrock Mall	$	424								92.0	%
	10		Salisbury, Centre at	$	311								96.3	%


	10	Total 2013 Disposition Centers:		$	348								92.1	%


		2014 Disposition Centers
	1		Lake Square Mall	$	232								86.4	%
	2		Rotterdam Square	$	232								86.1	%
	3		Somersville Towne Center	$	287								84.7	%


	3	Total 2014 Disposition Centers:		$	244								85.9	%


	13	TOTAL DISPOSITION CENTERS		$	333		(0.1	)%		(5.9	)%		91.2	%		9.8	%

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, 2013.
(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)		The Company presents same center Net Operating Income ("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 straight-line and above/below market adjustments to minimum rents.
		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. The Company believes that EBITDA should not be construed as an alternative to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) or as a measure of liquidity. The Company also cautions that EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies.
(d)		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.
(e)		The percentage of Portfolio 2014 Forecast Pro Rata NOI is based on guidance provided on October 28, 2014. NOI excludes straight-line rent and above/below market adjustments to minimum rents. It does not reflect REIT expenses and net Management Company expenses. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.
(f)		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.
(g)		Fashion Outlets of Chicago opened August 1, 2013.
(h)		Properties sold prior to September 30, 2014 are excluded in prior years above.
(i)		On July 30, 2014, the Company formed a joint venture to redevelop The Gallery, a 1,405,000 square foot regional shopping center in Philadelphia, Pennsylvania.
(j)		The percentage of Portfolio 2012 Pro Rata NOI excludes the following items: straight-line rent, above/below market adjustments to minimum rents and termination fee income. It does not reflect REIT expenses and net Management Company expenses.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy(a)



Regional Shopping Centers: Period Ended	Consolidated Centers		Unconsolidated Joint Venture Centers		Total Centers
09/30/2014		94.9%		97.4%		95.6%
09/30/2013		93.0%		95.4%		93.7%
12/31/2013(b)		93.9%		96.2%		94.6%
12/31/2012		93.4%		94.5%		93.8%

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

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
09/30/2014	$	45.50	$	46.58	$	39.94
09/30/2013	$	43.53	$	44.10	$	39.73
12/31/2013	$	44.51	$	45.06	$	40.00
12/31/2012	$	40.98	$	44.01	$	38.00
Unconsolidated Joint Venture Centers
09/30/2014	$	64.42	$	76.40	$	61.63
09/30/2013	$	60.07	$	59.14	$	47.93
12/31/2013	$	62.47	$	63.44	$	48.43
12/31/2012	$	55.64	$	55.72	$	48.74
All Regional Shopping Centers
09/30/2014	$	49.27	$	52.79	$	43.80
09/30/2013	$	47.09	$	47.53	$	41.60
12/31/2013	$	48.16	$	49.09	$	41.88
12/31/2012	$	44.29	$	46.78	$	40.54

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

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy



				For Years Ended December 31,
	For the trailing twelve months ended September 30, 2014			For Years Ended December 31,
	For the trailing twelve months ended September 30, 2014			2013(a)			2012
Consolidated Centers
Minimum rents		8.4	%		8.4	%		8.1	%
Percentage rents		0.4	%		0.4	%		0.4	%
Expense recoveries(b)		4.4	%		4.5	%		4.2	%


Total		13.2	%		13.3	%		12.7	%



				For Years Ended December 31,
	For the trailing twelve months ended September 30, 2014			For Years Ended December 31,
	For the trailing twelve months ended September 30, 2014			2013(a)			2012
Unconsolidated Joint Venture Centers
Minimum rents		9.0	%		8.8	%		8.9	%
Percentage rents		0.4	%		0.4	%		0.4	%
Expense recoveries(b)		4.2	%		4.0	%		3.9	%


Total		13.6	%		13.2	%		13.2	%



				For Years Ended December 31,
	For the trailing twelve months ended September 30, 2014			For Years Ended December 31,
	For the trailing twelve months ended September 30, 2014			2013(a)			2012
All Centers
Minimum rents		8.6	%		8.6	%		8.4	%
Percentage rents		0.4	%		0.4	%		0.4	%
Expense recoveries(b)		4.3	%		4.3	%		4.0	%


Total		13.3	%		13.3	%		12.8	%

(a): Rotterdam Square, sold January 15, 2014, is excluded for the year ended December 31, 2013.
(b): Represents real estate tax and common area maintenance charges.

The Macerich Company

Percentage of Net Operating Income by State



State	% of Portfolio 2014 Forecast Pro Rata NOI(a)
California		28.0	%
Arizona		18.9	%
New York		15.6	%
New Jersey & Connecticut		9.1	%
Illinois, Indiana & Iowa		7.8	%
Pennsylvania & Virginia		6.2	%
Colorado		5.5	%
Oregon & Washington		4.1	%
Other(b)		4.8	%


Total		100.0	%

(a): The percentage of Portfolio 2014 Forecast Pro Rata NOI is based on guidance provided on October 28, 2014. NOI excludes straight-line rent and above/below market adjustments to minimum rents. NOI also does not reflect REIT expenses and net Management Company expenses. 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 Kentucky, North Dakota, Texas and Utah.

The Macerich Company

Property Listing

September 30, 2014

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

	CONSOLIDATED CENTERS:
1	100%	Arrowhead Towne Center Glendale, Arizona	1993/2002	2004	1,198,000
2	100%	Capitola Mall(c) Capitola, California	1977/1995	1988	586,000
3	100%	Cascade Mall Burlington, Washington	1989/1999	1998	593,000
4	50.1%	Chandler Fashion Center Chandler, Arizona	2001/2002	—	1,320,000
5	100%	Danbury Fair Mall Danbury, Connecticut	1986/2005	2010	1,271,000
6	100%	Deptford Mall Deptford, New Jersey	1975/2006	1990	1,040,000
7	100%	Desert Sky Mall Phoenix, Arizona	1981/2002	2007	892,000
8	100%	Eastland Mall(c) Evansville, Indiana	1978/1998	1996	1,044,000
9	60%	Fashion Outlets of Chicago Rosemont, Illinois	2013/—	—	529,000
10	100%	Flagstaff Mall Flagstaff, Arizona	1979/2002	2007	347,000
11	100%	FlatIron Crossing Broomfield, Colorado	2000/2002	2009	1,435,000
12	50.1%	Freehold Raceway Mall Freehold, New Jersey	1990/2005	2007	1,670,000
13	100%	Fresno Fashion Fair Fresno, California	1970/1996	2006	964,000
14	100%	Great Northern Mall Clay, New York	1988/2005	—	895,000
15	100%	Green Acres Mall(c) Valley Stream, New York	1956/2013	2007	1,791,000
16	100%	Kings Plaza Shopping Center(c) Brooklyn, New York	1971/2012	2002	1,193,000
17	100%	La Cumbre Plaza(c) Santa Barbara, California	1967/2004	1989	491,000
18	100%	Northgate Mall San Rafael, California	1964/1986	2010	749,000
19	100%	NorthPark Mall Davenport, Iowa	1973/1998	2001	1,050,000
20	100%	Oaks, The Thousand Oaks, California	1978/2002	2009	1,138,000
21	100%	Pacific View Ventura, California	1965/1996	2001	1,021,000
22	100%	Santa Monica Place Santa Monica, California	1980/1999	2010	475,000
23	84.9%	SanTan Village Regional Center Gilbert, Arizona	2007/—	2009	1,012,000
24	100%	South Plains Mall Lubbock, Texas	1972/1998	1995	1,127,000

The Macerich Company

Property Listing

September 30, 2014

	Company's Ownership(a)	Name of Center/Location

25	100%	South Towne Center Sandy, Utah	1987/1997	1997	1,278,000
26	100%	Superstition Springs Center Mesa, Arizona	1990/2002	2002	1,082,000
27	100%	Towne Mall Elizabethtown, Kentucky	1985/2005	1989	350,000
28	100%	Tucson La Encantada Tucson, Arizona	2002/2002	2005	242,000
29	100%	Twenty Ninth Street(c) Boulder, Colorado	1963/1979	2007	847,000
30	100%	Valley Mall Harrisonburg, Virginia	1978/1998	1992	507,000
31	100%	Valley River Center Eugene, Oregon	1969/2006	2007	922,000
32	100%	Victor Valley, Mall of Victorville, California	1986/2004	2012	577,000
33	100%	Vintage Faire Mall Modesto, California	1977/1996	2008	1,129,000
34	100%	Westside Pavilion Los Angeles, California	1985/1998	2007	755,000
35	100%	Wilton Mall Saratoga Springs, New York	1990/2005	1998	732,000


		Total Consolidated Centers			32,252,000


UNCONSOLIDATED JOINT VENTURE CENTERS:
36	50%	Biltmore Fashion Park Phoenix, Arizona	1963/2003	2006	516,000
37	50.1%	Corte Madera, Village at Corte Madera, California	1985/1998	2005	460,000
38	50%	Inland Center(c) San Bernardino, California	1966/2004	2004	933,000
39	50%	Kierland Commons Scottsdale, Arizona	1999/2005	2003	434,000
40	51%	Lakewood Center Lakewood, California	1953/1975	2008	2,066,000
41	51%	Los Cerritos Center Cerritos, California	1971/1999	2010	1,112,000
42	50%	North Bridge, The Shops at(c) Chicago, Illinois	1998/2008	—	660,000
43	51%	Queens Center(c) Queens, New York	1973/1995	2004	968,000
44	50%	Scottsdale Fashion Square Scottsdale, Arizona	1961/2002	2009	1,724,000
45	51%	Stonewood Center(c) Downey, California	1953/1997	1991	932,000
46	50%	Tysons Corner Center Tysons Corner, Virginia	1968/2005	2005	1,956,000
47	51%	Washington Square Portland, Oregon	1974/1999	2005	1,439,000
48	19%	West Acres Fargo, North Dakota	1972/1986	2001	971,000


		Total Unconsolidated Joint Venture Centers			14,171,000

The Macerich Company

Property Listing

September 30, 2014

	Company's Ownership(a)	Name of Center/Location

REGIONAL SHOPPING CENTERS UNDER REDEVELOPMENT:
49	50%	Broadway Plaza(c)(d) Walnut Creek, California	1951/1985	1994	776,000
50	100%	Fashion Outlets of Niagara Falls USA(e) Niagara Falls, New York	1982/2011	2009	517,000
51	100%	Paradise Valley Mall(e) Phoenix, Arizona	1979/2002	2009	1,150,000
52	100%	SouthPark Mall(e) Moline, Illinois	1974/1998	1990	809,000
53	50%	The Gallery(c)(d) Philadelphia, Pennsylvania	1977/2014	—	1,405,000


		Total Regional Shopping Centers			51,080,000


COMMUNITY / POWER CENTERS:
1	50%	Atlas Park, The Shops at(d) Queens, New York	2006/2011	2013	327,000
2	50%	Boulevard Shops(d) Chandler, Arizona	2001/2002	2004	185,000
3	67.5%	Camelback Colonnade(e) Phoenix, Arizona	1961/2002	1994	619,000
4	39.7%	Estrella Falls, The Market at(d) Goodyear, Arizona	2009/—	2009	242,000
5	100%	Panorama Mall(e) Panorama, California	1955/1979	2005	312,000
6	89.4%	Promenade at Casa Grande(e) Casa Grande, Arizona	2007/—	2009	909,000
7	100%	Southridge Center(e) Des Moines, Iowa	1975/1998	2013	823,000
8	100%	Superstition Springs Power Center(e) Mesa, Arizona	1990/2002	—	206,000
9	100%	The Marketplace at Flagstaff Mall(c)(e) Flagstaff, Arizona	2007/—	—	268,000


		Total Community / Power Centers			3,891,000


OTHER ASSETS:
	100%	Various(e)(f)			650,000
	100%	500 North Michigan Avenue(e) Chicago, Illinois			325,000
	50%	Atlas Park, The Shops at-Office(d) Queens, New York			49,000
	100%	Paradise Village Ground Leases(e) Phoenix, Arizona			58,000
	100%	Paradise Village Office Park II(e) Phoenix, Arizona			46,000
	50%	Scottsdale Fashion Square-Office(d) Scottsdale, Arizona			123,000
	50%	Tysons Corner Center-Office(d) Tysons Corner, Virginia			173,000
	50%	Tysons Tower(d) Tysons Corner, Virginia			527,000


		Total Other Assets			1,951,000


		Grand Total at September 30, 2014			56,922,000

The Macerich Company

Property Listing

September 30, 2014

(a): The Company's ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on page 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, 2014.
(c): Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 49 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.
(d): Included in Unconsolidated Joint Venture Centers.
(e): Included in Consolidated Centers.
(f): The Company owns a portfolio of 11 stores located at shopping centers not owned by the Company. Of these 11 stores, two have been leased to Forever 21, one has been leased to Kohl's, and eight have been leased for non-Anchor usage. With respect to eight of the 11 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.

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, 2014.



Properties	9/30/2014 Legal Ownership(a)			9/30/2014 Economic Ownership(b)			Joint Venture	9/30/2014 Total GLA(c)
Atlas Park, The Shops at		50	%		50	%	WMAP, L.L.C.		327,000
Atlas Park, The Shops at-Office		50	%		50	%	WMAP, L.L.C.		49,000
Biltmore Fashion Park		50	%		50	%	Biltmore Shopping Center Partners LLC		516,000
Boulevard Shops		50	%		50	%	Propcor II Associates, LLC		185,000
Broadway Plaza		50	%		50	%	Macerich Northwestern Associates		776,000
Camelback Colonnade(d)		67.5	%		67.5	%	Camelback Colonnade Associates LLC		619,000
Chandler Fashion Center(e)		50.1	%		50.1	%	Freehold Chandler Holdings LP		1,320,000
Corte Madera, Village at		50.1	%		50.1	%	Corte Madera Village, LLC		460,000
Estrella Falls, The Market at(f)		39.7	%		39.7	%	The Market at Estrella Falls LLC		242,000
Fashion Outlets of Chicago(g)		60	%		60	%	Fashion Outlets of Chicago LLC		529,000
Freehold Raceway Mall(e)		50.1	%		50.1	%	Freehold Chandler Holdings LP		1,670,000
Inland Center		50	%		50	%	WM Inland LP		933,000
Kierland Commons		50	%		50	%	Kierland Commons Investment LLC		434,000
Lakewood Center		51	%		51	%	Pacific Premier Retail LP		2,066,000
Los Cerritos Center		51	%		51	%	Pacific Premier Retail LP		1,112,000
North Bridge, The Shops at		50	%		50	%	North Bridge Chicago LLC		660,000
Promenade at Casa Grande(h)		89.4	%		89.4	%	WP Casa Grande Retail LLC		909,000
Queens Center		51	%		51	%	Queens JV LP		968,000
SanTan Village Regional Center		84.9	%		84.9	%	Westcor SanTan Village LLC		1,012,000
Scottsdale Fashion Square		50	%		50	%	Scottsdale Fashion Square Partnership		1,724,000
Scottsdale Fashion Square-Office		50	%		50	%	Scottsdale Fashion Square Partnership		123,000
Stonewood Center		51	%		51	%	Pacific Premier Retail LP		932,000
The Gallery (I, II, 907 Market)		50	%		50	%	PM Gallery LP		1,093,000
The Gallery (801 Market)		50	%		50	%	801 Market Venture LP		312,000
Tysons Corner Center		50	%		50	%	Tysons Corner LLC		1,956,000
Tysons Corner Center-Office		50	%		50	%	Tysons Corner Property LLC		173,000
Tysons Tower		50	%		50	%	Tysons Corner Property LLC		527,000
Washington Square		51	%		51	%	Pacific Premier Retail LP		1,439,000
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, 2014.
Legal ownership may, at times, not equal the Company's economic interest in the listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company's actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company's joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.
(b): Economic ownership represents the allocation of cash flow to the Company as of September 30, 2014, 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, 2014.

(d): Cash flow from operations is distributed 67.5% to the Company and 32.5% to the third-party members. Distributions from capital event proceeds are also made at these percentages such that the members receive a defined return of and return on agreed capital. Thereafter any excess capital event proceeds are distributed 52.5% to the Company and 47.5% to the third-party members.
(e): The joint venture entity was formed in September 2009. Upon liquidation of the partnership, distributions are made in the following order: to the third-party partner until it receives a 13% internal rate of return on its aggregate unreturned capital contributions; to the Company until it receives a 13% internal rate of return on its aggregate unreturned capital contributions; and, thereafter, 35% to the third-party partner and 65% to the Company.
(f): 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.
(g): After the third anniversary of substantial completion of the development, the Company in its sole discretion may elect to purchase the interest of the other member based on a net operating income formula using a 6.5% capitalization rate, less any unpaid debt on the property. In addition, the Company has executed a guaranty of the mortgage for the property. The Company may incur liabilities under such guaranty greater than its legal ownership percentage.
(h): 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 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.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)



	As of September 30, 2014
	Fixed Rate			Floating Rate			Total
	dollars in thousands
Consolidated debt	$	3,889,682		$	737,568		$	4,627,250
Unconsolidated debt		1,587,146			115,615			1,702,761


Total debt	$	5,476,828		$	853,183		$	6,330,011
Weighted average interest rate		4.33	%		2.18	%		4.04	%
Weighted average maturity (years)								5.25

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date



	As of September 30, 2014
Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate(a)			Fixed		Floating		Total Debt Balance(a)
I. Consolidated Assets:
Great Northern Mall		01/01/15		6.54	%	$	34,747	$	—	$	34,747
South Plains Mall		04/11/15		4.78	%		71,725		—		71,725
Fresno Fashion Fair		08/01/15		6.76	%		156,854		—		156,854
Camelback Colonnade(b)		10/12/15		2.16	%		32,557		—		32,557
Flagstaff Mall		11/01/15		5.03	%		37,000		—		37,000
Vintage Faire Mall		11/05/15		5.81	%		98,006		—		98,006
Valley River Center		02/01/16		5.59	%		120,000		—		120,000
Prasada(c)		03/29/16		5.25	%		5,651		—		5,651
Eastland Mall		06/01/16		5.79	%		168,000		—		168,000
Valley Mall		06/01/16		5.85	%		41,571		—		41,571
Deptford Mall		06/01/16		6.46	%		14,354		—		14,354
Freehold Raceway Mall(d)		01/01/18		4.20	%		115,358		—		115,358
Santa Monica Place		01/03/18		2.99	%		231,638		—		231,638
Arrowhead Towne Center		10/05/18		2.76	%		230,552		—		230,552
SanTan Village Regional Center(e)		06/01/19		3.14	%		114,197		—		114,197
Chandler Fashion Center(d)		07/01/19		3.77	%		100,200		—		100,200
Kings Plaza Shopping Center		12/03/19		3.67	%		483,251		—		483,251
Danbury Fair Mall		10/01/20		5.53	%		229,987		—		229,987
Fashion Outlets of Niagara Falls USA		10/06/20		4.89	%		122,053		—		122,053
FlatIron Crossing		01/05/21		3.90	%		263,144		—		263,144
Green Acres Mall		02/03/21		3.61	%		315,126		—		315,126
Tucson La Encantada		03/01/22		4.23	%		71,848		—		71,848
Pacific View		04/01/22		4.08	%		133,869		—		133,869
Oaks, The		06/05/22		4.14	%		211,224		—		211,224
Westside Pavilion		10/01/22		4.49	%		150,278		—		150,278
Towne Mall		11/01/22		4.48	%		22,707		—		22,707
Deptford Mall		04/03/23		3.76	%		198,785		—		198,785
Victor Valley, Mall of		09/01/24		4.00	%		115,000		—		115,000


Total Fixed Rate Debt for Consolidated Assets				4.25	%	$	3,889,682	$	—	$	3,889,682


Superstition Springs Center		10/28/16		1.98	%	$	—	$	68,158	$	68,158
Northgate Mall		03/01/17		3.03	%		—		64,000		64,000
Fashion Outlets of Chicago(f)(g)		03/05/17		2.95	%		—		70,410		70,410
The Macerich Partnership, L.P.—Line of Credit		08/06/18		1.81	%		—		410,000		410,000
The Macerich Partnership, L.P.—Term Loan		12/08/18		2.25	%		—		125,000		125,000


Total Floating Rate Debt for Consolidated Assets				2.11	%	$	—	$	737,568	$	737,568


Total Debt for Consolidated Assets				3.91	%	$	3,889,682	$	737,568	$	4,627,250

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date



	As of September 30, 2014
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):
Lakewood Center (51%)		06/01/15		5.43	%	$	127,500		$	—		$	127,500
Broadway Plaza (50%)		08/15/15		6.12	%		68,556			—			68,556
Washington Square (51%)		01/01/16		6.04	%		117,251			—			117,251
North Bridge, The Shops at (50%)		06/15/16		7.52	%		96,649			—			96,649
West Acres (19%)		10/01/16		6.41	%		11,079			—			11,079
Corte Madera, The Village at (50.1%)		11/01/16		7.27	%		37,897			—			37,897
Stonewood Center (51%)		11/01/17		4.67	%		53,062			—			53,062
Los Cerritos Center (51%)		07/01/18		4.50	%		96,644			—			96,644
Scottsdale Fashion Square (50%)		04/03/23		3.02	%		254,863			—			254,863
Tysons Corner Center (50%)		01/01/24		4.13	%		417,645			—			417,645
Queens Center (51%)		01/01/25		3.65	%		306,000			—			306,000


Total Fixed Rate Debt for Unconsolidated Assets				4.53	%	$	1,587,146		$	—		$	1,587,146


Estrella Falls, The Market at (39.71%)		06/01/15		3.11	%	$	—		$	13,319		$	13,319
Inland Center (50%)		04/01/16		3.40	%		—			25,000			25,000
Kierland Commons (50%)(g)		01/02/18		2.25	%		—			67,293			67,293
Boulevard Shops (50%)(g)		12/16/18		2.04	%		—			10,003			10,003


Total Floating Rate Debt for Unconsolidated Assets				2.58	%	$	—		$	115,615		$	115,615


Total Debt for Unconsolidated Assets				4.40	%	$	1,587,146		$	115,615		$	1,702,761


Total Debt				4.04	%	$	5,476,828		$	853,183		$	6,330,011




Percentage to Total							86.52	%		13.48	%		100.00	%

(a): The debt balances include the unamortized debt premiums/discounts. Debt premiums/discounts represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The annual interest rate in the above table represents the effective interest rate, including the debt premiums/discounts and loan financing costs.
(b): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 67.5%.
(c): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.0%.
(d): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.1%.
(e): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.
(f): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 60.0%.
(g): The maturity date assumes that all such extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates.

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of September 30, 2014

In-Process Developments and Redevelopments:

Property	Project Type	Total Cost(a)(b) at 100%			Total Cost(a)(b) Pro Rata	Pro Rata Capitalized Costs(b) 9/30/2014	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 776,000 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 : $240 * Phase 2 : $30	50	%	* Phase 1 : $120 * Phase 2 : $15	* Phase 1 : $32 * Phase 2 : $0	* 25% 4Q15 * 50% 2Q16 * 25% 2Q17	9%

		Total: $270			Total: $135	Total: $32
Fashion Outlets of Niagara Falls USA Niagara Falls, NY	Expansion of existing outlet center—Adding 175,000 square feet of new space to existing 517,000 square foot center. Complete remodel and partial remerchandising of existing center	$84	100	%	$84	$68	4Q14	10%
Los Cerritos Center Cerritos, CA	200,000 square foot redevelopment, including a Dick's Sporting Goods and a Harkins Theatre	$45	51	%	$23	$1	4Q15	8%

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of September 30, 2014

In-Process Developments and Redevelopments: (continued)

Property	Project Type	Total Cost(a)(b) at 100%			Total Cost(a)(b) Pro Rata	Pro Rata Capitalized Costs(b) 9/30/2014	Expected Delivery(a)	Stabilized Yield(a)(b)(c)


Santa Monica Place Santa Monica, CA	Movie theater addition—Adding a 48,000 square foot state-of-art, 12-screen ArcLight Cinemas to the third level/Dining Deck	$30	100	%	$30	$5	4Q15	8%
Scottsdale Fashion Square Scottsdale, AZ	135,000 square foot expansion to existing 1.8 million square foot center, including a Dick's Sporting Goods and a Harkins Theatre	$30	50	%	$15	$2	3Q15	10%
Tysons Corner Center McLean, VA	Mixed-use expansion/densification—Constructing office (527,000 square feet), multifamily (430 units) and hotel (300-room Hyatt Regency) components immediately adjacent to Tysons Corner Center, all of which will be served by the expanded METRO line (opened July 2014) and tied together by a 1.5-acre plaza	* Office: $228 * Hotel: $136 * Multifamily: $160	50	%	* Office: $114 * Hotel: $68 * Multifamily: $80	* Office: $104 * Hotel: $53 * Multifamily: $65	* Office: 3Q14 * Hotel: 1Q15 * Multifamily: 1Q15	8%

		Total: $524			Total: $262	Total: $222


Total In-Process		$983			$549	$330

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of September 30, 2014

Shadow Pipeline of Developments and Redevelopments(d):

Property	Project Type	Total Cost(a)(b) at 100%			Total Cost(a)(b) Pro Rata	Pro Rata Capitalized Costs(b) 9/30/2014			Stabilized Yield(a)(b)(c)


500 N. Michigan Ave (contiguous to The Shops at North Bridge) Chicago, IL	25,000 square foot redevelopment/street retail	$15 - $20	100	%	$15 - $20	$	2	2015 - 2016	10% - 12%
Green Acres Mall Valley Stream, NY	Big box addition of 340,000 square feet	$115 - $120	100	%	$115 - $120	$	24	3Q16	10%
Kings Plaza Shopping Center Brooklyn, NY	Major remerchandising and redemising	$90 - $100	100	%	$90 - $100	$	17	2016	8% - 9%
Paradise Valley Mall Phoenix, AZ	Redevelopment (size TBD), including a theater	TBD	100	%	TBD	$	0	2015 - 2017	TBD
The Gallery	Redevelopment	TBD	50	%	TBD	$	0	TBD	TBD


Total Shadow Pipeline		$220 - $240			$220 - $240	$	43

(a): Much of this information is estimated and may change from time to time. See the Company's forward-looking statements disclosure on page 1 for factors that may 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 section includes potential developments or redevelopments that the Company is considering. The scope of these projects may change. Stabilized Yields are expected to be 8% to 12%. There is no certainty that the Company will develop any or all of these potential projects.

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 2014, 2013 and 2012 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, 2012	$	58.08	$	49.67	$	0.55
June 30, 2012	$	62.83	$	54.37	$	0.55
September 30, 2012	$	61.80	$	56.02	$	0.55
December 31, 2012	$	60.03	$	54.32	$	0.58
March 31, 2013	$	64.47	$	57.66	$	0.58
June 30, 2013	$	72.19	$	56.68	$	0.58
September 30, 2013	$	66.12	$	55.19	$	0.58
December 31, 2013	$	60.76	$	55.13	$	0.62
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

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

QuickLinks

Exhibit 99.2